FuelCell Energy Receives $4 Million Loan From the State of Connecticut

FuelCell Energy, a manufacturer of high-efficiency, ultra-clean power plants for commercial, industrial, municipal and utility customers, today announced that it has received a $4 million loan from the state of Connecticut. The loan is part of the company's $10 million project to expand FuelCell Energy's Torrington, Connecticut manufacturing facility, expand its workforce and extend its facility lease through 2015.

"This project is right for Connecticut, right for our economy and right for our energy needs," Governor Jodi Rell said. "We will be adding 100 jobs to our economy, bolstering a Connecticut company that is making strides to decrease our dependence on foreign fossil fuels and enhancing our position in an important industry. Connecticut is a pioneer in fuel cell technology and this project will help ensure we continue to be a leading
Innovator in this high-tech sector."

The Department of Economic and Community Development and the Connecticut
Development Authority are providing a joint loan for machinery and equipment, building improvements and information technology expenses. The $4 million loan is being granted pursuant to Governor Rell's Connecticut Energy Vision for a Cleaner, Greener State which calls for 20 percent of all energy used and sold in the state to come from clean or renewable resources by 2020. "Companies like FuelCell Energy help us achieve this
goal."

DFC power plants generate power electrochemically, not through combustion, so they produce near-zero nitrous oxides (NOX), sulfur oxides (SOX) and particulate emissions. DFC fuel cells are 47 percent efficient compared to similar sized fossil fuel combustion plants, which typically reach only 30-35 percent efficiency, delivering more power for each unit of fuel used and producing substantially less carbon dioxide. When used in Combined Heat and Power applications, in which the fuel cell's heat byproduct is used to produce additional clean energy, DFC power plants can achieve efficiencies of up to 80 percent.

"We thank Governor Rell, the State of Connecticut, the Department of Economic and Community Development and the Connecticut Development Authority for their support," said R. Daniel Brdar, Chairman and CEO of FuelCell Energy. "Our fuel cells -- which are highly efficient, operate 24/7 and produce near-zero pollutants and low CO2 -- can help the state reach its clean and renewable goals for power generation."

Source: Fuel Cell Today