FuelCell Energy Highlights Advances With the Development of a 59 Megawatt Fuel
Cell Park in South Korea
Construction of World's Largest Fuel Cell Park Expected to Commence in 2012
DANBURY, Conn., Oct. 17, 2012 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc.
(Nasdaq:FCEL) a global leader in the design, manufacture and service of
ultra-clean, efficient and reliable fuel cell power plants, today announced
market developments in South Korea that support expanding demand for
stationary fuel cell power plants as ownership of a 58.8 megawatt (MW) fuel
cell park has been finalized. This fuel cell park, which will be the world's
largest, will utilize ultra-clean and efficient fuel cell power plants sold by
POSCO Energy and based on designs and fuel cell components from FuelCell
A share purchase agreement executed October 16, 2012 establishes the Gyeonggi
Green Energy Co. Ltd to develop and operate a 58.8 MW fuel cell park in
Whasung City, Gyeonggi Province, South Korea.The ownership consortium
includes the largest electric utility in South Korea, Korea Hydro & Nuclear
Power Co., Ltd with 49 percent ownership, POSCO Energy with 15 percent
ownership, Samchully Co., a gas distributor, with 15 percent ownership, and
the remaining 21 percent will be allocated to financial investors.POSCO
Energy is the sole provider of the fuel cell power plants for the project,
which will consist of 21 DFC3000® power plants located in an industrial
complex.POSCO Energy will lead the construction of the fuel cell park and
will maintain and service the power plants under a long term service
agreement.Construction is scheduled to commence in 2012.
"The renewable portfolio standard is driving demand for efficient and
environmentally friendly distributed fuel cell generation as this sizable fuel
cell park demonstrates," said Jung-Gon Kim, Senior Vice President, POSCO
Energy."The execution of this share purchase agreement solidifies our demand
forecasts for stationary fuel cell power plants and we need to conclude our
discussions with FuelCell Energy to confirm the previously announced
memorandums of agreement for an additional order and local manufacturing."
"Development of this 58.8 MW fuel cell park illustrates how our stationary
fuel cell power plants can be used to support the power grid as the
combination of near-zero pollutants, modest land-use needs, and quiet
operating nature of these stationary fuel cell power plants facilitates their
siting in urban locations," said Chip Bottone, President and Chief Executive
Officer, FuelCell Energy, Inc."Projects such as this fuel cell park support
demand for the 120 megawatt order that we are finalizing with POSCO Energy and
we expect to conclude an agreement in 2012, as previously stated."
The ultra-clean electricity generated by this fuel cell park will be supplied
to the power grid and will assist the partners with compliance under the South
Korean Renewable Portfolio Standard (RPS).The heat generated by the fuel cell
power plants will be supplied to a district heating system for local use.
Direct FuelCell® (DFC®) power plants excel at solving energy, environmental
and business problems by providing ultra clean, efficient and reliable
distributed power generation solutions. Direct FuelCells combine a fuel such
as natural gas or renewable biogas with oxygen from the ambient air to
efficiently produce ultra-clean electricity and usable high quality heat
through an electrochemical process.DFC power plants emit virtually no
pollutants due to the absence of combustion.
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
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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, whether the Company is able to reach definitive agreements on the
terms contemplated in the memorandums of agreementwith POSCO Energy, 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
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