October 28, 2003 11:30:00 (ET)
PEORIA, Ill. and DANBURY, Conn., Oct 28, 2003 /PRNewswire-FirstCall via COMTEX/ -- Caterpillar Inc. (CAT, Trade) and FuelCell Energy, Inc. (FCEL, Trade) have achieved an important milestone in their partnership with the installation of the largest fuel cell power generation plant in Illinois. The 250 kilowatt Direct FuelCell (DFC (R)) power plant is now operational and was commissioned today at the Caterpillar Technical Center north of Peoria. Financial details of the installation were not disclosed.
The FuelCell Energy DFC300A power plant, which can supply electricity to more than 250 average American homes, will be connected to the Peoria area electricity grid. This initiative, under the joint development agreement signed by both companies in April 2002, will allow Caterpillar to utilize the power plant as a demonstration unit for customers, Caterpillar dealers and development engineers.
The alliance agreement between Caterpillar and FuelCell Energy involves the distribution and development of ultra-low emission fuel cell power generation products for industrial and commercial use. The agreement calls for the companies to jointly develop power plants in the 250 kW to 3 MW size range, incorporating FuelCell Energy's fuel cell module.
"We are very pleased to showcase fuel cell power generation technology in Illinois," said Sherril K. West, Caterpillar's Chief Technology Officer. "We view these power plants as an important addition to Caterpillar's portfolio of distributed generation products. This installation will demonstrate to prospective customers that fuel cell power plants are ready for commercial applications, and can be purchased through Caterpillar's world class dealer network."
"This installation is part of the continuing commitment of FuelCell Energy and Caterpillar to jointly develop the market for our DFC products," said Jerry D. Leitman, President and CEO of FuelCell Energy, Inc. "This further demonstrates that our DFC distributed generation solution is ready to meet customers' needs today."
In August of this year, Caterpillar and FuelCell Energy announced their first joint sale of a fuel cell power generation plant in the state of California. The plant will be used by the Los Angeles County Sanitation Districts at the Palmdale Water Reclamation Plant in northwest Los Angeles County.
FuelCell Energy is a world-recognized leader for the development and commercialization of high efficiency fuel cells for electric power generation. The company's Direct FuelCells (R) generate electricity with no combustion. They are, in effect, 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 are virtually no emissions. In addition, because DFC power plants are designed to generate hydrogen internally, they are commercially available today without waiting for development of a hydrogen supply infrastructure.
FuelCell Energy already has fuel cell power plants operating at hospitals, universities, wastewater treatment plants, hotels and computer data centers. With increasing demands on the nation's electricity grid, as evidenced by the recent massive power outage in the northeastern United States and Canada, Caterpillar is well positioned to provide a range of power generation solutions including fuel cell power plants. Caterpillar is the global leader of distributed power generation products and the company has grown to be the third largest supplier of electric power generation in the world.
For more than 75 years, Caterpillar Inc. has been building the world's infrastructure and, in partnership with its worldwide dealer network, is driving positive and sustainable change on every continent. With 2002 sales and revenues of $20.15 billion, Caterpillar is a technology leader and the world's leading manufacturer of construction and mining equipment, clean diesel and natural gas engines and industrial gas turbines. More information is available at cat.com .
This press 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.
SOURCE Caterpillar Inc. |
