- Recently issued Executive Order 13693 – Planning for Federal Sustainability in the Next Decade - supports Federal Government adoption of fuel cells, with a broad range of applications including carbon capture configurations
- Recognition of low carbon profile, continuous power generation, and favorable environmental aspects of stationary fuel cell power plants
- Fuel cell projects attract private capital enabling a pay-as-you-go approach for Federal agencies, with the existing Business Energy Investment Tax Credit supporting private capital to provide public benefits
DANBURY, Conn., April 2, 2015 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in the design, manufacture, operation and service of ultra‐clean, efficient and reliable fuel cell power plants, applauds the sustainability leadership of the U.S. Federal Government with the recent executive order titled "Planning for Federal Sustainability in the Next Decade" that directs executive departments and agencies, including the Department of Defense, to undertake actions that will reduce greenhouse gas emissions by at least 40 percent over the next decade while at the same time fostering innovation, reducing spending, and strengthening the clean energy economy. The high efficiency of fuel cells combined with the virtual lack of pollutants from the power generation process is recognized with their inclusion for meeting the minimum required percentages of sustainable electric and thermal energy under the Order as well as the greenhouse gas reduction requirements.
"Using clean sources of on-site power generation like fuel cells in federal facilities is a win for the environment, a win for taxpayers and a win for the economy," said Senator Richard Blumenthal. "Cleaner air and lower operating costs make fuel cells a very viable option and I am proud of Fuel Cell Energy's commitment to growing this critical industry here in Connecticut."
"Environmental leadership combined with recognition of the value and importance of the clean energy economy is exemplified in the careful crafting of this sustainability Executive Order," said Chip Bottone, Chief Executive Officer, FuelCell Energy, Inc. "Efficient and affordable FuelCell Energy power plants, designed and built in America, address the environmental concerns highlighted by this Order while supporting domestic economic development. Additionally, private capital is attracted to the compelling financial returns of fuel cell projects, which is further supported by the Business Energy Investment Tax Credit."
Ultra-clean on-site fuel cell power delivered predictably and with high availability is weighted favorably under this Order compared to intermittent renewable power resources that are dependent on weather and time of day, resulting in substantially lower availability and predictability.
The Order establishes sustainability goals for the use of clean and renewable energy with the following minimum percentages for Federal facilities use of electric and thermal energy:
- not less than 10 percent in fiscal years 2016 and 2017;
- not less than 13 percent in fiscal years 2018 and 2019;
- not less than 16 percent in fiscal years 2020 and 2021;
- not less than 20 percent in fiscal years 2022 and 2023; and
- not less than 25 percent by fiscal year 2025 and each year thereafter
"An additional benefit that our solutions can offer power users and society at large is a carbon capture configuration that generates ultra-clean power and heat from natural gas resulting in zero greenhouse gas emissions," continued Mr. Bottone.
The FuelCell Energy technology efficiently separates and concentrates CO2 as a side reaction during the power generation process. The CO2 can then be cooled and condensed, using commercially available absorption chilling technology and either used for commercial purposes or sequestered. Whether on-site power generation applications or supporting an existing coal or gas-fired power plant, the carbon capture fuel cell solution is an affordable approach utilizing commercially available Direct FuelCells® (DFC®) manufactured in America by FuelCell Energy.
Multi-megawatt fuel cell installations solve power generation challenges as the combination of near-zero pollutants, modest land-use needs, and the quiet operating nature of fuel cell power plants facilitates their siting in high density areas with limited or expensive real estate. Fuel cell installations offer a multitude of advantages for power users and neighboring communities, including:
- Environmentally friendly power generation with virtually zero nitrogen oxide (NOx) that causes smog, sulfur dioxide (SOx) that contributes to acid rain, or particulate matter that aggravates asthma, and the power is delivered with a low carbon footprint, or even zero carbon emissions when configured for carbon capture
- Distributed power generation places power near where it is used, enhancing the resiliency of the electric grid
- Highly efficient power generation process that is economical
- Continuous renewable power around the clock that is not reliant on weather or time of day
About FuelCell Energy
Direct FuelCell® power plants are generating ultra-clean, efficient and reliable power at more than 50 locations worldwide. With more than 300 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 customers around the world. The Company's power plants have generated more than 3 billion kilowatt hours of ultra-clean power using a variety of fuels including renewable biogas from wastewater treatment and food processing, as well as clean natural gas. For more information, please visit www.fuelcellenergy.com
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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.
CONTACT: FuelCell Energy, Inc. Kurt Goddard, Vice President Investor Relations 203-830-7494 firstname.lastname@example.org
Source:FuelCell Energy, Inc.