DANBURY, Conn. and TOKYO, Nov. 11 /PRNewswire-FirstCall/ -- The Marubeni
Corporation (TSE: 8002) and FuelCell Energy, Inc. (Nasdaq: FCEL), announced
the siting of two Direct FuelCell(R) (DFC(R)) power plants at the Seiko Epson
facilities in the City of Ina, Nagano Prefecture, in Japan. Marubeni, Asian
partner of fuel cell developer FuelCell Energy, will supply two 250 kW DFC
power plants to the First Energy Service Company, Ltd. (FESCO), a Tokyo-based
energy services company, who will own and operate the units, in the fourth
quarter of 2003. FESCO has a long term contract to supply power to Seiko
Epson's Quartz Device Division. The DFC units will operate on liquefied
natural gas and provide clean, reliable power and steam to the industrial
site.
"We are pleased to provide Seiko Epson with a very clean, highly-efficient
distributed power generation system for their Ina facility," said Marc G.
Aube, Vice President of Marubeni Power International. "Seiko Epson sees
'harmonization with the global environment as a priority issue for its
corporate management and has committed itself to environmental conservation
activities on a company-wide basis.' The present fuel cell project is part of
this wider endeavor to protect the environment. DFC's offer a clean
alternative to traditional reciprocating engine-based distributed generation."
"We are also very excited to be working with FESCO in this project," said
Mr. Aube. "Marubeni believes that energy service companies will be
instrumental in providing an alternate choice to consumers for power and
services in the deregulating power market in Japan."
"Marubeni continues to pioneer new applications for our DFC products, and
this installation at the Seiko Epson plant is another example of the benefits
of Direct FuelCells to industrial and commercial customers," said Herbert T.
Nock, Senior Vice President of Marketing and Sales of FuelCell Energy, Inc.
"By using both the electricity and the heat output of the power plants, Seiko
Epson can realize cost savings and reduce emissions into the air, as compared
to their current system."
According to FESCO, the DFC could produce a total energy savings of up to
32 percent compared to the equivalent amount of energy from the plant's
existing grid and boiler system.
These are Marubeni's fifth and sixth DFC power plants in Japan.
Previously, Marubeni announced the siting of 250 kW DFC power plants at the
JAPEX natural gas production fields near Nagaoka, the Nippon Metal Industry
facility in Aichi, the Fukuoka Metropolitan Wastewater Treatment District, and
at the Kirin Brewery in Toride.
About Direct FuelCells
Direct FuelCells generate electricity with no combustion. They are,
in-effect 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 (like NOx, SOx, particulates). The high efficiency leads to
more electric power from less fuel.
About Seiko Epson
The Seiko Epson Corporation, founded in 1942 and based in Nagano, Japan,
is a global company at the forefront of technical revolutions in imaging,
robotics, precision machinery and electronics. In 1969, Seiko debuted the
world's first analog quartz watch, followed in 1973 by the world's first LCD
digital quartz watch. The quartz crystal technology was developed in Seiko
Epson's Ina facility.
About FESCO
The First Energy Service Company, Ltd., founded in May 1997, is Japan's
first energy service company (ESCO). Their business activities include a
comprehensive range of energy services from energy diagnostics for plant
installations, preparation of proposals for energy savings, facility planning,
design and construction, to certification of energy saving programs. The
company is also engaged in the development of on-site power supply, including
fuel cells, and biomass-based power generation, an activity area currently
highlighted for its contribution to the prevention of global warming and the
achievement of a recycling-based framework of society. The company is based
in Tokyo.
About FuelCell Energy
FuelCell Energy, Inc., based in Danbury, Connecticut, is a world leader in
the development and manufacture of high temperature 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. Its wholly owned subsidiary, Global Thermoelectric Inc., is a
leader in the development of solid oxide fuel cell (SOFC) products and the
world's largest manufacturer and distributor of thermoelectric stationary
power generators for use in remote locations.
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; Caterpillar, PPL
Energy Plus, Chevron Energy Solutions and Alliance Power in the U.S; and
Enbridge in Canada. FuelCell Energy is developing Direct FuelCell technology
for stationary power plants with the U.S. Department of Energy through its
Office of Fossil Energy's National Energy Technology Laboratory. More
information is available at http://www.fuelcellenergy.com.
About Marubeni
The Marubeni Corporation (http://www.marubeni.co.jp), established in 1858, is one
of Japan's leading general trading/marketing houses (sogo shosha). The
Company was ranked as the 25th largest in Fortune Magazine's Global Fortune
500 list for 2002. Marubeni has 13 Divisions with operations that encompass
domestic, import/export, offshore trade and investment activities, which range
from the development of natural resources to the retail marketing of finished
products. The Company, based in Tokyo, conducts these operations through a
worldwide business network that includes 52 overseas corporate offices and
28 overseas subsidiaries, for a total of 131 offices in 73 countries.
Marubeni's Utility & Infrastructure Division has been involved in the
development of over 20,000 MWs of power generation worldwide. The Division
has expanded its efforts to include distributed generation technologies, and
energy & environmental services.
This press release contains forward-looking statements, including
statements regarding the Company's plans and expectations regarding the
development and commercialization of its fuel cell technology. 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 risk that
commercial field trials of the Company's products will not occur when
anticipated, general risks associated with product development, manufacturing,
changes in the utility regulatory environment, potential volatility of energy
prices, rapid technological change, and competition, as well as other risks
set forth in the Company's filings with the Securities and Exchange
Commission. The forward-looking statements contained herein speak only as of
the date of this press release. The Company expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any such
statement to reflect any change in the Company's expectations or any change in
events, conditions or circumstances on which any such statement is based.
SOURCE FuelCell Energy, Inc.; Marubeni Corporation
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Related links:
http://www.fuelcellenergy.com.
http://www.marubeni.co.jp
CONTACT:
Steven P. Eschbach of FuelCell Energy,
+1-203-825-6000, seschbach@fce.com; Takeo Nakata of Marubeni
Corporation, Nakata-t@jp.marubeni.com
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