FuelCell Energy Applauds the Signing of Senate Bill 155 in California
September 27 2021 - 8:00AM
FuelCell Energy (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 — applauds California Governor Gavin Newsom on the
signing of Senate Bill 155, which includes a two-year extension of
the Fuel Cell Net Energy Metering program, known as Fuel Cell NEM.
This bill represents an enormous investment in alleviating the
effects of climate change in California through environmental
protection, extreme heat mitigation, coastal restoration, and
wildfire prevention. Governor Newsom’s July emergency proclamation
signaled that California needs all available tools at the ready to
ensure that California’s electrical grid remains resilient in the
face of extreme demand, heat and supply constraints. The clean,
always-on power that fuel cells provide will deliver much needed
energy, environmental, and public health benefits. Extending the
Fuel Cell NEM program will provide California customers certainty
that investing in and deploying clean baseload alternative energy
sources is in the best interest of the state as a whole and
consistent with the state’s environmental objectives.
“Fuel Cell NEM allows businesses to invest their
own private capital in clean, firm technology that reduces their
energy consumption and lowers their environmental footprint by
reducing Scope 1, 2, and 3 emissions, while the State benefits from
maintaining and creating new jobs, reducing greenhouse gas
emissions, criteria air pollutants and water use without any direct
incentives,” said Jason Few, President and Chief Executive
Officer, FuelCell Energy, Inc. “Again, we thank Governor
Newsom and the California Legislature for supporting energy and
climate policy that furthers the State’s ambition for reliable
baseload power, clean energy investments, job creation and
environmental protection.”
The Fuel Cell NEM program allows customers that
install fuel cell systems up to five megawatts onsite to be
relieved from paying standby and departing load charges imposed by
California’s investor-owned utilities. The relief from these
charges and the use of onsite generation through this program
allows California customers to stabilize their energy costs,
neutralize the instability that at times plagues the California
grid and negatively impacts their business operations, and invest
in clean, firm energy technology.
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.
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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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