- PCI New Technology for Converting Solar Energy to Fuel Wins DOE SBIR Phase I GrantJuly 11, 2016
June 30,2016 Precision Combustion, Inc. (PCI) announced today that it has won a competitive Department of Energy (DOE) SBIR Phase I grant to develop a new material and technology for using solar energy to make fuel.
- Exxon Mobil Backs FuelCell Effort to Advance Carbon Capture TechnologyJuly 6, 2016
May 5, 2016 For years, FuelCell Energy has been considered a company to watch. Its technology promised to help economically reduce carbon dioxide emissions from power plants. In an agreement announced late April, Exxon Mobil said it had tightened an existing relationship with FuelCell in hopes of taking the technology from the lab to the market. The goal is to take carbon dioxide, after it is removed from exhaust steam, and to lock it away by pumping it into the ground or use it in industrial applications.
- Legrand Unveils 500kW Fuel CellJuly 6, 2016
April 21, 2016 West Hartford manufacturer Legrand North America this week unveiled a 500-kilowatt Bloom Energy fuel cell that it says will power as much as 88 percent of its headquarters and manufacturing campus. The fuel cell is expected to lower the facility’s carbon emissions by as much as half and save Legrand up to $2.4 million over the next decade.
- New Milford Clean Energy Proposed by Massachusetts CompanyFebruary 3, 2016
A Framingham, Mass., renewable energy company has its eye on 300 acres in New Milford. Ameresco wants to establish a solar array and a fuel-cell facility that would produce electric power to sell on the power grid and directly to the town.
- Sustainable Innovations Featured in 2016 NASA Spinoff for Advanced Hydrogen Separation TechnologyJanuary 28, 2016
Sustainable Innovations’ H2RENEW™ system was recently featured in NASA Spinoff, an annual publication that features a number of NASA technologies that have transformed into commercial products and services. The H2RENEW™ is an electrochemical system that efficiently separates and compresses hydrogen using Proton Exchange Membrane (PEM) technology for many industrial applications, including hydrogen-helium separation, hydrogen compression, and hydrogen recycling.
- FuelCell Soars on Energy Park ApprovalJanuary 19, 2016
DANBURY — Shares of FuelCell Energy rose 16 percent Friday after state officials approved the Beacon Falls Energy Park.
The park, once constructed, will be the largest of its kind in the world, producing more than 63 megawatts of electricity. Under the plan approved unanimously by the Connecticut Siting Council, CT Energy & Technology will develop the project on eight acres owned by O&G in Beacon Falls. FuelCell Energy (Nasdaq: FCEL) will supply and maintain the fuel cells at the park as part of a long-term service agreement.
Executives with Danbury-based FuelCell Energy have said they expect to receive significant revenue from the project but have declined to offer specific estimates for the work. A similar, but much smaller, project in Bridgeport that supplies about 15 megawatts has produced more than $125 million in revenue for the company from sales and service agreements.
The project will also help ensure job growth, executives have said, as FuelCell moves forward with a phased expansion plan that would double its production capacity to about 200 megawatts annually. State officials have offered the company a $10 million loan to help with the $65 million expansion. Up to half of the loan is forgivable if FuelCell hires an additional 325 workers as part of the expansion. The company already has about 500 employees in the region.
FuelCell Energy’s stock surged more than 20 percent during early trading Friday, before closing at around $6.16 per share.
The stock also rallied earlier this week by more than 10 percent after the company announced a deal to supply Pfizer with a 5.6 megawatt power plant that will provide both heat and electricity to the company’s 160-acre campus in Groton. Pfizer will purchase the power and steam under a 20-year agreement.
“This power-purchase model delivers immediate value while increasing electrical reliability by providing the security of on-site power with a financial structure that avoids an investment in power generation assets; and FuelCell Energy installs, operates and maintains the fuel cell power plants,” Chip Bottone, the president and CEO of FuelCell Energy, said in a statement released earlier this week.
The positive news comes on the heels of the company falling short of expectations last month with its reported fourth-quarter loss of 38 cents per share. Most analysts had expected a loss of around 27 cents per share. The company’s revenues for the quarter, however, were mostly in line with expectations, with about $51.5 million reported for the quarter as compared to $47 million for the same period the previous year.