DANBURY, Conn., Aug. 4, 2011 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL) a leading manufacturer of ultra-clean, efficient and reliable power plants, today announced the signing of two multi-year service agreements with Pacific Gas and Electric Company (PG&E) to operate and maintain two 1.4 megawatt Direct FuelCell® power plants previously purchased and located at two California universities. FuelCell Energy was contracted to install the plants and will maintain the power plants under the service agreements. Both plants are installed and have generated power with full operation expected within the next few weeks.
Utility-owned fuel cell power plants provide ultra-clean distributed baseload generation which lessens reliance on the electrical transmission grid and represents incremental capacity that avoids or reduces investment in the electric transmission and distribution system.
"Services are a key portion of our value proposition to our customers and a cornerstone of our business model," said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. "Service agreements allow our customers to focus on their business while we focus our expertise on maintaining the power plants."
FuelCell Energy offers a comprehensive portfolio of services for fuel cell power plants ranging from one to 20 years. Technicians and engineers remotely monitor and operate Direct FuelCell power plants globally, 24 hours per day, seven days per week, 365 days per year from the state-of-the-art Global Technical Assistance Center, located at the Company's Danbury, Connecticut headquarters.
Mr. Bottone continued, "Services represents a long term and consistent source of revenue for the Company and is a key growth area, as demonstrated by this announcement."
About FuelCell Energy
Direct FuelCell® power plants are generating ultra-clean, efficient and reliable power at more than 50 locations worldwide. The Company's power plants have generated over 800 million kWh of power using a variety of fuels including renewable biogas from wastewater treatment and food processing, as well as clean natural gas. With over 180 megawatts of power generation capacity installed or in backlog, FuelCell Energy is a global leader in providing ultra-clean baseload distributed generation to utilities, industrial operations, universities, municipal water treatment facilities, government installations and other clients around the world. 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.