Boston, MA 10/02/2014 (wallstreetpr) – According to reports, FuelCell Energy Inc (NASDAQ:FCEL) has announced that it has got $3.2 million worth of contract from US Department of Energy. The contract has been awarded for its advanced material development in order to enhance performance and power density of next generation Direct FuelCell products of the company.
Insights of the project:
As per the reports, FuelCell Energy Inc (NASDAQ:FCEL) has decided to take help of the Illinois Institute of Technology and the University of Connecticut in order to shortlist and select aspects for this three years research project work. Both the institutes will help the company right from the selection of various inputs to implementing them. The advances for this project have been supported by DOE’s Office of Renewable Energy and Energy Efficiency with complete focus on targeting cost effective systems. With the help of this cost effective system, it will be able to generate power, heat and hydrogen within a limited budget.
According to Chip Bottone, Chief Executive Officer at FuelCell Energy Inc (NASDAQ:FCEL), it is the era of cost-effective distributed power generation process. All the industries, universities, utilities and individual customers prefer to get power options that are very inexpensive. There is hardly any other company that can provide cheaper power than power plants of FuelCell Energy Inc (NASDAQ:FCEL). In today’s time, the demand of grid resiliency has increased significantly. In order to meet with its growing demand, The Department of Energy Supports higher adoption of clean distributed generation. With the help of the current project, the company will be able to add value to shareholders, complete increased demand of clean distributed generation and fuel cell power plants. The management of US Department of Energy seems equally delighted to reach this contract. Dr. Kazem Kazerounian, Dean School of Engineering, University of Connecticut told that it was a great tie-up. Both the entities would be equally benefitted from this contract.
