FuelCell Energy’s 20 Megawatt Fuel Cell Park Exceeded All Performance Expectations at Korea Southern Power Company (KOSPO)
25 Marzo 2020 - 01:00PM
FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in fuel
cell technology focused on utilizing its proprietary,
state-of-the-art fuel cell platforms to enable a world empowered by
clean energy, provided an update on the performance achievements of
the 20 megawatt Korean Southern Power Company (KOSPO) fuel cell
park built in Incheon, South Korea. This installation was
commissioned on June 30, 2018. The fuel cell park, owned by KOSPO,
consists of eight SureSource 3000™ power plant platforms
manufactured by FuelCell Energy that produce electricity and
thermal energy to support a district heating system adjacent to the
existing 1.8 gigawatt Shin-Incheon combined cycle power plant.
FuelCell Energy operates and maintains the plants under a long-term
service agreement and continues to exceed all contracted output
requirements, achieving average availability of 99% and average
capacity factor of 97%. For comparison, the average capacity factor
for other clean power generation technologies are as follows:
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a2c2efcd-366a-41d6-bd56-9e7406b84aa9
“We continue to be very pleased with the
performance of the 20 megawatt fuel cell park,” said Jason Few,
President and Chief Executive Officer, FuelCell Energy, Inc. “We
continue to consistently exceed the power and heat output
requirements of the contract since the commercial operation
date, having produced electrical output in excess of our
contractual requirements by approximately 16%, equal to about two
months of added output. This platform, and its combined heat and
power ('CHP') application, illuminates one of
the differentiating capabilities of our carbonate fuel cell
technology, solving for utility scale clean power and district
heating and cooling needs of the South Korean market. This FuelCell
Energy developed project demonstrates the reliability and value our
platforms deliver around the world.”
Korea Southern Power Company, a wholly owned
subsidiary of Korea Electric Power Company (KEPCO), operates 9.1
gigawatts of gas and coal-fired power plants, supplying electricity
to commercial and residential customers in South Korea. KOSPO also
undertakes power plant development engineering in Asia, the Middle
East and South America.
Fuel cells are extremely capable of addressing
the energy, environmental and economic goals of South Korea. High
population density with limited land requires highly efficient,
quiet, and affordable power that can be located near population
centers where the power is used. FuelCell Energy’s fuel cell
platforms’ virtual lack of criteria pollutants and low carbon
footprint combined with affordable economics, low noise, and
minimal space needs make our solutions well suited for adoption by
South Korean utilities and independent power producers. With high
availability and capacity factors, the SureSource platforms make
meaningful contributions to Renewable Portfolio Standard
targets.
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 the Company’s
anticipated financial results and statements regarding the
Company’s plans and expectations regarding the continuing
development, commercialization and financing of its fuel cell
technology and its business plans and strategies. 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, changes to projected deliveries and order flow,
changes to production rate and product costs, general risks
associated with product development, manufacturing, changes in the
regulatory environment, customer strategies, ability to access
certain markets, unanticipated manufacturing issues that impact
power plant performance, changes in critical accounting policies,
access to and ability to raise capital and attract financing,
potential volatility of energy prices, rapid technological change,
competition, the Company’s ability to successfully implement its
new business strategies and achieve its goals, the Company’s
ability to achieve its sales plans and cost reduction targets, and
the current implications of the novel coronavirus (Covid-19), as
well as other risks set forth in the Company’s filings with the
Securities and Exchange Commission. The forward-looking statements
contained herein speak only as of the date of this press release.
The Company expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any such statement to
reflect any change in the Company’s expectations or any change in
events, conditions or circumstances on which any such statement is
based.
About FuelCell
EnergyFuelCell Energy, Inc. (NASDAQ:
FCEL) is a global leader in developing environmentally responsible
distributed baseload power solutions through our proprietary fuel
cell technology. We develop turn-key distributed power generation
solutions and operate and provide comprehensive services for the
life of the power plant. We are working to expand the proprietary
technologies that we have developed over the past five decades into
new products, markets and geographies. Our mission and purpose
remains to utilize our proprietary, state-of-the-art fuel cell
power plants to reduce the global environmental footprint of
baseload power generation by providing environmentally responsible
solutions for reliable electrical power, hot water, steam,
chilling, hydrogen, microgrid applications, and carbon capture and,
in so doing, drive demand for our products and services, thus
realizing positive stockholder returns. Our fuel cell solution is a
clean, efficient alternative to traditional combustion-based power
generation and is complementary to an energy mix consisting of
intermittent sources of energy, such as solar and wind turbines.
Our systems answer the needs of diverse customers across several
markets, including utility companies, municipalities, universities,
hospitals, government entities and a variety of industrial and
commercial enterprises. We provide solutions for various
applications, including utility-scale distributed generation,
on-site power generation and combined heat and power, with the
differentiating ability to do so utilizing multiple sources of fuel
including natural gas, Renewable Biogas (i.e., landfill gas,
anaerobic digester gas), propane and various blends of such fuels.
Our multi-fuel source capability is significantly enhanced by our
proprietary gas-clean-up skid.
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.
Contact:
FuelCell Energy,
Inc.ir@fce.com203.205.2491
Source: FuelCell Energy
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