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DANBURY, Conn., Aug. 5, 2003 -- FuelCell Energy, Inc., announced it has invested $2 million in Versa Power Systems of Des Plaines, Illinois and will be represented on Versa's board.
With this equity investment, representing 15.8% of Versa's shares, FuelCell Energy will be in a position to provide greater input in the solid oxide fuel cell (SOFC) technology developed for the Department of Energy's Solid State Energy Conversion Alliance (SECA) program announced in April 2003.
The DOE selected FuelCell Energy (FCE) as a prime awardee for the 10-year, $139 million SECA program to develop and accelerate the commercialization of low-cost solid oxide fuel cell technology. Under FCE's SECA program, Versa will lead the FCE subcontractor team's development efforts.
The SECA program, part of the DOE's commitment to develop clean, efficient, reliable and affordable power generation for a variety of markets, is expected to develop SOFC modules in the 3-kilowatt to 10-kilowatt size range. These modules can be fitted together for applications in larger sizes. Target markets include remote sites, telecommunications, commercial and residential buildings, as well as back-up, mobile standby, and auxiliary power units.
Currently, FCE is delivering Direct FuelCell® (DFC®) power plants ranging in size from 250 kilowatts to 2 megawatts for applications including utilities, industrial facilities, data centers, wastewater treatment plants, office buildings, hospitals, universities and hotels.
Jerry D. Leitman, Chairman and CEO of Fuel Cell Energy, said, "While our focus remains firmly on delivering our DFC power plants to commercial and industrial customers for a variety of applications worldwide, our investment in Versa gives us a vested ownership interest in the development of solid oxide fuel cells that will come out of the SECA project. This will enhance our current expertise and enable us to seize future commercialization opportunities in smaller sized high-temperature fuel cell products."
The timing of FCE's equity position in Versa is designed to build and leverage intellectual property development for market entry in the later phases of the project, several years down the road, according to Leitman.
"We are very pleased that FuelCell Energy is making a stronger commitment to Versa and our development plans, reflecting their confidence in the future of solid oxide fuel cell technology. We look forward to working together to develop a viable and complementary fuel cell module that will expand opportunities in the distributed generation marketplace," says Robert Stokes, CEO of Versa Power Systems.
Long-term benefits
FCE expects the knowledge and technology generated from the SECA program will in turn complement its DFC development efforts, including materials, high-temperature fuel cell systems, manufacturing capabilities and licensing opportunities.
The DOE selected FuelCell Energy as a lead participant in the SECA program because of its expertise in, and development of, high-temperature carbonate fuel cell technology and systems, its manufacturing experience and its progress and leadership in DFC commercialization. In addition to Versa Power Systems, other team members, chosen for their expertise, include Materials and Systems Research, Inc., the University of Utah, Gas Technology Institute, Electric Power Research Institute, Dana Corporation, and Pacific Northwest National Laboratory.
Versa Power Systems Focused on Solid Oxide Technology
Established in September 2001, Versa Power Systems was formed to produce a range of products for the distributed generation market incorporating its patented planar, reduced-temperature solid oxide fuel cell system. Versa is a joint venture of the Gas Technology Institute, Electric Power Research Institute, Materials and Systems Research Inc., the University of Utah and FCE.
About FuelCell Energy, Inc.
FuelCell Energy, Inc., based in Danbury, Connecticut, develops and manufactures 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.
FuelCell has developed commercial distribution alliances for its carbonate Direct FuelCell technology with MTU CFC Solutions Gmbh, a subsidiary 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.
About SECA
SECA is a collaborative effort coordinated by two of the U.S. Department of Energy's national laboratories - the National Energy Technology Laboratory (NETL) and the Pacific Northwest National Laboratory (PNNL) - supported by the DOE's Office of Fossil Energy, NETL's Strategic Center for Natural Gas, and other government agencies. This alliance of U. S. industry, universities, and other research organizations, represents a new model for joint government and private industry technology development.
SECA's goal is to create a solid oxide fuel cell that can be mass-produced in modular form. Used individually or in clusters, depending upon the amount of energy required, these fuel cells could be configured for a broad array of applications. Additional information can be found at www.seca.doe.gov.
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