FuelCell Energy's European Licensee MTU Starts Operating Power Plant
29 November 1999
FuelCell Energy's European Licensee MTU Starts Operating Power Plant
BIELEFELD, Germany/DANBURY, Conn.--Nov. 29, 1999--FuelCell Energy (AMEX: FCL) today announced that its German partner, DaimlerChrysler's MTU Friedrichshafen unit, has begun operating a new power plant using FuelCell Energy's Direct FuelCell (TM) technology.The `Hot Module' fuel cell power plant, developed by MTU Friedrichshafen, is located on the campus of the University of Bielefeld. The test facility will provide the Bielefeld municipal power utility with 250 kW of electricity and byproduct high quality heat while emitting only water, carbon dioxide and minimal traces of nitrogen oxide and sulfur dioxide. The fuel cells for the power plant were produced by FuelCell Energy at its Torrington, Connecticut manufacturing facility.
FuelCell Energy is focusing on developing megawatt-class plants, in order to serve larger, utility-scale and industrial customers. The economics of fuel cell power plants ordinarily become less favorable as power plant size decreases, because balance-of-plant components become more expensive per kilowatt. Typically twice the cost of the fuel cell stack, the balance-of-plant is a primary target for cost reduction. The smaller MTU design allows for simplification and elimination of some balance-of-plant components by integrating their function into the Hot Module.
"The start-up of this commercial field trial is another important step as we move our Direct FuelCell power plants into the commercial marketplace," said Jerry Leitman, president and CEO of FuelCell Energy. "The `Hot Module' configuration that our partners at MTU are pursuing is an important compliment to our product line. Our cross-marketing agreements with MTU will enable us to provide markets worldwide with a full compliment of power plant products, including MTU's `Hot Module', and our own 1.5 and 3.0 MW offerings."
FuelCell Energy, Inc. - www.fuelcellenergy.com - formerly Energy Research Corp., is a world-recognized leader in the field of high efficiency fuel cells for electric power generation. The Company's Direct FuelCell technology takes the inherent attractiveness of fuel cells one step further by eliminating the external fuel processing to extract hydrogen from a hydrocarbon fuel. This results in a simpler and more efficient system compared with conventional fuel cells. FuelCell Energy is based in Danbury, Conn.
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.