FuelCell Energy

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FuelCell Energy, Inc.

Type	Public company
Traded as	Nasdaq: FCEL Russell 2000 Index component
ISIN	US35952H6018
Industry	Manufacturing
Founded	1969
Headquarters	Danbury, Connecticut, United States
Key people	Jason Few, CEO and President[1]
Revenue	US$52.5 million (as of 2018)[2]
Website	www.fuelcellenergy.com

Fuelcell Identity

FuelCell Energy, Inc. is an American fuel cell power company. It designs, manufactures, operates and services Direct Fuel Cell power plants (a type of molten carbonate fuel cell) that run on natural gas and biogas. Their power plants are not considered "hydrogen fuel cells" because their feedstock is not pure hydrogen and the byproducts of electric generation include carbon dioxide. As one of the biggest publicly traded fuel cell manufacturers in the U.S.,^[3] the company provides clean energy in over 50 locations all over the world.^[4] It operates the world’s largest fuel cell park, Gyeonggi Green Energy Fuel cell park, which is located in South Korea. The park consists of 21 power plants providing 59 Megawatt of electricity plus district heating to a number of customers in South Korea.^[5] It also operates the largest fuel cell park in North America consisting of five 2.8MW power plants and a rankine cycle turbine bottoming cycle in Bridgeport, Connecticut.^[6] The company has two markets including ultra-clean power, based on natural gas, and renewable power operating on renewable biogas.^[7] Its customer base covers commercial and industrial enterprises including utility companies, municipalities, universities, etc.^[8]

History[]

In 1969, the company was founded as Energy Research Corporation (ERC) by early fuel cell pioneers Bernard Baker and Martin Klein, who are both chemical engineers with professional knowledge in advanced battery technologies. From the 1970s to 1990s, with sponsorship from U.S. military and other utility companies, the company extended to low-temperature fuel cell area and high-temperature carbonate fuel systems, which proved to have greater potential in commercial applications. It completed its IPO in 1992 and was renamed as FuelCell Energy, Inc. It spun off its battery division, Evercel in 1999. FuelCell Energy began expanding globally in 2007 through a partnership with POSCO Energy, targeting markets in Southeast Asia, particularly South Korea, but the company announced the termination of the partnership in 2020.

In 2012, the company’s European facility was established with German-based FuelCell Energy Solutions, GmbH.^[9] In the same year, it completed joint venture with Fraunhofer IKTS and acquired Versa Power Systems, Inc.^[10]

Beginning in 2012, FuelCell entered into a partnership with ExxonMobil, removing carbon dioxide from the exhaust of Exxon’s power plants and locking it in the ground through a process called carbon capture and sequestration (CCS).^[4] In 2019, the two companies expanded their joint-development agreement, with a focus on enhancing carbonate fuel cell technology for the purpose of capturing carbon dioxide from industrial facilities.^[11]

The company is involved in a joint venture with Toyota to develop a facility at Long Beach, California.^[12]

The company has been tapped by the Office of Naval Research to provide assistance on the Large Displacement Unmanned Undersea Vehicle (LDUUV) program. The LDUUV is a large unmanned submersible with a planned 70 day plus endurance that would allow the LDUUV to be based at a pier like a traditional submarine instead of requiring a dedicated launch and recovery platform.^[13]

In May 2021, FuelCell Energy signed an $8 million contract with the U.S. Department of Energy. The DOE program is focused on developing system approaches to achieving ultra-high electrical efficiency with solid oxide fuel cell (SOFC) technology. It will allow FuelCell to continue research and development toward commercialization of SOFC.^[14]

In June 2021, FuelCell completed construction on a biofuels fuel cell project with the city of San Bernardino Municipal Water Department (SBMWD). The SureSource 1500 plant treats the city’s anaerobic digester gas to produce electricity and thermal energy to support the county’s water reclamation plant.^[15] As part of the agreement, SBMWD purchases electricity from FuelCell Energy.^[16]

Products and services[]

FuelCell provides on-site power generation, combined heat and power, distributed hydrogen, carbon capture and hydrogen-based long duration storage.^[17]

References[]

External links[]

• Official website
• Business data for FuelCell Energy:
  • Google Finance
  • Yahoo! Finance
  • Bloomberg
  • Reuters
  • SEC filings