FuelCell Energy Applauds Connecticut Actions to Enhance Power Resiliency with Fuel Cells
June 28 2017 - 1:00PM
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 Governor
Malloy and the State of Connecticut’s General Assembly for crafting
and passing Public Act 17-144 - An Act Promoting the use
of Fuel Cells for Electric Distribution System Benefits and
Reliability.
The Act values cost of power, reliability and resiliency, along
with the multiple economic development benefits that are unique to
fuel cell projects. The Act has two parts, including enabling
Connecticut electric utilities to purchase up to 30 megawatts of
fuel cells. Separately, the Act includes a provision for the
Connecticut Department of Energy and Environmental Protection
(DEEP) to issue an RFP for the procurement of clean energy with a
focus on enhancing the reliability and resiliency of energy supply
and in a manner that promotes in-state economic development.
“In-state fuel cell projects generate significant tax revenue
for municipalities via property tax and for the State through sales
tax on fuel cells and payroll taxes from manufacturing and service
plus the follow-on benefits associated with the extensive fuel cell
supply chain that resides in the State,” said Chip Bottone,
President and Chief Executive Officer, FuelCell Energy.
Fuel cell projects offer a unique package of benefits for a
variety of stakeholders, including:
- Ratepayers benefit from affordable and reliable power.
Local power generation avoids transmission towers, which are
inefficient with line losses and can be expensive for ratepayers,
unsightly, and take a long time to construct.
- Municipalities benefit by returning unused parcels of land,
such as brownfield sites, back to the tax rolls and fuel cell
projects often include enhancements to local infrastructure that
supports further re-development such as improving local gas, water
and electrical infrastructure.
- Utilities benefit from predictable power generation installed
near where the power is used to enhance resiliency and to optimize
their capital investment.
- State of Connecticut benefits economically from sales tax on
projects, payroll and income taxes from in-State research and
development, manufacturing and supply chain, and fuel cell projects
support urban redevelopment leading to stronger municipal
finances. The State also benefits environmentally as
ultra-clean fuel cell power generates renewable energy credits
helping the State attain its Renewable Portfolio Standards
(RPS).
- Society benefits with ultra-clean power generation that
utilizes chemistry to convert a fuel source into power and heat,
thereby avoiding the pollutants emitted by combustion-based power
generation. Additionally, fuel cells preserve land resources
due to high power density per acre of land. Only one acre of
land is needed for 10 megawatts of fuel cells.
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.
Source: FuelCell Energy
Contact:
FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
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