24.9.2003: Meldung: Joint Sale by Caterpillar and FuelCell Energy
The sale, completed by Quinn Power Systems Associates, the Caterpillar dealer representing a portion of southern California, will include site engineering and installation of the FuelCell Energy DFC300A power plant and related equipment. The Districts are a group of independent special districts serving about 5.4 million residents living in Los Angeles County. The Districts, which treat about 530 million gallons of wastewater each day, are industry leaders in recovering and utilizing biogas and biomass byproducts from waste to generate electricity.
"We believe California represents an exciting market for fuel cell power generation equipment," said James J. Parker, Caterpillar Vice President with responsibility for the Power Systems Marketing Division. "As the world leader in distributed power generation, we see a growing need for all of Caterpillar""s broad power generation product line, which delivers low operating costs, proven reliability and global distribution and support."
"This is a significant transaction for FuelCell energy and it represents our fifth order for a wastewater treatment application in the U.S. and Japan, a clear market for DFC power plants," said Jerry D. Leitman, Chairman and CEO of FuelCell Energy. "This sale marks the first project with Caterpillar in California, and demonstrates our ability to leverage Caterpillar""s dealer relationships, along with turn-key project delivery and service capabilities."
The Districts plan to install the fuel cell unit at its Palmdale Water Reclamation Plant in northwest Los Angeles County. Delivery of the unit is expected in the fourth quarter of 2004. The District is receiving $1,125,000 in renewable incentive funding for the project from the California Public Utilities Commission. However, full financial details of the sale were not disclosed.
In April 2002, Caterpillar and FuelCell Energy signed an alliance agreement to distribute and develop ultra-low emission fuel cell power generation products for industrial and commercial use. The agreement calls for the companies to jointly develop power plants in the 250 kW to 3MW size range, incorporating FuelCell Energy""s fuel cell module.
Direct FuelCells(R) generate electricity with no combustion. They are, in effect, like large continuously operating batteries that generate electricity as long as fuel, such as natural gas, is supplied. Since the fuel is not burned, there are virtually no emissions. In addition, because DFC power plants are designed to generate hydrogen internally, they are commercially available today without waiting for development of a hydrogen supply infrastructure.
About FuelCell Energy
FuelCell Energy, Inc. ( http://www.fuelcellenergy.com/ ), based in Danbury, Connecticut, is a world-recognized leader for development and commercialization of high efficiency fuel cells for electric power generation. The Company""s Direct FuelCell(R) (DFC(R)) technology eliminates external fuel processing to extract hydrogen from a hydrocarbon fuel. This results in a product whose cost, combined with high efficiency, simplicity and reliability, results in product advantages for stationary power generation.
The Company has been developing DFC technology for stationary power plants with the U.S. Department of Energy through the National Energy Technology Laboratory, whose advanced fuel cell research program is focused on developing a new generation of high performance fuel cells that can generate clean electricity at power stations or in distributed locations near the customer, including hospitals, schools, universities, data centers, hotels, wastewater treatment plants and other commercial and industrial applications, as well as in grid support applications for utility customers. The Company has developed commercial distribution alliances for its carbonate Direct FuelCell technology with a number of global companies, including Caterpillar Inc.
For more than 75 years, Caterpillar Inc. has been building the world""s infrastructure and, in partnership with its worldwide dealer network, is driving positive and sustainable change in every continent. With 2002 sales and revenues of $20.15 billion, Caterpillar is a technology leader and the world""s leading manufacturer of construction and mining equipment, clean diesel and natural gas engines and industrial gas turbines. More information is available as http://www.cat.com/ .
This press release contains forward-looking statements, including statements regarding the Company""s plans and expectations regarding the development and commercialization of its fuel cell technology. 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, the risk that commercial field trials of the Company""s products will not occur when anticipated, general risks associated with product development, manufacturing, changes in the utility regulatory environment, potential volatility of energy prices, rapid technological change, and competition, 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.
Donna R. Ferenz
Investor Relations and Communications