FuelCell Energy Low-Carbon Hydrogen Project with Kinectrics and Bruce Power Awarded IESO Hydrogen Innovation Fund to Further Technologies and Grid Flexibility
- FuelCell Energy, Inc. has been awarded the Ontario Hydrogen Innovation Fund Award for a project focused on integrating low-carbon hydrogen technologies into Ontario's energy grid. This could positively impact the stock price as it demonstrates the company's involvement in innovative projects and the potential for future commercial installations of hydrogen electrolyzers and fuel cells.
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DANBURY, Conn., and TORONTO, Oct. 17, 2023 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) is pleased to announce that Ontario’s Independent Electricity System Hydrogen Innovation Fund Award has been awarded to a project in which FuelCell Energy is playing a key role alongside Kinectrics and Bruce Power.
This fund seeks to establish action-oriented, sector-specific pilot projects with the purpose of evaluating and demonstrating how low-carbon hydrogen technologies can be integrated to strengthen and improve the reliability of Ontario’s energy grid.
The comprehensive plan submitted by Kinectrics, Bruce Power and FuelCell Energy included performing a techno-economic assessment of hydrogen production as a clean fuel source for heavy-duty vehicles through high-temperature water electrolysis and will explore the use of solid oxide fuel cells for power generation. It will evaluate the economic feasibility, including installation, maintenance and operating costs of hydrogen production, storage, distribution, and power generation infrastructure.
This project will seek to demonstrate the value of hydrogen as an integral part of the electrical grid and will identify key environmental, safety, regulatory and operational considerations for its deployment. This project will serve as a pilot for broader deployment at a larger scale including integrating hydrogen systems with nuclear power plants including Small Modular Reactors. The project team will seek to apply the lessons learned in this pilot to future commercial installations of hydrogen electrolyzers and fuel cells.
"Power generation in Ontario is already among the cleanest in the world, thanks to its nuclear energy. Producing hydrogen from zero carbon electricity allows for decarbonization of other sectors of the economy as well, including light and heavy duty, rail, sea, and aviation transportation, industrial, and long duration energy storage,” commented Jason Few, President & CEO of FuelCell Energy. He added, "We are proud that FuelCell Energy’s solid oxide platform is part of this project and believe it is the most efficient available electrolysis technology in the world."
“Kinectrics has an extensive history solving the energy industry’s toughest challenges. It is well positioned to conduct this hydrogen study that will produce valuable insights to support decarbonization of power. Through our expertise, world-class laboratories, and innovation, we have the experience, people, and facilities to deliver solutions that will drive positive change in our energy systems” said David Harris, President, and CEO of Kinectrics. “We are excited to embark on this next chapter with our project partners, Bruce Power, IESO, and FuelCell Energy to create meaningful opportunities to advance hydrogen production and improve grid reliability and flexibility.”
“Nuclear power offers numerous advantages such as stable and continuous electricity supply, cost efficiency and carbon-free generation,” said Richard Horrobin, Vice-President of Business Development and Energy Innovation at Bruce Power. “We are pleased to support Kinectrics and FuelCell Energy as they take this step to explore the potential to use innovative new technology to harness the power of nuclear to produce low-carbon hydrogen.”
“Ontario’s electricity grid is well-positioned to support the integration of hydrogen technologies,” said Lesley Gallinger, President and CEO of the IESO. "We look forward to this study's insights on how to best to leverage Ontario’s clean electricity grid to produce low-carbon hydrogen.”
About FuelCell Energy:
FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in sustainable clean energy technologies that address some of the world’s most critical challenges around energy, safety and global urbanization. It collectively holds more than 450 fuel cell technology patents in the United States and globally. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for businesses, utilities, governments, and municipalities. The Company’s solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe.
About Kinectrics:
Kinectrics is a category leader in providing lifecycle management services for the electricity industry. Trusted by clients worldwide, our expertise in engineering, testing, inspection, and certification is backed by our independent laboratory and testing facilities, a diverse fleet of field inspection equipment and an award-winning team of over 1,300 engineers and technical experts. From initial design and type testing to operational deployment and maintenance services, Kinectrics collaborates closely with customers to ensure that utility assets perform safely, reliably, and efficiently throughout their entire lifecycle.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or the Company’s future performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, the Company’s plans and expectations regarding the continuing development and commercialization of its carbon capture technology. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, the risks set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2022. The forward-looking statements contained herein speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.
Contacts:
FuelCell Energy
ir@fce.com
203.205.2491
Kathleen Blomquist
kblomquist@fce.com
203.546.5844
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