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FuelCell Energy Acquires Remaining Interest in Versa Power Systems, a Solid Oxide Fuel Cell Developer

FuelCell Energy Acquires Remaining Interest in Versa Power Systems, a Solid
Oxide Fuel Cell Developer

  * Acquires World-class technology platform and expertise
  * Provides growth opportunities in adjacent markets

DANBURY, Conn., Dec. 20, 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 that it has acquired the remaining shares of Versa Power Systems,
Inc. (Versa). Versa is a leading solid oxide fuel cell developer with research
facilities in Littleton, Colorado, USA and Calgary, Canada. The addition of
solid oxide fuel cell technology strengthens the global leadership position of
FuelCell Energy. Prior to this action, FuelCell Energy, Inc. owned
approximately 39 percent of Versa. 

"We view solid oxide fuel cell technology as complementary to our carbonate
fuel cell product line as we target megawatt and multi-megawatt applications
with our Direct FuelCell® power plants and are attracted to solid oxide for
future sub-megawatt power generation and storage applications," said Chip
Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. "We will
continue to develop the Versa technology under the existing U.S. Department of
Energy SECA program and are in advanced discussions with multiple partners for
collaboration in commercializing the technology."

Mr. Bottone continued, "By acquiring Versa, we can leverage our current
infrastructure, expertise, and experience to accelerate the commercialization
of this solid oxide fuel cell technology to expand our market opportunities."

"The Versa fuel cell technology has been termed world class by a number of
independent experts based on the high power density, high efficiency, and
level of scale attained in the size of the fuel cell stacks achieved to date,
which drives the power generation capabilities," said Tony Leo, Vice President
Application Engineering & Advanced Technology Development, FuelCell Energy,
Inc. "Using the Versa technology and our expertise with fuel cell stacking and
balance of plant, we are currently testing a 60 kilowatt solid oxide fuel cell
stack that has exhibited performance providing approximately 60 percent
electrical efficiency in a power plant system, and still provide usable
exhaust heat for combined heat and power applications. This is an
unprecedented performance potential."

Versa development activities include participation with FuelCell Energy in the
U.S. Department of Energy Solid State Energy Conversion Alliance (SECA)
coal-based systems program. In addition, Versa is a supplier to The Boeing Co.
under a U.S. Defense Advanced Research Projects Agency (DARPA) program to
develop long endurance unmanned aircraft. Versa's specialized solid-state SOFC
technology is paired with solar equipment to provide an on-board source of
power for propulsion and communication equipment. This system includes an
energy storage mode, where the SOFC produces hydrogen by electrolysis from
solar power during daylight charging periods and produces power by consuming
stored hydrogen in fuel cell mode during night-time discharge periods. Versa
technology is also being used in FuelCell Energy's unmanned submarine project,
funded by the U.S. Office of Naval Research, in which a high power density
SOFC powerplant power system is used for large displacement undersea vehicle

Versa engineering and testing facilities are located in Littleton, Colorado,
USA. Research and production facilities are located in Calgary, Canada. 

FuelCell Energy exchanged approximately 3.5 million shares of its common
stock, valued at approximately $3.3 million, as the total consideration for
the remaining Versa shares held by other Versa shareholders.

FuelCell Energy previously owned approximately 39 percent of Versa and was
accounted for under the equity method. Versa is now a wholly owned
subsidiary. Revenue and associated costs from Versa will be recognized under
Research and development contracts in the consolidated financial statements of
FuelCell Energy, Inc. Total research and development contract backlog will
increase by approximately $6.0 million in the first quarter of 2013 due to the
Versa acquisition. 

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

See us on YouTube at

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, 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

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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