FuelCell Energy Inc (FCEL)

[Krisandtilly]

http://www.fuelcelltoday.com/media/1889744/fct_review_2013.pdf

The final player in this market, FuelCell Energy (FCE), is also probably the most successful to
date, and this momentum continued through 2012 and into 2013. The company has increased its
production capacity in the USA whilst at the same time entering into an agreement with its Korean
partner, POSCO Energy, for it to manufacture full fuel cell systems in Korea from 2014. Thus far
POSCO has taken delivery of fuel cell kits from FCE and has added the necessary balance of
plant in order to install full systems; this deal will open up new Asian markets for FCE and provide
valuable licencing revenue in the future. As a continuation
of its existing partnership with POSCO, FCE announced
its biggest order to date in November 2012, for 121.8 MW
of fuel cell kits; this is also the largest single order in the
history of the fuel cell industry. Shipments were expected
to begin in May 2013 after completion of deliveries under
previous orders.
The use of FCE’s fuel cells in power plants in Korea is
now being replicated in its domestic market, the USA.
Ground was broken in April 2013 on a 14.9 MW fuel cell
power station situated in Bridgeport, Connecticut. Once
complete, this installation will be the largest fuel cell power
station in North America.
Outside of Korea and the USA a small number of deployments are underway in Europe through its
German subsidiary, FuelCell Energy Solutions (FCES), and another in Canada. London’s Walkie-
Talkie building on Fenchurch Street will be powered by a 300 kW fuel cell to provide electricity, hot
water and air conditioning via adsorption chillers. German construction company BAM Deutschland
is installing 300 kW at a federal research facility and, early in 2013, FCES entered into a tenyear
service agreement with electric utility Elektrizitaetswerke Zurich to maintain an existing FCE
installation operational in the country since 2010. In Canada, FCE is installing a fuel cell at a landfill
site to run on gas produced at the site. Successful demonstration in this application could lead to
further deployments at landfill sites, providing valuable electricity and heat and utilising gas that is
often otherwise flared, providing no revenue.