- Preferred resource power plant producing energy at market-level
pricing while enhancing grid resiliency
- Expected to pay up to $90 million in local property and State
sales taxes over project life
- Generates and maintains local advanced manufacturing jobs as
well as construction and service jobs
- Ultra-clean, quiet and continuous power generation
FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in the design,
manufacture, operation and service of ultra-clean, efficient and
reliable fuel cell power plants, together with O&G Industries,
a leading construction company in the northeast USA, and CT Energy
& Technology LLC, the project developers, announced a proposed
63.3 megawatt fuel cell park in Beacon Falls, Connecticut. The
project, known as the Beacon Falls Energy Park, will be the world's
largest, if built as designed. The project was recently presented
to Beacon Falls officials during a special meeting by O&G
Industries and CT Energy & Technology. Under a letter of
intent, FuelCell Energy has been identified as the fuel cell
supplier, and if the park becomes operational, is expected to be
retained to operate and maintain the plants under a long term
service agreement. O&G Industries owns the property. CT Energy
& Technology is developing and will own the project. The
electric grid interconnection study is in process with ISO New
England and site engineering is in advanced stages. Next steps are
to finalize the off-taker of the power and prepare contracts.
A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=32704
"O&G Industries has extensive experience in developing and
constructing power generation from on-site installations to large
scale power plants in excess of 600 megawatts," said David Oneglia,
Chief Executive Officer, O&G Industries. "This project makes so
much sense for the local community and the region at large as we
are proposing state-of-the-art power generation designed and built
in Connecticut, installed by a Connecticut company and most
importantly, delivered in a manner that is affordable for rate
payers and pays a material amount of local and State-level
taxes."
The project has the potential to generate up to $90 million of
tax revenue including property tax payments to the town of Beacon
Falls and sales tax to the State of Connecticut over the project
life. The fuel cell plants will be manufactured at the
FuelCell Energy facility in Torrington, Connecticut and installed
by O&G, driving additional tax payments to the region and the
State from job creation and retention. Torrington-based
O&G industries has approximately 1,000 employees living
throughout Connecticut while Danbury-based FuelCell Energy has more
than 500 employees in Connecticut, living in 7 of the 8 counties
that comprise the State.
"Returning a former sand mine site to the tax rolls is solid
economic policy, and doing so with unobtrusive fuel cells that are
clean and quiet and built in Connecticut is very compelling," said
William Corvo, President of CT Energy & Technology,
LLC. "This project is advancing rapidly as the right companies
are involved and time and money is being invested to bring this
project to fruition."
"We have constructed and are operating plants at hospitals,
universities and a 15 megawatt utility-owned fuel cell park in
Bridgeport, Connecticut, generating clean and reliable power," said
Chip Bottone, Chief Executive Officer, FuelCell Energy, Inc. "This
project is an effective approach to utilize private capital for
improved grid resiliency, contributing materially to achieving the
State's RPS goals, and reducing volatility of electricity
prices."
"Due to the size of this project and the high availability of
fuel cell power generation, this one project meets about 10 percent
of the State of Connecticut's RPS requirements for 2016, and no
State funds are needed as private capital will be used to finance
the project," continued Mr. Bottone.
The fuel cell park and substation will only occupy approximately
8 acres of the 23.8 acres of land available. This low land
requirement illustrates the advantage of fuel cell parks. By
comparison, intermittent solar needs about 10 times as much land
for the same number of megawatts but produces power on average over
the course of the year for only 4.2 hours/day in
Connecticut.1 Due to the high availability of fuel cell power
generation, fuel cell projects can generate 3 to 4 times the amount
of renewable energy credits as intermittent renewable power
generation, supporting RPS goals that are based on megawatt hours
of clean power actually produced.
63.3 megawatts is adequate to power more than 60,000 Connecticut
homes, and the power is delivered around-the-clock no matter the
weather or time of day. Multi-megawatt fuel cell parks solve
power generation challenges as the combination of near-zero
pollutants, modest land-use needs, and the quiet operating nature
of fuel cell power plants facilitates their siting in urban
locations. Fuel cell parks offer a multitude of advantages for
utilities and neighboring communities, including:
- Environmentally friendly power generation with virtually zero
nitrogen oxide (NOx) that causes smog, sulfur dioxide (SOx) that
contributes to acid rain, or particulate matter that aggravates
asthma, and the power is delivered with a low carbon footprint
- Distributed power generation places power near where it is
used, enhancing the resiliency of the grid
- Highly efficient power generation process that is
economical
- Continuous renewable power around the clock that is not reliant
on weather or time of day
About O&G Industries
O&G is one of the Northeast's largest construction company
and a leading provider of construction services and products,
consistently ranking as one of the country's top 400 construction
companies. For over 90 years, O&G has completed some of the
region's most challenging projects. For more information,
please visit http://www.ogind.com/
About CT Energy & Technology, LLC
CT Energy & Technology is a Connecticut-based development
company whose purpose is to develop energy projects which meet
Connecticut's goals for renewable energy, combined heat and power
and distributed generation. Its principals have a long and
successful track record in the energy development field.
About FuelCell Energy
Direct FuelCell® power plants are generating ultra-clean,
efficient and reliable power at more than 50 locations worldwide.
With more than 300 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 3
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 www.fuelcellenergy.com
See us on YouTube
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.
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
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.
1 Source: NREL -
http://www.nrel.gov/gis/images/map_pv_national_lo-res.jpg
CONTACT: FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
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