FuelCell Energy and Toyota Announce Renewable Transportation Fuel Project
November 30 2017 - 11:00AM
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
execution of a hydrogen and power off-take agreement with Toyota,
outlining an innovative collaboration in which Toyota will
purchase renewable hydrogen for vehicle fueling generated on-site
from a multi-megawatt SureSourceTM fuel cell power plant
located at the Port of Long Beach in California. FuelCell
Energy will install and operate a fuel cell power plant that will
be configured for hydrogen production to generate and supply 100
percent renewable hydrogen for Toyota’s fuel cell electric vehicles
(FCEV’s) and its heavy duty fuel cell Class 8 proof of concept
truck. The fuel cell plant will simultaneously generate
renewable power to be supplied to the grid under the California
Bioenergy Market Adjustment Tariff (BioMAT) program. This
fuel cell solution meets Toyota’s fueling needs affordably and
sustainably, while supporting the advancement of California’s
hydrogen fueling infrastructure and adhering to the state’s mandate
for utilizing low-carbon and renewable sources.
“Fueling our Proof of concept Semi-Truck, as
well as our Mirai fuel cell electric vehicles with 100 percent
renewable hydrogen from this stationary fuel cell system is a major
accomplishment, and a key step in building a sustainable hydrogen
ecosystem to help power Port operations,” said Doug Murtha, Group
Vice President – Strategic Planning, Toyota. “Toyota is a company
dedicated to advancing sustainability, and this project supports
our ongoing efforts to both eliminate carbon emissions and
accelerate the development and adoption of emission-free fuel cell
electric vehicles.”
“This is an innovative and replicable global
model for building an affordable hydrogen infrastructure to
generate renewable transportation fuel that facilitates the wider
adoption of fuel cell electric cars, trucks and buses,” said Chip
Bottone, Chief Executive Officer, FuelCell Energy, Inc. “We are
pleased to provide Toyota with a flexible project structure that
meets their needs both sustainably and economically.”
FuelCell Energy’s distributed hydrogen solution
co-produces hydrogen and clean power from methane based fuels such
as renewable biogas. The methane is reformed to hydrogen
using water and heat produced by the fuel cell, resulting in clean
hydrogen production without water consumption. In January
2016 the California Air Resources Board (CARB) certified a
prospective pathway for hydrogen production with this technology
fueled by biogas. CARB's team performed a complete Life Cycle
Analysis (LCA) on the system and determined that it has a negative
carbon intensity, as the power and hydrogen generation process is
carbon-neutral due to the use of renewable biogas and the fuel cell
waste heat is used to feed the internal reformation reactions.
The multi-megawatt SureSource HydrogenTM plant
will be located at the Port of Long Beach, generating renewable
hydrogen to fuel Toyota’s Mirai vehicles as they arrive at the Port
and its heavy-duty fuel cell Class 8 proof of concept truck.
Fuel cells utilize an electro-chemical process
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.
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, 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.
Contact:FuelCell Energy, Inc.Kurt Goddard, Vice President
Investor Relations203-830-7494ir@fce.com
Source: FuelCell Energy
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