FuelCell Energy Enters Into Option Agreement For Newport Beach, California Coyote Canyon Landfill Energy Redevelopment Projec...
January 08 2019 - 7:30AM
FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in
delivering clean, innovative and affordable fuel cell solutions for
the supply, recovery and storage of energy, today announced the
signing of an exclusive option agreement with the County of Orange
regarding the utilization of landfill gas at the Coyote Canyon
landfill in Newport Beach, California for a fuel cell
project. The option agreement, won via a competitive
solicitation, provides FuelCell Energy an exclusive right to
develop the landfill gas as a source of renewable biofuel, expected
to culminate in the negotiation and execution of a Landfill Gas
Delivery and Site License Agreement.
FuelCell Energy expects to install operating fuel cell systems
that will produce both renewable electricity and renewable
hydrogen. With targeted output of between 1,200 to 2,400 kilograms
per day of hydrogen, this plant will supply renewable hydrogen to
the largest fuel cell vehicle market, Los Angeles, in late
2020.
“We are pleased to have been selected by Orange County Waste
& Recycling to develop and deliver this 100% renewable source
of hydrogen and electricity,” said Chip Bottone, President and
Chief Executive Officer of FuelCell Energy, Inc. “This site
is an important element of our overall strategy to provide
renewable power and hydrogen to support California’s efforts to
decarbonize its transportation sector. FuelCell Energy has
developed a technology that not only provides utility scale
solutions for reliable distributed power, but a solution to cost
effectively deliver hydrogen to markets that are rapidly adapting
hydrogen powered vehicles. This will be our second project of this
type in southern California, adding to our previously announced
project with Toyota at the Port of Long Beach. The opportunity is
substantial for cost effective distributed hydrogen solutions, and
we are just in the early stages of broad deployment of our
carbonate fuel cell solution.”
Forward Looking Statement This news
release contains forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, including, without limitation, statements with
respect to the Company’s anticipated financial results and
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,
changes to projected deliveries and order flow, changes to
production rate and product costs, general risks associated with
product development, manufacturing, changes in the regulatory
environment, customer strategies, unanticipated manufacturing
issues that impact power plant performance, changes in critical
accounting policies, 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.
About FuelCell EnergyFuelCell Energy, Inc.
(NASDAQ: FCEL) delivers efficient, affordable and clean solutions
for the supply, recovery and storage of energy. We design,
manufacture, undertake project development of, install, operate and
maintain megawatt-scale fuel cell systems, serving utilities and
industrial and large municipal power users with solutions that
include both utility-scale and on-site power generation, carbon
capture, local hydrogen production for transportation and industry,
and long duration energy storage. With SureSource™
installations on three continents and millions of megawatt hours of
ultra-clean power produced, FuelCell Energy is a global leader in
designing, manufacturing, installing, operating and
maintaining environmentally responsible fuel cell power
solutions. Visit us online at www.fuelcellenergy.com and
follow us on Twitter @FuelCell_Energy.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000,
SureSource Recovery, SureSource Capture, SureSource Hydrogen,
SureSource Storage, SureSource Service, SureSource Capital,
FuelCell Energy, and FuelCell Energy logo are all trademarks of
FuelCell Energy, Inc.
Contact:
FuelCell Energy203.205.2491ir@fce.com
Source: FuelCell Energy
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