Municipal Utility Turning to Clean and Affordable Fuel Cells to Meet Power Resiliency Needs
May 08 2017 - 08:30AM
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 letter of intent with the Connecticut Municipal
Electric Energy Cooperative (CMEEC) to execute a power purchase
agreement (PPA) for the long-term supply of power. 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.
Two SureSource 4000TM power plants with total output of 7.4
megawatts are planned to be sited at the U.S. Submarine Base in
Groton, Connecticut. This project structure enables CMEEC to
serve the Base with clean and predictable on-site power that
enhances resiliency, while avoiding a capital investment in the
power plant through the use of a power purchase agreement.
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 letter of intent is subject
to the parties reaching a definitive agreement. Contract
execution is expected by summer 2017.
“Our focus is serving our community utility members and their
customers with continual and affordable power and this fuel cell
project with its predictable power generation profile and
attractive economics will help us continue to execute on our
mission,” said Drew Rankin, Chief Executive Officer, Connecticut
Municipal Electric Energy Cooperative. “This project will
provide CMEEC and the U.S. Navy with a triple win of long-term cost
effective power supply, ensuring power to critical infrastructure,
and doing this in an environmentally friendly manner, all without
directly investing CMEEC capital and instead purchasing power as it
is produced.”
“This project will support CMEEC and Groton Utilities’ mission
to serve its customer with affordable and resilient power
generation that reinforces the supply of power by locating the
plant at the utility delivery point on the Base,” said Chip
Bottone, President and Chief Executive Officer, FuelCell Energy.
“This project utilizes our SureSource 4000 system that delivers
utility-scale power with a solution that can be sited where the
utility needs the power as the system is clean, quiet and with very
high power density, does not require much land, particularly for a
Class I renewable power generation solution.”
The SureSource 4000 is the largest power plant in FuelCell
Energy’s product portfolio, generating 3.7 megawatts of ultra-clean
power and is scalable for fuel cell parks of 60 megawatts or more.
This enhanced-efficiency fuel cell system is designed for
applications focused on clean and affordable power driven by the
economics of high system electrical efficiency rather than thermal
efficiency.
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.
Fuel cells use chemistry to convert a fuel source into
electricity and heat in a highly efficient process that emits
virtually no 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.
Source: FuelCell Energy
Contact:
FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
FuelCell Energy (NASDAQ:FCEL)
Historical Stock Chart
From Feb 2024 to Mar 2024
FuelCell Energy (NASDAQ:FCEL)
Historical Stock Chart
From Mar 2023 to Mar 2024