DGAP-News: FuelCell Energy Announces Completion of Asset Acquisition and German Joint Venture With Fraunhofer IKTS
(firmenpresse) - FuelCell Energy, Inc.
26.06.2012 09:00
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DANBURY, Conn., 2012-06-26 09:00 CEST (GLOBE NEWSWIRE) --
FuelCell Energy, Inc. (Nasdaq:FCEL) a leading manufacturer of ultra-clean,
efficient and reliable power plants, today announced the completion of the
previously announced asset acquisition of select fuel cell assets by its German
subsidiary, FuelCell Energy Solutions, GmbH, including fuel cell component
inventory and fuel cell manufacturing equipment. Additionally, the previously
announced joint venture with Fraunhofer IKTS has been completed, with
Fraunhofer contributing intellectual property and capital to FuelCell Energy
Solutions, GmbH in return for 25 percent ownership.
'We have integrated research and development assets as well as the fuel cell
patent portfolio that we received and will be applying our research expertise
to further enhance the fuel cell technology as well as working to reduce
product costs,' said Prof. Dr. Alexander Michaelis, director, Fraunhofer IKTS.
'We are also preparing and submitting grant proposals with FuelCell Energy
Solutions to government agencies to promote the adoption of ultra-clean
stationary fuel cell power generation. With this joint effort we can make a
significant contribution to the aspired 'Energiewende' (new energy age) in
Europe.'
'We have the right partner in Fraunhofer to help us develop and grow the
European market and our variable cost strategy, including production assets and
inventory acquired at no cost, allows us to create the foundation for growth
with subsequent investment predicated on order volume,' said Chip Bottone,
President and Chief Executive Officer for FuelCell Energy, Inc. 'I remain
encouraged with the outlook for clean baseload distributed generation in Europe
despite the macro-economic challenges the region is facing and I say this based
on recent discussions with prospective customers and government officials.'
The headquarters of FuelCell Energy Solutions, GmbH is based in Dresden,
Germany and manufacturing is located in Ottobrunn, Germany. Local manufacturing
capabilities consist of power plant assembly and stacking of fuel cell
components. FuelCell Energy Solutions is consolidated in the financial
statements of FuelCell Energy, Inc.
Direct FuelCell(r) (DFC(r)) plants provide ultra-clean electricity and usable
high-quality heat in an efficient and reliable manner. Fuel cells generate
power through an electrochemical reaction that does not require combustion. Due
to this lack of combustion, fuel cells emit virtually no pollutants, resulting
in the generation of ultra-clean electricity. Fuel cells can achieve up to 90
percent efficiency when configured to use the high quality heat generated by
the power plant in a combined heat&power (CHP) mode. High efficiency reduces
fuel costs and carbon emissions and producing both electricity and heat from
the same unit of fuel drives economics while simultaneously promoting
sustainability.
DFC plants provide continuous baseload power and can be sited where the power
is used, including both on-site applications and electric grid support. The
combination of near-zero pollutants, modest land-use needs, and quiet operating
nature of DFC plants facilitates their siting in urban locations. Sales
opportunities across the European Unionare being targeted with an initial
emphasis on Germany.
Founded in 1949, Fraunhofer is Europe's largest application-oriented research
organization with an annual research budget of [Eur]1.8 billion (approximately $2.3
billion) and more than 18,000 staff, primarily scientists and engineers.
Fraunhofer has research centers and representative offices in Europe, USA, Asia
and the Middle East, and more than 80 research units, including 60 Fraunhofer
Institutes, at different locations in Germany. The Fraunhofer IKTS with its
staff of 400 highly educated engineers, scientists and technicians is a world
leading institute in the field of advanced ceramics for high tech applications.
The primary markets for IKTS include energy and environmental technology with a
focus on fuel cell development and commercialization.
Website: www.ikts.fraunhofer.de/en
About FuelCell Energy
Direct FuelCell(r) power plants are generating ultra-clean, efficient and
reliable power at more than 50 locations worldwide. With approximately 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 over one billion kilowatt hours of 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
The FuelCell Energy Solutions logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=13430
The Fraunhofer IKTS logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=11748
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(at)fce.com
Fraunhofer Institute for Ceramic
Technologies and Systems,
IKTS Dresden
Katrin Schwarz
Press and Public Relations
+49 351 2553-7720
katrin.schwarz(at)ikts.fraunhofer.de
News Source: NASDAQ OMX
26.06.2012 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,
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Media archive at www.dgap-medientreff.deand www.dgap.de
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Language: English
Company: FuelCell Energy, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US35952H1068
WKN:
End of Announcement DGAP News-Service
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