FuelCell Energy Awarded Innovative Energy Storage Solution Contract

• FuelCell Energy commercializing long-duration energy storage utilizing a cost effective, reversible solid oxide fuel cell solution for carbon neutral electricity storage and generation supported by a U.S. Department of Energy award
• Solution is designed to enable the integration of intermittent renewable energy sources to provide greater predictability of power generation for the electric grid

DANBURY, Conn., May 30, 2017 --  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 that it was awarded  a $3.0 million contract from the Advanced Research Projects Agency-Energy (ARPA-E) division of the U.S. Department of Energy (DOE) to advance the commercialization of cost-effective and clean long-duration energy storage. The project will further develop FuelCell Energy’s advanced solid oxide cell technology capable of alternating between electrolysis and fuel cell power generation mode (reversible SOFC, or RSOFC) in an energy storage application.  RSOFC systems can produce hydrogen or other carbon-neutral fuels in electrolysis mode and later convert the stored fuel to power in electrolysis mode.  This project was awarded under ARPA-E’s Renewable Energy to Fuels through Utilization of Energy-Dense Liquids (REFUEL) program.  

“FuelCell Energy is commercializing reversible solid oxide systems for energy storage, and this project will further advance the initiative including the evaluation of our reversible fuel cell’s ability to produce and use hydrogen and other fuels,” said Tony Leo, Vice President of Advanced Applications & Technology Development for FuelCell Energy. “The capability of this fuel cell configuration to produce and consume hydrogen or other carbon-neutral fuels for energy storage, and to cleanly and efficiently generate electricity when needed by the electric grid offers exciting possibilities for integration of intermittent renewable power.”

The use of reversible fuel cells to efficiently produce hydrogen or other carbon-neutral fuels offers unique opportunities for efficient energy storage, particularly for the long-duration storage applications that will become important as penetration of intermittent renewable power increases.  Discharge duration can be increased by adding more fuel storage, without the need to increase the number of fuel cells, enhancing the affordability of extended duration energy storage.

“Critical to any storage solution is affordability, which is why the high round trip efficiency of this reversible fuel cell and the utilization of a cost-effective energy storage medium for long durations is so compelling,” continued Mr. Leo

Fuel cells use chemistry to convert a fuel source into electricity and heat in a highly efficient process that emits virtually no pollutants as the fuel is not burned.  The combination of near-zero pollutants, modest land-use needs, and quiet operating nature of these stationary fuel cell power plants facilitates installation in urban locations where the power is used.  Customers benefit with operating cost reductions delivered in a manner that supports sustainability goals and enhances power reliability. 

Cautionary Language 
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 Fuelcell’s expectations regarding the commercialization of cost-effective and clean long-duration energy storage, the development of FuelCell Energy’s  advanced solid oxide cell technology capable of alternating between electrolysis and fuel cell power generation mode in an energy storage application, the affordability of extended duration energy storage and other statements that are not purely statements of historical fact. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of FuelCell and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and FuelCell undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although FuelCell believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements.  For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of FuelCell in general, see the risk disclosures in FuelCell’s filings with the Securities and Exchange Commission.

About FuelCell Energy
FuelCell Energy (NASDAQ:FCEL) delivers efficient, affordable and clean solutions for the supply, recovery and storage of energy.  We design, manufacture, undertake project development, install, operate and maintain megawatt-scale fuel cell systems, serving utilities, 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 with environmentally responsible power solutions.  Visit us online at www.fuelcellenergy.com and follow us on Twitter.

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.

Source: FuelCell Energy

Contact:
FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
[email protected]