| | FuelCell Energy Introduces Modular Sub-Megawatt Direct FuelCell Power Plant -- DFC300MA
DANBURY, Conn.--(BUSINESS WIRE)--June 2, 2005--FuelCell Energy Inc.
(NasdaqNM:FCEL):
-- Modular Designed Power Plant Reflects 2004 Cost Reduction
Initiatives to Reduce Capital Costs and Ongoing Maintenance
Expenses
-- Engineering Enhancements -- Driven by Experience from Field
Follow Units at Customer Sites -- Contribute Substantially to
Company's Continued Cost-Reduction and Product Improvements
FuelCell Energy Inc. (NasdaqNM:FCEL), a leading manufacturer of ultra-clean
electric power generation plants for commercial and industrial applications,
today announced it has successfully incorporated design changes to the
250-kilowatt (kW) Direct FuelCell(R) (DFC(R)) power plant resulting in a 25
percent cost reduction as previously announced. This is part of FuelCell
Energy's rolling three-year cost-out program that targets a 20-25 percent cost
reduction per year.
In addition to reduced capital costs, the DFC300MA power plant -- the new
name for the sub-megawatt unit -- is expected to result in lower routine
maintenance expenses thanks to its modular three-piece design. This modular
architecture, with separate skids for the mechanical balance of plant,
electronic balance of plant and the DFC module, is expected to enhance
serviceability due to greater accessibility for each component.
"Experience with our fleet of DFC power plants at global customer sites,
including feedback specific to existing customer applications, provided us
with a rich source of data for driving top-to-bottom improvements," said R.
Daniel Brdar, FuelCell Energy's Chief Operating Officer. "We've evaluated
every step on an ongoing basis, from initial construction, testing,
conditioning, delivery, installation and serviceability that has enabled us to
improve the quality and lower costs of our ultra-clean DFC products."
Additional improvements in the DFC300MA power plant include modifying
certain subsystems, so parts and materials may be sourced from multiple
vendors, and automating the fuel cell conditioning process resulting in higher
product quality. The design enhancements to the Company's sub-megawatt DFC
power plant will extend to the megawatt (MW) plant design as well.
After final verification, the DFC300MA power plant will begin shipping in
the fourth calendar quarter of 2005. The unit is expected to be certified by
CSA International, a world-leading certification and testing organization to
meet requirements for California and other markets, and also expected to be
certified for the emission standards set by the California Air Resources
Board's (CARB) stringent distributed generation emissions standards for 2007.
DFC power plants generate electricity without combustion. Their highly
efficient electrochemical reactions are thousands of times cleaner than plants
burning fossil fuels, and are significantly quieter. These characteristics
make fuel cell power appropriate for generating base load electricity where
customers face cost, reliability, security or environmental issues with their
existing electric power sources -- in settings that include
municipal/industrial wastewater treatment facilities, telecommunications/data
centers, hotels, universities, manufacturing plants, hospitals, prisons,
federal buildings and grid support applications.
About FuelCell Energy
FuelCell Energy, Inc., based in Danbury, Conn., is a world leader in the
development and manufacture of high temperature fuel cells for clean electric
power generation. The company has developed commercial distribution alliances
for its carbonate Direct FuelCell products with world class companies such as
PPL Energy Plus, Caterpillar, Alliance Power, Chevron Energy Solutions and
LOGANEnergy in the U.S.; Marubeni Corporation in Asia; MTU CFC Solutions in
Europe; and Enbridge Inc. in Canada. FuelCell Energy developed its patented
Direct FuelCell technology for stationary power plants with the U.S.
Department of Energy through its Office of Fossil Energy's National Energy
Technology Laboratory.
The sub-megawatt DFC fuel cell power plant is a collaborative effort using
Direct FuelCell(R) technology of FuelCell Energy and the Hot Module(R) balance
of plant design of MTU CFC Solutions, GmbH, a subsidiary of DaimlerChrysler.
FuelCell Energy is also developing next generation high temperature fuel cell
products, such as a diesel fueled marine Ship Service Fuel Cell, a
combined-cycle DFC/Turbine(R) power plant and solid oxide fuel cells through
its investment in and partnership with Versa Power Systems for applications up
to 100 kilowatts. More information is available at
fuelcellenergy.com.
This news 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.
CONTACT: FuelCell Energy Inc.
Steven P. Eschbach, CFA, 203-825-6000
seschbach@fce.com
KEYWORD: CONNECTICUT CALIFORNIA
INDUSTRY KEYWORD: GOVERNMENT ENVIRONMENT MANUFACTURING ENERGY
UTILITIES PRODUCT
SOURCE: FuelCell Energy Inc.
Copyright Business Wire 2005
(END) Dow Jones Newswires
06-02-05 0913ET
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