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Renewable Energy Stock FuelCell Energy (Nasdaq:FCEL) Identifies New Haven, Connecticut as Second Location in the Previously Announced 5.6 Megawatt Sale to United Illuminating(July 28, 2014)
Renewable Energy Stock FuelCell Energy (Nasdaq:FCEL) Identifies New Haven, Connecticut as Second Location in the Previously Announced 5.6 Megawatt Sale to United Illuminating
Contract executed for 2.8 megawatt power plant in New Haven, Connecticut
Fuel Cell plant will supply ultra-clean baseload electricity to UI-owned substation
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DANBURY, Conn. - July 28, 2014 (Investorideas.com renewable energy stocks 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, identified New Haven, Connecticut as the second installation site for the previously announced 5.6 megawatt (MW) in projects purchased by The United Illuminating Company (UI), a subsidiary of UIL Holdings Corporation (NYSE:UIL). Information regarding the projects, which consist of two 2.8 MW DFC3000(R) fuel cell power plants to be installed at different sites within the UI service territory, was released on April 30th and identified Bridgeport as one location with the other to be named at a later date. Now confirmed, the second power plant in New Haven will supply electricity to a nearby UI-owned substation; providing environmentally friendly distributed power to residents.
"This project further supports our efforts in renewable, green energy and helps achieve our goal of providing customers with clean safe and reliable electricity," said James P. Torgerson, President & Chief Executive Officer, UIL Holdings Corporation.
"We are fully invested in issues affecting the environment because it means we are investing in the future of our City," said Toni Harp, Mayor of New Haven. "Through the generation of ultra-clean power, produced in a highly efficient and environmentally-friendly manner, the fuel cell installation exemplifies the City's commitment to instituting sustainability practices and improving the environmental integrity of New Haven."
The power plant in New Haven will be located in the port area of the city near an electrical substation owned by UI and will provide continuous power to the substation. Distributed power generation like this installation increases the power supply while producing virtually no pollutants, have a low-noise profile, and only modest space requirements.
"The New Haven installation will help meet the State of Connecticut's renewable energy goals and exemplifies how our fuel cell technology can support the utility market by providing an easy-to-site energy solution that reduces reliance on transmission and enhances grid resiliency," said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. "Our power generation solutions are well-suited for utilities interested in adding ultra-clean baseload power when and where needed within their service territory."
The previously announced second installation will be located in Bridgeport and will serve as part of a renewable energy park supplying power to the electric grid. The energy park occupies approximately 9 acres of land with the fuel cell power plant taking only about one quarter of an acre to produce 2.8 MW of continuous power and a 2.2 MW solar array utilizing the remaining land or somewhat over 8.5 acres.
The continuous power to be provided by both the New Haven and Bridgeport fuel cell plants is adequate to power approximately 5,600 homes in aggregate, and will be generated in a highly efficient and environmentally friendly manner. FuelCell Energy will install the power plants and operate and maintain them under long term service agreements. Both sites are expected to be operational in early 2015.
Multi-megawatt fuel cell installations address power generation challenges for utilities 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 urban locations. Fuel cell parks offer a multitude of advantages for utilities 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 (PM10) that aggravates asthma, and the power is delivered with a low carbon footprint
- Distributed power generation places power near where it is used, enhancing the resiliency of the 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 UIL Holdings Corporation:
Headquartered in New Haven, Connecticut, UIL Holdings Corporation (NYSE:UIL) is a diversified energy delivery company serving more than 700,000 electric and natural gas utility customers in 66 communities across two states, with combined total assets of over $4 billion.
UIL is the parent company of The United Illuminating Company (UI), The Southern Connecticut Gas Company (SCG), Connecticut Natural Gas Corporation (CNG), and The Berkshire Gas Company (Berkshire), each more than 100 years old. UI provides for the transmission and delivery of electricity and other energy related services for Connecticut's Greater New Haven and Bridgeport areas. SCG and CNG are natural gas distribution companies that serve customers in Connecticut, while Berkshire Gas serves natural gas customers in western Massachusetts. UIL employs more than 1,850 people in the New England region.
About FuelCell Energy
Direct FuelCell(R) 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 2.6 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
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.
FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
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