FuelCell Energy Awarded Innovative Energy Storage Solution Contract
May 30 2017 - 8:31AM
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 that it
was awarded a $3.0 million contract from the Advanced
Research Projects Agency-Energy (ARPA-E) division of the U.S.
Department of Energy (DOE) to advance the commercialization of
cost-effective and clean long-duration energy storage. The project
will further develop FuelCell Energy’s advanced solid oxide cell
technology capable of alternating between electrolysis and fuel
cell power generation mode (reversible SOFC, or RSOFC) in an energy
storage application. RSOFC systems can produce hydrogen or
other carbon-neutral fuels in electrolysis mode and later convert
the stored fuel to power in electrolysis mode. This project
was awarded under ARPA-E’s Renewable Energy to Fuels through
Utilization of Energy-Dense Liquids (REFUEL) program.
“FuelCell Energy is commercializing reversible solid oxide
systems for energy storage, and this project will further advance
the initiative including the evaluation of our reversible fuel
cell’s ability to produce and use hydrogen and other fuels,” said
Tony Leo, Vice President of Advanced Applications & Technology
Development for FuelCell Energy. “The capability of this fuel cell
configuration to produce and consume hydrogen or other
carbon-neutral fuels for energy storage, and to cleanly and
efficiently generate electricity when needed by the electric grid
offers exciting possibilities for integration of intermittent
renewable power.”
The use of reversible fuel cells to efficiently produce hydrogen
or other carbon-neutral fuels offers unique opportunities for
efficient energy storage, particularly for the long-duration
storage applications that will become important as penetration of
intermittent renewable power increases. Discharge duration
can be increased by adding more fuel storage, without the need to
increase the number of fuel cells, enhancing the affordability of
extended duration energy storage.
“Critical to any storage solution is affordability, which is why
the high round trip efficiency of this reversible fuel cell and the
utilization of a cost-effective energy storage medium for long
durations is so compelling,” continued Mr. Leo
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.
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
Fuelcell’s expectations regarding the commercialization of
cost-effective and clean long-duration energy storage, the
development of FuelCell Energy’s advanced solid oxide cell
technology capable of alternating between electrolysis and fuel
cell power generation mode in an energy storage application, the
affordability of extended duration energy storage and other
statements that are not purely statements of historical fact. These
forward-looking statements are made on the basis of the current
beliefs, expectations and assumptions of the management of FuelCell
and are subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and FuelCell undertakes no obligation to
update or revise these statements, whether as a result of new
information, future events or otherwise. Although FuelCell believes
that the expectations reflected in these forward-looking statements
are reasonable, these statements involve many risks and
uncertainties that may cause actual results to differ materially
from what may be expressed or implied in these forward-looking
statements. For a further discussion of risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of FuelCell in general, see the risk
disclosures in FuelCell’s filings with the Securities and Exchange
Commission.
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 Apr 2024 to May 2024
FuelCell Energy (NASDAQ:FCEL)
Historical Stock Chart
From May 2023 to May 2024