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
execution of a power purchase agreement (PPA) with the Connecticut
Municipal Electric Energy Cooperative (CMEEC) for the long-term
supply of power to the U.S. Navy Submarine Base in Groton,
Connecticut. CMEEC is owned by six municipal utilities: Groton
Utilities, Norwich Public Utilities, Jewett City Department of
Public Utilities, Bozrah Light and Power, South Norwalk Electric
and Water and Norwalk Third Taxing District. CMEEC will be
acting through and working with Groton Utilities to implement the
new power supply. This PPA execution follows a previously
announced letter of intent. FuelCell Energy will install and
operate the fuel cell installation.
“This project ensures our customer, the U.S. Navy, of long-term
cost effective power delivered on the Base to ensure power to
critical infrastructure, and delivered cleanly,” said Drew Rankin,
Chief Executive Officer, Connecticut Municipal Electric Energy
Cooperative. “The fuel cell plants will also be configured
for grid-independent operation to ensure resilient power for
critical Navy infrastructure.”
“Energy expenses are the single largest cost for Navy
installations, reflecting about 28 percent of Navy's shore budget,”
said Capt. Paul Whitescarver, commanding officer of the submarine
base. “These fuel cells serve as another milestone as the Base
continues to pursue the future development of a micro-grid and
enhance our power diversification, physical and energy security,
and community collaboration.”
“Our fuel cell solutions are compelling as their predictable and
clean power generation profile meets resiliency and environmental
goals simultaneously,” said Chip Bottone, President and Chief
Executive Officer, FuelCell Energy. “Additionally, this project is
structured so that the U.S. Navy enjoys the many benefits of clean
on-site power generation while continuing to work with its local
and trusted utility under a pay-as-power-is-produced model.”
Two SureSource 4000TM power plants with total output of 7.4
megawatts will be located on the U.S. Submarine Base in Groton,
Connecticut, to supply an existing electrical substation. The
fuel cell plant is part of a multifaceted plan by CMEEC to provide
new power resources and support the desire of the Department of
Defense to add resiliency and grid independence to key military
installations.
The Connecticut Municipal Electric Energy Cooperative or CMEEC
is a public power entity that provides electric services to several
municipal utilities and participating wholesale customers. The
municipal utilities, in turn, provide electricity to roughly
100,000 residential, commercial/industrial and small business
customers located in New England. CMEEC is headquartered in
Norwich, Connecticut.
Naval Submarine Base New London is the U.S. Navy’s first
permanent, continental submarine base and is the home port for 15
attack submarines. The base hosts more than 70 tenant
commands and employs some 9,500 active duty, reserve and civilian
personnel.
Fuel cells utilize a highly efficient electro-chemical process
to convert a fuel source into electricity and heat, avoiding the
emission of pollutants as the fuel is not burned. The
combination of near-zero pollutants, modest land-use needs, and
quiet operating nature of these stationary fuel cell power plants
facilitates installation in urban locations where the power is
used. Customers benefit with operating cost reductions
delivered in a manner that supports sustainability goals and
enhances power reliability. With high availability and capacity
factors, fuel cell power plants make meaningful contributions to
Renewable Portfolio Standard targets.
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.
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.
Contact: |
Naval
Submarine Base New London Groton, Connecticut Chris Zendan, Public
Affairs Officer 860-694-5980chris.zendan@navy.mil FuelCell Energy,
Inc.Kurt Goddard, Vice President Investor Relations
203-830-7494ir@fce.com |
Source: FuelCell Energy
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