FuelCell Energy Enters into Power Purchase Agreement for 7.4 MW Fuel Cell Project in Connecticut’s State Capital
02 November 2018 - 12:10AM
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, today announced the
signing of long-term power purchase agreements (“PPA”) with the
local distribution utilities. The PPAs will cover a 7.4
megawatt fuel cell project in the city of Hartford that was one of
the projects awarded in June 2018 by the Connecticut Department of
Energy and Environmental Protection (“DEEP”) in a competitive
solicitation.
The fuel cell project will provide infrastructure investment in
the city of Hartford, which is expected to drive local economic
development and environmental improvement through state sales tax
and the local property taxes generated, as well as create and
maintain high-tech manufacturing and construction jobs in
Connecticut.
“We are pleased to have taken the next step towards the
construction and operation of this fuel cell project in Hartford,”
said Chip Bottone, President and Chief Executive Officer of
FuelCell Energy, Inc. “An important factor in the selection
of our technology for these projects is the fact that fuel cells
are one of the most space-efficient, resilient clean energy
technologies qualified under the Connecticut Class 1 Renewable
Portfolio Standard. Affordably addressing both the distributed
energy and sustainability needs of the utilities and the state of
Connecticut is an attractive value proposition offered by FuelCell
Energy.”
The PPA agreements have been forwarded to the Connecticut Public
Utilities Regulatory Authority (“PURA”) for final
authorization.
The Hartford fuel cell project will be located on a vacant
parcel enabling the productive use of a dormant property and the
generation of significant tax revenue for the state and city. Once
complete, the project will serve to improve the strength of the
public electricity grid in an important load area that serves the
commercial and industrial portions of the city.
Connecticut has been a leader in evolving U.S. energy policy and
deployment of clean distributed power generation while modernizing
the grid. The Connecticut General Assembly recently expanded
Connecticut’s renewable portfolio standard target to 40 percent by
2030. The renewable portfolio standard requires that electric
suppliers sell at least a specified percentage of energy that is
classified as being generated from renewable sources, which
includes fuel cells. With high electrical efficiency,
SureSource™ power plants drive better economics and environmental
stewardship, supporting both social responsibility goals and public
policy objectives.
Forward Looking Statement This news
release contains forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, including, without limitation, statements with
respect to the Company’s anticipated financial results and
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,
changes to projected deliveries and order flow, changes to
production rate and product costs, general risks associated with
product development, manufacturing, changes in the regulatory
environment, customer strategies, unanticipated manufacturing
issues that impact power plant performance, changes in critical
accounting policies, 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.
About FuelCell EnergyFuelCell Energy, Inc.
(NASDAQ: FCEL) delivers efficient, affordable and clean solutions
for the supply, recovery and storage of energy. We design,
manufacture, undertake project development of, install, operate and
maintain megawatt-scale fuel cell systems, serving utilities and
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 in
designing, manufacturing, installing, operating and
maintaining environmentally responsible fuel cell power
solutions. Visit us online at www.fuelcellenergy.com and
follow us on Twitter @FuelCell_Energy.
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
Energy203.205.2491ir@fce.com
Source: FuelCell Energy
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