FuelCell Energy (FCEL) Enters $3M Contract with U.S. DOE for Solid Oxide Fuel Cell Technology Commercialization

October 20, 2016 8:37 AM EDT

News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.

FuelCell Energy, Inc. (Nasdaq: FCEL), announced the execution of a $3.0 million cost-share contract with the U.S. Department of Energy (DOE) which will advance the commercialization of solid oxide fuel cell (SOFC) technology for ultra clean, high efficiency power generation applications. This contract will be added to the Advanced Technology backlog for the fourth quarter of 2016.

Advancing the reliability, robustness, and endurance of low-cost SOFC technology is consistent with the DOE mission of enabling low cost and low carbon transformative power generation technologies. This award further advances the technology toward its near term deployment in sub-megawatt on-site power generation applications.

“We have industry-leading electrical efficiency, as well as fuel flexibility and combined heat and power capabilities for our sub-megawatt solid oxide solution that will be delivered in an affordable manner to meet the needs of the marketplace,” said Chip Bottone, Chief Executive Officer, FuelCell Energy, Inc. “We anticipate announcing our first demonstration site in the coming months as development of the complete solid oxide fuel cell power plant nears finalization.”

Previously, the DOE awarded a contract for FuelCell Energy to install and operate a 400 kilowatt SOFC system located at a host site and connected to the electric grid. Design of the system, consisting of two 200 kilowatt power plants, is nearing completion and a first prototype is under construction. FuelCell Energy and the DOE are evaluating the most appropriate location for the project.

“While the initial demonstration site is expected to operate on natural gas, we have a fuel flexible solution that can also utilize on-site biogas or directed biogas, which is applicable to a broad range of sub-megawatt applications globally,” continued Mr. Bottone.

FuelCell Energy’s SOFC technology generates industry-leading electrical efficiency of approximately 60 percent plus usable heat for combined heat and power applications, resulting in total estimated thermal efficiency between 80 and 85 percent. The technology is fuel flexible, with the ability to utilize coal syngas, clean natural gas, on-site renewable biogas or directed biogas. Fuel cells 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.

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In

Related Categories

Corporate News, Management Comments

Related Entities


Add Your Comment