Significant On-Site Progress on CMEEC / U.S. Naval Submarine Base Project Connecticut Green Bank Provides Additional Financin...
December 20 2019 - 8:00AM
December 20, 2019- - Today, FuelCell Energy,
Inc. (Nasdaq: FCEL), a global leader in delivering clean,
innovative and affordable molten-carbonate fuel cell solutions,
outlined the significant construction progress it has made to-date,
the expected delivery schedule and the current financing approach
for the CMEEC Fuel Cell Micro-Grid Project on the U.S. Naval
Submarine Base in Groton including:
- CMEEC Fuel Cell Micro-Grid
Project located on the U.S. Naval Submarine Base, Groton,
CT: Announced in May 2017, this project includes the
installation and commissioning of two FuelCell Energy SureSource
4000 power plants which will provide 7.4 megawatts of continuous
power generation. FuelCell Energy has now completed significant
site work on the base, including excavation, wiring and pouring of
the concrete pads for siting the fuel cell plants. The delivery of
the fuel cell modules and balance of plant will begin during the
first week of January 2020, with the first plant expected to be
commissioned in the spring of 2020.
- Additional
Liquidity: Supported by the strength of the CMEEC project,
Connecticut Green Bank has agreed to an incremental $3 million
corporate loan. Upon the commercial operation date of the CMEEC
project, the loan is expected to be converted into a project
company term loan and secured by the consistent cash flow
generation of the CMEEC project.
“FuelCell has pivoted to executing on our
future, we are focused on executing our core business, exceeding
customer expectations, and delivering on and adding to our
significant project backlog, including this mission critical
project for CMEEC and the U.S. Naval Submarine Base in Groton,”
noted Jason Few, President and Chief Executive Officer of FuelCell
Energy. “We have also taken this opportunity to continue our
earlier improvements to our corporate liquidity profile, which
creates an additional working capital lever. I would like to thank
CMEEC for its partnership on this critical energy solution for the
U.S. Navy Submarine Base, and the Connecticut Green Bank for their
continued strong support and partnership with FuelCell Energy. We
are also thankful for the opportunity and confidence placed on
FuelCell Energy to serve the U.S. Armed Forces.”
“We are honored to be a partner in this project
with the Navy and FuelCell Energy. To be part of this project at
the U.S. Naval Submarine Base, which will help the Navy meet their
resiliency objectives, is very exciting,” said Mike Lane, Interim
CEO and CFO of CMEEC. “We continue to be encouraged by the progress
FuelCell Energy is making as a company and look forward to
potential projects in the future.”
“We are pleased to provide FuelCell Energy
additional funding and support for this important clean energy
resiliency project with CMEEC and the Navy,” said Bert Hunter,
Chief Investment Officer, Connecticut Green Bank. “We are
encouraged by the progress FuelCell Energy is making as a company.
FuelCell has a long history in Connecticut as a key part of the
distributed energy landscape, and this Connecticut project is a
great example of the solution they provide.”
The Connecticut Municipal Electric Energy
Cooperative, or CMEEC, is a public power entity that provides
electric services to several municipal utilities and participating
wholesale customers. The municipal utilities, in turn, provide
electricity to roughly 100,000 residential, commercial/industrial
and small business customers located in New England. CMEEC is
headquartered in Norwich, Connecticut.
As a reminder, the Company will host a
conference call on Tuesday, January 14, 2020, at 10:00 am EST to
review its financial performance. In addition, senior leadership
will unveil the pillars of its transformation strategy under the
direction of its President and CEO, Jason Few. Conference call
details will be provided at a later date.
Cautionary Language 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.comSource: FuelCell
Energy |
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