FuelCell
Energy Sells 4.8 Megawatts of Ultra-Clean Power Plants to South Korea's
Leading Power Producer
Two DFC3000 Power
Plants Bring POSCO Power Total to 12.6 MW Since March 2007
DANBURY, Conn., Dec
11, 2007 (PrimeNewswire via COMTEX News Network) -- FuelCell Energy, Inc. (Nasdaq:FCEL),
a leading manufacturer of high efficiency, ultra-clean power plants for
commercial, industrial and utility customers, today announced the sale of 4.8
megawatts (MW) of its Direct FuelCell(r) (DFC(r)) to its alliance partner in
South Korea, POSCO Power, a unit of one of the world's largest industrial
companies, POSCO (NYSE:PKK). Under the order, POSCO Power is purchasing two DFC3000
power plants. These two units will be sold to two independent power
purchasers (IPPs), and are slated for delivery and installation in 2009. This
order brings POSCO Power's total orders to 12.6 MW since March 2007.
"FuelCell Energy's reliable, ultra-clean fuel cells will
enable us to make a meaningful reduction in greenhouse gases over time,"
said Mr. Seung-Woo Lee, President and CEO of POSCO Power Corporation.
"We believe that DFC power plants, with their 24/7 operation, near-zero
emissions and low carbon output, are an excellent choice for multi-MW,
high-efficiency power."
FuelCell Energy power plants are 47 percent efficient compared
to similar sized fossil-fuel combustion power plants that operate at 30 to 35
percent efficiency. This means that these ultra-clean DFC power plants
deliver more power for each unit of fuel used, saving customers on their
power costs and substantially reducing their CO2 emissions.
"South Korea has made fuel cells one of its top ten
economic drivers," said Benjamin Toby, Vice President of Global Business
Development for FuelCell Energy. "POSCO's interest in our DFC products
continues to grow as a means of generation because we are the only company in
the world with MW-class fuel cell power plants that can reliably deliver
ultra-clean power, 24 hours a day, seven days a week."
The DFC3000(tm) units will export power to the local grid, as
required under South Korea's incentive program, initiated by the Ministry of
Commerce, Industry and Energy (MOCIE) to stimulate the deployment of new and
renewable energy sources. MOCIE has been a strong proponent of Korean energy
independence. In 2006, it modified the renewable energy subsidy program under
which fuel cells powered by biogas and natural gas received subsidies in
excess of the amounts allocated to wind power, biomass, and hydro, and second
only to solar power. For fuel cells running on natural gas, the current
subsidy is $0.28/kilowatt hour (kWh) and $0.23/kWh for those running on
biogas.
Earlier this year, FuelCell Energy established a 10-year
manufacturing and distribution agreement with POSCO Power to provide DFC
power plants in South Korea. POSCO has since broken ground on a 100 MW
manufacturing facility for building reduced-cost, fuel cell balance of plant
equipment (all but the core-technology fuel cell part of the power plant) for
FuelCell Energy power plants its sells in Asia.
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 50 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, the risk that
commercial field trials of the Company's products will not occur when
anticipated, 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