Development of the FuelCell Energy Project at Toyota’s Port of Long Beach Facility to Proceed; California Public Utilitie...
March 05 2020 - 8:30AM
Today, FuelCell Energy, Inc. (Nasdaq: FCEL), the global leader
in fuel cell technology with its purpose being to utilize its
proprietary, state-of-the-art fuel cell platforms to enable a world
empowered by clean energy, announced that the California Public
Utilities Commission (CPUC) has clarified and reinforced that the
use of directed biogas is permissible under the Bioenergy Market
Adjusting Tariff (BioMAT) program, rejecting arguments by Southern
California Edison to the contrary, thus permitting the continued
development of the Toyota Port of Long Beach FuelCell Energy
SureSource Hydrogen project.
“Today marks the start of a powerful new chapter for FuelCell
Energy, the hydrogen powered transportation industry,” said Jason
Few, President and CEO of FuelCell Energy. “California is
leading in the way in United States by establishing hydrogen
generation and fueling infrastructure. In addition to supporting
Toyota’s local operations, the hydrogen produced by our fuel cell
will be used to power zero-emission fuel cell trucks and consumer
vehicles, paving the way for the replacement of high-emission
diesel trucks with hydrogen-powered trucks on a larger scale that
will cleanly move products around the world.”
Additional background includes:
- Bioenergy Market Adjusting Tariff (BioMAT):
This is a feed-in tariff program, which allows eligible plants to
sell power to one of the state’s three investor-owned utilities at
a fixed price, providing for the use of biogas in-state to reduce
greenhouse gas emissions and improve overall air
quality.
- Toyota Port of Long Beach Operations:
Toyota’s 130-acre facility at the Port of Long Beach
processes approximately 200,000 vehicles every year.
- Port of Long Beach FuelCell Energy Plant
Characteristics: The plant will produce electricity,
hydrogen and water from directed biogas, part of which will be used
to power local operations, fuel a new fleet of hydrogen cars and
trucks and rinse off vehicles at the on-site car wash and enable
the Port of Long Beach to achieve air quality compliance.
“For the Port of Long Beach, FuelCell Energy is delivering the
energy future,” said Jason Few. “Beyond Southern California, new
opportunities for the use of hydrogen-based power will penetrate
the global transportation sector, creating new opportunities for
FuelCell Energy to deliver on our purpose of enabling a world
powered by clean energy.”
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, statements regarding
the Company’s plans and expectations regarding the continuing
development, commercialization and financing of its fuel cell
technology, and statements regarding the Company’s strategic
focuses 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,
business and strategic plans, refinancing and restructuring 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 Energy
FuelCell Energy, Inc. (NASDAQ: FCEL) is a global
leader in developing environmentally responsible distributed
baseload power solutions through our proprietary molten-carbonate
fuel cell technology. We develop turn-key distributed power
generation solutions and operate and provide comprehensive services
for the life of the power plant. We are working to expand the
proprietary technologies that we have developed over the past five
decades into new products, markets and geographies. Our mission and
purpose remains to utilize our proprietary, state-of-the- art fuel
cell power plants to reduce the global environmental footprint of
baseload power generation by providing environmentally responsible
solutions for reliable electrical power, hot water, steam,
chilling, hydrogen, microgrid applications, and carbon capture and,
in so doing, drive demand for our products and services, thus
realizing positive stockholder returns. 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 systems answer the needs of diverse customers across several
markets, including utility companies, municipalities, universities,
hospitals, government entities and a variety of industrial and
commercial enterprises. We provide solutions for various
applications, including utility-scale distributed generation,
on-site power generation and combined heat and power, with the
differentiating ability to do so utilizing multiple sources of fuel
including natural gas, Renewable Biogas (i.e., landfill gas,
anaerobic digester gas), propane and various blends of such fuels.
Our multi-fuel source capability is significantly enhanced by our
proprietary gas-clean-up skid. 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 |
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Source: FuelCell
Energy |
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