Connecticut
Approves Financing Commitments for Two
Hospital Power Plant
Projects
Projects Total 7.2 MW
of FuelCell Energy Ultra-Clean Power Plants
DANBURY, Conn., May 9, 2008 (PrimeNewswire
via COMTEX News Network) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a leading manufacturer of high efficiency
ultra-clean power plants using renewable and a variety of other fuels for
commercial, industrial and utility customers, today announced the Connecticut
Department of Public Utility Control (DPUC) has approved their financial
commitment letters for 7.2 megawatts (MW) of projects incorporating its power
plants to be located at Stamford Hospital and Waterbury Hospital in
Connecticut.
Under Connecticut's Project
150, and in accordance with the DPUC's selection
and approval process, project developers were required to submit financial
commitments by April 29, 2008 showing they are able to execute Electricity
Purchase Agreements (EPAs) with utility companies
to buy the power.
Hospital Energy
Development LLC and EMCOR Energy Services, co-developers of the Stamford Hospital
and Waterbury Hospital projects, filed binding
letters with the DPUC attesting to their projects' financing commitments. The
Stamford Hospital project will employ two
DFC3000 power plants in a combined heat and power application. The
installation will generate 4.8 MW of ultra-clean electricity for the grid --
enough for approximately 4,800 homes -- and also generate low cost heat for
the hospital. Similarly, Hospital Energy and EMCOR Energy Services will use a
single DFC3000 power plant in a combined heat and power application to generate
2.4 MW of electricity for the grid while it supplies Waterbury Hospital
with heat. The high grade thermal energy from the DFC3000 combined heat and
power is especially valuable to hospitals as it offsets fuel otherwise used
in boilers for heating, air conditioning, laundries, hot water and
sterilization.
"Providing
ultra-clean energy to the grid and heat for hospitals are excellent
applications for our Direct FuelCells(r) (DFC(r))
fuel cells and helps Connecticut
and its utilities meet their obligations under the state's Renewable
Portfolio Standards (RPS)," said R. Daniel Brdar,
Chairman and CEO of FuelCell Energy. "Utilities
need cleaner sources of electricity and hospitals must have a reliable, 24/7
source of energy -- exactly what our fuel cell power plants provide."
Connecticut is one of
28 states, plus the District of Columbia, that have passed legislation
mandating clean energy in their jurisdictions -- laws known collectively as
Renewable Portfolio Standards (RPS). Under Connecticut's RPS, utilities must purchase
20 percent (approximately 800 megawatts) of the electricity they supply from
clean energy sources by 2020. To get the process started toward this goal,
Connecticut Project 150 was enacted by the legislature, requiring utilities
to have the first 150 MW of clean energy generation by under contract by
October 1, 2008.
By utilizing both the
electricity and the heat, the power plants are expected to achieve over 60
percent system efficiency. This high efficiency means that less fuel is needed
to create energy, meaning significantly lower energy costs and much less CO2,
a major greenhouse gas, is produced.
Fuel cells can play a
critical role in providing baseload power to the utility grid, unlike
intermittent power sources such as solar or wind. In addition, they are an
ideal part of a total clean energy solution in RPS states because they
provide efficient ultra-clean power 24 hours a day, ensuring that other
clean, but intermittent, technologies can be adopted. Providing near-zero
emissions and low CO2, fuel cells have the added advantages of operating
quietly and, because of their small footprint, they
can be located in grid-constrained areas where power is most needed.
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 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.
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