February 14, 2011

Ultra-Clean and Reliable Power Generation Drives Purchase of Direct FuelCell Power Plant in London, England

Represents First FuelCell Energy Direct FuelCell(r) Installation in the United Kingdom

DANBURY, Conn., Feb. 14, 2011 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL) a leading manufacturer of ultra-clean, efficient and reliable power plants using renewable and other fuels for commercial, industrial, government, and utility customers, today announced the sale of a 300 kilowatt DFC300 to be installed at the Quadrant 3 re-development project on Regent Street in central London, England. The fuel cell is expected to help the project meet clean air emission requirements and carbon reduction targets. 

The Quadrant 3 project is a 250,000 square foot mixed use retail/office/residential redevelopment project being developed by The Crown Estate. The redevelopment project will maintain the historical character of the area while incorporating modern technology and sustainable environmental practices such as fuel cell power generation.

"Our long term outlook means that sustainability is a critically important part of our approach to business," said Alastair Smart, Head of Development, The Crown Estate. "Reliable on-site power generation delivered in an environmentally friendly manner is an important aspect of our development projects and the fuel cell fits our requirements at Quadrant 3."   

The DFC300 will be physically located inside the building as the quiet operation and virtual lack of pollutants from fuel cells is well-suited for urban applications. The power generation process of the fuel cell uses an electrochemical reaction rather than combustion, which very efficiently converts fuel into clean electricity. Due to the lack of combustion, the fuel cell emits virtually no pollutants, such as NOx, SOx or particulate matter. This electrochemical power generation process is quiet, allowing for a normal conversational tone next to an operating fuel cell. 

The Direct FuelCell (DFC) power plant generates clean electricity and high quality heat. Fuel cells can achieve up to 90 percent efficiency when the heat is utilized in a combined heat and power (CHP) configuration. The heat for this fuel cell installation will be used for facility heating and cooling, resulting in maximum fuel efficiency and cost savings for the client. The fuel cell project designer and installer, Logan Energy Limited, estimates the overall efficiency of this DFC installation at 82 percent.  The plant is expected to be operational by late 2011.

"We were attracted by the various attributes of the fuel cell including the steady power output combined with ultra-clean, efficient and quiet power generation," said Paul Hargreaves, Development Director, Stanhope Plc, which is overseeing the development for The Crown Estate. "The high quality heat produced by the fuel cell will be used for heating and cooling the buildings, improving the economics of this power plant as both electricity and heat are produced."

"Fuel cells emit virtually no pollutants, an important attribute for an urban location and a driver of the purchase decision by The Crown Estate," said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. "This order by The Crown Estate demonstrates the value of ultra-clean and reliable fuel cell power to support sustainability goals. Recent clean energy proposals announced by the British government along with clean energy goals established by other European governments make the European markets attractive for fuel cells."

About The Crown Estate

The Crown Estate manages a highly diverse property business valued at £6.6 billion (~$10.6 billion). All surplus revenue (profit) is paid to the United Kingdom Treasury for the benefit of the nation every year: in 2009/10 this was £210.7 million. Over the past ten years The Crown Estate has paid a total of £1.9 billion (~$3.1 billion) to the United Kingdom Treasury. The objectives, which are laid down by Parliament under the Crown Estate Act 1961, include enhancing the value of the estate and the revenue it produces.   The responsibilities of The Crown Estate are to maintain and enhance the value of the estate and its income over the long term and to do this having regard to good management.   In summary, The Crown Estate is a successful business organization guided by its core values – commercialism, integrity and stewardship. The Crown Estate manages a diverse property portfolio which includes office, retail and industrial premises; housing; farmland; forestry and minerals; parkland; and around half the foreshore and almost all the seabed around the UK.

About Stanhope Plc

Stanhope Plc is a London based real estate developer that has completed over £10 billion (~$15.9 billion) of projects in the past 25 years. Company management reports that the organization has developed more property in central London than any other developer.

About Logan Energy Limited

Logan Energy Limited has been providing turn-key power generation solutions since 1995 that provide clean, quiet, efficient and reliable power. The company headquarters are located in Edinburgh, Scotland.

About FuelCell Energy

DFC® fuel cells are generating power at over 50 locations worldwide. The Company's power plants have generated over 650 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, 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 (USA)

         ir@fce.com

         

         The Crown Estate

         Andrew Payne, Communications Manager

         44-207-851-5000 (UK)


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