FuelCell Energy Awarded $1.9
Million From American Recovery and Reinvestment Act Funds
DANBURY, Conn., Sept.
15, 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 U.S.
Department of Energy (DOE) awarded it approximately $1.9 million for the
Development of a Microchannel High Temperature Recuperator for Fuel Cell Systems. The award will be
funded from the American Recovery and Reinvestment Act (ARRA) of 2009.
The program's goal is
to improve the performance and cost of fuel cell power plants that are
integrated with unfired gas turbines in combined cycle applications such as FuelCell Energy's patented Direct FuelCell/Turbine,
by using advances in microchannel technology. Microchannels are tiny passages in the heat exchangers (recuperators) that significantly enhance heat recovery
effectiveness and potentially reduce recuperator
cost. The project includes the testing of prototype recuperators,
test analysis, model validation, and design of units sized appropriately for
a MW-class fuel cell system.
"This award is
the first of several we hope to win under the ARRA," said Christopher
Bentley, Executive Vice President of FuelCell
Energy. "Our partnership with DOE over the last forty years has been a
critical factor in the successful development and commercialization of fuel
cell technologies."
The recuperator will be developed using FuelCell
Energy's DFC/Turbine and solid oxide fuel cell systems. Today's carbonate DFC
technology was developed under a $135 million DOE Molten Carbonate Fuel Cell
Product Design and Improvement Program. FuelCell
Energy's DFC/Turbine delivers approximately 60 percent electrical efficiency
-- twice that of the electrical grid -- and is ideally suited for utilities
that have an increasing need for clean distributed generation where their
systems are weakest.
Additionally, FuelCell Energy is developing coal-based solid oxide fuel
cell systems under a $30 million DOE Office of Fossil Energy Solid State
Energy Conversion Alliance (SECA) Coal-Based Systems Cooperative agreement.
FuelCell Energy, in
partnership with Pacific Northwest National Laboratory (PNNL), will fabricate
and test a 15 kilowatt and a 150 kilowatt thermal recuperator. This project
involves the development of design, scalability analysis, fabrication, and
commercial applicability of microchannel-based recuperators for fuel cell
systems.
The ARRA was passed to
create jobs and spur economic recovery. The Act allocates over $30 billion
for energy-related projects that include energy efficiency, new clean
technologies, and a strong, reliable grid infrastructure.
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 over
340 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 registered trademark jointly owned by Enbridge,
Inc. and FuelCell Energy, Inc.
CONTACT: FuelCell Energy
Lisa Lettieri
(203) 830-7494
ir@fce.com