« Previous | Next » | All Messages |  FCEL Message Board Home | recommend post |  Ignore Poster

FCEL News FuelCell Energy Submits 98.6 MW of Bids for Ultra-Clean, Multi-Megawatt Power Plant Projects in Connecticut

DANBURY, Conn.--(BUSINESS WIRE)--FuelCell Energy, Inc. (NasdaqNM:FCEL), a leading manufacturer of ultra-clean electric power generation plants for commercial, industrial and government customers, today announced that it has submitted bids for 98.6 megawatts (MW) of fuel cell power projects to the Connecticut Clean Energy Fund (CCEF) for Project 100. The project proposals ranged in size from 2.4 megawatts (MW) to 28 MW and were submitted in partnership with several developers. The CCEF is scheduled to announce project selections in March.

“Because fuel cells provide reliable 24/7 power, near-zero emissions, and reduced greenhouse gases, they are an important step forward in the move toward cleaner air in Connecticut,” said Bruce Ludemann, Senior Vice President of Sales and Marketing for FuelCell Energy. “Together with our partners, we are in position to provide ultra-clean megawatt and multi-megawatt power plants to address Connecticut’s long term energy needs.”

Connecticut is one of 23 Renewable Portfolio Standards (RPS) states that mandate increased amounts of electric power be generated by green energy sources. Connecticut’s RPS requires 10 percent of peak power, or approximately 400 MW, must come from renewable energy sources - including fuel cells - by 2010.

The CCEF, created and funded by the state legislature to encourage wider installation of clean energy technologies for the benefit of Connecticut rate payers, established “Project 100” to encourage the installation of 100 MW of electricity generated by renewable means by 2008. For this phase of Project 100, the CCEF has received just under 315 MW of project proposals. The Project 100 submissions spanned a wide breadth of clean energy technologies including those using fuel cells, wind sources, biomass and solar.

Successful projects will enter into a standard electric power purchase agreement (PPA) adopted by the Connecticut Department of Public Utility Control (DPUC) with the Connecticut Light & Power (CL&P) and United Illuminating (UI), with final approval subsequently granted by the DPUC. A PPA is a contract for a customer to purchase the electricity generated by a specific power plant.

FuelCell Energy’s DFC power plants generate electricity electrochemically -- without combustion -- so they significantly reduce emissions of the greenhouse gas carbon dioxide and other harmful pollutants like nitrogen oxides, sulfur oxides and particulate matter. They can run on a variety of fuels, including renewables like anaerobic digester gas, ethanol and other biomass sources, as well as readily available fuels such as natural gas and propane. Heat created during fuel cell operation may be used in combined heat and power applications, further increasing the plants’ efficiency and cost-effectiveness.

About FuelCell Energy, Inc.

FuelCell Energy develops and markets ultra-clean power plants that generate electricity with higher efficiency than distributed generation plants of similar size and with virtually no air pollution. Fuel cells produce base load electricity giving commercial and industrial customers greater control over their power generation economics, reliability and emissions. Emerging state, federal and international regulations to reduce harmful greenhouse gas emissions consider fuel cell power plants in the same environmentally friendly category as wind and solar energy sources -- with the added advantages of running 24 hours a day and the capacity to be installed where wind turbines or solar panels often cannot. Headquartered in Danbury, Conn., FuelCell Energy services over 50 power plant sites around the globe that have generated more than 150 million kilowatt hours, and conducts R&D on next-generation fuel cell technologies to meet the world’s ever-increasing demand for ultra-clean distributed energy. For more information on the company, its products and its worldwide commercial distribution alliances, please see 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.