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— in celebration of Earth Day, today
announced achievement of a significant clean power milestone by
delivering more than 12 million megawatt hours from its SureSource™
fuel cell power platforms globally since its first commercial
installation. SureSource™ plants are currently installed and
operating on three continents, with many owned by leading utility
companies and educational, pharmaceutical, medical, commercial, and
industrial enterprises from around the world that recognize the
benefit of clean, resilient, continuous power. As an example,
FuelCell Energy provides value beyond power to Pfizer Inc.,
delivering on-site power reliability and steam for its Connecticut
research and development campus. We are proud to serve Pfizer Inc.
and appreciate its effort in leading the Covid-19 vaccine
development. In addition, FuelCell Energy serves global utilities
who are committed to decarbonizing the electricity grid. Our fuel
cells are one of the most essential technologies needed to drive
today’s global energy transition.
“Twelve million megawatt hours is another major
milestone along FuelCell Energy’s journey to deliver its customers
clean, baseload power and energy savings, improve our global
atmosphere, and provide other value from our platforms such as
hydrogen, water, and carbon separation,” said Jason Few, President
and CEO of FuelCell Energy. “Our fuel cell platform provides
differentiated clean energy solutions to meet customer’s energy
needs, cost savings goals, and reduction of Scope 1, 2, and 3
emissions. Our platforms are multi-fuel capable and are designed to
leverage zero-carbon solutions through the use of onsite biofuels
or our carbon separation technology. FuelCell Energy’s platforms
produce virtually no pollutants, with only negligible NOx, SOx and
particulates that lead to dangerous air quality and public health
issues.”
Jason Few continued, “Additionally, continuing
FuelCell Energy’s commitment to sustainable practices, the Company
is certified under the ISO 14001:2015 standard. Continued
attainment of this certification demonstrates our adherence to the
established environmental management system standard. Our products
have the potential to significantly improve the lives of people
around the world, and our actions and practices inside our Company
are taken just as seriously as the solutions we provide
globally.”
“Lastly, we are extremely excited about the
development of new platform solutions to be added to our commercial
offerings. We are working toward delivering to our customers the
most complete, fuel cell-based solutions portfolio. In the future,
we will be able to offer megawatt and sub-megawatt distributed
generation globally, hydrogen-based energy storage, and multiple
platforms that produce hydrogen (including through highly efficient
electrolysis), enabling the evolving hydrogen powered
transportation, power generation, and industrial sectors. In
addition, our work with ExxonMobil Research and Engineering to
develop large-scale carbon capture, and our commercially available
proprietary SureSource Treatment™ Biogas gas cleanup system,
FuelCell Energy is positioned to be a significant solutions
provider in a world committed to a more sustainable future. We are
extremely proud that our milestone achievements are announced in
tandem with Earth Day, further cementing the value of our platforms
and the power of the possibilities we can create through continued
partnerships with our global stakeholders.”
While operating on biogas, SureSource™ fuel cell
systems are typically classified as carbon-neutral, or in some
cases carbon negative, by regulatory agencies. According to the
United States Environmental Protection Agency (EPA) greenhouse gas
equivalency calculations, the low-carbon, clean twelve million
megawatt hours cumulatively generated from SureSource™ fuel cells
in comparison to the U.S. grid is equivalent to avoiding more than
one and a half million tons of CO2 and more than three
thousand tons of nitrogen oxides. These are reductions equivalent
to taking 320,000 cars off the road each year.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL) FuelCell
Energy is a global leader in sustainable clean energy technologies
that address some of the world’s most critical challenges around
energy, safety and global urbanization. As a leading global
manufacturer of proprietary fuel cell technology platforms,
FuelCell Energy is uniquely positioned to serve customers worldwide
with sustainable products and solutions for businesses, utilities,
governments and municipalities. Our solutions are designed to
enable a world empowered by clean energy, enhancing the quality of
life for people around the globe. We target large-scale power users
with our megawatt-class installations globally, and currently offer
sub-megawatt solutions for smaller power consumers in Europe. To
provide a frame of reference, one megawatt is adequate to
continually power approximately 1,000 average sized U.S. homes. We
develop turn-key distributed power generation solutions and operate
and provide comprehensive service for the life of the power plant.
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 customer base includes utility
companies, municipalities, universities, hospitals, government
entities/military bases and a variety of industrial and commercial
enterprises. Our leading geographic markets are currently the
United States and South Korea, and we are pursuing opportunities in
other countries around the world. FuelCell Energy, based in
Connecticut, was founded in 1969.
SureSource, SureSource 1500, SureSource 3000,
SureSource 4000, SureSource Recovery, SureSource Capture,
SureSource Hydrogen, SureSource Storage, SureSource Service,
SureSource Treatment, SureSource Capital, FuelCell Energy, and
FuelCell Energy logo are all trademarks of FuelCell Energy,
Inc.
Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include, 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 Paycheck 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.
Contact:
FuelCell Energy,
Inc.ir@fce.com203.205.2491
Source: FuelCell Energy
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