- $3.0 million funding award to advance the development and commercialization of FuelCell Energy’s Reversible Solid Oxide Fuel Cell Systems
DANBURY, Conn.— FuelCell Energy, Inc. (Nasdaq: FCEL) — a global leader in fuel cell technology – with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy – announces that the Company’s reversible solid oxide project has been selected by the U.S. Department of Energy (DOE) to receive funding support in the amount of $3.0 million. The project focuses on developing performance improvements to advance the commercialization of FuelCell Energy’s reversible solid oxide fuel cell systems. A reversible solid oxide fuel cell (RSOFC) system is a hybrid operation system that performs water electrolysis for the production of hydrogen, stores the hydrogen, and then produces power by using the produced hydrogen.
“This project significantly aids the development of our solid oxide platform as we work to develop our commercial electrolysis and long-duration storage platform,” said Jason Few, Chief Executive Officer, FuelCell Energy, Inc. “There is a growing realization of the need for clean, cost-effective, long-duration energy storage, which is becoming increasingly urgent as more intermittent sources are being added to the electric grid. Building on our expertise in solid oxide fuel cell technology, we are developing innovative long-term storage solutions that address this potential market through the production of hydrogen via electrolysis.”
Mr. Few continued, “Based on reversible solid oxide fuel cell technology, our solution converts intermittent and excess power during periods of low power demand into hydrogen, stores our hydrogen on-site for long periods of time, and then uses this as a fuel source to generate clean power when needed during times of high power demand. This megawatt scalable solution provides long-duration storage, and compares very favorably against other technologies. This program will help us prepare to increase the scale of the technology and demonstrate our efficient hydrogen-based storage.”
The focus of the program is to make improvements to the fundamental repeating components in the RSOFC stack and deliver stack design improvements, particularly in the area of thermal management, while advancing the fuel cell power management technology. This adds to our current funding for existing technology programs for power generation, electrolysis, and storage. These technology programs are expected to accelerate the progress toward commercializing our solid oxide platform in these applications.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL) is a global leader in developing environmentally responsible distributed baseload power solutions through our proprietary, molten-carbonate fuel cell technology. We develop turn-key distributed power generation solutions and operate and provide comprehensive service 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, applications, markets and geographies. Our mission and purpose remains to utilize our proprietary, state-of-the-art fuel cell platforms to reduce the global environmental footprint of baseload power generation by providing environmentally responsible solutions for reliable electrical power, hot water, steam, chilling, distributed hydrogen, microgrid applications, electrolysis, long-duration hydrogen-based energy storage 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.
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