FuelCell Energy, Inc. (NASDAQ: FCEL), a Connecticut-based high tech
manufacturer of clean energy fuel cells, announced today that state
regulators have improperly rescinded RFP awards for three fuel cell
projects previously selected in the Shared Clean Energy Facility
program, putting its state high tech manufacturing job growth at
risk. The rescinded awards were given to solar development projects
previously ordered to be disqualified by the Public Utility
Regulatory Authority.
“By any measure, this was wholly-improper, and illuminates the
fact that DEEP/PURA’s own process lacks integrity,” said Jason Few,
CEO of FuelCell Energy. “Either DEEP/PURA must honor the original
awards, or we will have no choice but to reevaluate our in state
growth prospects and potentially modify our hiring plans.
Unfortunately, this is not the first time that DEEP has taken
actions detrimental to the State’s home grown fuel cell
industry.
The fuel cell industry urges the State’s policy leaders to speak
with one voice and act quickly to reverse this irregular and
unprecedented action that works against its own policy goals, and
greatly undermines Connecticut’s efforts to grow its economy at a
perilous time in the State’s history.”
Rep. David Arconti (D-Danbury), House Chair of the Energy and
Technology Committee, stated, “FuelCell Energy is committed to our
state. It is important that our agencies run fair and competitive
auctions that give them the opportunity to succeed."
Senator Norm Needleman (D-Essex), Deputy President Pro Tempore
and Senate Chair of the Energy and Technology Committee, commented,
“Although we are not criticizing anyone, we are concerned that a
bid was apparently awarded and now withdrawn, and that Connecticut
jobs could be impacted. We support our local fuel cell
manufacturing companies and we want them to have a fair opportunity
to be awarded procurements by the state.”
Rep. Charlie Ferraro (R-West Haven), Ranking Member of the
Energy and Technology Committee, added, “FCE is a Connecticut-based
company that exports its clean energy technology around the
globe. It is troubling to me that earlier this year they were
told that they were selected to build three projects under a
state-sponsored program only to be told six weeks later that they
were de-selected. This isn’t good for anyone
involved. Let’s get their projects back on track.”
Rep. Michelle Cook (D-Torrington), Deputy Speaker of the House,
“It is difficult to hear Connecticut's energy regulators are
pushing Eversource to re-evaluate clean energy bids that were
awarded to multiple fuel cell companies, including FuelCell Energy.
Fuel cell technology is a valuable energy source that produces
energy with minimal emissions and without the requirement of
clearing acres of valuable land. These companies contribute to
state and municipal growth via property and sales taxes and are
committed to investing in Connecticut's workforce and energy
infrastructure. Reversing the awards will have detrimental effects
on these companies, ratepayers, and our state as it seeks to build
a more resilient energy grid.”
Rep. Maria Horn (D-Salisbury) stated, “I am confused and
disappointed by the state's decision to walk back their commitment.
There are several ways to approach clean energy and there should be
a fair process that takes all of the ideas and their subsequent
costs into consideration."
Mayor Erin Stewart, who serves as mayor of New Britain where one
of the projects is proposed to be sited, said, “The SCEF Project
proposed for New Britain, is good for our City and good for the
State. New Britain has always backed fuel cell technology and
anticipate it to be a large part of our City’s Growth. I hope PURA
reevaluates their decision and restores the original awards so that
all parties can have confidence in the State’s processes. Small
businesses within the State are in need of this funding now more
than ever.”
Mayor Marcia Leclerc, who serves as mayor of East Hartford,
added, “I was disappointed to learn that the fuel cell project that
had been planned for East Hartford has been canceled by what
appears to be a very strange decision made by PURA. This
project would’ve been great for East Hartford for a host of
reasons, including the fact that it would’ve put now vacant land to
good use. I urge the State to rethink this decision.”
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL) FuelCell
Energy is a global leader in sustainable clean energy technologies
that address some of the world’s most critical challenges around
energy, safety and global urbanization. As a leading global
manufacturer of proprietary fuel cell technology platforms,
FuelCell Energy is uniquely positioned to serve customers worldwide
with sustainable products and solutions for businesses, utilities,
governments and municipalities. Our solutions are designed to
enable a world empowered by clean energy, enhancing the quality of
life for people around the globe. We target large-scale power users
with our megawatt-class installations globally, and currently offer
sub-megawatt solutions for smaller power consumers in Europe. To
provide a frame of reference, one megawatt is adequate to
continually power approximately 1,000 average sized U.S. homes. We
develop turn-key distributed power generation solutions and operate
and provide comprehensive service for the life of the power plant.
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 customer base includes utility
companies, municipalities, universities, hospitals, government
entities/military bases and a variety of industrial and commercial
enterprises. Our leading geographic markets are currently the
United States and South Korea, and we are pursuing opportunities in
other countries around the world. FuelCell Energy, based in
Connecticut, was founded in 1969.
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.
Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include, 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.
Forward-looking statements in this release also include, but are
not limited to, statements regarding the consummation of the
Offering. 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 Paycheck 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.
Contact:
FuelCell Energy,
Inc.ir@fce.com203.205.2491
Source: FuelCell
Energy
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