FuelCell Energy Joins Partner POSCO Energy for Dedication of Another Multi-Megawatt Fuel Cell Park in South Korea

• Dedication event for 20 megawatt Noeul Green fuel cell park in Seoul, South Korea
• Utility-owned project configured for combined heat and power developed in under one year

DANBURY, Conn., March 20, 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, announces the dedication of the 20 megawatt Noeul Green Energy Co. fuel cell park in Seoul, South Korea.  Constructed by South Korean partner POSCO Energy, the fuel cell park supplies ultra-clean power to the electric grid and high quality heat to a district heating system.  FuelCell Energy executive management, including President and Chief Executive Officer Chip Bottone joined POSCO Energy executives, Government officials and customers to celebrate the operation of this fuel cell park, which was constructed in just 10 months.

FuelCell Energy executive management, POSCO Energy executives, Government officials and dignitaries gathered for a dedication event for the Noeul Green Energy fuel cell park in Seoul, South Korea. A 20 megawatt fuel cell park operates in Seoul, South Korea, generating ultra-clean power for the electric grid and high quality heat for a district heating system.

Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/eb637c79-3513-4636-a61f-377510571699
http://www.globenewswire.com/NewsRoom/AttachmentNg/41d63443-ccbc-4cf6-86cd-b8cb359ccbb7

“This project exemplifies the benefits of fuel cell installations by locating the project in the middle of Seoul City, which enhances grid resiliency as well as supporting environmental initiatives,” said Chip Bottone, President and Chief Executive Officer, FuelCell Energy. “This fuel cell park occupies less than two acres of land and benefits Seoul by generating enough power for approximately 43,000 Korean households and heat for approximately 9,000 households. That is a significant supply of energy produced from a very compact footprint, and its generating power in an environmentally-friendly manner benefiting South Korea’s air quality.”

The project majority shareholder is Korea Hydro & Nuclear Power  (KHNP), a repeat customer of the POSCO Energy fuel cell division and the largest utility in South Korea.  The ultra-clean power produced by the fuel cells is sold to KPX (Korea Power Exchange).  The high-quality heat generated by the fuel cell park is sold to Korea District Heating Co., the largest heat supplier in South Korea. 

This fuel cell park is one of the many utility-scale fuel cell parks operating in South Korea, including the world’s largest, which generates 59 megawatts of ultra clean power for the electric grid and high-grade heat for a district heating system.  The 59 megawatt project was completed in only 14 months.

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.  With high availability and capacity factors, SureSource power plants make meaningful contributions to Renewable Portfolio Standard targets. 

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]