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FuelCell Energy Applauds the Signing of House Bill 6524 in Connecticut

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DANBURY, Conn., July 14, 2021 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) — a global leader in fuel cell technology with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy — applauds Governor Ned Lamont on the signing of Connecticut House Bill 6524, An Act Concerning the Solicitation of New Fuel Cell Electricity Generation Projects. The bill requires the Connecticut utilities to solicit proposals to acquire new fuel cell electricity generation projects that begin on or after July 1, 2021. Projects submitted under this mandate will be approved by January 1, 2022. The evaluation used in the proposal selection process will be based on both enhancing distribution energy system reliability and security, as well as support of microgrids to ensure critical resources continue to operate during power disruptions. House Bill 6524 provides preference for projects that are sited on brownfields as Connecticut demonstrates its commitment to energy equity and for fuel cells that are manufactured in Connecticut. The energy transition, and the forecasted importance of distributed hydrogen, positions Connecticut to continue as a global leader in clean technology essential in achieving global sustainability objectives through fuel cell deployment.

“We believe this bi-partisan bill is a smart investment for Connecticut’s electrical grid, environment, and economy, providing Connecticut the opportunity to play a leading role in the energy transition,” said Jason Few, President and Chief Executive Officer, FuelCell Energy, Inc. “Again, we thank Governor Lamont and the Connecticut House of Representatives for this important energy transition legislation.”

The total amount of fuel cell generated capacity to be procured under this bill is 30 megawatts, which are to be apportioned to the two in-state local electrical distribution companies based on their respective distribution load.

About FuelCell Energy

FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in sustainable clean energy technologies that address some of the world’s most critical challenges around energy, safety and global urbanization. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for businesses, utilities, governments and municipalities. Our solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe. We target large-scale power users with our megawatt-class installations globally, and currently offer sub-megawatt solutions for smaller power consumers in Europe. To provide a frame of reference, one megawatt is adequate to continually power approximately 1,000 average sized U.S. homes. We develop turn-key distributed power generation solutions and operate and provide comprehensive service for the life of the power plant. Our fuel cell solution is a clean, efficient alternative to traditional combustion-based power generation, and is complementary to an energy mix consisting of intermittent sources of energy, such as solar and wind turbines. Our customer base includes utility companies, municipalities, universities, hospitals, government entities/military bases and a variety of industrial and commercial enterprises. Our leading geographic markets are currently the United States and South Korea, and we are pursuing opportunities in other countries around the world. FuelCell Energy, based in Connecticut, was founded in 1969.

SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Treatment, SureSource Capital, FuelCell Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.

Contact:

FuelCell Energy, Inc.
ir@fce.com
203.205.2491
Source: FuelCell Energy