Fuel Cell Stock News: FuelCell Energy (NASDAQ:FCEL) Announces First Stationary Fuel Cell Power Plant Sale by German-based FuelCell Energy Solutions, GmbH
Premier and Highly Visible Installation at Federal Ministry of Education and Research Government Complex in Berlin, Germany
Category: Investment, Fuel Cell, Renewable Energy
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News about FuelCell Energy
DANBURY, Conn. - August 7, 2012 (Investorideas.com renewable energy newswire) FuelCell Energy, Inc. (NASDAQ:FCEL) a leading manufacturer of ultra-clean, efficient and reliable fuel cell power plants, today announced that FuelCell Energy Solutions, GmbH has sold their first stationary fuel cell power plant, a sub-megawatt DFC250-EU(R), to BAM Deutschland AG for installation at the new Federal Ministry of Education and Research government complex in Berlin, Germany. FuelCell Energy Solutions (FCES) will manufacture and install the power plant, which is expected to be operational in 2014. Under a ten year service contract, FCES will service and operate the power plant from a service operations center that is staffed around the clock, 365 days per year.
"The energy transition will be only successful if we push for the development of necessary technologies," said Cornelia Quennedt-Thielen, State Secretary of the Federal Ministry of Education and Research. "I am convinced that fuel cells play an important role for the future energy supply. This fuel cell power plant will demonstrate the value of fuel cell technology for the energy supply of large buildings."
"The Ministry required a state-of-the-art office complex that incorporates the latest advances in energy efficiency and sustainability and a fuel cell power plant is an important part of our overall solution to meeting these demanding requirements," said Dr.-Ing. Markus Koch, BAM Deutschland AG. "Located near the Reichstag Parliamentary building and the offices of the German Chancellor, this office complex and its fuel cell power plant is in a prominent location for developing awareness of the benefits of efficiency and environmentally friendly fuel cell power generated on-site."
BAM Deutschland, a leading construction company in Germany and a subsidiary of the Dutch Royal BAM Group, is developing the headquarters for the Federal Ministry of Education and Research that incorporates leading-edge sustainability and efficiency technology. A variety of innovative energy concepts will be incorporated including thermo-active cooling/heating blankets in the ceilings, LED technology for lighting and large scale solar panels. An intelligent network (i.e. smart grid) will be incorporated throughout the 54,000 square meter complex to manage the individual service elements.
The power plant will utilize high efficiency and virtually pollution-free fuel cell power to meet approximately 40 percent of the electrical and 20 percent of the thermal power needs of the complex. A key benefit of the DFC250-EU(R) being used in this application is the ability to provide both power and usable high quality heat from the same unit of fuel, supporting the economics through lower fuel usage as well as advancing sustainability initiatives. For this application, the heat will be used to generate steam for facility heating in the winter and will support an absorption chiller for cooling in the warmer months.
"Fraunhofer IKTS is excited to be supporting this highly visible installation at the Federal Ministry of Education and Research," said Prof. Dr. Alexander Michaelis, Director, Fraunhofer IKTS. "Distributed fuel cell power generation is an important component of addressing the power generation challenges facing Germany and this installation will showcase a German fuel cell solution."
This contract is a key milestone for FCES since its founding in May of this year. FCES is a joint venture between Fraunhofer IKTS and FuelCell Energy, Inc., and the three entities are working together to develop the European market for stationary fuel cell power plants as well as perform advanced R&D on the Direct FuelCell(R) (DFC(R)) technology to further enhance performance and the cost profile. DFC power plants are a proven technology providing a stable, highly efficient and ultra clean alternative for stationary power generation applications around the world. FCES, with its German manufacturing base, is the manufacturing, sales, and service platform for the European Served Area for FuelCell Energy, Inc.
"Our ultra-clean on-site power generation solutions are applicable for a broad range of markets in Germany such as this government complex that requires reliable and efficient power," said Chip Bottone, President and Chief Executive Officer FuelCell Energy, Inc. and Managing Director, FuelCell Energy Solutions, GmbH. "Our fuel cell plants are scalable and ideal for on-site power where economics and sustainability are important as well as being well suited for electric grid support to supplement power generation throughout a utility service area."
This showcase government project in downtown Berlin for BMBF highlights the strengths of a team that includes the capabilities of BAM Deutschland AG in the planning, construction and operation of turnkey large-scale projects in Germany with the technological strength of Fraunhofer and commercial strengths of the Direct FuelCell power plants and FuelCell Energy.
FuelCell Energy Solutions is a joint venture that is 75 percent owned by FuelCell Energy, Inc. and 25 percent owned by Fraunhofer IKTS. Financial results are consolidated in the financial statements of FuelCell Energy, Inc. The contracts for the power plant, installation and service were executed in July and will be included in the backlog of FuelCell Energy for the third quarter of 2012. Contract terms include a down payment that is due during the fourth quarter of 2012.
The sales contract between BAM Deutschland AG and FuelCell Energy Solutions was closed with the participation of the Fraunhofer-Gesellschaft. The Fraunhofer Institute for Ceramic Technologies and Systems IKTS is an affiliate, focusing on the development of new energy supply systems using ceramic system components. Fraunhofer IKTS has proprietary rights and patents from fuel cell technology research.
Direct FuelCell(R) (DFC(R)) power plants provide ultra-clean electricity and heat in a highly efficient and reliable manner. Fuel cells generate power through an electrochemical reaction that does not require combustion. Due to this lack of combustion, fuel cells generate power that is virtually absent of pollutants such as nitrogen oxide (NOx), sulfur dioxide (SOx) and particulate matter. Fuel cells can achieve up to 85 percent efficiency when configured to use the high quality heat generated by the power plant in a combined heat & power (CHP) mode. High efficiency reduces fuel costs and carbon emissions and producing both electricity and heat from the same unit of fuel drives economics while simultaneously promoting sustainability.
DFC plants provide continuous baseload power and can be sited where the power is used, including both on-site applications and electric grid support. The combination of near-zero pollutants, modest land-use needs, and quiet operating nature of DFC plants facilitates their siting in urban locations.
About BAM Deutschland, AG
BAM Deutschland AG -- a combination of Mueller-Altvatter Bauunternehmung and Wayss&Freytag Schluesselfertigbau, is a leading construction company in Germany and a subsidiary of the Dutch Royal BAM Group. With annual revenue exceeding Euro 8 billion, BAM is one of the largest construction companies in Europe. Core competencies include:
Planning, equipment, renovation, remodeling and construction of turnkey large-scale projects in Germany. Additional information is available at www.bam-deutschland.de
About Fraunhofer IKTS
Founded in 1949, Fraunhofer is Europe's largest application-oriented research organization with an annual research budget of EURO1.8 billion (approximately $2.3 billion) and more than 18,000 staff, primarily scientists and engineers. Fraunhofer has research centers and representative offices in Europe, USA, Asia and the Middle East, and more than 80 research units, including 60 Fraunhofer Institutes, at different locations in Germany. The Fraunhofer IKTS with its staff of 400 highly educated engineers, scientists and technicians is a world leading institute in the field of advanced ceramics for high tech applications. The primary markets for IKTS include energy and environmental technology with a focus on fuel cell development and commercialization.
The Fraunhofer IKTS logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11748
About FuelCell Energy Solutions, GmbH
FuelCell Energy Solutions develops, manufactures, sells, installs, services and operate stationary fuel cell power plants that efficiently and economically generate electricity and usable high quality heat. Administrative offices are located in Dresden, Germany and manufacturing operations are located in Ottobrunn, Germany. Continuous power generated at the point of use with the virtual absence of pollutants supports energy security and power reliability as well as sustainability initiatives. Ultra-Clean baseload distributed generation is attractive to electric utilities, universities, hospitals, government facilities, industrial operations and other locations with significant power needs. Direct FuelCell(R) (DFC(R)) power plants are fuel flexible, capable of operating on clean natural gas or renewable biogas. For more information please visit our website at www.fces.de
The FuelCell Energy Solutions logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13430
About FuelCell Energy, Inc.
Direct FuelCell(R) 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 www.fuelcellenergy.com
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 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.
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