DANBURY, Conn., April 9, 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 its final decision approving 27.3 megawatts (MW) of projects incorporating the company's highly efficient Direct FuelCell(r) (DFC(r)) power plants. The sales value of the projects will be $84 million when project developers finalize electricity purchase agreements and project financing.
The approved projects include nine FuelCell Energy DFC3000 power plants: 3.4 MW DFC-ERG for a natural gas letdown station in Bloomfield, Conn.; 3.2 MW Direct FuelCell/Turbine (DFC/T) for a substation in Danbury, Conn.; 14.3 MW DFC3000 in Bridgeport, Conn.; 3.2 MW DFC-ERG in Trumbull, Conn.; and 3.2 MW DFC-ERG in Glastonbury, Conn. The Connecticut Clean Energy (CCEF) Fund recommended the five projects under Round 3 of Project 150, which requires Connecticut utilities to enter into Energy Purchase Agreements for 150 MW of clean power. With this latest approval, the DPUC will have approved 153 MW of projects including 43.5 MW of FuelCell Energy power plants.
"The DFC-ERG and DFC/T power plants achieve approximately 60 percent electrical efficiency -- the highest electrical efficiency of any available distributed generation technology," said R. Daniel Brdar, Chairman and CEO of FuelCell Energy. "This efficiency results in low carbon emissions because less fuel is used to produce electricity. And because our power plants do not combust fuel, our customers also benefit from near-zero emissions of NOX, SOX and particulate matter."
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 and require no new transmission and distribution investment.
Connecticut is one of 28 states and Washington D.C. that have Renewable Portfolio Standards (RPS). Under Connecticut's RPS, utilities are required to purchase 27 percent or approximately 1,000 MW of their power from clean energy sources by 2020. Fuel cells are an ideal part of the clean energy solution for RPS states because they provide reliable baseload power 24 hours a day, with near-zero emissions and low CO2.
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.