DANBURY, Conn., March 10, 2009 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a leading manufacturer of high efficiency, ultra-clean power plants using renewable and other fuels for commercial, industrial, government and utility customers, today announced that the Connecticut Department of Public Utility Control (DPUC) issued a revised draft decision approving 27.3 megawatts (MW) of projects incorporating the company's highly efficient Direct FuelCell(r) (DFC(r)) power plants. The final decision by the DPUC is scheduled for April 1, 2009. For FuelCell Energy, the sales value of the projects is approximately $84 million if all the projects are accepted.
In the previous draft issued in January 2009, the DPUC approved a 3.4 MW DFC-ERG power plant for a natural gas letdown station in Bloomfield, Conn., and a 3.2 MW Direct FuelCell/Turbine (DFC/T) for a substation in Danbury, Conn. In the revised draft, the DPUC approved three additional projects: a 14.3 MW DFC3000 project in Bridgeport, Conn., a 3.2 MW DFC-ERG power plant in Trumbull, Conn., and a 3.2 MW DFC-ERG in Glastonbury, Conn.
"These projects incorporate a total of nine 2.8 MW DFC3000 power plants, including four of our highest efficiency products - three DFC-ERG units and a DFC/T - that achieve approximately 60 percent electrical efficiency," said R. Daniel Brdar, Chairman and CEO of FuelCell Energy. "High efficiency means low carbon dioxide emissions and because our fuel cells do not burn fuel our customers will also benefit from near-zero emissions of NOX, SOX and particulate matter."
The Connecticut Clean Energy (CCEF) Fund recommended these five projects under Round 3 of Project 150, which requires Connecticut utilities purchase Energy Purchase Agreements for 150 MW of clean power by October 1, 2008. In its latest draft decision, the DPUC stated, "...the language of the enabling legislation regarding the October 1, 2008 timeline for procurement of 150 MW directs the Department to accept the five projects recommended by CCEF." The DPUC will have approved 153 MW of projects when the Round 3 decision becomes final.
Distributed generation fuel cells locate the power generation where it's needed, adding 24/7, baseload power to the existing transmission and distribution network. Because the installations are smaller than typical central generation power plants, they are easier to site, permit, and finance. Central generation plants are larger, take significantly longer to permit and construct, and have higher emissions. Additionally, they often require new, controversial transmission and distribution lines to deliver the power to where it is needed. DFC power plants can be deployed in approximately one year.
The DFC-ERG and DFC/T power plants are approximately 60 percent electrically efficient compared to similar sized fossil fuel power plants that achieve only 30 to 40 percent efficiency. The absence of combustion virtually eliminates pollutants like NOX, SOX and particulate matter, and DFC power plants' higher efficiency means they deliver more ultra-clean power for each unit of fuel used, substantially reducing power costs and CO2 emissions.
About FuelCell Energy
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 275 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 and power companies around the world. The company also receives funding from the U.S. Department of Energy and other government agencies for the development of leading edge technologies such as 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, general risks associated with product development, manufacturing, changes in the utility regulatory environment, potential volatility of energy prices, rapid technological change, competition, and the Company's ability to achieve its sales plans and cost reduction targets, 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.
Direct FuelCell, DFC, DFC/T and FuelCell Energy, Inc. are all registered trademarks of FuelCell Energy, Inc. DFC-ERG is a trademark jointly owned by Enbridge, Inc. and FuelCell Energy, Inc.