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DANBURY, Conn., July 15, 2003 -- FuelCell Energy, Inc. has announced that RWE AG, Germany's largest electric utility and one of the largest in Europe, will establish a joint venture with MTU, a DaimlerChrysler AG company and FuelCell Energy's European technology and distribution partner to market carbonate fuel cells to a broad European market.
Under the terms of the agreement, RWE Fuel Cells GmbH will hold a 25.1 percent stake in the new company.
The joint venture, MTU CFC Solutions GmbH, will seek to develop a leading market position for high temperature stationary fuel cells. Under the agreement, MTU said it will contribute its considerable lead in technology for stationary fuel cells, while RWE, as one of the leading European power companies, will provide the corresponding market access, thus ensuring the broad-based introduction of the fuel cell.
MTU has been operating a 250 kilowatt combined heat and power fuel cell power plant at an energy park operated by RWE. The fuel cells were manufactured by FuelCell Energy and shipped to MTU for incorporation into their power plant known as the "Hot Module." Other MTU fuel cell power plants are operating in Germany at a Michelin tire plant in Karlsruhe, a Deutsche Telecom telecommunications center in Munich, a university medical clinic in Magdeburg, a hospital in Bad Neustadt/Saale, and a shipbuilding facility in Cartagena, Spain.
"We are pleased with market progress in Europe for our stationary fuel cells as evidenced by this strategic investment by Germany's largest electric utility, " said Jerry D. Leitman, chairman and CEO of FuelCell Energy Inc. "The partnering of MTU and RWE brings broad based distribution opportunities for fuel cell power plants and we look forward to supplying the fuel cells to support the joint venture's product deliveries in the future."
"Fuel cell systems are a long-term strategic addition to our present product range, especially in the area of power generation systems," said Dr. Rolf A. Hanssen, president and CEO of MTU Freidrichshafen. "They are stepping stone for the next technological quantum leap in energy and drive technology, and will win a global market for themselves with their outstanding technical characteristics. MTU is actively pushing this trend and playing a key role in shaping it."
MTU said that in contrast to conventional cogeneration plants, its fuel cell power plant, based on FuelCell Energy technology, has a considerably higher efficiency as well as a much lower environmental impact. Emissions from the MTU systems are so low that, according to the German clean air code, the emissions can be classed as "exhaust air" instead of "exhaust gas," according to MTU. The exhaust air consists mainly of hot air and water vapor. Emissions of nitrogen and sulfur oxides are virtually zero, MTU said.
Additional information on this press event can be found at MTU's web site,
www.mtu-friedrichshafen.com/en/frameset/f_home.htm.
About MTU
MTU Friedrichshafen, a DaimlerChrysler AG company, is the parent company of MTU CFC Solutions GmbH. MTU produces diesel engines and drive systems for ships, railway locomotives, heavy vehicles and decentralized energy generation. MTU CFC Solutions will produce new fuel-cell based generating units as part of the company's long-term strategy.
About RWE Group
With 132,000 employees and annual net sales exceeding € 46 billion, RWE ranks among Europe's largest industrial corporations. In implementing its multi-utility strategy, RWE concentrates on our four core businesses in the fields of electricity, gas, water and environmental services. RWE is one of the leading players in these industries in Germany, Great Britain, central Eastern Europe and the USA. More than 20 million customers have opted for electricity and gas from RWE. Over 16 million households utilize RWE's waste-disposal services. And the company supply 70 million people worldwide with drinking water and wastewater services.
About Direct FuelCells
Direct FuelCell® (DFC®) power plants efficiently generate clean electricity at distributed locations near the customer, including hospitals, schools, universities, hotels and other commercial and industrial facilities, as well as in grid support applications for utility customers.
In essence, Direct FuelCells are like large, continuously operating batteries that generate electricity as long as fuel, such as natural gas, is supplied. Since the fuel is not burned, there is no pollution commonly associated with the combustion of fossil fuels. Because hydrogen is generated directly within the fuel cell module from readily available fuels such as natural gas and wastewater treatment gas, DFC power plants are ready today and do not require the creation of a hydrogen infrastructure. This high-efficiency technology generates more electric power from less fuel and with less carbon dioxide emissions than traditional methods using combustion. Operating on biomass fuels, such as wastewater treatment digester gas, Direct FuelCells are a renewable technology.
About FuelCell Energy, Inc.
FuelCell Energy, Inc., based in Danbury, Connecticut, is a world leader in the development and manufacture of highly efficient hydrogen fuel cells for clean electric power generation, currently offering DFC power plant products ranging in size from 250 kilowatts to 2 megawatts for applications up to 50 megawatts.
The company has developed commercial distribution alliances for its carbonate Direct FuelCell technology with MTU CFC Solutions Gmbh, a company of DaimlerChrysler AG, in Europe; Marubeni Corporation in Asia; and Caterpillar, PPL Energy Plus, Chevron Energy Solutions and Alliance Power in the U.S. FuelCell Energy is developing Direct FuelCell technology for stationary power plants with the U.S. Department of Energy through their Office of Fossil Energy's National Energy Technology Laboratory. More information is available at www.fuelcellenergy.com.
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