FuelCell Energy

Last updated
FuelCell Energy, Inc.
Company type Public
Nasdaq:  FCEL
Russell 2000 Index component
ISIN US35952H6018
Industry Renewable energy, Fuel cells, Carbon capture and energy storage
Founded1969;56 years ago (1969)
Headquarters Danbury, Connecticut, United States
Key people
Jason Few (CEO and president) [1]
RevenueUS$70.87 million (as of 2021) [2]
Website www.fuelcellenergy.com
Former logo Fuelcell Identity.tif
Former logo

FuelCell Energy, Inc. is a publicly traded fuel cell company headquartered in Danbury, Connecticut. It designs, manufactures, operates and services power plants based on molten carbonate fuel cells.

Contents

The company operates the Gyeonggi Green Energy Fuel cell park, which provides 59 megawatt of electricity plus district heating to a number of customers in South Korea. [3] It also operates a fuel cell park of five 2.8 MW power plants and a rankine cycle turbine bottoming cycle in Bridgeport, Connecticut. [4]

History

The company was founded as Energy Research Corporation (ERC) in 1969 by chemical engineers Bernard Baker and Martin Klein. 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.

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 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. [5] In the same year, it completed a joint venture with Fraunhofer IKTS and acquired Versa Power Systems, Inc. [6]

Beginning in 2012, FuelCell entered into a partnership with ExxonMobil to remove carbon dioxide from the exhaust of Exxon’s power plants for carbon capture and sequestration (CCS). [7] In 2019, the two companies renewed their joint-development agreement. [8]

In 2017 FuelCell entered an agreement with Toyota to develop a 2.25 MW facility at Long Beach, California. [9] Also in 2017, FuelCell was tapped by the Office of Naval Research to provide assistance on the Large Displacement Unmanned Undersea Vehicle (LDUUV) program. [10]

In 2018, FuelCell Energy earned a $1.5 million research grant from the U.S. Department of Energy (DOE) to develop the company’s fuel cell technology to aid the nuclear industry by converting excess power back into hydrogen. [11] That same year, FuelCell began the construction of two plants in Hartford and New Britain as part of a clean energy procurement process for the Connecticut Department of Energy and Environmental Protection (DEEP). [12]

In November 2018, FuelCell acquired a 14.9-MW fuel cell project in Bridgeport, Connecticut from Dominion Energy for $37 million. FuelCell had developed, built and been operating the plant since 2013. The plant is powered by five FuelCell stationary fuel cell power plants and an organic rankine turbine that converts heat from the fuel cells into additional electricity, which is sold to Connecticut Light & Power. [13]

In 2019, FuelCell entered an agreement with Drax Power Station in the UK to study the use of the company’s carbonate fuel cells to capture carbon dioxide emissions from Drax’s biomass boilers. [14] In August 2019, Jason Few was named FuelCell’s new president and CEO.. [15]

In May 2021, the company obtained $8 million from the DOE for solid oxide fuel cell (SOFC) technology development. [16]

In June 2021, FuelCell completed construction on a project with the city of San Bernardino Municipal Water Department (SBMWD) where a fuel cell treats anaerobic digester gas to produce electricity and thermal energy. [17]

Products and services

The company today has fuel cell projects that run on natural gas and biogas. The cells can produce hydrogen in addition to power and thermal energy. Additionally, the company is developing fuel cell-based carbon capture, long-duration energy storage and solid-oxide based electrolysis. [18]

FuelCell’s proprietary technology uses carbonate fuel cells to capture and concentrate carbon dioxide from large industrial sources. Combustion exhaust is directed to the fuel cell, which produces power while capturing and concentrating carbon dioxide for permanent storage. [8]

References

  1. ↑ "www.fce.com". Archived from the original on 2019-12-29. Retrieved 2019-12-29.
  2. ↑ "FCEL Financials". Finance.yahoo.com. Archived from the original on 2021-09-09. Retrieved 2021-09-09.
  3. ↑ "World's Largest Fuel Cell Park Completed in South Korea". Finance.yahoo.com. 2014-01-19. Archived from the original on 2014-03-06. Retrieved 2014-02-25.[ Link to precise page ]
  4. ↑ "Largest Fuel Cell Power Project in North America". www.ecmag.com. 2013-02-25. Archived from the original on 2014-12-16. Retrieved 2014-11-08.
  5. ↑ "Brief History Company Website". Fuelcellenrgy.com. Archived from the original on 2013-10-31. Retrieved 2014-02-25.
  6. ↑ "FuelCell Energy Inc: NASDAQ:FCEL quotes & news - Google Finance". Archived from the original on 2014-01-03. Retrieved 2014-02-25.
  7. ↑ Schwartz, John (5 May 2016). "Exxon Mobil Backs FuelCell Effort to Advance Carbon Capture Technology". The New York Times. Archived from the original on 30 August 2021. Retrieved 30 August 2021.
  8. 1 2 "ExxonMobil expands CCS technology deal with FuelCell Energy". Power Engineering International. 6 November 2019. Archived from the original on 30 August 2021. Retrieved 30 August 2021.
  9. ↑ Merchant, Emma Foehringer (12 December 2017). "Toyota and FuelCell Energy Plan to Build a Giant Renewable Power and Hydrogen Plant". GreenTechMedia. Archived from the original on 5 August 2018. Retrieved 5 August 2018.
  10. ↑ Keller, John. "Military research projects may be coming together to put large long-endurance UUVs in sight". Military & Aerospace Electronics. Military & Aerospace Electronics. Archived from the original on 5 August 2018. Retrieved 5 August 2018.
  11. ↑ Skahill, Patrick (26 May 2018). "FuelCell Energy, Inc. Gets Federal Boost While Continuing To Gauge State Support". Connecticut Public Radio / NPR. Archived from the original on 5 September 2021. Retrieved 5 September 2021.
  12. ↑ Cooper, Joe (19 July 2018). "Hartford project stimulates FuelCell Energy's growth". Hartford Business Journal . Archived from the original on 8 November 2022. Retrieved 10 August 2023.
  13. ↑ Patel, Sonal (6 November 2018). "Dominion Sells 14.9-MW Bridgeport Fuel Cell Facility". Power Magazine. Archived from the original on 12 January 2023. Retrieved 10 August 2023.
  14. ↑ Zimmerman, Kevin (28 June 2019). "Danbury's FuellCell Energy makes deal with U.K. power company". Westfield & Fairfield County Business Journals. Archived from the original on 27 September 2021. Retrieved 27 September 2021.
  15. ↑ Zimmerman, Kevin (21 August 2019). "Danbury's struggling FuelCell Energy names new CEO". Westfield & Fairfield County Business Journals. Archived from the original on 27 September 2021. Retrieved 27 September 2021.
  16. ↑ Teehan, Sean (May 4, 2021), Danbury-based FuelCell Energy inks $8M contract with U.S. Dept. of Energy, Hartford Business Journal, archived from the original on May 4, 2021, retrieved September 1, 2021
  17. ↑ Burgess, Molly (2 July 2021). "California: FuelCell Energy's renewable biofuel project now operational". GasWorld. Archived from the original on 28 August 2021. Retrieved 28 August 2021.
  18. ↑ Products, FuelCellEnergy.com, archived from the original on September 22, 2021, retrieved September 25, 2021
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