FuelCell Energy, Inc. (Nasdaq: FCEL) and Oando Clean Energy Limited
(OCEL), the renewable energy subsidiary of Oando Energy Resources
(OER), a part of the Oando PLC group of companies, are pleased to
announce the signing of a memorandum of understanding (MOU) to
collaborate on the development of a 5 to 15-Megawatt (MW) power
plant.
In addition to FuelCell Energy’s fuel cell and electrolyzer
technology, the agreement also includes the potential for the use
of FuelCell Energy’s carbon capture and sequestration technologies.
Unlike other carbon capture technologies that require power to
capture carbon dioxide, FuelCell Energy’s platforms can produce
power while simultaneously capturing carbon dioxide. The signing of
this MOU is an integral part of OCEL’s drive to strengthen
electricity access in African markets via low-carbon renewable
energy sources starting in its home country,
Nigeria.
Today, Nigeria relies heavily on generators to support power
generation at a local and commercial level. Specifically, around
84% of urban households use back-up power supply systems such as
diesel/gasoline generators and/or solar-based systems, while about
86% of the companies in Nigeria own or share a generator. These
fossil fuel generators create noise, particulate pollutants and are
substantial contributors to greenhouse gas
emissions.
Furthermore, there is a significant dearth in access to power,
with 85 million Nigerians – representing approximately 43% of the
country’s population - unconnected to the national grid.
The Nigerian Federal Government’s Renewable Energy Master Plan
seeks to increase the share of renewable electricity from 13% of
total electricity generation in 2015 to 23% in 2025 and 30% by
2030. In addition, in 2021, Nigeria passed the Climate Change Act
to lower greenhouse gas emissions and implement a supporting
framework to meet the country’s commitment to net zero emissions by
2060.
FuelCell Energy's platforms are helping utilities and
independent power producers transition to net zero while
strengthening grid reliability with zero particulate matter
emissions. These platforms can enhance grid resiliency by adding a
reliable source of on-site power generated right where it is
needed.
“The opportunity to bring our technology to Nigeria is a
critical moment for FuelCell Energy,” said Jason Few, CEO and
president of FuelCell Energy. “Nigeria has an abundance of
renewable energy sources that can be harnessed with the power of
fuel cell technology. We are proud to have the opportunity to
collaborate with OCEL to deliver stable electricity supply, better
grid reliability, and security while contributing to Nigeria’s goal
of net-zero emissions by 2060.”
“As a company, Oando has always been a proponent of using energy
as a lever to move Nigeria forward. With an understanding of how
the gaps within our current power infrastructure impede the
nation’s development, we see this MOU signing as an opportunity for
us to accelerate the country's industrialization via increased
access to power.
“The increased awareness and acceptance of renewable energy as a
sustainable and long-term approach to the world’s power needs has
led to lower prices and increased innovative and more accessible
solutions, including FuelCell Energy’s solutions. Their flexible,
cost-effective, and state-of-the-art scalable technology gives us
confidence that we have chosen a good partner to help Nigerians
access reliable low-carbon energy. Beyond access to power, this
collaboration is in tandem with OCEL’s overarching strategy of
building a clean energy ecosystem whilst supporting the Federal
Government’s vision of net zero emissions by 2060.
“We are excited, not just by signing this MOU, but the progress
we continue to make in identifying and deploying solutions that
show Nigeria and the continent as committed to a cleaner and more
sustainable future,” said OCEL Chairman, Adewale Tinubu.
The MOU signing occurred during the ongoing roadshow being
hosted by the U.S. Agency for International Development (USAID)
Mission in Nigeria, U.S. Government Prosper Africa, and Power
Africa initiatives to expose U.S. investors to opportunities and
the investment ecosystem in Nigeria.
The roadshow made up of 12 executives from leading U.S. pension
funds, and financial service providers, managing over $1 trillion
in assets, including Daniel Miller, Deputy Executive Director, New
York City Board of Education Retirement System and Kola Aina,
Senior Vice President, Strategy and Operations North America,
MasterCard, were present at the MOU signing with Mark Feasel,
Executive Vice President and Chief Commercial Officer, FuelCell
Energy.
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.
It collectively holds more than 450 fuel cell technology patents in
the United States and globally. 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. The Company’s solutions are designed to enable a
world empowered by clean energy, enhancing the quality of life for
people around the globe.
About Oando Clean Energy Limited:Headquartered
in Lagos, Nigeria, Oando Clean Energy Limited (OCEL) is the
renewable energy business subsidiary of Oando Energy Resources, a
part of the Oando PLC group of companies. OCEL’s agenda is to
invest in climate friendly and bankable energy solutions across the
African continent; thus meeting the continent’s demand through the
exploitation of green and renewable sources, as we strive towards
the achievement of a carbon neutral Africa. OCEL’s core areas of
interest include Sustainable Transport, Solar Energy Solutions, Gas
& Biofuels, Waste to Energy, Wind Farms, Geothermal Power
Plants, Hydro Energy and other emerging technologies.
With roots dating back to 1956, Oando has been in the energy
value chain with a track record of operation excellence and
investments in projects that proffer solutions to some of Africa's
energy challenges.
Cautionary Note Regarding Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 regarding future events or the
Company’s future performance that involve certain contingencies and
uncertainties. The forward-looking statements include, without
limitation, the Company’s plans and expectations regarding the
continuing development and commercialization of its carbon capture
technology. These forward-looking statements are not guarantees of
future performance, and 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, the risks set forth
in the Company’s filings with the Securities and Exchange
Commission, including the Company’s Annual Report on Form 10-K for
the fiscal year ended October 31, 2022. The forward-looking
statements contained herein speak only as of the date of this
release. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
such statement contained herein to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which any such statement is based.
Contacts:
FuelCell Energy
ir@fce.com 203.205.2491
Kathleen Blomquistkblomquist@fce.com203.546.5844
Oando
Alero Balogunalbalogun@oandocleanenergy.com+234 (1) 270400, ext.
6761
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