FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global
leader in fuel cell technology – with a purpose of utilizing its
proprietary, state-of-the-art fuel cell platforms to enable a world
empowered by clean energy – announces that the Company’s reversible
solid oxide project has been selected by the U.S. Department of
Energy (DOE) to receive funding support in the amount of $3.0
million. The project focuses on developing performance improvements
to advance the commercialization of FuelCell Energy’s reversible
solid oxide fuel cell systems. A reversible solid oxide fuel cell
(RSOFC) system is a hybrid operation system that performs water
electrolysis for the production of hydrogen, stores the hydrogen,
and then produces power by using the produced hydrogen.
“This project significantly aids the development
of our solid oxide platform as we work to develop our commercial
electrolysis and long-duration storage platform,” said Jason Few,
Chief Executive Officer, FuelCell Energy, Inc. “There is a
growing realization of the need for clean, cost-effective,
long-duration energy storage, which is becoming increasingly urgent
as more intermittent sources are being added to the electric grid.
Building on our expertise in solid oxide fuel cell technology, we
are developing innovative long-term storage solutions that address
this potential market through the production of hydrogen via
electrolysis.”
Mr. Few continued, “Based on reversible solid
oxide fuel cell technology, our solution converts intermittent and
excess power during periods of low power demand into hydrogen,
stores our hydrogen on-site for long periods of time, and then uses
this as a fuel source to generate clean power when needed during
times of high power demand. This megawatt scalable solution
provides long-duration storage, and compares very favorably against
other technologies. This program will help us prepare to increase
the scale of the technology and demonstrate our efficient
hydrogen-based storage.”
The focus of the program is to make improvements
to the fundamental repeating components in the RSOFC stack and
deliver stack design improvements, particularly in the area of
thermal management, while advancing the fuel cell power management
technology. This adds to our current funding for existing
technology programs for power generation, electrolysis, and
storage. These technology programs are expected to accelerate
the progress toward commercializing our solid oxide platform in
these applications.
Cautionary Language
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 its business plans and strategies. 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, ability to access
certain markets, unanticipated manufacturing issues that impact
power plant performance, changes in critical accounting policies,
access to and ability to raise capital and attract financing,
potential volatility of energy prices, rapid technological change,
competition, the Company’s ability to successfully implement its
new business strategies and achieve its goals, the Company’s
ability to achieve its sales plans and cost reduction targets,
changes by the U.S. Small Business Administration or other
governmental authorities to, or with respect to the implementation
or interpretation of, the Coronavirus Aid, Relief, and Economic
Security Act, the Payroll Protection Program or related
administrative matters, and concerns with, threats of, or the
consequences of, pandemics, contagious diseases or health
epidemics, including the novel coronavirus, and resulting supply
chain disruptions, shifts in clean energy demand, impacts to
customers’ capital budgets and investment plans, impacts to the
Company’s project schedules, impacts to the Company’s ability to
service existing projects, and impacts on the demand for the
Company’s products, 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 Energy
FuelCell Energy, Inc. (NASDAQ:
FCEL) is a global leader in developing environmentally responsible
distributed baseload power solutions through our proprietary,
molten-carbonate fuel cell technology. We develop turn-key
distributed power generation solutions and operate and provide
comprehensive service for the life of the power plant. We are
working to expand the proprietary technologies that we have
developed over the past five decades into new products,
applications, markets and geographies. Our mission and purpose
remains to utilize our proprietary, state-of-the-art fuel cell
platforms to reduce the global environmental footprint of baseload
power generation by providing environmentally responsible solutions
for reliable electrical power, hot water, steam, chilling,
distributed hydrogen, microgrid applications, electrolysis,
long-duration hydrogen-based energy storage and carbon capture and,
in so doing, drive demand for our products and services, thus
realizing positive stockholder returns. Our fuel cell solution is a
clean, efficient alternative to traditional combustion-based power
generation and is complementary to an energy mix consisting of
intermittent sources of energy, such as solar and wind turbines.
Our systems answer the needs of diverse customers across several
markets, including utility companies, municipalities, universities,
hospitals, government entities and a variety of industrial and
commercial enterprises. We provide solutions for various
applications, including utility-scale distributed generation,
on-site power generation and combined heat and power, with the
differentiating ability to do so utilizing multiple sources of fuel
including natural gas, renewable biogas (i.e., landfill gas,
anaerobic digester gas), propane and various blends of such fuels.
Our multi-fuel source capability is significantly enhanced by our
proprietary gas-clean-up skid.
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.com203.205.2491
Source: FuelCell Energy
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