August 14, 2001<<b>, Danbury, CTFuelCell Energy, Inc., (Nasdaq: FCEL) has received a $1.25 million contract from the Connecticut Clean Energy Fund for a 250 kW Direct FuelCell® power plant for the state of Connecticut. The power plant is slated for delivery in 2002 for installation at the University of Connecticut.
Governor John G. Rowland first announced the purchase of this power plant by the State of Connecticut on April 17, 2001, at the dedication ceremony of FuelCell Energys new manufacturing facility in Torrington, CT.
Arthur Diedrick, Chairman of the Connecticut Clean Energy Fund, explained the rationale for the project. This investment will yield substantial returns to the state, not only in the form of reduced air pollution, but will also provide valuable information on fuel cell technology in Connecticut. We view Connecticut as the fuel cell capital of the world and we are committed to have the Connecticut Clean Energy Fund focus on fuel cell development in our state."
Jerry Leitman, president and chief executive officer of FuelCell Energy commented, The state of Connecticut is well-positioned to be the fuel cell capital of the world. We are delighted to see The Clean Energy Fund lead the way toward achieving that goal and this project is an important first step.
About Direct FuelCells
Direct FuelCells (DFC) 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 is no pollution commonly associated with the combustion of fossil fuels. Also, the high efficiency leads to more electric power from less fuel and with less carbon dioxide emissions. This revolutionary method of producing energy gives energy users the option of producing electricity on site at a competitive cost, and without the environmental impact associated with conventional generators.
About Connecticut Clean Energy Fund
The Connecticut General Assembly created the Connecticut Clean Energy Fund in 1998 as part of legislation restructuring electric utilities. The Connecticut Clean Energy Fund began formal operations in January 2000. Connecticut Innovations, Inc., which manages the fund, is the state's leading investor in high technology and manages funds and initiatives that promote the growth of knowledge-based businesses in the state. The Connecticut Clean Energy Fund's mission is to invest in enterprises and other initiatives that promote and develop sustainable markets for energy from renewables and fuel cells for the benefit of Connecticut ratepayers. The Fund will enable and significantly assist in achieving Renewable Portfolio Standards in the State of Connecticut.
About FuelCell Energy, Inc.
FuelCell Energy, Inc. (www.fuelcellenergy.com), based in Danbury, Connecticut, is a world-recognized leader for development and commercialization of high efficiency fuel cells for electric power generation. The Company has been developing DFC technology for stationary power plants with the U.S. Department of Energy through the National Energy Technology Laboratory, whose advanced fuel cell research program is focused on developing a new generation of high performance fuel cells that can generate clean electricity at power stations or in distributed locations near the customer, including hospitals, schools, data centers and other commercial and industrial applications.
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.
FuelCell Energy
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Joseph G. Mahler, (203) 825-6000
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