FuelCell Energy Awarded $3.8 Million Contract by U.S. Navy to Develop Power System for Unmanned Underwater Vehicle DANBURY, Conn., July 26, 2012 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a leading manufacturer of ultra-clean, efficient and reliable fuel cell power plants, today announced a $3.8 million contract award from the U.S. Navy to develop and test a Hybrid Solid Oxide Fuel Cell (SOFC)-Battery power system for large displacement undersea vehicle propulsion. The objective of the project is to develop a refuelable power system, with high energy density, that is suitable for undertaking long duration underwater missions of unmanned submersibles.The Hybrid SOFC-Battery system will be capable of generating 1,800 kilowatt hours of electricity during a 70 day mission with no exhaust discharged outside of the vehicle at any time.It will use liquid fuel and be self-contained with no reliance on external air. "This is a challenging and exciting project due to the unique installation and we expect to apply knowledge gained from this project into a range of other applications including maritime applications of fuel cells and auxiliary power units," said Tony Leo, Vice President Application Engineering & Advanced Technology Development, FuelCell Energy, Inc."Developing a compact solid oxide fuel cell balance of plant with a liquid fuel, will not only have potential for deployment in defense-related applications, but has viability as power systems for use in commercial underwater vehicles, marine vessels, and remote-sites." The FuelCell Energy Hybrid SOFC-Battery power system is attractive for underwater vehicle applications as its high efficiency minimizes usage of both stored fuel and oxygen in the confined spaces available onboard the vehicle.The system achieves air independence by utilizing a unique oxygen storage technology, maintains neutral buoyancy with no discharge of system products and is capable of responding to the peak power demands for a typical Large Displacement Unmanned Underwater Vehicle (LDUUV) as defined by the U.S. Navy. A consortium will work with the FuelCell Energy team to fulfill the program requirements.The SOFC fuel cell stack is based on the technology developed by Versa Power Systems, an SOFC developer that is partially owned by FuelCell Energy.Other team partners include the Energy Systems Division of NASA's Lyndon B. Johnson Space Center, Yardney Technical Products, Inc., Naval Underwater Warfare Center (NUWC), and Pacific Northwest National Laboratory (PNNL). This diverse team has the expertise required to meet the state-of-the-art system design, safety, and reliability of U.S. Navy specifications.NASA will develop the oxygen storage required by the power system, Yardney will supply the battery technology, and PNNL will provide compact fuel processing design knowledge. NUWC will complement the team on a range of topics including the logistics of systemization, integration, and tie-ins with the balance of LDUUV systems. This 18 month phase I award will fund development and laboratory testing of the SOFC propulsion system.Successful performance results may lead to a phase II award that would involve the delivery of a full scale system for testing in an unmanned undersea vehicle. About FuelCell Energy Direct FuelCell® power plants are generating ultra-clean, efficient and reliable power at more than 50 locations worldwide. With approximately 180 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 one 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 our website at www.fuelcellenergy.com The FuelCell Energy, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3284 This news release contains forward-looking statements, including statements regarding the Company's plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and business plans. 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, general risks associated with product development, manufacturing, changes in the regulatory environment, customer strategies, potential volatility of energy prices, rapid technological change, competition, and the Company's ability to achieve its sales plans and cost reduction targets, 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. 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 email@example.com FuelCell Energy Logo
FuelCell Energy Awarded $3.8 Million Contract by U.S. Navy to Develop Power System for Unmanned Underwater Vehicle
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