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FuelCell Energy, Inc., Named One of Connecticut`s Fastest Growing Technology Companies in Deloitte & Touche Technology Fast 50 Program
October 23, 2003 09:03:00 (ET)
DANBURY, Conn., Oct 23, 2003 /PRNewswire-FirstCall via COMTEX/ -- FuelCell Energy, Inc. (FCEL, Trade) was named to the prestigious Deloitte & Touche Connecticut Technology Fast 50 Program, a ranking of the 50 fastest growing technology companies in the state by Deloitte & Touche LLP, one of the nation's leading professional services firms, and the CT Technology Council. Announced on October 22, 2003, the Technology Fast 50 rankings are based on the percentage of growth in fiscal year revenues over five years, from 1998-2002.
FuelCell Energy's CEO Jerry Leitman credits success with the company's Direct FuelCell(R) (DFC(R)) commercialization plan, which is attributable to the increasing awareness of the need for clean distributed generation solutions like its DFC power plants for its fast growth over the past five years. He said, "We are meeting our internal milestones and delivering and operating DFC power plants at customer sites worldwide. We are pleased that Deloitte & Touche and the CT Technology Council have acknowledged our success with a Fast 50 award."
"In an era where technology companies come and go, making the Deloitte & Touche Connecticut Fast 50 is a testament to a company's vision that allows growth over five years," said David Carver, Technology, Media & Telecommunications Managing Partner in Connecticut, and Chairperson of the 2003 Connecticut Fast 50. "FuelCell Energy's leadership has the right stuff for growth, and Deloitte & Touche salutes their accomplishments."
To qualify for the Connecticut Technology Fast 50, companies must have had operating revenues of at least $50,000 in 1998 and $1,000,000 in 2002, must be public or private companies headquartered in North America, and be a "technology company" defined as owning proprietary technology that contributes to a significant portion of the company's operating revenues (using other companies' technology in a unique way does not qualify); and/or devoting a significant proportion of revenues to research and development of technology.
Winners of the 20 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte & Touche Technology Fast 500 program, which ranks North America's top 500 fastest growing technology companies. For more information on the Deloitte & Touche Fast 50 or Fast 500 programs, visit www.fast500.com.
About Direct FuelCells
Direct FuelCells efficiently generate clean electricity at distributed locations near customer locations, including hospitals, schools, universities, hotels and other commercial and industrial facilities, as well as in grid- support applications for utility customers. Essentially, Direct FuelCells are 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 is no pollution commonly associated with the combustion of fossil fuels. Because hydrogen is generated directly within the fuel cell module from readily available fuels such as natural gas and wastewater treatment gas, DFC power plants are ready today and do not require the creation of a hydrogen infrastructure. This high-efficiency technology generates more electric power from less fuel and with less carbon dioxide emissions than traditional combustion methods.
About FuelCell Energy, Inc.
FuelCell Energy, Inc., based in Danbury, Connecticut, is a world leader in the development and manufacture of highly efficient hydrogen fuel cells for clean electric power generation, currently offering DFC power plant products ranging in size from 250 kilowatts to 2 megawatts for applications up to 50 megawatts.
The Company has developed commercial distribution alliances for its carbonate Direct FuelCell technology with MTU CFC Solutions GmbH, a company of DaimlerChrysler AG, in Europe; Marubeni Corporation in Asia; and Caterpillar, PPL Energy Plus, Chevron Energy Solutions and Alliance Power in the U.S. FuelCell Energy is developing 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. More information is available at www.fuelcellenergy.com.
About Deloitte & Touche
Deloitte & Touche, one of the nation's leading professional services firms, provides assurance and advisory, tax, and management consulting services through nearly 30,000 people in more than 80 U.S. cities. The firm is dedicated to helping its clients and its people excel. Known as an employer of choice for innovative human resources programs, Deloitte & Touche has been recognized as one of the "100 Best Companies to Work For in America" by Fortune magazine for six consecutive years. Deloitte & Touche refers to Deloitte & Touche LLP and related entities. Deloitte & Touche is the US national practice of Deloitte Touche Tohmatsu. Deloitte Touche Tohmatsu is a Swiss Verein, and each of its national practices is a separate and independent legal entity. For more information, please visit the Deloitte & Touche web site at www.deloitte.com/us.
About the CT TECHNOLOGY Council
As the leading technology organization in the state, the CT TECHNOLOGY Council welcomes companies of all sizes and technologies into its membership. Leveraging the collective strength, influence and expertise of their members, the Tech Council's mission is to see that Connecticut successfully takes its place as one of the top technology regions in the country and that their exciting, high-growth, high-value companies get the recognition that is their due. The Tech Council provides a wide array of opportunities for peer networking, program and educational seminars in addition to strategic workforce and policy initiatives to support its member companies. The Council also serves its members as the official organization representing Connecticut's Software Cluster. The Cluster's mission is to drive the expansion of Connecticut's software industry by promoting innovation, entrepreneurship, collaboration and awareness.
About The Sponsors
Deloitte and the CT TECHOLOGY Council gratefully acknowledge the support of our 2003 program sponsors: Connecticut's largest bank -- Fleet - with over 175 locations; Torrington-based Litchfield Insurance Group, a specialty insurance broker focused exclusively on middle market companies; Marsh Connecticut, the world's leading risk and insurance services firm with offices in Hartford and Norwalk; the world's largest electronic stock market - NASDAQ; and Pullman & Comley, LLC, a seven-year sponsor of the Connecticut Fast 50 representing a diverse group of technology companies on a wide spectrum of legal issues.
SOURCE FuelCell Energy, Inc. |
