FuelCell Energy Announces European Market Developments
FuelCell Energy, Inc.
16.05.2012 09:00
---------------------------------------------------------------------------
-- FuelCell Energy Solutions, GmbH Acquires Select Assets from MTU
Friedrichshafen GmbH
-- European Joint Venture With Fraunhofer IKTS to be Finalized by June 30,
2012
DANBURY, Conn., 2012-05-16 09:00 CEST (GLOBE NEWSWIRE) -- FuelCell Energy, Inc.
(Nasdaq:FCEL) a leading manufacturer of ultra-clean, efficient and reliable
fuel cell power plants, today announced that its German subsidiary, FuelCell
Energy Solutions GmbH, is acquiring select assets from MTU Friedrichshafen
GmbH, a subsidiary of Tognum AG. The select assets include fuel cell component
inventory and fuel cell manufacturing equipment of the former MTU Onsite Energy
GmbH Fuel Cell Systems in Ottobrunn, Germany, which was merged with MTU
Friedrichshafen GmbH. Parties to the agreement include FuelCell Energy, Inc.
(FCE), FuelCell Energy Solutions GmbH (FCES), MTU Friedrichshafen GmbH (MTU),
and Fraunhofer IKTS (Institute for Ceramic Technologies and Systems). Under the
agreement, MTU will contribute fuel cell related intellectual property to
Fraunhofer IKTS. Fraunhofer IKTS will become a minority owner in FuelCell
Energy Solutions by June 30, 2012. FuelCell Energy Solutions, a German company,
will develop the market for stationary fuel cell power plants in Europe for
commercial, industrial, and utility scale applications.
'Leveraging the technology strength of Fraunhofer and the commercial strength
and experience of FuelCell Energy, FuelCell Energy Solutions now has a clear
path for market development and local manufacturing that will drive job
creation in Europe,' said Prof. Dr. Alexander Michaelis, director, Fraunhofer
IKTS. 'We are eager to apply our R&D capabilities to the Direct FuelCell
technology and work with European governments and industry to support the
adoption of stationary fuel cell power plants that help address the power
generation challenges facing certain regions of Europe.'
'This effort is a crucial part of FuelCell Energy's previously announced global
growth strategy, leveraging prior relationships with MTU as well as an
expanding relationship with Fraunhofer IKTS,' said Chip Bottone, President and
Chief Executive Officer for FuelCell Energy, Inc. 'The agreement with MTU
provides assets that will accelerate market development while optimizing
current and future capital needs from FuelCell Energy so future investment will
be predicated on order flow and a growing installed base.'
Mr. Bottone continued, 'This agreement and the ramp-up of FCES will enable cost
effective large scale fuel cell technology to become available today, for
commercial applications throughout Europe. We are building on the strength and
leadership shown by the vision of the German government, and bringing the
experience which comes from over 180 megawatts of commercial installations and
order backlog worldwide.'
The scope of FCES will include the continuation of research to further enhance
carbonate fuel cell technology, combining the strength of FCE's Direct FuelCell
power plants and the carbonate 'EuroCell' technology of MTU, which will be
licensed into FCES by Fraunhofer IKTS. Local manufacturing capacity will be
established at a facility formerly leased by MTU in Ottobrunn, Germany, thus
keeping advanced technology fuel cell power plant manufacturing in Germany.
In addition, FCE will execute its business activities for the larger European
Served Area from the FCES base of operations in Dresden and Ottobrunn,
utilizing locally hired sales, service, engineering, and manufacturing
personnel. It is anticipated that FuelCell Energy Solutions will enter into
service agreements with existing MTU fuel cell customers.
Fraunhofer IKTS will contribute certain assets to the joint venture including
the use of intellectual property as well as their expertise and extensive
research and development capabilities with fuel cells and materials science.
FuelCell Energy Solutions, GmbH is consolidated in the financial statements of
FuelCell Energy, Inc.
MTU and FuelCell Energy have previously maintained various license agreements
relating to fuel cell technology, including a two-way license related to
balance of plant technology, and a license from FCE to MTU related to core fuel
cell technology.
MTU developed and sold stationary fuel cell power plants in Europe utilizing
Direct FuelCell(r) (DFC(r)) carbonate technology and DFC components manufactured by
FuelCell Energy at its plant in Torrington, Connecticut, USA. MTU assembled and
stacked the DFC components and added the mechanical and electrical balance of
plant. The agreements expired at the end of 2009.
DFC power plants cost effectively provide on-site power and support to the
electric grid. The levelized cost of electricity for DFC plants is competitive
with the electric grid in regions with high power costs such as urban centers
in Europe, coastal cities in the USA and certain Asian countries. Increasing
sales volume will continue to result in lower power generation costs for DFC
plants. Examples of grid support applications include two fuel cell parks
operating in Asia that each are in excess of 10 megawatts as well as DFC plants
in the USA owned by utilities and located on the property of the end power
user.
Fuel cells electrochemically convert a fuel source into electricity and heat in
a highly efficient process that emits virtually no pollutants due to the
absence of combustion. DFC power plants are fuel flexible, capable of operating
on natural gas or renewable biogas. Efficiency of up to 90 percent can be
achieved when the DFC plant is configured for combined heat and power (CHP)
applications. High efficiency reduces fuel costs and carbon emissions, and
producing both electricity and heat from the same unit of fuel can reduce the
use of combustion based boilers used for heating, further reducing costs and
pollutants.
About FuelCell Energy
Direct FuelCell(r) power plants are generating ultra-clean, efficient and
reliable power at more than 50 locations worldwide. With over 180 megawatts of
power generation capacity installed or in backlog, FuelCell Energy is a global
leader in providing ultra-clean baseload distributed generation to utilities,
industrial operations, universities, municipal water treatment facilities,
government installations and other customers around the world. The Company's
power plants have generated more than one billion kilowatt hours of ultra-clean
power using a variety of fuels including renewable biogas from wastewater
treatment and food processing, as well as clean natural gas.
For more information please visit our website at www.fuelcellenergy.com
The FuelCell Energy, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3284
This news release contains forward-looking statements, including statements
regarding the Company's plans and expectations regarding the continuing
development, commercialization and financing of its fuel cell technology and
business plans. 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, general risks associated with product development, manufacturing,
changes in the regulatory environment, customer strategies, potential
volatility of energy prices, rapid technological change, competition, and the
Company's ability to achieve its sales plans and cost reduction targets, 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.
Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc. are all
registered trademarks of FuelCell Energy, Inc. DFC-ERG is a registered
trademark jointly owned by Enbridge, Inc. and FuelCell Energy, Inc.
CONTACT: FuelCell Energy, Inc.
Kurt Goddard
Vice President Investor Relations
203-830-7494
ir@fce.com
Fraunhofer Institute for Ceramic
Technologies and Systems,
IKTS Dresden
Katrin Schwarz
Press and Public Relations
+49 351 2553-7720
katrin.schwarz@ikts.fraunhofer.de
News Source: NASDAQ OMX
16.05.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: FuelCell Energy, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US35952H1068
WKN:
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
FuelCell Energy, Inc.
16.05.2012 09:00
---------------------------------------------------------------------------
-- FuelCell Energy Solutions, GmbH Acquires Select Assets from MTU
Friedrichshafen GmbH
-- European Joint Venture With Fraunhofer IKTS to be Finalized by June 30,
2012
DANBURY, Conn., 2012-05-16 09:00 CEST (GLOBE NEWSWIRE) -- FuelCell Energy, Inc.
(Nasdaq:FCEL) a leading manufacturer of ultra-clean, efficient and reliable
fuel cell power plants, today announced that its German subsidiary, FuelCell
Energy Solutions GmbH, is acquiring select assets from MTU Friedrichshafen
GmbH, a subsidiary of Tognum AG. The select assets include fuel cell component
inventory and fuel cell manufacturing equipment of the former MTU Onsite Energy
GmbH Fuel Cell Systems in Ottobrunn, Germany, which was merged with MTU
Friedrichshafen GmbH. Parties to the agreement include FuelCell Energy, Inc.
(FCE), FuelCell Energy Solutions GmbH (FCES), MTU Friedrichshafen GmbH (MTU),
and Fraunhofer IKTS (Institute for Ceramic Technologies and Systems). Under the
agreement, MTU will contribute fuel cell related intellectual property to
Fraunhofer IKTS. Fraunhofer IKTS will become a minority owner in FuelCell
Energy Solutions by June 30, 2012. FuelCell Energy Solutions, a German company,
will develop the market for stationary fuel cell power plants in Europe for
commercial, industrial, and utility scale applications.
'Leveraging the technology strength of Fraunhofer and the commercial strength
and experience of FuelCell Energy, FuelCell Energy Solutions now has a clear
path for market development and local manufacturing that will drive job
creation in Europe,' said Prof. Dr. Alexander Michaelis, director, Fraunhofer
IKTS. 'We are eager to apply our R&D capabilities to the Direct FuelCell
technology and work with European governments and industry to support the
adoption of stationary fuel cell power plants that help address the power
generation challenges facing certain regions of Europe.'
'This effort is a crucial part of FuelCell Energy's previously announced global
growth strategy, leveraging prior relationships with MTU as well as an
expanding relationship with Fraunhofer IKTS,' said Chip Bottone, President and
Chief Executive Officer for FuelCell Energy, Inc. 'The agreement with MTU
provides assets that will accelerate market development while optimizing
current and future capital needs from FuelCell Energy so future investment will
be predicated on order flow and a growing installed base.'
Mr. Bottone continued, 'This agreement and the ramp-up of FCES will enable cost
effective large scale fuel cell technology to become available today, for
commercial applications throughout Europe. We are building on the strength and
leadership shown by the vision of the German government, and bringing the
experience which comes from over 180 megawatts of commercial installations and
order backlog worldwide.'
The scope of FCES will include the continuation of research to further enhance
carbonate fuel cell technology, combining the strength of FCE's Direct FuelCell
power plants and the carbonate 'EuroCell' technology of MTU, which will be
licensed into FCES by Fraunhofer IKTS. Local manufacturing capacity will be
established at a facility formerly leased by MTU in Ottobrunn, Germany, thus
keeping advanced technology fuel cell power plant manufacturing in Germany.
In addition, FCE will execute its business activities for the larger European
Served Area from the FCES base of operations in Dresden and Ottobrunn,
utilizing locally hired sales, service, engineering, and manufacturing
personnel. It is anticipated that FuelCell Energy Solutions will enter into
service agreements with existing MTU fuel cell customers.
Fraunhofer IKTS will contribute certain assets to the joint venture including
the use of intellectual property as well as their expertise and extensive
research and development capabilities with fuel cells and materials science.
FuelCell Energy Solutions, GmbH is consolidated in the financial statements of
FuelCell Energy, Inc.
MTU and FuelCell Energy have previously maintained various license agreements
relating to fuel cell technology, including a two-way license related to
balance of plant technology, and a license from FCE to MTU related to core fuel
cell technology.
MTU developed and sold stationary fuel cell power plants in Europe utilizing
Direct FuelCell(r) (DFC(r)) carbonate technology and DFC components manufactured by
FuelCell Energy at its plant in Torrington, Connecticut, USA. MTU assembled and
stacked the DFC components and added the mechanical and electrical balance of
plant. The agreements expired at the end of 2009.
DFC power plants cost effectively provide on-site power and support to the
electric grid. The levelized cost of electricity for DFC plants is competitive
with the electric grid in regions with high power costs such as urban centers
in Europe, coastal cities in the USA and certain Asian countries. Increasing
sales volume will continue to result in lower power generation costs for DFC
plants. Examples of grid support applications include two fuel cell parks
operating in Asia that each are in excess of 10 megawatts as well as DFC plants
in the USA owned by utilities and located on the property of the end power
user.
Fuel cells electrochemically convert a fuel source into electricity and heat in
a highly efficient process that emits virtually no pollutants due to the
absence of combustion. DFC power plants are fuel flexible, capable of operating
on natural gas or renewable biogas. Efficiency of up to 90 percent can be
achieved when the DFC plant is configured for combined heat and power (CHP)
applications. High efficiency reduces fuel costs and carbon emissions, and
producing both electricity and heat from the same unit of fuel can reduce the
use of combustion based boilers used for heating, further reducing costs and
pollutants.
About FuelCell Energy
Direct FuelCell(r) power plants are generating ultra-clean, efficient and
reliable power at more than 50 locations worldwide. With over 180 megawatts of
power generation capacity installed or in backlog, FuelCell Energy is a global
leader in providing ultra-clean baseload distributed generation to utilities,
industrial operations, universities, municipal water treatment facilities,
government installations and other customers around the world. The Company's
power plants have generated more than one billion kilowatt hours of ultra-clean
power using a variety of fuels including renewable biogas from wastewater
treatment and food processing, as well as clean natural gas.
For more information please visit our website at www.fuelcellenergy.com
The FuelCell Energy, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=3284
This news release contains forward-looking statements, including statements
regarding the Company's plans and expectations regarding the continuing
development, commercialization and financing of its fuel cell technology and
business plans. 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, general risks associated with product development, manufacturing,
changes in the regulatory environment, customer strategies, potential
volatility of energy prices, rapid technological change, competition, and the
Company's ability to achieve its sales plans and cost reduction targets, 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.
Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc. are all
registered trademarks of FuelCell Energy, Inc. DFC-ERG is a registered
trademark jointly owned by Enbridge, Inc. and FuelCell Energy, Inc.
CONTACT: FuelCell Energy, Inc.
Kurt Goddard
Vice President Investor Relations
203-830-7494
ir@fce.com
Fraunhofer Institute for Ceramic
Technologies and Systems,
IKTS Dresden
Katrin Schwarz
Press and Public Relations
+49 351 2553-7720
katrin.schwarz@ikts.fraunhofer.de
News Source: NASDAQ OMX
16.05.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: FuelCell Energy, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US35952H1068
WKN:
End of Announcement DGAP News-Service
---------------------------------------------------------------------------