FuelCell Energy Announces 121.8 Megawatt Order, Largest Ever Received by the Company and the Fuel Cell Industry

FuelCell Energy Announces 121.8 Megawatt Order, Largest Ever Received by the
Company and the Fuel Cell Industry

Product Backlog in Megawatts Increases by 284 Percent From Q3 2012

DANBURY, Conn., Nov. 5, 2012 (GLOBE 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, today
announced an order from its South Korean partner, POSCO Energy for 121.8
megawatts of fuel cell kits and services to be manufactured at the FuelCell
Energy production facility in Torrington, Connecticut. The estimated value of
the multi-year contract is approximately $181 million.POSCO Energy, the
largest independent power producer in South Korea, is a subsidiary of POSCO, a
leading global steel producer.

"POSCO Energy recently signed a contract to build the world's largest fuel
cell park, a 58.8 megawatt project located in South Korea," said Jung-Gon Kim,
Senior Vice President, POSCO Energy."This order to FuelCell Energy for 121.8
megawatts will help us meet demand in South Korea as well as other Asian

"This is the largest order ever received by FuelCell Energy and the fuel cell
industry, almost tripling our product backlog and initiating our planned
increase in production levels for 2013," said Chip Bottone, President and
Chief Executive Officer, FuelCell Energy, Inc."The extensive market
acceptance in South Korea for ultra-clean and efficient fuel cell power
generation is a deployment and job creation model that can and should be
replicated in other regions of the world."

South Korea adopted an ambitious renewable portfolio standard (RPS) in 2012 to
promote clean energy, reduce carbon emissions, and develop a local
green-industry to support economic growth.Utilities and project investors are
developing new and renewable power projects under the RPS including the new
58.8 megawatt (MW) fuel cell park that is in progress with construction
expected to commence in 2012.The ownership of the 58.8 MW fuel cell park
includes Korea Hydro & Nuclear Power Co. Ltd., Samchully Co., POSCO Energy and
financial investors.The electricity will be sold to the power grid and the
heat from the fuel cells will be supplied to a district heating system.

"This multi-year committed order is really quite extraordinary from a
production standpoint as it allows us to level-load our factory and provide
committed volumes to our supply base, important factors for further improving
our overall cost profile through operating leverage, manufacturing
efficiencies and stronger supplier relationships," commented Tony Rauseo,
Chief Operating Officer, FuelCell Energy, Inc."We can continue to support
market development efforts by POSCO Energy through further cost reductions."

The first delivery will occur in May 2013 to ensure an uninterrupted supply of
kits as deliveries under the existing 70 MW order will conclude in April
2013.Each kit consists of 1.4 MW of fuel cell components that are
interchangeable and can be used for megawatt class fuel cell power plants or
sub-megawatt plants.

Mr. Bottone continued, "Production from this order, combined with production
for scheduled restacks under existing service agreements, generates annual
committed production of approximately 50 to 55 megawatts, which is the level
needed for the Company to achieve quarterly positive gross margins."

As an additional indicator of demand for stationary fuel cell power plants,
Korea Hydro & Nuclear Power Co, Ltd. executed a memorandum of understanding
with Seoul City on September 28, 2012 for the joint development of new and
renewable power generation, including 120 megawatts of stationary fuel cell
power plants.Expected fuel cell applications include the Seoul City subway,
municipal water treatment facilities and resource collection
facilities.Electrical and thermal efficiency is important under the RPS and
the fuel cell power plants are expected to be configured for combined heat and
power (CHP).

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.Avoiding the emission of nitrogen
oxide (NOx), sulfur dioxide (SOx) and particulate matter supports clean air
regulations and benefits public health.The high efficiency of the fuel cell
power generation process reduces fuel costs and carbon emissions, and
producing both electricity and heat from the same unit of fuel further
supports favorable economics while also promoting sustainability.

About FuelCell Energy

Direct FuelCell® power plants are generating ultra-clean, efficient and
reliable power at more than 50 locations worldwide. With approximately 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 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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The FuelCell Energy, Inc. logo is available at

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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