Energi Participates in Groundbreaking Ceremony for Dominion Bridgeport Fuel Cell Park

  Energi Participates in Groundbreaking Ceremony for Dominion Bridgeport Fuel
  Cell Park

Business Wire

PEABODY, Mass. -- May 6, 2013

Energi, a leading developer and underwriter of energy insurance programs,
participated in the groundbreaking ceremony for the Dominion Bridgeport Fuel
Cell Project. Officials and executives were on hand at the project site in
Bridgeport, CT to commemorate the start of work for the multi-megawatt fuel
cell park, which will be the largest in the United States upon completion.

Energi CEO Brian McCarthy and SVP Kevin Kaminski in front of the Bridgeport
plant. (Photo: Business ...

Energi CEO Brian McCarthy and SVP Kevin Kaminski in front of the Bridgeport
plant. (Photo: Business Wire)

President and CEO Brian McCarthy and senior vice president of Alternative
Energy Solutions Kevin Kaminski were among the Energi representatives in
attendance, joining Connecticut Governor Dannel P. Malloy, Connecticut state
congressional leaders, and senior executives from Dominion and FuelCell Energy
as well as Kevin Foster and Bruce Murray from People’s United Insurance
Agency.

“The Bridgeport fuel cell plant represents a powerful synergy of private
development and public incentives, and the continued maturation of emerging
energy technologies,” said Brian McCarthy, Energi CEO. “As these technologies
continue to stabilize, the gap between investors’ appetites and risk continues
to narrow. Products like the Output Performance Warranty help reduce
technology performance risk over the life of the facility and drive
investment.”

Energi, along with its partner Hannover Re (HRE), specifically developed the
Output Performance Warranty (OPW) Program that will provide coverage of the
system’s annual megawatt—hours (MWh) production. The warranty coverage
provides risk mitigation for both the owner and manufacturer.

“The renewable energy team at People’s United Insurance is very pleased to
have the opportunity to support the Dominion Bridgeport Fuel Cell project,”
said Dan Casey, President, People’s United Insurance Agency. “In addition to
bringing exciting emerging technology to Bridgeport, the new fuel cell plant
is promising for the positive impact it can have on both cleaner air and job
creation in the state.”

Developed and manufactured by FuelCell Energy, Inc. (NASDAQ: FCEL) and owned
by Dominion (NYSE: D), the 14.9 megawatt (MW) project is a landmark
installation and the largest in the United States. The installation,
consisting of five DFC3000 fuel cell power plants and an organic rankine cycle
turbine is highly efficient and can power approximately 15,000 homes.

“FuelCell Energy has a sizeable and rapidly expanding installed base and
extensive operating history of fuel cell power plants. The Energi underwriting
was an important aspect of the performance insurance for this installation,”
said Chip Bottone, President and Chief Executive Officer of FuelCell Energy,
Inc. “We see a trend to larger installations such as the Bridgeport fuel cell
park, and performance warranty insurance can be a useful product for Project
Owners and Investors of these multi-megawatt sites.”

Construction has begun on the park with the first plant installation to be
completed in the summer of 2013 and the remaining plants installed in stages.
The fuel cell park will be fully operational by the end of 2013.The fuel cell
power plants will use natural gas as the fuel source to efficiently provide
ultra-clean power for the electric grid.

About Energi

Energi is a Peabody, Massachusetts-based industrial reinsurance company that
provides specialized insurance and risk management products to targeted market
segments of the North American energy industry. The core programs include fuel
distribution, fuel transport, energy construction, agricultural cooperatives,
renewable energy, utilities and oil & gas exploration. Energi also has
products that deliver protections for alternative energy and energy efficiency
projects. Founded in 2005 by insurance professionals and energy industry
leaders, Energi is licensed in all 50 states. For more information, visit
www.energi.com.

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Contact:

Antenna Group
David Okubo, 415-977-1943
energi@antennagroup.com
or
Energi, Inc
Edward Scott, 1-978-531-1822 x 318
escott@energi.com
 
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