FuelCell Energy
Receives $4 Million Loan From the State of Connecticut
Money to be Used for Plant Expansion, Workforce Expansion
and Extension of Facility Lease
DANBURY, Conn., Jan 16, 2008 (PrimeNewswire via COMTEX News
Network) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a leading manufacturer of
high efficiency, ultra-clean power plants for commercial, industrial,
municipal and utility customers, today announced that it has received a $4
million loan from the state of Connecticut. The loan is part of the company's
$10 million project to expand FuelCell Energy's Torrington, Connecticut
manufacturing facility, expand its workforce and extend its facility lease
through 2015.
"This project is right for Connecticut, right for our
economy and right for our energy needs," Governor Jodi Rell said.
"We will be adding 100 jobs to our economy, bolstering a Connecticut
company that is making strides to decrease our dependence on foreign fossil
fuels and enhancing our position in an important industry. Connecticut is a
pioneer in fuel cell technology and this project will help ensure we continue
to be a leading innovator in this high-tech sector."
The Department of Economic and Community Development and the
Connecticut Development Authority are providing a joint loan for machinery
and equipment, building improvements and information technology expenses. The
$4 million loan is being granted pursuant to Governor Rell's Connecticut
Energy Vision for a Cleaner, Greener State which calls for 20 percent of all
energy used and sold in the state to come from clean or renewable resources
by 2020. "Companies like FuelCell Energy help us achieve this
goal."
DFC power plants generate power electrochemically, not through
combustion, so they produce near-zero nitrous oxides (NOX), sulfur oxides
(SOX) and particulate emissions. DFC fuel cells are 47 percent efficient
compared to similar sized fossil fuel combustion plants, which typically
reach only 30-35 percent efficiency, delivering more power for each unit of
fuel used and producing substantially less carbon dioxide. When used in
Combined Heat and Power applications, in which the fuel cell's heat byproduct
is used to produce additional clean energy, DFC power plants can achieve
efficiencies of up to 80 percent.
"We thank Governor Rell, the State of Connecticut, the
Department of Economic and Community Development and the Connecticut
Development Authority for their support," said R. Daniel Brdar, Chairman
and CEO of FuelCell Energy. "Our fuel cells -- which are highly
efficient, operate 24/7 and produce near-zero pollutants and low CO2 -- can
help the state reach its clean and renewable goals for power
generation."
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 40 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 US 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.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: FuelCell Energy, Inc.
FuelCell Energy, Inc.
Lisa Lettieri
203-830-7494
ir@fce.com