FuelCell Energy Announces the Award of Three Fuel Cell Projects Totaling 39.8 Megawatts by Long Island Power Authority
July 26 2017 - 1:15PM
FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in
delivering clean, innovative and affordable fuel cell solutions for
the supply, recovery and storage of energy, today announced the
award of 39.8 megawatts fuel cell projects by PSEG Long Island
under the Fuel Cell Resources Feed-in Tariff. This 40
megawatt FIT IV program is structured to enhance energy resiliency
with clean local power generation for Long Island, New York.
Under this PSEG program, Long Island Power Authority (LIPA) will
purchase the power from the fuel cell projects under 20 year power
purchase agreements. FuelCell Energy will install, operate
and maintain the fuel cell power plants.
“This utility-issued program is well structured to address power
generation and resiliency needs on Long Island by locating clean,
quiet and affordable power near existing electrical substations
that need additional electricity,” said Chip Bottone, President and
Chief Executive Officer of FuelCell Energy, Inc. “Fuel cells are
one of the most space-efficient clean energy technologies qualified
under the New York State Clean Energy Standard, and these
projects demonstrate the many benefits of integrating clean and
predictable fuel cells into New York’s energy mix.”
Each fuel cell project will supply a different LIPA electrical
substation on Long Island, including:
- An 18.5 megawatt project located near the Brookhaven Rail
Terminal in Yaphank consisting of five SureSource 4000TM power
plants.
- A 13.9 megawatt combined heat and power project in the town of
Brookhaven consisting of three SureSource 4000TM power plants and
one SureSource 3000TM power plant plus an absorption chilling
system that will provide thermal energy to a neighboring commercial
business.
- A 7.4 megawatt project in the Yaphank consisting of two
SureSource 4000TM power plants.
“These projects will provide local revenue generation,
economic development, and clean energy resources that are
consistent with the goals of New York State’s Reforming the Energy
Vision (REV) to build a clean, more resilient, and affordable
energy system,” continued Mr. Bottone.
The local municipality of Brookhaven will benefit from
incremental revenue as three vacant commercial parcels of land are
converted to revenue producing sites.
Next steps in project development include working with the
utility on the interconnection agreements, power purchase
agreements, and finalizing site engineering.
The SureSource 4000 is the largest power plant in FuelCell
Energy’s product portfolio, generating 3.7 megawatts of ultra-clean
power with leading electrical efficiency of approximately 60
percent. This enhanced-efficiency fuel cell system is designed for
applications focused on clean and affordable power driven by the
economics of high system electrical efficiency rather than thermal
efficiency.
Fuel cells use chemistry to convert a fuel source into
electricity and heat in a highly efficient process that emits
virtually no pollutants as the fuel is not burned. The
combination of near-zero pollutants, modest land-use needs, and
quiet operating nature of these stationary fuel cell power plants
facilitates installation in urban locations where the power is
used. Customers benefit with operating cost reductions
delivered in a manner that supports sustainability goals and
enhances power reliability. With high availability and capacity
factors, fuel cell power plants make meaningful contributions to
Clean Energy Standards targets.
Cautionary Language This news release
contains forward-looking statements within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995, including, in general and without limitation, statements
with respect to FuelCell’s expectations regarding energy cost
savings, overall system efficiency, expectation regarding the
amount of power generation and other statements that are not purely
statements of historical fact. These forward-looking statements are
made on the basis of the current beliefs, expectations and
assumptions of the management of FuelCell and are subject to
significant risks and uncertainty. Investors are cautioned not to
place undue reliance on any such forward-looking statements. All
such forward-looking statements speak only as of the date they are
made, and FuelCell undertakes no obligation to update or revise
these statements, whether as a result of new information, future
events or otherwise. Although FuelCell believes that the
expectations reflected in these forward-looking statements are
reasonable, these statements involve many risks and uncertainties
that may cause actual results to differ materially from what may be
expressed or implied in these forward-looking statements. For
a further discussion of risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of FuelCell in general, see the risk disclosures in
FuelCell’s filings with the Securities and Exchange Commission.
About FuelCell EnergyFuelCell Energy
(NASDAQ:FCEL) delivers efficient, affordable and clean solutions
for the supply, recovery and storage of energy. We design,
manufacture, undertake project development, install, operate and
maintain megawatt-scale fuel cell systems, serving utilities,
industrial and large municipal power users with solutions that
include both utility-scale and on-site power generation, carbon
capture, local hydrogen production for transportation and industry,
and long duration energy storage. With SureSource™
installations on three continents and millions of megawatt hours of
ultra-clean power produced, FuelCell Energy is a global leader with
environmentally responsible power solutions. Visit us online
at www.fuelcellenergy.com and follow us on Twitter.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000,
SureSource Recovery, SureSource Capture, SureSource Hydrogen,
SureSource Storage, SureSource Service, SureSource Capital,
FuelCell Energy, and FuelCell Energy logo are all trademarks of
FuelCell Energy, Inc.
Source: FuelCell Energy
Contact:
FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
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