FuelCell Picked for DoE Fuel Cell Project Wednesday February 1, 9:48 am ET
FuelCell Energy Is Selected to Work on Department of Energy Five-Year Fuel Cell Project
DANBURY, Conn. (AP) -- Fuel cell power plant manufacturer FuelCell Energy Inc. said on Wednesday it was selected by the Department of Energy to work on a five-year, $2.1 million cost-shared project.
As part of the project, FuelCell will help develop a high temperature membrane for low humidity operation of Polymer Electrolyte Membrane, or PEM, fuel cells. Traditional PEM fuel cells operate at roughly 60 degrees celsius to 80 degrees celsius; operating at higher temperatures reduces cost and improves efficiency.
FuelCell said the project is part of a larger $119 million government program, announced on Jan. 24, through which the Department of Energy is expected to provide $100 million over four years for projects related to the improvement of fuel cell membranes, as well as a variety of other research areas. The company said it was one of 12 project bids that will receive, in total, $19 million in federal funding.
The announcement comes fresh on the heels of Wednesday night's State of the Union address, in which President Bush called for the exploration of alternative energy sources, including hydgrogen-fueled cars, to reduce the nation's dependence on oil.
Shares of FuelCell, which have traded between $7.05 and $12.25 over the last year, were up 24 cents, or 2.2 percent, at $11.05 in morning trading on the Nasdaq.
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