FuelCell Energy: Cleantech Power Plant sold to US-University
Danbury, Conneticut, - FuelCell Energy, Inc., a leading manufacturer of ultra-clean, efficient and reliable power plants, today announced the sale of a 1.4 megawatt (MW) Direct FuelCell® power plant to Greenwood Energy, the North American renewable energy division of global conglomerate the Libra Group. The power plant will be located on the campus of Central Connecticut State University in New Britain, Connecticut and the ultra-clean electricity and steam generated by the plant will be sold to the University under a long term power purchase agreement. FuelCell Energy will maintain the plant under a multi-year service agreement and the plant is expected to be operational by December, 2011.
"The economics and clean, baseload distributed generation attributes of fuel cell power plants are quite compelling and we are pleased to be adding this fuel cell project to our global portfolio of power generation assets," said Camilo Patrignani, Head of Americas at the Libra Group. "We see this as an excellent initial project in the deployment of FuelCell Energy's ultra-clean and efficient fuel cell power plants."
"We are pleased to be working with the Libra Group for financing of fuel cell projects such as this university installation," said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. "This project represents our ninth university installation. Universities are an ideal market for our ultra-clean and efficient fuel cell power plants due to their power usage profile that requires baseload power, their desire for sustainable and environmentally friendly power generation, their need for energy security, and the energy reliability that on-site power generation provides."
The fuel cell power plant will reduce power costs for the University due to the high efficiency of the power generation process and help the University attain its sustainability goals. The fuel cell power generation process is highly efficient, generating more power from a given unit of fuel, and lower greenhouse gas emissions compared to combustion based power sources in a similar size range. The plant will use natural gas for fuel to generate ultra-clean electricity via an electrochemical reaction. Due to the absence of combustion, virtually zero pollutants are emitted such as NOx, SOx or particulate matter.
"Fuel cells address the needs of our university communities with ultra clean and efficient power that is generated continuously," said Keith Epstein, AIA, Assistant Vice Chancellor for Planning and Technical Services, Connecticut State University System. "We continue to see opportunities to incorporate fuel cells into our power and sustainability planning across our campuses."
"This fuel cell power plant represents a significant step towards CCSU achieving its aggressive goals for greenhouse gas reduction and improving energy efficiency," said Jack Miller, President, Central Connecticut State University, whose Sustainability Initiative was responsible, in part, for the University's selection as an "exemplary Green institution" by the Princeton Review. "By providing both electricity and steam in such a clean and efficient manner, the fuel cell plant will decrease our carbon emissions."
The power plant will be configured to utilize the high quality heat created by the power generation process in a Combined Heat and Power (CHP) mode to generate steam for heating and cooling campus buildings. This CHP configuration will assist the University with reducing its carbon footprint and emission of pollutants by lessening reliance on an existing combustion based boiler.
This project represents the initial collaboration between Greenwood Energy and FuelCell Energy. Greenwood's other renewable energy interests include biofuel manufacturing plants in North America. The Connecticut Clean Energy Finance and Investment Authority provided a grant to the project, in connection with the Connecticut Clean Energy Fund On-Site Renewable Distributed Generation Program.
About Greenwood Energy
Greenwood Energy is the North American renewable energy division of the Libra Group, a privately owned global conglomerate that spans 18 locations across four continents. Created in 2003, the Libra Group is predominantly focused on five core sectors: shipping, aviation, real estate, hospitality and energy. In addition to Greenwood's fuel cell ownership and biofuel manufacturing interests in the U.S., Libra Group companies own and operate solar and wind parks in the Mediterranean and biogas facilities in Northern Europe.
About Central Connecticut State University
Central Connecticut State University (CCSU) is a regional, comprehensive public university. Comprising five schools, CCSU offers undergraduate and graduate programs. More than 85 percent of CCSU graduates remain in Connecticut, contributing to the intellectual, cultural, and economic health of the state. Founded in 1849, CCSU is Connecticut's oldest publicly supported institution of higher education. The largest of four comprehensive universities within the Connecticut State University System, CCSU — New Britain serves nearly 12,500 students.
About FuelCell Energy
Direct FuelCell® power plants are generating ultra-clean, efficient and reliable power at more than 50 locations worldwide. The Company's power plants have generated over 850 million kWh of power using a variety of fuels including renewable biogas from wastewater treatment and food processing, as well as clean natural gas. With over 180 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 clients around the world. For more information please visit our website at www.fuelcellenergy.com
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
Libra Group Services Limited
Gareth Zundel, Head of Communication
Tel: +44 20 7245 8700 (United Kingdom)