Connecticut Clean Energy Fund Submits
Recommendations for Clean Energy Projects to Department of Public Utility
Control
Projects
Include 27.3 MW of FuelCell Energy Multi-Megawatt Power Plants
DANBURY,
Conn., Sep 17, 2008 (GlobeNewswire via COMTEX News Network) -- FuelCell
Energy, Inc. (Nasdaq:FCEL), a leading manufacturer of high efficiency,
ultra-clean power plants using renewable and other readily available fuels
for commercial, industrial, government and utility customers, today announced
that the Connecticut Clean Energy Fund (CCEF) has recommended five clean
energy projects to the Department of Public Utility Control (DPUC) that
include 27.3 MW of the Company's DFC power plants.
The
CCEF recommendations were made in connection with the 25 MW Round 3 contract
procurement under Connecticut's Project 150, requiring the state's utilities
to put at least 150 MW of clean energy generation under contract. Under prior
rounds, 16.2 MW of projects that included FuelCell Energy's 2.4 MW DFC3000
power plants were approved.
"The
CCEF recommendations confirm that fuel cells play a critical role in helping
Connecticut meet the requirements of Project 150," said R. Daniel Brdar,
Chairman and CEO of FuelCell Energy. "With their 24/7 operation, fuel
cells address electric grid congestion while reducing the need for new
transmission and distribution investment. Our fuel cells provide this power
with virtually no emissions, quietly and economically."
FuelCell
Energy's Direct FuelCell(r) (DFC(r)) power plants electrochemically convert
natural gas and biogas into ultra-clean electricity. The DFC-ERG and DFC/T
power plants selected for Round 3 are approximately 60 percent electrically
efficient compared to similar sized fossil fuel power plants that achieve
only 30-35 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. The projects
selected by the CCEF were:
* A 3.4 MW DFC-ERG for a natural gas letdown station in
Bloomfield, Conn.;
* A 14.3 MW DFC fuel cell power plant with an organic rankine
cycle for Bridgeport, Conn.;
* A 3.2 MW DFC-ERG for a natural gas letdown station in Trumbull,
Conn.;
* A 3.2 MW DFC-ERG for a natural gas letdown station in
Glastonbury, Conn.;
* A 3.2 MW DFC/T fuel cell/unfired gas turbine project for a
substation in Danbury, Conn.
Project
150 was launched to encourage long-term power contracts to facilitate clean
energy project financing. In the process, the CCEF is charged with issuing
requests for proposals, conducting the initial screening and evaluations, and
selecting the projects that benefit ratepayers most. The projects are
evaluated by cost to ratepayers, benefits to ratepayers, feasibility and
financial viability. The sales value of the projects will be approximately
$84 million if accepted.
The
state's two electricity distribution companies, Connecticut Light & Power
and United Illuminating, have submitted their analysis of the projects under
Round 3 to the DPUC. Hearings are scheduled for October 22nd through 24th,
and the DPUC is expected to issue a draft decision on the projects on
December 16th, with a final decision on January 7, 2009.
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 45 locations worldwide. The company's power plants have
generated more than 230 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 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.
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 FuelCell
Energy, Inc. and Enbridge, 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