- Continuing resolution includes reinstatement of the Investment Tax Credits
- Bi-partisan bill supports the economy and American manufacturing
- Reinstated tax credits are a smart investment for America’s economy, environment and energy reliability
DANBURY, Conn. -- FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in delivering clean, innovative and affordable fuel cell solutions for the supply, recovery and storage of energy, applauds the reinstatement of the investment tax credit for fuel cells. Incentives for clean energy and energy efficiency have a tremendous track record of driving clean energy investments. Fuel cells were previously left out of the 2015 tax credit extension for wind and solar. Extending and expanding these incentives for alternative technologies such as fuel cells not only creates jobs, but also aids in encouraging innovation and driving down carbon emissions. The impact of this tax incentive on the energy market accelerates the adoption of American manufactured, clean, efficient and renewable power generation.
“This bi-partisan bill is a smart investment for America’s economy, environment, energy reliability and objectivity in the energy industry,” said Chip Bottone, Chief Executive Officer, FuelCell Energy, Inc. “It levels the playing field for American fuel cell manufacturers, enabling us to continue bringing value to the economy by providing ultra-clean, efficient fuel cell solutions.”
With their compact footprint and high power density, fuel cell power plants are the ideal clean energy resource for siting in locations where resiliency and local power are needed. Fuel cells generate predictable power while avoiding pollutants such as smog-producing NOX, acid-rain inducing SOX and particulates, making their installation in urban areas even more valuable. The reinstated incentives help to support on-site power production, combined heat and power applications, carbon reduction, grid resiliency / micro-grids and utility ownership of fuel cell projects. The reinstatement of the investment Tax Credit is expected to facilitate market expansion and product deployment while enhancing the economic profile of FuelCell Energy’s projects.
"Complementing renewable energy sources, fuel cells are the cleanest, lowest emission power source on the market today enabling sustainability concepts to be put into practice,” continued Mr. Bottone. “Reinstatement of these incentives is good public policy that supports U.S. manufacturing jobs.”
SureSource™ power plants solve energy, environmental and business-related power generation challenges by providing ultra-clean, efficient and reliable distributed power generation. The fuel cells combine a fuel such as renewable biogas, directed biogas or clean natural gas with oxygen from the ambient air to efficiently produce ultra-clean electricity and usable high quality heat via an electrochemical process. Customers benefit with operating cost reductions delivered in a manner that supports sustainability goals and enhances power reliability. With high availability and capacity factors, fuel cell power plants make meaningful contributions to Renewable Portfolio Standard targets.