Thermal Energy From Ultra-Clean Power Plant Will Heat New 400,000 Square Foot Temperature and Humidity-Controlled Storage Facility
DANBURY, Conn., Nov. 5, 2007 (PRIME NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a leading manufacturer of ultra-clean power plants using a variety of fuels for commercial, industrial and utility customers, today announced that M&L Commodities, operating as Inland Cold Storage - Stockton, purchased a 600 kilowatt (kW) power plant to provide electricity to power its new 400,000 square foot temperature and humidity-controlled warehouse facilities.
The two Direct FuelCell(r) (DFC(r)) units, sold through FuelCell Energy's distribution partner Alliance Power, will be located at the warehouse now being built in Stockton, Calif. The new facility will provide 5,325,000 cubic feet of refrigerated and frozen storage.
Inland Cold Storage (ICS) maintains seven warehouses in the state currently, the largest of which contains 10 million cubic feet. The company provides a range of services for perishable and dry-goods products, including frozen and cold storage, as well as loading and freight consolidation. California has over 400 such warehouses throughout the state.
In its Stockton warehouse, M&L/ICS will use the 600 kW of electricity from the power plants to run the warehouse 24/7. The thermal energy generated by the DFC300(tm) plants will be used to either heat the building's floor -- required in cold storage to prevent the ground from freezing and damaging the structure's foundation -- or to provide absorption chilling. With Combined Heat and Power (CHP) applications such as these, the DFC plant efficiency can be as high as 80 percent, resulting in significant energy savings.
"We selected DFC fuel cells because they give us ultra-clean, reliable electricity at competitive rates and increase our energy efficiency through CHP," said Gary Guesman of Controlled Environments Construction, Inc., the Project development partner and contractor for M&L/ICS. "The other solutions we looked at did not match the DFC fuel cell advantages, either in terms of overall cost-of-ownership, 24/7 operation, or environmental benefits."
M&L purchased the DFC units with funding under California's Self-Generation Incentive Program through a $1.5 million grant from Pacific Gas & Electric. Construction of the site is underway and the fuel cell power plant is expected to be operating by the middle of 2008. M&L will own and operate the DFC300 units, with service and support provided by FuelCell Energy.
About FuelCell Energy Inc.
FuelCell Energy is the world leader in the development and production of stationary fuel cells for commercial, industrial, municipal and utility customers. FuelCell Energy's ultra-clean and high efficiency DFC(r) fuel cells are generating power at over 50 locations worldwide. The company's power plants have generated more than 200 million kWh of power using a variety of fuels including renewable wastewater gas, biogas from beer and food processing as well as natural gas and other hydrocarbon fuels. FuelCell Energy has partnerships with major power plant developers, trading companies and power companies around the world. The company also receives substantial funding from the U.S. Department of Energy and other government agencies for the development of leading edge technologies such as hybrid fuel cell/turbine generators and solid oxide fuel cells. For more information please visit our website at www.fuelcellenergy.com.
This news release contains forward-looking statements, including statements regarding the Company's plans and expectations regarding the continuing development and commercialization of its fuel cell technology. 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 risk that commercial field trials of the Company's products will not occur when anticipated, general risks associated with product development, manufacturing, changes in the utility regulatory environment, potential volatility of energy prices, rapid technological change, and competition, 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.
Lisa Lettieri
203-830-7494
ir@fce.com