FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global
leader in fuel cell technology – with a purpose of utilizing its
proprietary, state-of-the-art fuel cell platforms to enable a world
empowered by clean energy – announces multiple project awards by
the local Connecticut electric distribution companies, Eversource
and United Illuminating, totaling 11.2 megawatts, as part of the
state-sponsored Shared Clean Energy Facility program. Each of the
four FuelCell Energy power plants to be constructed pursuant to
these awards will supply 2.8 megawatts of clean power to the
Connecticut electric grid. The clean baseload power generated by
each FuelCell Energy 2.8 megawatt platform is enough to power
approximately 3,000 homes, or a total of 12,000 homes taking into
account all four FuelCell Energy platforms, with continuous clean
energy.
The FuelCell Energy projects selected
include:
- A 2.8 megawatt project located in New Britain, CT;
- A 2.8 megawatt project located in East Hartford, CT;
- A 2.8 megawatt project located in Derby, CT; and
- A 2.8 megawatt project located in Danbury, CT.
“We are honored to be awarded all four of these
bids, as these projects will further advance Connecticut’s clean
energy grid transformation,” said Jason Few, President and Chief
Executive Officer of FuelCell Energy, Inc. “FuelCell Energy looks
forward to putting our proprietary technological capabilities to
work, helping businesses and residents of Connecticut enjoy
enhanced, reliable, clean, and distributed energy resources that
reduce the transmission risk generally associated with centralized
generation assets. The success of our bids demonstrates our
platform’s ability to effectively compete on the basis of price and
environmental benefits against other forms of generation, including
intermittent technologies such as wind and solar.”
“Our fuel cells are one of the most
space-efficient, resilient megawatt-scale clean energy platforms,”
added Mr. Few. “Our power plants are desirable in populous
locations, due to both their environmentally friendly minimal land
requirements and their clean and quiet operation. We are eager to
begin work to support the four newly awarded projects, and we will
set our engineering resources in motion, which utilize the
expertise from our operating portfolio, including our existing
facilities throughout the state of Connecticut.”
The next steps in developing these projects
include working with the local electric 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 agreements.
SureSource power platforms solve local
distribution reliability challenges by providing clean, affordable
and reliable power in populated locations where power is needed,
avoiding costly transmission and substation upgrades, and reducing
above ground risk associated with long distance, high voltage power
lines.
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 its business plans and strategies. 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, ability to access
certain markets, unanticipated manufacturing issues that impact
power plant performance, changes in critical accounting policies,
access to and ability to raise capital and attract financing,
potential volatility of energy prices, rapid technological change,
competition, the Company’s ability to successfully implement its
new business strategies and achieve its goals, the Company’s
ability to achieve its sales plans and cost reduction targets,
changes by the U.S. Small Business Administration or other
governmental authorities to, or with respect to the implementation
or interpretation of, the Coronavirus Aid, Relief, and Economic
Security Act, the Payroll Protection Program or related
administrative matters, and concerns with, threats of, or the
consequences of, pandemics, contagious diseases or health
epidemics, including the novel coronavirus, and resulting supply
chain disruptions, shifts in clean energy demand, impacts to
customers’ capital budgets and investment plans, impacts to the
Company’s project schedules, impacts to the Company’s ability to
service existing projects, and impacts on the demand for the
Company’s products, 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 Energy
FuelCell Energy, Inc. (NASDAQ:
FCEL) is a global leader in developing environmentally responsible
distributed baseload power solutions through our proprietary,
molten-carbonate fuel cell technology. We develop turn-key
distributed power generation solutions and operate and provide
comprehensive service for the life of the power plant. We are
working to expand the proprietary technologies that we have
developed over the past five decades into new products,
applications, markets and geographies. Our mission and purpose
remains to utilize our proprietary, state-of-the-art fuel cell
platforms to reduce the global environmental footprint of baseload
power generation by providing environmentally responsible solutions
for reliable electrical power, hot water, steam, chilling,
distributed hydrogen, microgrid applications, electrolysis,
long-duration hydrogen-based energy storage and carbon capture and,
in so doing, drive demand for our products and services, thus
realizing positive stockholder returns. Our fuel cell solution is a
clean, efficient alternative to traditional combustion-based power
generation and is complementary to an energy mix consisting of
intermittent sources of energy, such as solar and wind turbines.
Our systems answer the needs of diverse customers across several
markets, including utility companies, municipalities, universities,
hospitals, government entities and a variety of industrial and
commercial enterprises. We provide solutions for various
applications, including utility-scale distributed generation,
on-site power generation and combined heat and power, with the
differentiating ability to do so utilizing multiple sources of fuel
including natural gas, renewable biogas (i.e., landfill gas,
anaerobic digester gas), propane and various blends of such fuels.
Our multi-fuel source capability is significantly enhanced by our
proprietary gas-clean-up skid.
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.com203.205.2491
Source: FuelCell Energy
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