Fuel Tech reports record quarter

Fuel Tech reported their Q1 results and they were great. Its air pollution control business increased by 36% and the
Fuel Chem division saw a 15% increase in revenue.

Fuel Chem added 8 new customers in Q1 and puts it well ahead of the pace to beat the 13 customers it added in all of
2007. Remember, a new customer is like an annuity to Fuel Tech because of the ongoing revenue stream.

The comments about China from CEO John Norris really
got me excited. Here is what he said.

“In the near term, one to two years, it’s pretty awesome—far beyond what we have in our business plan and in our
expectations even as much as a year ago, but I’m not going to count those chickens until they hatch, and we’re probably
not going to give out those numbers on our expectations. I will tell you that we’ve said before that the number of
leads that we are chasing in China is into triple
digits on the APC side, and those leads are turning into real prospects a lot faster than we had
anticipated.”

I can’t tell you when those Chinese orders are going to come in, but when they do, Fuel Tech’s profits are going to
EXPLODE.