FuelCell Energy Provides Business Update
*Ramp to a 70 megawatt Run-Rate on Track for May 1^st completion
*Expect second fiscal quarter revenues in the range of $38 - $40 million
*Demand for Efficient and Ultra-Clean Stationary Fuel Cells Drives Job
Creation in Connecticut
DANBURY, Conn., April 18, 2013 (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
provided an update on its previously announced plans to ramp to a 70 megawatt
(MW) annual run-rate and the job creation resulting from the demand for its
highly efficient and environmentally friendly stationary fuel cell power
"We are pleased with the progress in ramping our production rate by 25 percent
and expect to be at a 70 megawatt annualized run-rate by May 1, 2013," said
Chip Bottone, President and Chief Executive Officer, FuelCell Energy,
Inc."The ramp of the business and hiring is directly related to demand in
Connecticut such as a 14.9 megawatt fuel cell park in Bridgeport as well as
overseas demand and a strong project pipeline."
As a result of the increased run-rate and execution on the business plan, the
Company expects to report revenues for its second fiscal quarter ended April
30, 2013 in the range of $38 to $40 million. This compares favorably to total
revenues of $36.4 million reported for the quarter ended January 31, 2013 and
$24.2 million reported for the quarter ended April 30, 2012.
FuelCell Energy now employs more than 240 workers at its Danbury headquarters
and research and development facility and 295 at its Torrington production
facility.In the past six months, employment at the Torrington site has
increased by more than 20 percent.Including Connecticut, the Company's total
global employment now exceeds 600 full time employees.FuelCell Energy has
been headquartered in Connecticut since 1969.
"We attract employees from around the State including 82 different towns in 7
of the 8 counties in Connecticut," said Darrell Bradford, Vice President Human
Resources, FuelCell Energy, Inc.
Stationary fuel cell power plants provide continuous on-site power and
electric grid support in a highly efficient electrochemical process that is
virtually absent of pollutants.Ultra-clean, quiet, and requiring only modest
space, FuelCell Energy's Direct FuelCell® (DFC®) fuel cell power plants are
easy to site in populated areas.Direct FuelCells® (DFC®) electrochemically
convert a fuel source into electricity and heat in a highly efficient process
that emits virtually no pollutants due to the absence of combustion.DFC power
plants are fuel flexible, capable of operating on natural gas, renewable
biogas or directed biogas.Total efficiency of up to 90 percent can be
achieved by DFC plants configured for combined heat and power (CHP), depending
on the application.High efficiency reduces fuel costs and carbon emissions
and producing both electricity and heat from the same unit of fuel can reduce
the use of combustion based boilers used for heating, further reducing costs
About FuelCell Energy
Direct FuelCell® 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 1.5 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 and view career opportunities at FuelCell Energy.
See us onYouTube andLinked In
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.
FuelCell Energy Logo
Press spacebar to pause and continue. Press esc to stop.