FuelCell Energy, Inc. (Nasdaq: FCEL) - a global leader in fuel
cell technology-with a purpose to utilize its proprietary,
state-of-the-art fuel cell platforms to enable a world empowered by
clean energy-announced the start of commercial operation of its
multi-megawatt SureSource™ 4000 fuel cell project located at
Triangle Street in the city of Danbury, Connecticut, further
expanding the Company’s power generation portfolio.
Key highlights include:
- The power plant is the Company’s
first deployment of the SureSource 4000™ high electrical efficiency
platform designed to extract more electrical power from each unit
of fuel with electrical efficiency of approximately 60
percent.
- The SureSource 4000 targets
applications with large load requirements and limited thermal
needs, such as utility/grid support or data centers.
- The project will provide increased
power reliability, grid resiliency, and economic development for
the state of Connecticut without harmful NOx, SOx and particulates
that are generated by combustion based technology.
- The project will generate
Connecticut Class I renewable energy delivered to the local
distribution electrical grid.
- SureSource 4000 is an innovative
solution for the utility industry, delivering high efficiency,
distributed power generation where needed, through a scalable and
affordable configuration that generates renewable energy credits
and qualifies for investment tax credits.
The plant is designed to deliver 60 percent
electrical efficiency – a performance level comparable to
large-scale gas turbines but cleaner, and since it generates power
near end users, it does not incur the transmission losses typical
of larger, central generation plants. It also does not emit harmful
emissions such as NOx, SOx, and particulates that large combustion
turbines emit. The SureSource 4000 power plant, generates enough
power for approximately 3,700 average sized homes, and requires
only about 10,000 square feet, or less than ¼ of an acre.
“Based on our modular design, we are able to
locate our platforms right where the power is needed: in this case,
in the middle of downtown Danbury, Connecticut, avoiding
inefficient and unsightly transmission infrastructure,” commented
Jason Few, President and Chief Executive Officer, FuelCell Energy.
“Our SureSource 4000 Platform is designed and configured to deliver
60 percent electrical efficiency while operating with a 95%
capacity factor, versus an average capacity factor of 25-35% for
solar and wind. The SureSource 4000 is yet another example of our
innovation and industry leadership. Our energy platforms provide
electricity, thermal energy, and hydrogen generation. We are
accelerating our development on carbon capture, electrolysis, and
long-duration hydrogen based energy storage.”
“Rizzo Companies was extremely excited to work
with FuelCell Energy, as well as lease the land to FuelCell Energy
that was needed for this project,” commented Tony Rizzo, Chief
Executive Officer of Rizzo Companies. "FuelCell Energy has been an
important asset for Danbury and the state of Connecticut, providing
the area with high quality engineering, manufacturing and
construction jobs, while developing the clean, local power
solutions that are sorely needed.”
The Company is extremely proud to announce the
commercial operation of this first installation of the SureSource
4000, as it is excited about the two SureSource 4000 power plants
currently being developed on the U.S. Navy Subbase in Groton, CT.
The U.S. Navy base project is further evidence of the
mission-critical microgrid applications that FuelCell Energy power
platforms support. The U.S. Navy project is anticipated to become
commercially operational in 2020.
Cautionary LanguageThis 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 its business plans and strategies. 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, ability to access
certain markets, unanticipated manufacturing issues that impact
power plant performance, changes in critical accounting policies,
access to and ability to raise capital and attract financing,
potential volatility of energy prices, rapid technological change,
competition, the Company’s ability to successfully implement its
new business strategies and achieve its goals, the Company’s
ability to achieve its sales plans and cost reduction targets, and
the current implications of the novel coronavirus (Covid-19), 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) 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.comSource: FuelCell
Energy |
FuelCell Energy (NASDAQ:FCEL)
Historical Stock Chart
From Feb 2024 to Mar 2024
FuelCell Energy (NASDAQ:FCEL)
Historical Stock Chart
From Mar 2023 to Mar 2024