FuelCell Energy Announces the Award of Two Fuel Cell Projects Totaling 22.2 Megawatts by Connecticut Department of Energy & E...
June 14 2018 - 08:30AM
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 22.2 megawatts of fuel cell projects by the Connecticut
Department of Energy & Environmental Protection (DEEP). Bids
were submitted at the end of March under a request for proposals
issued by DEEP on January 31, 2018.
The FuelCell Energy projects selected include:
- A 14.8 megawatt project located in Derby, CT.
- A 7.4 megawatt project located in Hartford, CT.
“We are pleased that DEEP has awarded these projects,” said Chip
Bottone, President and Chief Executive Officer of FuelCell Energy,
Inc. “Fuel cells are one of the most space-efficient, resilient
clean energy technologies qualified under Connecticut Class 1
Renewable Portfolio Standard. These projects will provide local tax
revenue, high tech manufacturing jobs, economic development
benefits, and clean energy resources consistent with the goals of
Connecticut’s renewable portfolio.”
Bottone continued, “We appreciate the support that many state
and local elected and appointed officials – from both parties –
provided to the fuel cell industry. We are proud to be a
Connecticut-based company, where we’ve been for the last 50 years,
and we look forward to expeditiously executing on these projects in
our home state.”
Next steps in project development include working with the local
distribution utilities to finalize the power purchase agreements,
obtaining siting approvals and interconnection agreements, and
finalizing site engineering. These projects will provide clean
baseload power, grid resiliency benefits and renewable energy
credits to the Connecticut utilities under 20 year power purchase
agreements.
“I am thankful that DEEP has selected this FuelCell Energy
project in the district I represent,” said House Republican Leader
Themis Klarides, State Representative for Connecticut’s 114th
District. “This project will provide a significant boost to our
residents and taxpayers, bringing both clean local power generation
and a significant new source of tax revenue to Derby.”
“We are beyond excited that FuelCell Energy has been awarded the
project at 200 Roosevelt Drive,” said Derby Mayor Rich Dziekan.
“When approached a few months ago regarding an ideal location, this
site immediately came to mind. The property has been under-utilized
for a long time, and the fuel cell will provide a boost in clean
energy and a significant tax benefit to our city.”
SureSource power plants solve local distribution reliability
challenges by providing clean, affordable, reliable power in urban
locations where power is needed, avoiding costly transmission and
substation upgrades while simultaneously contributing to the host
community economy by restoring vacant brownfields to the tax
rolls.
Connecticut has been a U.S. leader in evolving energy policy and
deployment of clean distributed power generation while modernizing
the grid. Given the competitiveness of the current RFP, DEEP has
asked that all proposals submitted remain open until October 1,
2018. Capacity also remains open for additional procurements of
fuel cells. In addition, the State Legislature recently expanded
Connecticut’s renewable portfolio standard target to 40 percent by
2030. The renewable portfolio standard requires that electric
suppliers sell at least a specified percentage of energy that is
classified as being generated from renewable sources which includes
fuel cells. With high electrical efficiency, SureSource™
power plants drive better economics and environmental stewardship,
supporting both social responsibility goals and public policy
objectives.
Forward Looking Statement 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, Inc.
(NASDAQ:FCEL) delivers efficient, affordable and clean solutions
for the supply, recovery and storage of energy. We design,
manufacture, undertake project development of, install, operate and
maintain megawatt-scale fuel cell systems, serving utilities and
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.ir@fce.com 203.205.2491 Source: FuelCell
Energy |
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