Boston, MA 10/03/2014 (wallstreetpr) – FuelCell Energy Inc (NASDAQ:FCEL) disclosed that it has been granted with a $3.2 million contract by the Department of Energy in the United States. The contract was for advanced material development to improve power density, as well as, performance of its Direct FuelCell products.
Support For Select Aspects
The company stated that both Connecticut University and the Illinois Institute of Technology would support in selected portion of the research for the latest three-year project, its statement indicated. The Energy Department’s advanced order targeted towards cost efficient systems for tri-generation, to co-produce power, heat and hydrogen.
FuelCell Energy Inc (NASDAQ:FCEL) indicated that about $1.5 million in research funding were contributed directly to the Connecticut University in the last several months from the contracts awarded to it. This suggested that its interaction level accelerated recently compared to the previous years.
The company said that it liked to align with the Universities to enhance its fuel cell technology. This was possible by tapping the research talent available in the University besides developing university-level research. It would undoubtedly help the community with jobs apart from exposing the students to real-time engineering applications.
FuelCell Energy Inc (NASDAQ:FCEL) said that its Direct FuelCell power plants resolved environmental, energy and business-associated power generation challenges through efficient, reliable and ultra clean power generation distribution. The fuel cells integrate a fuel like biogas with oxygen or natural gas from the air to produce ultra-clean electricity. Since there was no combustion, there was also no pollution emission.
Management Comments
The company’s CEO, Chip Bottone, said that its distributed power generation was affordable and efficient fuel cell power plants that were valued by its customers and industrial operators. He said that the establishment supported superior adoption rate of clean energy to meet the rapidly growing demand for high electric-grid resiliency. He believed that the latest project award would allow the company to improve the value of customer proposition to its fuel cell power plants.
