CORRECTING and REPLACING – FuelCell Energy, Inc.
08 March 2018 - 2:24AM
In a release issued earlier today with the headline "FuelCell
Energy Applauds the Extension of the U.S. Carbon Oxide
Sequestration Credit" by FuelCell Energy,
Inc. (Nasdaq:FCEL), please note that an edit was made to the
headline to read, "FuelCell Energy Applauds the Extension of the
U.S. Carbon Sequestration Credit." Additionally, edits have been
made to the text and contact information. The corrected release
follows:
FuelCell Energy Applauds the Extension of
the U.S. Carbon Sequestration Credit
- Increases the value of carbon capture credits
- Eliminates cap on amount of available credits
- Extends credits to industrial re-use of CO2, sequestration and
enhanced oil recovery
FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in
delivering clean, innovative and affordable fuel cell solutions for
the supply, recovery and storage of energy, applauds the extension
of the carbon sequestration credit included in the Bipartisan
Budget Act of 2018. Known as the 45Q bill, it will give a
credit of up to $50 per ton for CO2 that is sequestered and up to
$35 a ton for CO2 that is re-utilized. Businesses would have 12
years to take advantage of the credits and no limit would exist on
the amount of CO2 that can be sequestered or re-used. The original
bill, passed in 2009, was enacted at $10 per metric ton and capped
at 75 million metric tons. The new legislation also extends
the tax credit to industrial utilization of captured CO2, which
should significantly accelerate adoption of carbon capture.
“This bi-partisan bill is a smart investment for America’s
economy and environment,” said Chip Bottone, Chief Executive
Officer, FuelCell Energy, Inc. “FuelCell Energy has been
focused on developing a carbon capture commercial application for
many years, using fuel cells in place of less affordable and
scalable existing scrubber capture technology. This tax credit will
encourage additional investment in carbon capture technology by the
energy producers in the United States. Finance incentives, such as
this carbon oxide tax credit, are instrumental to establishing a
value for captured carbon.”
Carbonate fuel cells have the ability to concentrate carbon
dioxide in dilute flue gas streams while making power, making this
approach to carbon capture more economical than existing scrubber
conventional capture technology. The potential breakthrough comes
from an increase in electrical output using the fuel cells, which
generate power, compared to a nearly equivalent decrease in
electricity using conventional technology. FCE is developing
the technology for capture of CO2 from coal based power generation,
in a development and demonstration project supported by the US
Department of Energy. The company is also pursuing the use of
carbonate fuels cells for carbon capture from natural gas power
systems and in parallel is progressing a pilot plant for capture
from natural gas fueled systems in a joint development program with
ExxonMobil.
Concentrating carbon dioxide is a normal side reaction for our
proprietary fuel cell’s electrochemical generation process. In the
carbon capture context, power plant exhaust is directed to the fuel
cell, replacing air that is normally used in combination with
natural gas during the fuel cell power generation process. As the
fuel cell generates power, the carbon dioxide becomes more
concentrated, allowing it to be more easily and affordably captured
and stored. Utilizing fuel cells, 90% of the CO2 emissions can be
captured, as well as destroying 70% of NOx from a plant’s emission
stream.
Fuel cells use chemistry to convert a fuel source into
electricity and heat in a highly efficient process that emits
virtually no pollutants as the fuel is not burned. The
combination of near-zero pollutants, modest land-use needs, and
quiet operating nature of these stationary fuel cell power plants
facilitates installation in urban locations where the power is
used. Customers benefit with operating cost reductions
delivered in a manner that supports sustainability goals and
enhances power reliability. With high availability and capacity
factors, fuel cell power plants make meaningful contributions to
Renewable Portfolio Standard targets.
About FuelCell EnergyFuelCell Energy
(NASDAQ:FCEL) delivers efficient, affordable and clean solutions
for the supply, recovery and storage of energy. We design,
manufacture, undertake project development, install, operate and
maintain megawatt-scale fuel cell systems, serving utilities,
industrial and large municipal power users with solutions that
include both utility-scale and on-site power generation, carbon
capture, local hydrogen production for transportation and industry,
and long duration energy storage. With SureSource™
installations on three continents and millions of megawatt hours of
ultra-clean power produced, FuelCell Energy is a global leader with
environmentally responsible power solutions. Visit us online
at www.fuelcellenergy.com and follow us on Twitter.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000,
SureSource Recovery, SureSource Capture, SureSource Hydrogen,
SureSource Storage, SureSource Service, SureSource Capital,
FuelCell Energy, and FuelCell Energy logo are all trademarks of
FuelCell Energy, Inc.
Contact: |
|
FuelCell Energy,
Inc.ir@fce.com 203.205.2491Source: FuelCell
Energy |
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