Connecticut
Department of Public Utility Control Issues Draft Decision Approving 6.6
Megawatts of Projects Using FuelCell Energy Power Plants
DANBURY, Conn., Jan
16, 2009 (GlobeNewswire via COMTEX News Network) -- 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) has issued its draft decision approving 6.6 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 the
end of January.
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., subject to these projects agreeing to reflect the full value
of the federal Investment Tax Credit. In its decision, the DPUC cited that
the unprecedented set of economic circumstances currently being experienced
requires an austere approach to the selection process in this matter.
"The award of 6.6
MW of DFC fuel cell projects helps fulfill the state's Renewable Portfolio
requirements," said R. Daniel Brdar, Chairman and CEO of FuelCell
Energy. "Ultra-clean fuel cell distributed generation can help utilities
relieve grid congestion, increase reliability, and reduce the need for new
central generation, transmission and distribution."
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. DFC power plants have a
relatively small footprint and can be deployed in about a year compared to 36
months or longer for central generation plants that are more difficult to
site because of their size and emissions. Additionally, new transmission and
distribution lines can be controversial further delaying deployment.
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 260 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 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, 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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: FuelCell Energy, Inc.
FuelCell Energy, Inc.
Lisa Lettieri
(203) 830-7494
ir@fce.com