FuelCell Energy Applauds Reinstatement of Fuel Cell Investment Tax Credit
February 09 2018 - 9:09AM
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, applauds the
reinstatement of the investment tax credit for fuel cells.
Incentives for clean energy and energy efficiency have a tremendous
track record of driving clean energy investments. Fuel cells
were previously left out of the 2015 tax credit extension for wind
and solar. Extending and expanding these incentives for alternative
technologies such as fuel cells not only creates jobs, but also
aids in encouraging innovation and driving down carbon emissions.
The impact of this tax incentive on the energy market accelerates
the adoption of American manufactured, clean, efficient and
renewable power generation.
“This bi-partisan bill is a smart investment for America’s
economy, environment, energy reliability and objectivity in the
energy industry,” said Chip Bottone, Chief Executive Officer,
FuelCell Energy, Inc. “It levels the playing field for American
fuel cell manufacturers, enabling us to continue bringing value to
the economy by providing ultra-clean, efficient fuel cell
solutions.”
With their compact footprint and high power density, fuel cell
power plants are the ideal clean energy resource for siting in
locations where resiliency and local power are needed. Fuel
cells generate predictable power while avoiding pollutants such as
smog-producing NOX, acid-rain inducing SOX and particulates,
making their installation in urban areas even more valuable.
The reinstated incentives help to support on-site power production,
combined heat and power applications, carbon reduction, grid
resiliency / micro-grids and utility ownership of fuel cell
projects. The reinstatement of the investment Tax Credit is
expected to facilitate market expansion and product deployment
while enhancing the economic profile of FuelCell Energy’s
projects.
"Complementing renewable energy sources, fuel cells are the
cleanest, lowest emission power source on the market today enabling
sustainability concepts to be put into practice,” continued Mr.
Bottone. “Reinstatement of these incentives is good public policy
that supports U.S. manufacturing jobs.”
SureSource™ power plants solve energy, environmental and
business-related power generation challenges by providing
ultra-clean, efficient and reliable distributed power
generation. The fuel cells combine a fuel such as renewable
biogas, directed biogas or clean natural gas with oxygen from the
ambient air to efficiently produce ultra-clean electricity and
usable high quality heat via an electrochemical process. 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 Renewable Portfolio Standard
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, without limitation, statements with respect to
the Company’s anticipated financial results and statements
regarding the Company’s plans and expectations regarding the
continuing development, commercialization and financing of its fuel
cell technology and business plans. All forward-looking statements
are subject to risks and uncertainties that could cause actual
results to differ materially from those projected. Factors that
could cause such a difference include, without limitation, changes
to projected deliveries and order flow, changes to production rate
and product costs, general risks associated with product
development, manufacturing, changes in the regulatory environment,
customer strategies, unanticipated manufacturing issues that impact
power plant performance, changes in critical accounting policies,
potential volatility of energy prices, rapid technological change,
competition, and the Company’s ability to achieve its sales plans
and cost reduction targets, as well as other risks set forth in the
Company’s filings with the Securities and Exchange Commission. The
forward-looking statements contained herein speak only as of the
date of this press release. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any such statement to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which any such statement is based.
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.rrowan@fce.com Rachel Rowan,
Communications AnalystOffice: 203.825.6153
Source: FuelCell Energy
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