FuelCell Energy Announces Completion of 5.6 Megawatt Power Plant Installation for Pfizer
November 04 2016 - 8:30AM
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, announced the
completion of construction and commercial operation of a previously
announced 5.6 megawatt fuel cell project located on the Pfizer 160
acre research and development facility in Groton,
Connecticut. A dedication event was held at the installation
yesterday, attended by local, State and Federal legislative
officials, including Connecticut Governor Dannel Malloy,
Connecticut Senator Richard Blumenthal, Commissioner Catherine
Smith of Connecticut Department Economic & Community
Development, and Commissioner Katie Dykes of Connecticut
Public Utilities Regulatory Authority.
FuelCell Energy delivered a complete turn-key solution including
the installation, operation and maintenance of the fuel cell
plants. Pfizer purchases the power and heat generated by the
ultra-clean fuel cells as it is produced under a twenty year power
purchase agreement from a direct subsidiary of FuelCell
Energy. Pfizer also benefits from increased energy resiliency
from on-site power and its sustainability goals are supported by
both the clean power generation and the combined heat and power
configuration that generates usable heat along with the power.
This project was engineered, manufactured and commissioned
all within 2016, demonstrating FuelCell Energy’s ability to rapidly
install clean and affordable power generation where the power is
needed.
“We value Pfizer as a vibrant contributor to the local economy
and further investments in their campus, such as this fuel cell
power plant project, support their commitment to the region,” said
Marian Galbraith, Groton City Mayor. “The City and, in
particular Groton Utilities, appreciate the opportunity to be a
partner in the pursuit of green energy options which are good for
business and good for our citizens.”
“It is exciting when two innovative Connecticut companies such
as Pfizer and FuelCell Energy work together to solve business
challenges in a manner that benefits the citizens of the State,”
said Catherine Smith, Commissioner, Connecticut Department of
Economic and Community Development (DECD). “Environmentally
friendly on-site power that enhances power reliability using a
product manufactured in Connecticut is a win for the entire
State.”
Following the commencement of commercial operations by this 5.6
MW installation, a direct subsidiary of FuelCell Energy closed on
tax equity financing with PNC Energy Capital through a sale
lease-back transaction. This type of private financing
strategically enables fuel cell projects by supporting a power
purchase agreement structure, which facilitates fuel cell adoption
by enabling the end-user of the power and heat to avoid an upfront
investment in the power generation equipment and, instead, purchase
power as it is produced.
“Our customers value our complete and comprehensive solution
that includes sourcing the financing, enabling our customers to
simply budget for power as it is produced,” said Michael Bishop,
Senior Vice President and Chief Financial Officer, FuelCell Energy,
Inc. “Our fuel cell projects attract private capital
reflecting the predictable power generation profile, strong credit
profiles of the power end-users, our turn-key solution that
includes operating and maintaining the plants and the
multi-megawatt scale of our fuel cell projects is the appropriate
size to attract financing interest.”
Additional dignitaries attending the dedication event included
State Representative Aundre Bumgardner, State Representative John
Scott, Veronica Szczerkowski, DEEP's Microgrid Program
Coordinator with Connecticut Department of Energy and Environmental
Protection, Marian Galbraith, Mayor of the City of Groton, Bruce
Flax, Mayor of the Town of Groton, Mark Oefinger, Groton Town
Manager, Ron Gaudet, Director of Groton Utilities, and Tony
Sheridan, Eastern Connecticut Chamber of Commerce.
FuelCell Energy power plants utilize chemistry to convert a fuel
into power and heat in a highly efficient and clean process.
Not burning the fuel avoids the generation of the types of
pollutants that generate smog and acid rain. Quiet operation
and relatively modest space requirements support locating the fuel
cell power plants in urban areas and locating this clean power
generation close to where the power is used avoids the need for
transmission towers.
About FuelCell EnergyDirect FuelCell® power
plants are generating ultra-clean, efficient and reliable power on
three continents, affordably providing continuous distributed power
generation to a variety of industries including utilities,
commercial and municipal customers. The Company’s power
plants have generated billions of kilowatt hours of ultra-clean
power using a wide variety of fuels including renewable biogas from
wastewater treatment and food processing, as well as clean natural
gas. For additional information, please visit
www.fuelcellenergy.com and follow us on Twitter.
Direct FuelCell, DFC, DFC/T, DFC-H2, DFC-ERG and FuelCell Energy
logo are all registered trademarks of FuelCell Energy, Inc.
Contact:
FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
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