FuelCell Energy Announces Appointment of Chairman of
the Board
John A.
Rolls, Lead Independent Director, is Appointed Chairman of the Board
DANBURY,
Conn., March 25, 2011 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL)
a leading manufacturer of ultra-clean, efficient and reliable power plants
using renewable and other fuels for commercial, industrial, government, and
utility customers, today announced that the Board of Directors appointed John
A. Rolls as Chairman of the Board. Mr. Rolls, a Director since 2000 and Lead
Independent Director since 2007, will replace Dan Brdar, who has resigned as
Chairman of the Board.� The change will take effect
immediately.� Mr. Brdar resigned as President and Chief Executive
Officer of the Company in February, 2011 and is not standing for re-election
to the Board of Directors.�
Mr.
Rolls is Managing Partner of Core Capital Group, a private investment partnership.�
Previously, he was President and Chief Executive Officer, Deutsche Bank North
America;� Executive Vice President, Chief Financial Officer, United
Technologies Corporation; � Senior Vice President, Chief Financial
Officer, RCA and Treasurer, Monsanto Company.�
"I
am honored to have been appointed Chairman," said John Rolls, Chairman
of the Board, FuelCell Energy, Inc.� "I look forward to working
with the Board and Management as we grow the global market for our
ultra-clean and renewable baseload power generation products."
"The
Board thanks Dan Brdar for his leadership in effecting significant product
cost reductions and the development of broad new markets for the Company's
ultra-clean, highly efficient and reliable power plants."
About
FuelCell Energy
DFC�
fuel cells are generating power at over 50 locations worldwide. The Company's
power plants have generated over 700 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, commercialization and financing of its fuel cell technology and
business plans. 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 regulatory environment, customer strategies, 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, DFC-H2 and FuelCell Energy, Inc. are all registered
trademarks of FuelCell Energy, Inc. DFC-ERG is a registered trademark jointly
owned by Enbridge, Inc. and FuelCell Energy, Inc.
CONTACT: FuelCell Energy, Inc.
��� �����Kurt Goddard, Vice President Investor Relations
�������� 203-830-7494
�������� ir@fce.com