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 that it
will add over 100 new highly skilled, advanced manufacturing jobs
at its Torrington, CT manufacturing facility to support a 120%
production rate increase, expanding annual production to 55
megawatts from the current 25 megawatts run-rate. The jobs
will be added over a period of approximately 12 months.
This growth is a result of FuelCell Energy’s recent award of two
fuel cell projects by the Department of Energy & Environmental
Protection (DEEP) as well as other awards and backlog of U.S. based
projects secured by the Company.
“We are excited to commence our plan to expand production and
welcome over 100 new employees to FuelCell Energy,” said Chip
Bottone, President and Chief Executive Officer of FuelCell Energy,
Inc. “With the support of Connecticut, last year we undertook the
expansion of our manufacturing facility to better position FuelCell
Energy for growth. We have seen steadily building momentum
commercially, and the recent award from Connecticut’s Department of
Energy and Environmental Protection of two projects totaling 22.2
megawatts provides the visibility we needed to commence hiring and
increase our production.”
“I would like to add that we are grateful to the many state and
local elected and appointed officials, and their staff members –
from both parties – who stepped up to support Connecticut’s fuel
cell industry. Their efforts have quite literally created more than
100 new high paying, highly skilled advanced manufacturing jobs at
our facility alone.”
Fuel cells are one of the most space-efficient, clean energy
technologies qualified under Connecticut’s Class 1 Renewable
Portfolio Standard. In addition to producing clean energy, fuel
cells provide economic development and tax benefits for local
municipalities and the State of Connecticut.
“FuelCell Energy’s commitment to growing its manufacturing and
creating jobs in Connecticut is truly a win-win for the state and
the company. In addition to bringing high paying jobs to our
community, we will see downstream impact on the supply chain as a
result of this expansion,” said Catherine Smith, Commissioner of
Connecticut’s Department of Economic and Community Development.
“FuelCell Energy’s recent project awards from DEEP in
collaboration with bipartisan legislative approval is synergistic
in CT’s commitment to alternative and renewable energy sources that
the state was seeking to cultivate when they invested in the
company years ago,” said Senator Tony Hwang, Vice Chairman of
Energy and Technology Committee. “FuelCell Energy and their supply
chain vendors are CT-based businesses that benefit the state by
providing clean energy, high-tech manufacturing jobs that are
crucial to CT’s economy. FuelCell technology will be an integral
part of meeting our alternative and renewable energy goals while
lowering consumer energy costs. Connecticut is the world leading
innovators of fuel cell technology because of FuelCell Energy."
“This award for projects is good news not just for FuelCell
Energy and its employees, but also our state and regional
economies,” said House Republican Leader Themis Klarides, who
represents the 114th House District serving Woodbridge, Orange and
Derby. “FuelCell Energy is a nationwide if not worldwide leader in
this technology, and Connecticut has worked to foster an
environment where this industry can continue to grow—namely,
ensuring we have a procurement process that offers this company an
opportunity to compete in the renewables market.”
“I am pleased to see the State Department of Energy and
Environmental Protection invest in FuelCell Energy, a locally based
company that is committed to staying in-state and will assist
Connecticut in reaching its clean energy goals and lower costs for
ratepayers,” said State Representative Michelle Cook, who
represents the 65th Assembly District, serving Torrington.
“The cost of fuel cells, which convert energy produced from a
chemical reaction to electrical energy have dropped since 2011 and
expanding deployment will continue to favorably impact the
economics. Consumers also save because eligibility of fuel cells in
the state’s Low Emission Renewable Energy Credit program, which
allows ratepayers to install low or zero emission energy projects
and sell the renewable energy credits for a reduced rate under a
long-term contract, was extended for another year,” Michelle Cook
continued. “Connecticut leads the fuel cell technology industry
nationwide, and is setting the standard for clean energy use.
This will positively impact our environment, consumers and
Connecticut’s economic development.”
“We are very pleased that Fuel Cell Energy was awarded these
projects through DEEP’s RFP,” said Bryan Garcia, President and CEO
of the Connecticut Green Bank. “We’ve collaborated with FuelCell
Energy before, and we’ve seen firsthand the positive impact these
projects have on our environment, on grid resilience, and on
Connecticut’s economy. Supporting further fuel cell development
helps keep our state on the leading edge in clean energy.”
“FuelCell Energy’s growth in sustainability is a key driver of
new investment in our business and related businesses in the state
of Connecticut,” said Jeff DeMichiel, president of FCE supply chain
company The Binding Source.
The Torrington factory was constructed in 2001 with an initial
operating capacity of 50 MW per year. At the time, the company’s
technology centered on 250 kilowatt fuel cell units with a cell
life of three years. Today the factory is capable of producing 100
megawatts per year. The products being manufactured and delivered
today are megawatt class fuel cells with electrical efficiencies of
up to 60% and a cell life of seven years. Deployments range in size
from 1.4 megawatt university and hospital campus installations to a
60 megawatt utility scale fuel cell park. Delivering clean
innovative solutions for the global supply, recovery and storage of
energy, our SureSource™ power plants have generated over 7.5
million megawatt hours on three continents.
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.rrowan@fce.com Rachel Rowan, Communications
AnalystOffice: 203.825.6153 Source: FuelCell
Energy
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