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 has
sold the project company that owns the 1.4 megawatt fuel cell power
plant located at Trinity College in Connecticut, to AEP OnSite
Partners, an American Electric Power (NYSE: AEP) company. This
project has been developed and constructed by FuelCell Energy and
will be placed into commercial operation following the sale. The
project company, under the new ownership of AEP OnSite Partners,
will deliver clean power and heat to Trinity College under a
multi-year power purchase agreement (PPA). The sale of this project
company and its assets to AEP OnSite Partners will result in
revenue recognition of product sales from FuelCell Energy’s
generation project assets portfolio in August. FuelCell Energy will
operate and maintain the power plant under a fifteen-year service
agreement with AEP OnSite Partners, resulting in recurring revenue
recognition over the term.
“We are excited to enter into this transaction and build a
relationship with AEP OnSite Partners,” said Chip Bottone,
President and Chief Executive Officer, FuelCell Energy, Inc. “AEP
OnSite Partners has committed publically to investing in a cleaner,
smarter energy system that will provide a new energy resource and
technology solutions, and this project fits that criteria
perfectly. As numerous universities and colleges have demonstrated,
fuel cells are an ideal solution for higher education to enhance
energy resiliency in a clean and affordable manner.”
“AEP OnSite Partners is pleased to partner with FuelCell Energy
and Trinity College on this project, and expand our on-site
generation portfolio,” said Joel H. Jansen, Chief Operating
Officer, AEP OnSite Partners. “We are focused on developing a
diverse portfolio of innovative energy solutions for our customers.
As the first fuel-cell project in our portfolio, this innovative
project will provide cleaner, sustainable energy and steam heat to
Trinity College, while reducing the College’s energy costs.”
“We thank the FuelCell Energy team for bringing this project to
fruition on our campus as planned, and look forward to our ongoing
relationship with them as service provider,” said Dan Hitchell,
vice president for finance and operations at Trinity College. “This
project makes both environmental and economic sense for Trinity,
enabling us to minimize our environmental footprint and generate
significant annual energy cost savings. Trinity is committed to
enhancing environmental awareness, responsibility, and
sustainability throughout the college community and this fuel cell
is a significant step forward.”
The 1.4 megawatt SureSource 1500 TM fuel cell plant will
generate both electricity and steam from the same unit of fuel,
supporting both sustainability and economics, while achieving
overall system efficiency upwards of 70 percent. Adjacent to
the school’s athletic center, the steam produced by the plant will
supply the centralized steam system. Minimizing the use of
boilers for steam production reduces operating costs for the
College as well as reducing the associated emissions from the
combustion-based heating process.
The highly efficient fuel cells utilize an electrochemical
reaction for the generation of electricity, enhancing
sustainability by avoiding the creation of pollutants that burning
a fuel generates, and generating power with a low carbon footprint.
The carbon dioxide (CO₂) reduction achieved by the fuel cell plant
will be approximately 4,100 tons per year as compared to the
national grid, which is equivalent to avoiding the annual
greenhouse gas emissions from approximately 965 passenger
vehicles. This clean fuel cell installation
will annually avoid the emission of approximately 8 tons of
smog-producing nitrogen oxide (NOx), 10 tons of sulfur dioxide
(SOx) that causes acid rain and more than 2,500 pounds of
particulate matter (PM) that can aggravate asthma.
FuelCell Energy solves power generation challenges, cleanly,
efficiently and affordably, providing:
- Complete turn-key solutions including power purchase agreement
structures that avoid any need for the power user to invest
directly in the power generation equipment
- Avoidance of clean air permitting challenges as fuel cells
utilize an electrochemical process that produces power in a manner
that is virtually absent of criteria pollutants such as nitrogen
oxide (NOx) that causes smog, sulfur dioxide (SOx) that contributes
to acid rain, or particulate matter that can aggravate asthma
- Highly efficient combined heat and power configuration
minimizes carbon emissions while providing predictable power
- Enhanced energy resiliency with affordable on-site power
Trinity College (www.trincoll.edu), founded in 1823, is a
liberal arts college on a 100-acre campus in Hartford, Connecticut.
The undergraduate enrollment is approximately 2,200 students.
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.
About AEP OnSite PartnersAEP OnSite Partners,
an American Electric Power (NYSE: AEP) company, works directly with
customers, developers and government officials to deliver energy
solutions based upon market knowledge, innovative application of
technology and deal-structuring capabilities. AEP OnSite Partners
targets opportunities in distributed solar, combined heat and
power, energy storage, waste heat recovery, energy efficiency,
peaking generation and other energy solutions that create value for
our customers.
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Contact:FuelCell Energy203.205.2491ir@fce.com
Contact:AEP OnSite PartnersDaniel
Smies614.583.6837dbsmies@aepes.com Source: FuelCell
Energy |
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