The U.S. Energy Department awarded more than $3 million to Connecticut-based FuelCell Energy, Inc. for a project that could increase U.S. competitiveness in the fuel cell market and give businesses more affordable, cleaner power options. This project will enhance the performance, increase the lifespan, and decrease the cost of stationary fuel cells being used for distributed generation and combined heat and power applications. This award follows on FuelCell Energy's raising of $29 million in January of this year through a public stock offering.
With support from the Energy Department, the private sector and the department's national laboratories have significantly reduced costs and improved performance in fuel cell and hydrogen technologies. Building on this progress, the project awarded today will focus on developing an innovative carbonate fuel cell electrolyte matrix, which promises enhanced cell output and the doubling of service life, which will reduce the costs and enhance the market for efficient, clean fuel cell power. In addition, the project will look for more opportunities to reduce costs through greater production by incorporating manufacturing process improvements.
"We are well positioned to execute on our 2014 growth plan which includes closing over 30 megawatts of new orders and bidding on large scale projects in our existing markets," said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. at the time of the stock offering. "The larger projects which we have developed in our pipeline require working capital flexibility to have inventory available for installation with short lead-times as well as capital for meeting obligations related to the construction and operation of the projects. This capital raise combined with the validation gained from the on-time completion of multi-megawatt fuel cell parks and an enhanced global manufacturing footprint put the Company in a strong position for continued growth."
