FuelCell Energy Applauds the Passage of Senate Bill 9 in Connecticut
May 09 2018 - 2:29PM
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,
applauds the passage of Senate Bill 9, An Act Concerning
Connecticut’s Energy Future. This bill includes several key
provisions and amendments important to the vitality of the fuel
cell industry in Connecticut. The bill expands the megawatts
available under Public Act 17-144 (An Act Promoting the Use of Fuel
Cells for Electric Distribution System Benefits and Reliability and
Amending Various Energy-Related Programs and Requirements) from up
to 4% of the state’s load to up to 6% of the state’s load. The
Connecticut Department of Energy and Environmental Protection
(DEEP) is currently evaluating proposals submitted in conjunction
with a RFP promulgated under Public Act 17-144.
“This bi-partisan bill is a smart investment for Connecticut’s
economy and environment,” said Chip Bottone, Chief Executive
Officer, FuelCell Energy, Inc. “The passage of Senate
Bill 9 will bolster Connecticut's home-grown fuel cell industry
that provides in-state benefits for CT residents including tax
revenue, job creation, enhancement of local power reliability and
resiliency and urban brownfield redevelopment.”
The bill also expands Connecticut’s renewable portfolio standard
target to 40 percent by 2030. The renewable portfolio standard
requires that electric suppliers sell at least a specified
percentage of energy that is classified as being generated from
renewable sources. With high availability and capacity factors,
fuel cell power plants make meaningful contributions to renewable
portfolio standard targets. Fuel cells, a Class I clean energy
generator in Connecticut, use chemistry to convert a fuel source
into electricity and heat in a highly efficient process that emits
virtually no pollutants, as the fuel is not burned. The
combination of near-zero pollutants, modest land-use needs, and
quiet operating nature of these stationary fuel cell power plants
facilitates installation in urban locations where the power is
used. With higher electrical efficiency, SureSource™ power
plants drive better economics and environmental stewardship,
supporting both social responsibility goals and public policy
objectives.
SureSource™ power plants solve energy, environmental and
business-related power generation challenges by providing
ultra-clean, efficient and reliable distributed power
generation. The fuel cells combine a fuel such as renewable
biogas, directed biogas or clean natural gas with oxygen from the
ambient air to efficiently produce ultra-clean electricity and
usable high quality heat via an electrochemical process. Customers
benefit with operating cost reductions delivered in a manner that
supports sustainability goals and enhances power
reliability.
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.ir@fce.com 203.205.2491 Source: FuelCell
Energy |
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