FuelCell Energy (NASDAQ:FCEL)
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1 Year : From Dec 2018 to Dec 2019
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 signing of an exclusive option agreement with the County of Orange regarding the utilization of landfill gas at the Coyote Canyon landfill in Newport Beach, California for a fuel cell project. The option agreement, won via a competitive solicitation, provides FuelCell Energy an exclusive right to develop the landfill gas as a source of renewable biofuel, expected to culminate in the negotiation and execution of a Landfill Gas Delivery and Site License Agreement.
FuelCell Energy expects to install operating fuel cell systems that will produce both renewable electricity and renewable hydrogen. With targeted output of between 1,200 to 2,400 kilograms per day of hydrogen, this plant will supply renewable hydrogen to the largest fuel cell vehicle market, Los Angeles, in late 2020.
“We are pleased to have been selected by Orange County Waste & Recycling to develop and deliver this 100% renewable source of hydrogen and electricity,” said Chip Bottone, President and Chief Executive Officer of FuelCell Energy, Inc. “This site is an important element of our overall strategy to provide renewable power and hydrogen to support California’s efforts to decarbonize its transportation sector. FuelCell Energy has developed a technology that not only provides utility scale solutions for reliable distributed power, but a solution to cost effectively deliver hydrogen to markets that are rapidly adapting hydrogen powered vehicles. This will be our second project of this type in southern California, adding to our previously announced project with Toyota at the Port of Long Beach. The opportunity is substantial for cost effective distributed hydrogen solutions, and we are just in the early stages of broad deployment of our carbonate fuel cell solution.”
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 in designing, manufacturing, installing, operating and maintaining environmentally responsible fuel cell power solutions. Visit us online at www.fuelcellenergy.com and follow us on Twitter @FuelCell_Energy.
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