DANBURY, Conn., March 1, 2010 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a leading manufacturer of high efficiency ultra-clean power plants using renewable and other fuels for commercial, industrial, government and utility customers, today urged support for a proposal by U.S. Sen. Christopher Dodd that would encourage federal agencies and private business to increase their use of fuel cells as a source of electricity.
At FuelCell Energy's manufacturing plant in Torrington, Conn., on Friday, Sen. Dodd (D.-Conn.) publicly announced a program to foster an immediate demand for fuel cell power plants. Building on aspirations set forth in the 2005 Energy Policy Act, the proposal seeks to expand the number of U.S. government facilities powered by this form of clean energy.
The program also seeks to broaden fuel cells' use in the private sector by boosting the investment tax credit (ITC). Currently, when a business purchases a fuel cell for a highly efficient Combined Heat and Power (CHP) application -- where heat naturally generated by the power plant is used in a related, energy-saving operation -- it is eligible for an ITC of up to 30 percent of the plant's cost (up to $3,000 per kilowatt). The new plan increases the ITC to up to 40 percent of cost (up to $3,500 per kilowatt) for CHP applications.
Many federal facilities are well-suited to the compact, quiet profile that on-site fuel cell power plants represent. Under the Dodd proposal, government agencies would be required to identify qualified locations. FuelCell Energy power plants provide increased power reliability, improved energy security by distributing smaller power plants, and energy independence by utilizing domestic fuel sources. The resulting demand for fuel cell power plants would be expected to drive U.S. manufacturing and create new jobs.
"The U.S. government is far and away the No. 1 user of energy in the world; no one else even comes close," said R. Daniel Brdar, Chairman and CEO of FuelCell Energy. "A program like this is a chance for the government to lead by example, and put these home-grown technologies to use for creating jobs, building a market for clean-tech products and sustaining American manufacturing. The positive effects would ripple through our economy for years to come."
About FuelCell Energy
FuelCell Energy is the world leader in the development and production of stationary fuel cells for commercial, industrial, municipal and utility customers. FuelCell Energy's ultra-clean and high efficiency DFC® fuel cells are generating power at over 50 locations worldwide. The company's power plants have generated approximately 450 million kWh of power using a variety of fuels including renewable wastewater gas, biogas from beer and food processing, as well as natural gas and other hydrocarbon fuels. FuelCell Energy has partnerships with major power plant developers and power companies around the world. The company also receives funding from the U.S. Department of Energy and other government agencies for the development of leading edge technologies such as fuel cells. 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 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, 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 and FuelCell Energy, Inc. are all registered trademarks of FuelCell Energy, Inc.
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