DANBURY, Conn., Nov. 30, 2010 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a leading manufacturer of ultra-clean high efficiency power plants using renewable and other fuels for commercial, industrial, government, and utility clients, today announced that it will jointly develop a small-scale Direct FuelCell® (DFC®) power plant with its South Korean partner, POSCO Power. The power plant will target the fast-growing commercial applications market segment, particularly in Asia. POSCO Power will fund the $5.8 million program in stages as performance milestones are reached, with an initial funding of $2.9 million for design and development of a smaller scale fuel cell stack.
Due to their highly efficient power generation, lack of pollutants and quiet operation, fuel cell power plants are well-suited for commercial buildings located in urban environments. Fuel cells efficiently generate power using an electrochemical process that does not involve combustion. The lack of combustion results in virtually zero pollutants and quiet operation. Fuel cell generated power can make use of available clean energy incentives, and can compete favorably with commercial and residential electricity rates in many regions of the world.
"FuelCell Energy's DFC products have been demonstrated as a dependable, ultra-clean solution," said Ben Toby, Vice President of Global Business Development for FuelCell Energy. "With today's announcement, POSCO Power and FuelCell Energy seek to build on their partnership to enter into a previously untapped market segment, which has the potential to drive significant volume."
FuelCell Energy's core DFC power plant product line consists of the 300 kilowatt DFC300, the 1.4 megawatt DFC1500, and the 2.8 megawatt DFC3000. The DFC3000 is scalable for utility-size applications of multiple megawatts.
About FuelCell Energy
DFC® fuel cells are generating power at over 50 locations worldwide. The Company's power plants have generated over 600 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.