Fuel cell power project identified for funding by Canada’s Clean Resources Innovation Network to design clean carbon capture pilot project

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Fuel Cell Energy, Inc.

The project has been awarded $6.8 million to partner with the grid to provide the only available technology to decarbonize oil and gas industry operations while generating electricity

Danbury, Conn., Feb. 17 Feb. 20, 2022 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. (Nasdaq: FCEL) — a global leader in energy decarbonization and hydrogen production to use its proprietary, state-of-the-art system -state-of-the-art forms of fuel cells to enable a world powered by clean energy- today announced that a carbon capture demonstration project using the company’s proprietary carbonate fuel cell technology has received a $6.8 million in funding under Canada’s Clean Resources Innovation Network (CRIN) low-competition fuels and emissions technologies.

While reducing emissions and other environmental benefits are key priorities for the CRIN pilot project, other critical factors include the economic benefits the investment brings to Canada. Currently, the technologies used for carbon capture are expensive and consume significant amounts of energy. The FuelCell Energy solution is able to capture carbon from power plant or boiler flue gases while producing clean electrical energy, a revenue stream that reduces the cost of carbon capture. FuelCell Energy offers the only known platform capable of capturing carbon dioxide from an external source while simultaneously producing electricity.

FuelCell Energy, operating under its Canadian subsidiary, Versa Power Systems, will be the technology and equipment supplier for the project. Industry participants include Canadian Natural Resources Limited (CNRL), Suncor Energy, Cenovus Energy Inc., Chevron Canada and Shell Canada, along with support from Emissions Reduction Alberta. The project involves the construction of a MW-scale carbonate power plant that will capture carbon from a process heater at the Scotford Upgrader near Edmonton, Alberta. The Scotford Upgrader is owned by the Athabasca Oil Sands Project, which is a joint venture between CNRL, Chevron Canada Limited and Shell Canada Limited.

“To demonstrate the power of our carbonate fuel cell technology and to have the project receive this funding from CRIN is an honor,” said Jason Few, CEO and President of FuelCell Energy. “We are confident that the pilot project will deliver the significant environmental benefits that the Canadian government is looking for, while helping to decarbonize its oil and gas industry and increase its competitiveness in the global market.

About FuelCell Energy

FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in clean, sustainable energy technologies that address some of the world’s most critical energy, security and global urbanization challenges. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers around the world with sustainable products and solutions for businesses, utilities, governments and the municipalities. Our solutions are designed to enable a world powered by clean energy, improving the quality of life for people around the world. We target large electricity users with our megawatt-class installations around the world and currently offer sub-megawatt solutions for small electricity consumers in Europe. To provide a frame of reference, one megawatt is enough to continuously power about 1,000 average-sized US homes. We develop turnkey distributed power generation solutions and operate and provide full service throughout the life of the power plant. Our fuel cell solution is a clean and efficient alternative to traditional combustion-based electricity production and is complementary to an energy mix made up of intermittent energy sources, such as wind turbines and solar. Our customer base includes utility companies, municipalities, universities, hospitals, government entities/military bases, and a variety of industrial and commercial businesses. Our main geographic markets are currently the United States and South Korea, and we are looking for opportunities in other countries around the world. Connecticut-based FuelCell Energy was founded in 1969.

www.fuelcellenergy.com

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Contact:

Fuel Cell Energy, Inc.
[email protected]
203.205.2491
Source: fuel cell energy

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