FuelCell Energy Announces $160 Million Contract to Support Hartford Area Grid
FuelCell Energy (FCEL) has secured a contract to construct a 7.4 MW fuel cell power plant in Hartford, Connecticut. The project will provide Class 1 renewable baseload power to the local grid under a 20-year power purchase agreement with Eversource and United Illuminating, expected to generate over $160 million in future revenue for the company's generation backlog.
The Hartford project aims to strengthen the public electricity grid in a important commercial and industrial area. The company emphasizes that fuel cells are particularly suitable for urban environments, offering space-efficient, quiet, and emission-free distributed energy. The project will utilize low-emission natural gas without combustion, effectively eliminating SOx, NOx, and particulate matter emissions.
The announcement highlights FuelCell Energy's existing projects, including a 15 MW plant in Bridgeport (since 2012), a 14 MW plant in Derby (since 2023), and a 58.8 MW facility in South Korea's Hwaseong Baran Industrial Complex.
FuelCell Energy (FCEL) ha ottenuto un contratto per costruire una a Hartford, Connecticut. Il progetto fornirà energia rinnovabile di base di Classe 1 alla rete locale ai sensi di un accordo di acquisto di energia di 20 anni con Eversource e United Illuminating, previsto generare oltre $160 milioni di entrate future per il backlog di generazione dell'azienda.
Il progetto di Hartford mira a rafforzare la rete elettrica pubblica in un'importante area commerciale e industriale. L'azienda sottolinea che le celle a combustibile sono particolarmente adatte per gli ambienti urbani, offrendo energia distribuita efficiente in termini di spazio, silenziosa e priva di emissioni. Il progetto utilizzerà gas naturale a basse emissioni senza combustione, eliminando efficacemente le emissioni di SOx, NOx e particolato.
L'annuncio evidenzia i progetti esistenti di FuelCell Energy, tra cui una pianta da 15 MW a Bridgeport (dal 2012), una pianta da 14 MW a Derby (dal 2023) e un impianto da 58,8 MW nel complesso industriale Hwaseong Baran della Corea del Sud.
FuelCell Energy (FCEL) ha conseguido un contrato para construir una planta de energía de celdas de combustible de 7.4 MW en Hartford, Connecticut. El proyecto proporcionará energía renovable de base de Clase 1 a la red local bajo un acuerdo de compra de energía de 20 años con Eversource y United Illuminating, que se espera genere más de $160 millones en ingresos futuros para la cartera de generación de la empresa.
El proyecto de Hartford tiene como objetivo fortalecer la red eléctrica pública en una área comercial e industrial importante. La empresa enfatiza que las celdas de combustible son especialmente adecuadas para los entornos urbanos, ofreciendo energía distribuida que ocupa poco espacio, silenciosa y libre de emisiones. El proyecto utilizará gas natural de bajas emisiones sin combustión, eliminando efectivamente las emisiones de SOx, NOx y material particulado.
El anuncio destaca los proyectos existentes de FuelCell Energy, incluida una planta de 15 MW en Bridgeport (desde 2012), una planta de 14 MW en Derby (desde 2023) y una instalación de 58.8 MW en el Complejo Industrial Hwaseong Baran de Corea del Sur.
퓨얼셀 에너지 (FCEL)는 코네티컷 하트포드에 7.4 MW 연료 전지 발전소를 건설하기 위한 계약을 체결했습니다. 이 프로젝트는 Eversource 및 United Illuminating와의 20년 전력 구매 계약에 따라 지역 그리드에 클래스 1 재생 가능한 기초 전력을 제공하고, 회사의 발전 백로그에 대해 1억 6천만 달러 이상의 미래 수익을 발생할 것으로 예상됩니다.
하트포드 프로젝트는 중요한 상업 및 산업 지역의 공공 전력 그리드를 강화하는 것을 목표로 하고 있습니다. 회사는 연료 전지가 도시 환경에 특히 적합하다고 강조하며, 공간 효율적이고 조용하며 배기가스 없는 분산 에너지를 제공합니다. 이 프로젝트는 연소 없이 저배출 천연 가스를 사용하여 SOx, NOx 및 미세먼지 배출을 효과적으로 제거할 것입니다.
이 발표는 퓨얼셀 에너지의 기존 프로젝트, 즉 브리지포트에 있는 15MW 발전소(2012년부터), 더비에 있는 14MW 발전소(2023년부터)와 한국 화성 바라나 산업 단지에 있는 58.8MW 시설을 강조합니다.
FuelCell Energy (FCEL) a obtenu un contrat pour construire une centrale à hydrogène de 7,4 MW à Hartford, Connecticut. Le projet fournira une énergie renouvelable de base de Classe 1 au réseau local dans le cadre d'un accord d'achat d'électricité de 20 ans avec Eversource et United Illuminating, avec une prévision de plus de 160 millions de dollars de revenus futurs pour le carnet de commandes de l'entreprise.
Le projet de Hartford vise à renforcer le réseau électrique public dans une zone commerciale et industrielle importante. L'entreprise souligne que les piles à hydrogène sont particulièrement adaptées aux environnements urbains, offrant une énergie distribuée efficace en termes d'espace, silencieuse et sans émission. Le projet utilisera du gaz naturel à faibles émissions sans combustion, éliminant ainsi efficacement les émissions de SOx, NOx et de particules.
Cette annonce met en lumière les projets existants de FuelCell Energy, notamment une centrale de 15 MW à Bridgeport (depuis 2012), une centrale de 14 MW à Derby (depuis 2023) et une installation de 58,8 MW dans le complexe industriel Hwaseong Baran en Corée du Sud.
FuelCell Energy (FCEL) hat einen Vertrag zur Errichtung eines 7,4 MW Brennstoffzellen-Kraftwerks in Hartford, Connecticut, gesichert. Das Projekt wird unter einem 20-jährigen Stromabnahmevertrag mit Eversource und United Illuminating Klasse-1-erneuerbare Grundlastenergie für das lokale Netz bereitstellen und voraussichtlich über 160 Millionen Dollar zukünftigen Umsatz für das Erzeugungsportfolio des Unternehmens generieren.
Das Projekt in Hartford zielt darauf ab, das öffentliche Stromnetz in einem wichtigen Handels- und Industriegebiet zu stärken. Das Unternehmen betont, dass Brennstoffzellen besonders gut für städtische Umgebungen geeignet sind, da sie platzsparende, leise und emissionsfreie dezentrale Energie bieten. Das Projekt wird niederemissionshaltiges Erdgas ohne Verbrennung verwenden, wodurch SOx-, NOx- und Staubemissionen effektiv eliminiert werden.
Die Bekanntgabe hebt die bestehenden Projekte von FuelCell Energy hervor, darunter ein 15-MW-Werk in Bridgeport (seit 2012), ein 14-MW-Werk in Derby (seit 2023) und eine 58,8-MW-Anlage im Hwaseong Baran Industrial Complex in Südkorea.
- Secured new 20-year power purchase agreement worth $160 million
- Project adds significant long-term revenue to generation backlog
- Expands presence in Connecticut market with 7.4 MW power plant
- Project completion subject to customary development conditions and grid interconnection approval
Insights
The newly announced
1. Revenue Security: The 20-year power purchase agreement with Eversource and United Illuminating provides guaranteed long-term revenue streams, significantly strengthening FCELs financial outlook and generation backlog. This type of contract structure typically allows for predictable cash flows and improved investor confidence.
2. Strategic Location Value: Hartford's selection for this project is particularly noteworthy given its growing data center presence and industrial base. The location positions FCEL to capitalize on the increasing power demands of AI and cloud computing infrastructure, which typically require 99.999% uptime reliability.
3. Competitive Advantages: The company's track record with larger installations, including the 15 MW Bridgeport plant and 58.8 MW South Korean facility, demonstrates proven scalability. The Hartford project's urban-friendly characteristics - quiet operation, minimal emissions and space efficiency - provide distinct advantages over traditional power generation methods in densely populated areas.
Looking at broader implications, this project signals FCELs enhanced competitive position in the evolving energy infrastructure landscape. The timing aligns with federal infrastructure initiatives and growing focus on grid resilience, particularly for AI-driven applications. For investors, this contract represents a significant catalyst, potentially improving FCELs market perception and demonstrating its ability to secure major projects despite its relatively small market cap.
From a technical perspective, this 7.4 MW fuel cell installation represents a sophisticated approach to urban grid reinforcement. Three critical technical advantages stand out:
1. Grid Stability Enhancement: Unlike intermittent renewable sources, fuel cells provide continuous baseload power, important for maintaining grid frequency and voltage stability. This is particularly valuable in Hartford's commercial district, where power quality requirements are stringent.
2. AI-Ready Infrastructure: The system's ability to provide consistent, high-quality power aligns perfectly with the demanding requirements of AI and data center operations, which require ultra-reliable power with minimal fluctuations. The technology's rapid response capabilities make it ideal for supporting the dynamic loads associated with modern computing infrastructure.
3. Environmental Performance: The non-combustion process eliminates SOx and NOx emissions while providing higher efficiency than traditional power plants. This characteristic is particularly valuable in urban areas where air quality regulations are strict and environmental impact is closely monitored.
The project's integration with existing grid infrastructure demonstrates FCEL's ability to deploy complex power solutions in demanding urban environments. This installation could serve as a template for future AI-oriented power infrastructure projects, particularly as data center demand continues to grow nationwide.
DANBURY, Conn., Jan. 22, 2025 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL), a Connecticut-based global leader in delivering clean, innovative fuel cell solutions for the supply, recovery, and storage of energy, announced that it will build a 7.4 MW fuel cell power plant in Hartford, Conn. The project will deliver Class 1 renewable baseload power to the local grid in support of the state’s Renewable Portfolio Standard.
The power produced by the fuel cell plant will be sold to the local distribution utilities, Eversource and United Illuminating, under a 20-year power purchase agreement (“PPA”). As a PPA, the project is expected to add more than
Connecticut has been a leader in evolving U.S. energy policy and deployment of clean distributed power generation while modernizing the grid. Once complete, the Hartford project will improve the strength of the public electricity grid in an important load area that serves significant commercial and industrial sections of the region.
FuelCell Energy President & CEO Jason Few commented, “Fuel cells are ideal for urban settings because they deliver space-efficient, quiet, and emission-free distributed resilient and reliable energy.”
He added, “Society is increasingly reliant on always-available electric power to meet data center, streaming, and cloud computing demand, as well as the proliferation of electric-hungry devices from cell phones to cars and trucks. We appreciate the state's goal of increasing ‘always on’ electric supply--especially from sources that use low-emission natural gas and avoid combusting the fuel, virtually eliminating SOx, NOx, and other particulate matter from emissions for better air quality.
Few concluded, “FuelCell Energy is proud to support Connecticut’s grid and demonstrate our distributed technology’s ability to deliver faster time to power. We are well positioned to participate in the renaissance of infrastructure investments occurring in the U.S. at a time when the federal government is clearly signaling a focus on how AI will impact our electrical grid.”
FuelCell Energy designs, builds and maintains the world’s largest fuel cell plants used around the world. In Connecticut, the systems are supporting the grid, a microgrid at the US Subbase New London, and various distributed power solutions.
Large project examples include:
- Bridgeport, Conn.: 15 MWs power plant in operation since 2012 supplying Connecticut Light and Power Company.
- Derby, Conn.: 14 MWs power plant in operation since 2023 supplying Eversource and United Illuminating.
- South Korea: The Hwaseong Baran Industrial Complex fuel cell power plant, in operation since 2013, has the capacity to produce 58.8 megawatts of electricity from 42 fuel cell modules that can provide power to about 135,000 homes and generate about 250 billion kilocalories of hot water for heating approximately 20,000 homes annually.
The Hartford project will be another example of FuelCell Energy’s distributed technology and its capability to meet the emerging time-to-power opportunity for microgrids demand in support of large-scale data center growth. The Hartford project is subject to certain customary project development conditions including grid interconnection.
About FuelCell Energy
FuelCell Energy, a pioneer in clean energy, provides efficient and sustainable power, carbon capture, and hydrogen solutions worldwide. The company’s fuel cells have been in commercial operation for more than 20 years and are able to run on various fuels including natural gas, hydrogen, and biofuel. Currently being demonstrated at Idaho National Laboratory, the company’s solid oxide electrolysis technology holds the promise of aiding industries in reducing carbon footprints with efficient hydrogen production.
Founded in 1969 in Danbury, Conn., the company continues to maintain its headquarters there and has a manufacturing facility in Torrington, Conn., as well. The company’s heritage and in-state manufacturing led it to proudly adopt the new “Make It Here” state branding and messaging unveiled in 2023.
FuelCell Energy holds more than 450 patents, advancing the global energy transition.
Learn more about our groundbreaking technology at fuelcellenergy.com.
Contacts:
Investors:
ir@fce.com
203.205.2491
Media
kblomquist@fce.com
203.546.5844
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or the Company’s future performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements regarding the Company’s completion of the project described above and resulting increase in generation backlog, its business plans and strategies, the capabilities of the Company’s products, the markets in which the Company expects to operate, and the development of, and demand for, the Company’s products. These forward-looking statements are not guarantees of future performance, and 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, the risk that the Company’s restructuring plan, revised strategic plan, and workforce reduction will not result in the intended benefits or savings; the Company’s ability to reduce operating costs; and the other risks set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024. The forward-looking statements contained herein speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.
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