FuelCell Energy, Inc. (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 – announces selection by the U.S.
Department of Energy’s Office of Energy Efficiency and Renewable
Energy, in collaboration with the Office of Nuclear Energy, for an
$8.0 million funding award to support the design and manufacture of
a SureSource electrolysis platform capable of producing of
hydrogen.
FuelCell Energy has previously demonstrated
multi-stack solid oxide power generation systems at both the 50kW
and 200kW output levels. This project will be the first multi-stack
electrolysis system produced with the Company’s solid oxide
technology. The system will be equipped with an option to receive
thermal energy, thus increasing the electrolysis electrical
efficiency to over 90%.
Following the design, manufacture and testing of
the system at FuelCell Energy’s Danbury, CT facility, the
electrolysis system will be delivered to Idaho National
Laboratories (INL), where it will undergo rigorous testing to
confirm the electric efficiency, as well as the ability to utilize
nuclear power plant waste heat to obtain higher efficiencies of up
to 100%. This highly efficient electrolysis platform is expected to
provide much needed flexibility to baseload nuclear power
generation. Additionally, beyond validating the efficiency
performance levels, this demonstration project will accelerate the
control schemes and integration design.
This project represents a key step in FuelCell
Energy’s path to commercialize its high efficiency solid oxide
electrolysis technology. The multi-stack module that forms the core
of the system is a modular building block easily scalable for
larger systems. The solid oxide electrolysis technology has the
potential to be an economical, near-term solution for energy and
environmental needs that simultaneously supports the advancement of
nuclear plant utilization. Additionally, electrolysis technology
can support the hydrogen economy by providing carbon-free, clean
hydrogen for transportation, power generation, agricultural uses,
and a host of other industrial applications.
Click HERE to Link to the official award press
release.
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 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,
changes by the U.S. Small Business Administration or other
governmental authorities to, or with respect to the implementation
or interpretation of, the Coronavirus Aid, Relief, and Economic
Security Act, the Payroll Protection Program or related
administrative matters, and concerns with, threats of, or the
consequences of, pandemics, contagious diseases or health
epidemics, including the novel coronavirus, and resulting supply
chain disruptions, shifts in clean energy demand, impacts to
customers’ capital budgets and investment plans, impacts to the
Company’s project schedules, impacts to the Company’s ability to
service existing projects, and impacts on the demand for the
Company’s products, 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 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.
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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