Fuel Tech is a small industrial technology company that sells emissions control systems and specialty chemical programs to utilities and industrial customers. Fuel Tech operates two businesses: Air Pollution Control (APC) and FUEL CHEM. In APC, Fuel Tech designs and installs systems that reduce nitrogen oxide (NOx) and particulate emissions from boilers, incinerators, turbines, and industrial furnaces. Core products include Selective Catalytic Reduction (SCR) systems, Selective Non-Catalytic Reduction (SNCR) systems, and Electrostatic Precipitator (ESP) technologies. APC customers need these systems to comply with emissions regulations. APC is project-based and lumpy, with revenue driven by contract timing. Fuel Tech uses a "fabless" model — it engineers customized systems but outsources fabrication, avoiding large capital investment. In FUEL CHEM, Fuel Tech sells proprietary chemical treatment programs to coal-fired and other fossil fuel combustion operators. Using its TIFI (Targeted In-Furnace Injection) technology, Fuel Tech injects specialty chemicals into boilers to reduce slagging, fouling, corrosion, and SO3 formation, improving boiler uptime and fuel flexibility. FUEL CHEM is a recurring-revenue business — customers pay for ongoing chemical programs, and revenue scales with how hard customers run their plants. Fuel Tech's near-term growth focus is data center power generation, where rapid AI infrastructure buildout is driving demand for new gas turbines that require NOx controls under existing emissions regulations. Fuel Tech also has a pre-commercial water treatment business, Dissolved Gas Infusion (DGI), which is still in the demonstration phase.