- Turn-key agreement includes complete site design and
construction of the park and manufacture and installation of five
DFC3000® power plants
- Expected commercial operation of the fuel cell park by
December 2013
- FuelCell Energy to operate and maintain the power
plants under a 15 year services agreement
- Connecticut Light & Power will buy the ultra-clean
electricity produced by the fuel cell park under a 15 year energy
purchase agreement
- Fuel cell park supports State of Connecticut renewable
power generation goals, as well as approximately 160 direct jobs
through the project term
DANBURY, Conn., Dec. 14, 2012 (GLOBE NEWSWIRE)
-- 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, today
announced that it is providing a turn-key distributed power
generation solution for the engineering, procurement and
construction of a 14.9 megawatt (MW) fuel cell park in Bridgeport,
Connecticut that includes the manufacture and sale of five 2.8
megawatt DFC3000® fuel cell power plants. Dominion, one of the
nation's largest producers and transporters of electricity, will
oversee the development and owns the facility. The Connecticut
Light and Power Company (CL&P) will buy the ultra-clean
electricity generated by the facility under a 15 year fixed price
energy purchase agreement. This 14.9 MW installation,
consisting of the five fuel cell power plants and an organic
rankine cycle turbine for added output and further efficiency
gains, is adequate to power approximately 15,000 average size U.S.
homes.
"We have diverse power generation assets and welcome the
addition of stationary fuel cell power plants to our portfolio,"
said Thomas F. Farrell II, Chairman, President and Chief Executive
Officer, Dominion. "This high efficiency, clean energy fuel cell
park supports our goals of reducing our environmental footprint
while investing in 21st century energy technology."
"The production of cleaner, cheaper and more reliable energy is
the guiding principle behind our comprehensive energy strategy,"
said Governor Dannel P. Malloy. "Fuel cells and micro-grids
like the ones being announced today are an essential part of
achieving that goal. The more we can reach agreements like this,
the lower rates will be for residents and businesses and the more
competitive our state will be. I want to congratulate everyone
involved, especially the Clean Energy and Finance Investment
Authority, for seeing this project to fruition."
"This is a terrific example of urban redevelopment, providing a
new source of tax revenue to the City of Bridgeport from a power
production facility that quietly generates clean energy with a low
carbon footprint," said Bridgeport (CT) Mayor Bill Finch. "This
fuel cell park will be another successful piece in our expanding
Eco-Industrial Park, part of our BGreen2020 plan to protect our
environment and green our City."
Construction will begin immediately with the first plant
installation in the summer of 2013 and the remaining plants
installed in stages. The inter-connection process to connect
the fuel cell park to three electrical substations in the City is
already in process and is being performed by United Illuminating,
the local utility that owns the substations. The fuel cell
park will be fully operational by the end of 2013. The fuel
cell power plants will use natural gas as the fuel
source.
"This is the largest project that we have developed to date in
the USA, working with three utilities, local, and state government
to enhance the reliability of the electric grid with clean
distributed power generation," said Chip Bottone, President and
Chief Executive Officer of FuelCell Energy, Inc. "This highly
efficient and ultra-clean fuel cell park will produce economic
value for a broad number of stakeholders, both public and private,
as well as provide public health benefits."
The project is supported by the Clean Energy Finance and
Investment Authority (CEFIA). The project will increase
product and service backlog for FuelCell Energy by approximately
$125 million, including approximately $56 million for product
backlog and $69 million for service
backlog.
Multi-megawatt fuel cell parks solve power generation challenges
for utilities as the combination of dramatically lower pollutants,
modest land-use needs, and quiet operating nature of fuel cell
power plants facilitates their siting in urban locations. Fuel cell
parks offer a multitude of advantages for utilities and neighboring
communities, including:
- Ultra-clean power: Fuel cells generate ultra-clean power
and heat electrochemically, without combustion. The power is
termed ultra-clean reflecting the dramatically lower quantity of
pollutants in the power generation process such as nitrogen oxide
(NOx), sulfur dioxide (SOx) and particulate matter, pollutants that
cause smog and public health issues.
- High efficiency: Fuel cells are the most efficient
baseload power generation option for their size class, providing
the greatest amount of power from a given unit of fuel. High
efficiency also reduces carbon emissions compared to less efficient
combustion-based power generation.
- Scalable: DFC plants are scalable, providing a cost
effective approach to adding power generation incrementally as
power demand grows within electric utility service areas.
- Distributed Generation: Generating power near the point of
use lessens the need for electric utilities to invest in costly and
difficult to site transmission and distribution grids.
- Reliable: Distributed generation improves power
reliability and energy security by lessening reliance on
transmission and distribution.
- Baseload: Fuel cells provide continuous power around the
clock and are not reliant on weather or time of day.
The fuel cell park is located on approximately 1.7 acres of land
leased from the City of Bridgeport and is immediately adjacent to
the northeast rail corridor and Interstate 95. Bridgeport,
Connecticut, a city of approximately 145,000 citizens, is located
approximately 60 miles east of New York City.
Project participant summary FuelCell
Energy, Inc. (Nasdaq:FCEL): Engineer and construct
the fuel cell park including manufacture, sale and installation of
five DFC3000 fuel cell power plants, and then operate and maintain
the plants for the 15 year EPA term. Dominion Bridgeport
Fuel Cell, LLC. (parent: Dominion)
(NYSE:D): Project owner responsible for overseeing the
development, construction and operation of the power facility.
The Connecticut Light & Power Company (Parent
is Northeast Utilities), (NYSE:NU): Purchases electricity generated
by the fuel cell park under a 15 year EPA. United
Illuminating Company (Parent is UIL Holdings),
(NYSE:UIL): Owns the three substations that will be receiving
power from the fuel cell park, and is performing the
inter-connection work. City of Bridgeport,
Connecticut: Owns the property where the fuel cell
park is located, leasing it to Dominion Fuel Cell Park, LLC and
receiving property tax revenue in return. Clean Energy
Finance and Investment Authority: Providing
financial support to the fuel cell project including multi-year
financial support to FuelCell Energy, Inc. Ormat
Technologies (NYSE:ORA): Supplier of the proprietary
Organic Rankine Cycle equipment, the Ormat ® Energy Converter, that
converts heat into electricity. The installation and routine
service will be performed by FuelCell Energy with supporting
technical advisory services provided by Ormat. Rockwell
Automation (NYSE:ROK): Supplier of electrical
inverters to FuelCell Energy for the fuel cell power plants.
Dominion is one of the nation's largest producers and
transporters of energy, with a portfolio of approximately 27,400
megawatts of generation, 11,000 miles of natural gas transmission,
gathering and storage pipeline and 6,300 miles of electric
transmission lines. Dominion operates one of the nation's largest
natural gas storage systems with 947 billion cubic feet of storage
capacity and serves retail energy customers in 15 states. For more
information, visit the company's website at www.dom.com.
With 1.2 million customers in 149 cities and towns, Connecticut
Light and Power Company (CL&P) is the largest utility in the
State.
As the nation's first full-scale clean energy finance authority,
Clean Energy Finance and Investment Authority leverages public and
private funds to drive investment and scale up clean energy
deployment in Connecticut through incentives and innovative
low-cost financing.
About FuelCell Energy
Direct FuelCell® power plants are generating ultra-clean,
efficient and reliable power at more than 50 locations
worldwide. With approximately 300 megawatts of power
generation capacity installed or in backlog, FuelCell Energy is a
global leader in providing ultra-clean baseload distributed
generation to utilities, industrial operations, universities,
municipal water treatment facilities, government installations and
other customers around the world. The Company's power plants
have generated more than one billion kilowatt hours of ultra-clean
power using a variety of fuels including renewable biogas from
wastewater treatment and food processing, as well as clean natural
gas. For more information please visit our website at
www.fuelcellenergy.com
See us on YouTube at
www.youtube.com/user/FuelCellEnergyInc?feature=watch
The FuelCell Energy, Inc. logo is available a
http://www.globenewswire.com/newsroom/prs/?pkgid=3284
This news release contains forward-looking statements, including
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,
general risks associated with product development, manufacturing,
changes in the regulatory environment, customer strategies,
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.
Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc.
are all registered trademarks of FuelCell Energy, Inc. DFC-ERG is a
registered trademark jointly owned by Enbridge, Inc. and FuelCell
Energy, Inc.
CONTACT: FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
Jim Norvelle
Director - Media Relations/Generation
Dominion
804.771.3176
Jim.Norvelle@dom.com
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