FuelCell Energy to Help Power UConn’s Innovation Drive Towards 2030 Carbon Neutrality with Solid Oxide Fuel Cells on Storrs Campus
FuelCell Energy and the University of Connecticut (UConn) have announced a partnership to install solid oxide fuel cells at UConn's Innovation Partnership Building (IPB) on the Storrs Campus. Four 250-kilowatt units will generate a combined one megawatt of electricity and thermal energy, supporting IPB's current and future demands, allowing it to operate independently from the local grid.
This initiative is part of UConn's goal to achieve carbon neutrality by 2030 and will offer educational opportunities for students, such as lectures, tours, and internships. The project will be completed in two phases, with data collected from the fuel cells used for academic analysis. Unused power will be exported to the Eversource grid under net metering tariffs. The fuel cells will also operate in combined heat and power (CHP) mode, integrating thermal energy recovery into the IPB's thermal system.
- UConn will use FuelCell Energy's technology to achieve carbon neutrality by 2030.
- Four 250-kilowatt fuel cells will generate one megawatt of power and thermal energy for UConn's IPB.
- Fuel cells will allow IPB to operate independently from the local grid.
- Collaboration will provide educational opportunities, including lectures, tours, and internships for students.
- Unused power will be exported to the Eversource grid under net metering tariffs.
- Integration of thermal energy recovery into the IPB's thermal system.
- None.
Insights
The deployment of FuelCell Energy's solid oxide fuel cell technology at the University of Connecticut's Innovation Partnership Building represents a significant development for both the company and the university. From a financial standpoint, this partnership serves as a strategic win for FuelCell Energy, reinforcing its market credibility and expanding its footprint in sustainable energy solutions.
Revenue Impact: The power purchase agreement (PPA) between FuelCell Energy and UConn is likely to provide a steady stream of revenue for the company. Although the exact financial terms of the PPA are not disclosed, such agreements generally include fixed payments that can provide financial stability and predictability. This could be particularly beneficial for FuelCell Energy's revenue consistency, helping to offset the volatility often seen in energy markets.
Market Position: This collaboration further enhances FuelCell Energy’s position in the clean energy sector. By aligning with a respected institution like UConn, FuelCell Energy can showcase its technology's real-world applications and reliability. This partnership may also attract other academic institutions or organizations seeking sustainable energy solutions, thereby expanding FuelCell Energy's potential client base.
For retail investors, this partnership indicates positive movement for FuelCell Energy in terms of credibility and revenue generation. However, it's important to monitor the execution of this project and its actual impact on the company's financial health over time.
From an environmental perspective, UConn's adoption of FuelCell Energy’s solid oxide fuel cells is a remarkable step towards achieving carbon neutrality by 2030. Solid oxide fuel cells (SOFCs) are known for their high efficiency and ability to utilize various fuels, including biogas and hydrogen, which are more sustainable compared to traditional fossil fuels.
Efficiency and Emissions: SOFCs operate at higher efficiency rates than many other fuel cell types, often exceeding 60% electrical efficiency. When configured in combined heat and power (CHP) mode, which UConn plans to do, the total energy efficiency can approach 85%. This high efficiency results in lower carbon emissions per unit of energy produced, significantly contributing to UConn’s carbon reduction goals.
Sustainable Innovation: Integrating SOFCs into UConn's existing thermal systems to recover waste heat exemplifies a practical approach to sustainability. This not only maximizes energy use but also minimizes waste, which is vital for reducing the overall environmental impact.
For retail investors, this project highlights the tangible environmental benefits of FuelCell Energy’s technology. It underscores the company's role in advancing sustainable energy innovations, which is increasingly important in today's environmentally conscious market.
The collaboration between FuelCell Energy and UConn extends beyond mere energy provision; it encompasses academic enrichment and research opportunities, which could have long-term benefits for both entities. UConn’s commitment to integrating fuel cell data into academic analysis and providing hands-on learning experiences for students is a noteworthy aspect of this partnership.
Educational Value: Students in engineering and related fields will have the chance to engage directly with cutting-edge fuel cell technology, gaining practical experience that can enhance their education and future career prospects. The educational lectures, facility tours and internships will provide invaluable exposure to real-world sustainable energy applications.
Research Implications: The data collected from the fuel cells will feed into academic research, potentially leading to new insights and advancements in fuel cell technology and sustainability practices. This integration of industry and academia may foster innovation and drive further technological development.
Retail investors should view this aspect of the partnership as a long-term investment in human capital and innovation. The collaborative research and educational initiatives could lead to breakthroughs that benefit both FuelCell Energy and the broader sustainable energy field.
STORRS, Conn. and DANBURY, Conn., June 25, 2024 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) and the University of Connecticut (UConn) have announced that UConn will use FuelCell Energy’s solid oxide fuel cell technology for its Innovation Partnership Building (IPB) at the UConn Tech Park on its Storrs Campus.
Four of FuelCell Energy’s 250-kilowatt solid oxide fuel cells, with a combined one megawatt of electricity generation capability, will provide power and thermal energy to support current and planned future demand of the IPB—allowing it to operate independently from the local utility grid. FuelCell Energy and UConn will work together as part of a power purchase agreement and will also collaborate on educational opportunities for students that include educational lectures, facility tours, and internship opportunities for engineering students.
UConn’s Sustainable Energy Leadership
UConn is known for both the study and adoption of sustainable energy technologies while supporting the sustainable energy innovation happening in its home state of Connecticut, such as at Connecticut-based FuelCell Energy. This leading public research university has committed to transforming its Storrs flagship campus to carbon neutral by 2030, and the FuelCell Energy platforms are part of these broader sustainable energy efforts.
UConn President Radenka Maric, a recognized global authority on sustainable energy, commented, “This valuable partnership will help UConn to accomplish two critical goals: utilizing clean and sustainable energy sources to power our campuses as we work toward our carbon neutrality goals while at the same time providing research and learning opportunities for members of our campus community.” She added, “Ensuring that UConn is as sustainable as possible and supporting research and innovation in the clean energy field is one of the great challenges of our lifetimes.”
UConn will oversee the technical and programmatic work of eight regional groups called Technical Assistance Partnerships in different parts of the U.S. with its campus serving as the main Technical Analysis and Support Center in the Department of Energy decarbonization project.
FuelCell Energy’s President and CEO Jason Few said, “We are thrilled that our home state university shares our passion and purpose to develop and drive sustainable energy solutions and has been recognized for its leadership in sustainable energy study and adoption. It is an honor to work with President Maric, her administration, research teams, and operations to support UConn’s Innovation Partnership Building and 2030 carbon neutral goal.”
Overview of FuelCell Energy Project at UConn
The FuelCell Energy project at the IPB will be completed in two phases, with two of the 250 kilowatt SOFC units being installed during each phase. Data collected from the fuel cells will be used by students and faculty for academic analysis. After the completion of phase two, the system will be integrated into a building microgrid, and any unused power will be exported to the Eversource grid under the fuel cell net metering tariffs.
Additionally, each unit will be configured to operate in a combined heat and power (“CHP”) mode. This will allow UConn to integrate the thermal energy recovery into the operating thermal system that already exists within the IPB.
“Innovation requires energy, and our leaders have worked hard to establish an environment where our power needs are met without negatively impacting our carbon footprint,” said Pamir Alpay, UConn’s Vice President for Research, Innovation, and Entrepreneurship. “These fuel cell units will sufficiently power the entire Tech Park, UConn’s nexus for research progress. In the process, we move closer to our goal of carbon neutrality without compromising the needs of our partners and centers that call the Tech Park home.”
About Solid Oxide Fuel Cells
FuelCell Energy’s SOFC system generates 250 kilowatts of reliable, efficient, and low-carbon power per fuel cell and can run on
About FuelCell Energy
FuelCell Energy, Inc. is a global leader in sustainable energy technologies that address some of the world’s most critical challenges around energy, safety, and global urbanization. It collectively holds 531 fuel cell technology patents in the United States and globally. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers including businesses, utilities, governments, and municipalities with sustainable products and solutions. The company’s solutions are designed to enable a world empowered by sustainable energy, enhancing the quality of life for people around the globe. Learn more at fuelcellenergy.com
About University of Connecticut
The University of Connecticut is a national leader among public research universities, with more than 32,000 students seeking answers to critical questions in classrooms, labs, and the community. A culture of innovation drives this pursuit of knowledge throughout the University’s network of campuses. Connecticut’s commitment to higher education helps UConn attract students who thrive in the most competitive environments, as well as globally renowned faculty members. Our school pride is fueled by a history of success that has made us a standout in Division I athletics. UConn fosters a diverse and vibrant culture that meets the needs and seizes the opportunities of a dynamic global society.
Press Contact
FuelCell Energy
Kathleen Blomquist
kblomquist@fce.com
Investor Relations Contact
FuelCell Energy
Tom Gelston
tgelston@fce.com
FAQ
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