FuelCell Electrical power Seeks to Have Job Awards Restored

Phone calls Notice to Interference by Regulators and Urges the State’s Leaders to Act to Safeguard the Integrity of the Competitive Bid Process, In-Point out Production, Organization Retention, Task Generation, and Track record

DANBURY, Conn., Dec. 18, 2020 (Globe NEWSWIRE) — FuelCell Vitality, Inc. (NASDAQ: FCEL), a Connecticut-based mostly large tech maker of clean electrical power gas cells, introduced these days that condition regulators have improperly rescinded RFP awards for a few fuel mobile initiatives earlier selected in the Shared Clean Electricity Facility software, placing its point out higher tech manufacturing task progress at risk. The rescinded awards were being presented to solar development jobs earlier requested to be disqualified by the Public Utility Regulatory Authority.

“By any evaluate, this was wholly-improper, and illuminates the actuality that DEEP/PURA’s very own course of action lacks integrity,” said Jason Few, CEO of FuelCell Electrical power. “Either DEEP/PURA have to honor the first awards, or we will have no decision but to reevaluate our in state expansion potential customers and possibly modify our choosing programs. Regrettably, this is not the initial time that DEEP has taken actions harmful to the State’s home grown gasoline mobile business.

The fuel mobile marketplace urges the State’s policy leaders to talk with a person voice and act swiftly to reverse this irregular and unprecedented action that is effective versus its very own coverage aims, and enormously undermines Connecticut’s efforts to expand its financial state at a perilous time in the State’s history.”

Rep. David Arconti (D-Danbury), Dwelling Chair of the Power and Technology Committee, stated, “FuelCell Power is committed to our state. It is essential that our organizations run honest and aggressive auctions that give them the possibility to succeed.”

Senator Norm Needleman (D-Essex), Deputy President Professional Tempore and Senate Chair of the Electricity and Technological know-how Committee, commented, “Although we are not criticizing any person, we are anxious that a bid was seemingly awarded and now withdrawn, and that Connecticut employment could be impacted. We assist our community gas cell manufacturing providers and we want them to have a fair prospect to be awarded procurements by the state.”

Rep. Charlie Ferraro (R-West Haven), Ranking Member of the Energy and Technology Committee, added, “FCE is a Connecticut-based mostly business that exports its thoroughly clean vitality know-how all around the world. It is troubling to me that before this yr they ended up instructed that they were picked to make three assignments beneath a point out-sponsored application only to be told 6 months afterwards that they ended up de-picked. This is not fantastic for any one concerned. Let’s get their jobs back on track.”

Rep. Michelle Prepare dinner (D-Torrington), Deputy Speaker of the Household, “It is tricky to listen to Connecticut’s electrical power regulators are pushing Eversource to re-evaluate clean strength bids that have been awarded to numerous gas mobile corporations, like FuelCell Vitality. Gasoline mobile technological innovation is a worthwhile electricity source that creates electricity with negligible emissions and with out the prerequisite of clearing acres of valuable land. These businesses lead to condition and municipal progress through house and profits taxes and are dedicated to investing in Connecticut’s workforce and electricity infrastructure. Reversing the awards will have detrimental results on these providers, ratepayers, and our point out as it seeks to develop a a lot more resilient electrical power grid.”

Rep. Maria Horn (D-Salisbury) said, “I am bewildered and unhappy by the state’s conclusion to stroll back again their dedication. There are quite a few approaches to technique cleanse vitality and there should be a truthful method that will take all of the concepts and their subsequent fees into thing to consider.”

Mayor Erin Stewart, who serves as mayor of New Britain where 1 of the assignments is proposed to be sited, claimed, “The SCEF Undertaking proposed for New Britain, is great for our City and very good for the State. New Britain has often backed gasoline mobile technological know-how and anticipate it to be a huge component of our City’s Advancement. I hope PURA reevaluates their final decision and restores the first awards so that all get-togethers can have confidence in the State’s procedures. Tiny enterprises inside the Condition are in need to have of this funding now much more than ever.”

Mayor Marcia Leclerc, who serves as mayor of East Hartford, included, “I was dissatisfied to understand that the gasoline mobile task that experienced been prepared for East Hartford has been canceled by what seems to be a very peculiar selection designed by PURA.  This challenge would’ve been fantastic for East Hartford for a host of factors, which include the simple fact that it would’ve place now vacant land to very good use. I urge the Condition to rethink this conclusion.”

About FuelCell Strength

FuelCell Electrical power, Inc. (NASDAQ: FCEL) FuelCell Electrical power is a world chief in sustainable clean electrical power systems that deal with some of the world’s most important issues all over vitality, basic safety and world-wide urbanization. As a top worldwide producer of proprietary gas cell engineering platforms, FuelCell Strength is uniquely positioned to serve shoppers globally with sustainable products and solutions and remedies for corporations, utilities, governments and municipalities. Our answers are built to enable a environment empowered by clean up electricity, boosting the quality of daily life for people all around the globe. We target massive-scale energy people with our megawatt-course installations globally, and at this time provide sub-megawatt answers for scaled-down electrical power buyers in Europe. To present a body of reference, just one megawatt is suitable to frequently power close to 1,000 regular sized U.S. properties. We acquire transform-critical dispersed power generation options and function and deliver extensive service for the existence of the ability plant. Our fuel cell solution is a clean up, productive alternate to standard combustion-based mostly power era, and is complementary to an electrical power combine consisting of intermittent sources of electrical power, these as photo voltaic and wind turbines. Our purchaser base involves utility companies, municipalities, universities, hospitals, federal government entities/military bases and a selection of industrial and commercial enterprises. Our main geographic marketplaces are now the United States and South Korea, and we are pursuing alternatives in other nations around the planet. FuelCell Vitality, based in Connecticut, was started in 1969.

SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Funds, FuelCell Strength, and FuelCell Electricity brand are all trademarks of FuelCell Strength, Inc.

Ahead-Seeking Statements

This news launch is made up of forward-wanting statements within just the indicating of the protected harbor provisions of the Non-public Securities Litigation Reform Act of 1995. Forward-seeking statements involve, without limitation, statements with regard to the Company’s expected monetary results and statements relating to the Company’s designs and anticipations pertaining to the continuing enhancement, commercialization and funding of its fuel cell technologies and its organization options and methods. Ahead-wanting statements in this launch also involve, but are not minimal to, statements with regards to the consummation of the Featuring. All forward-searching statements are topic to hazards and uncertainties that could induce precise benefits to differ materially from those projected. Components that could bring about this sort of a variation incorporate, without limitation, improvements to projected deliveries and buy stream, changes to manufacturing charge and product charges, basic risks related with products progress, producing, variations in the regulatory natural environment, purchaser procedures, ability to entry sure markets, unanticipated producing issues that effect power plant efficiency, variations in crucial accounting guidelines, entry to and means to elevate money and bring in funding, potential volatility of energy charges, rapid technological alter, competition, the Company’s ability to successfully implement its new business strategies and accomplish its objectives, the Company’s means to achieve its product sales strategies and value reduction targets, variations by the U.S. Modest Business enterprise Administration or other governmental authorities to, or with respect to the implementation or interpretation of, the Coronavirus Assist, Relief, and Economic Stability Act, the Paycheck Protection Application or linked administrative matters, and worries with, threats of, or the penalties of, pandemics, contagious ailments or wellness epidemics, including the novel coronavirus, and ensuing provide chain disruptions, shifts in clean electricity demand, impacts to customers’ money budgets and investment decision programs, impacts to the Company’s task schedules, impacts to the Company’s ability to provider existing assignments, and impacts on the need for the Company’s products and solutions, as perfectly as other threats set forth in the Company’s filings with the Securities and Trade Commission. The forward-looking statements contained herein converse only as of the date of this push launch. The Organization expressly disclaims any obligation or endeavor to launch publicly any updates or revisions to any this sort of statement to reflect any modify in the Company’s anticipations or any transform in functions, circumstances or situations on which any these assertion is based mostly.

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Source: FuelCell Energy 

FuelCell Energy, Inc.