FuelCell Energy Announces Service Agreement Renewals
29 May 2012 - 10:30PM
FuelCell Energy, Inc. (Nasdaq:FCEL) a leading manufacturer of
ultra-clean, efficient and reliable fuel cell power plants, today
announced the extension of service agreements with four existing
customers for terms up to 15 years. The Direct FuelCell® (DFC®)
power plants are owned by the customers and under the service
agreements, FuelCell Energy will continue to operate and maintain
the plants. The total value of the service agreements is
approximately $15 million. Three different fuel cell markets
are represented by these customers including education, municipal
wastewater treatment, and food processing.
"A fundamental cornerstone of our business model is keeping our
customers satisfied, which generates growth in our Services
business," said Chip Bottone, President and Chief Executive
Officer, FuelCell Energy, Inc. "By having FuelCell Energy
responsible for the operation and maintenance of the power plants,
our customers can concentrate on their core competencies."
"Existing customers extending service agreements is a strong
testament to the favorable economic profile of our fuel cell power
plants as well as the many benefits of clean on-site power
generation," said Tracy Reid, Vice President Western Region,
FuelCell Energy, Inc. "The high efficiency of the fuel cell
power generation process is valued by clients as it reduces fuel
costs and the virtual lack of pollutants from the fuel cell power
generation process supports compliance with clean air regulations
and sustainability goals."
FuelCell Energy offers a comprehensive portfolio of services for
fuel cell power plants and ancillary equipment with service
agreements ranging from one to 20 years in duration.
Technicians and engineers remotely operate and maintain the
Direct FuelCell power plants globally, 24 hours per day, 365 days
per year from the state-of-the-art Global Technical Assistance
Center, located at the Company's Danbury, Connecticut
headquarters. Field service technicians directly employed by
FuelCell Energy service the power plants on-site.
DFC power plants electrochemically convert a fuel source into
electricity and heat in a highly efficient process that emits
virtually no pollutants due to the absence of combustion. DFC
power plants are fuel flexible, capable of operating on natural gas
or renewable biogas. Efficiency of up to 90 percent can be
achieved when the DFC plant is configured for combined heat and
power (CHP). High efficiency reduces fuel costs and carbon
emissions, and producing both electricity and heat from the same
unit of fuel can reduce the use of combustion based boilers used
for heating, further reducing costs and pollutants.
About FuelCell Energy
Direct FuelCell® power plants are generating ultra-clean,
efficient and reliable power at more than 50 locations
worldwide. With over 180 megawatts of power generation
capacity installed or in backlog, FuelCell Energy is a global
leader in providing ultra-clean baseload distributed generation to
utilities, industrial operations, universities, municipal water
treatment facilities, government installations and other customers
around the world. The Company's power plants have generated
more than one billion kilowatt hours of ultra-clean power using a
variety of fuels including renewable biogas from wastewater
treatment and food processing, as well as clean natural gas.
For more information please visit our website at
www.fuelcellenergy.com
The FuelCell Energy, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3284
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
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