FuelCell Energy Deploys Advanced Solid Oxide Fuel Cell
April 09 2019 - 8:00AM
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
commissioning of the world's most advanced and flexible solid oxide
fuel cell project in Pittsburgh, Pennsylvania. This sub-MW power
plant employs an easily sited design, significant power density and
deployment to a broad range of applications to gain volume and cost
scale. The project is supported by the US Department of Energy
office of Fossil Energy under Cooperative Agreement DE-FE0026199,
through DOE’s National Energy Technology Laboratory (NETL).
Strategically, the solid oxide fuel cell product complements
FuelCell Energy’s existing carbonate fuel cells, as the carbonate
product line provides solutions for multi-megawatt applications
including power generation, carbon capture and distributed
hydrogen, whereas the solid oxide fuel cell addresses applications
for sub-megawatt power generation, long duration energy
storage, and distributed hydrogen from electrolysis.
“The commissioning of this power plant marks a major step
forward in the commercialization of our solid oxide platform, which
will address multiple applications, including sub-megawatt power
generation, long duration energy storage and complementary hydrogen
solutions,” said Chip Bottone, President and Chief Executive
Officer, FuelCell Energy, Inc. “We have pursued development
of a highly efficient and cost effective solution using our
patented solid oxide technology, with particular design emphasis on
a common cell stack design for this extensive range of
applications.”
The flexibility of the solid oxide platform stems from the
ability of the cells to provide a variety of functions. The
common stack can be used in power generation systems such as the
Pittsburgh unit, where natural gas fuels ultra clean power
generation. The system is also capable of supplying waste
heat for on-site combined heat and power applications, and these
systems are also able to operate on renewable biogas. The
stacks can also be deployed in electrolysis systems, where they
efficiently split water to produce hydrogen. Solid oxide
electrolysis is capable of operating much more efficiently than
conventional electrolysis systems, requiring less power to produce
the same amount of hydrogen. The cells are capable of
operating reversibly – alternating between electrolysis and fuel
cell mode. Hydrogen produced by electrolysis can be stored,
and later supplied back to the stacks to produce power, resulting
in an energy storage system where storage duration can easily be
lengthened by simply adding water and hydrogen storage
capacity.
Mr. Bottone continued, “The power generation application, as
this commissioned unit will be performing, will expand our target
market, as currently our commercial offerings begin at 1.4
megawatts of electrical supply. We will be able to offer a fuel
cell solution that will position FuelCell Energy quite
competitively in the sub-megawatt class market segment with
superior performance and cost profile versus current competitive
offerings.”
“Additionally, we identified long ago the growing need for long
duration storage of energy, and this need has only grown larger
with the rapid addition of intermittent power sources such as wind
and solar,” added Mr. Bottone. “Our solution, when full
commercialization is achieved, will provide a distinct cost
advantage versus traditional lithium ion battery storage solutions
for discharge durations extending beyond six hours. This long
duration energy storage capability, along with efficient
electrolysis, are expected to be very effective in managing grid
reliability in light of the increasing penetration of intermittent
renewable power on the grid.”
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.
Contact:FuelCell Energy203.205.2491ir@fce.com
Source: FuelCell Energy
FuelCell Energy (NASDAQ:FCEL)
Historical Stock Chart
From Aug 2024 to Sep 2024
FuelCell Energy (NASDAQ:FCEL)
Historical Stock Chart
From Sep 2023 to Sep 2024