FuelCell (FCEL) Surges on Deal with Drax Power Station

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(NEW YORK)-- FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in delivering clean, saw its volume spike on news that it had entered into a contract with Drax Power Station for an application of the Company’s carbon capture solution.

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FuelCell Energy will be supporting Drax with a Front End Engineering and Design (FEED) study evaluating the use of the Company’s propriety carbonate fuel cells to capture carbon dioxide (CO2) emissions from Drax’s biomass boilers.

Drax Power Station is the largest single-site renewable power generator in the UK. Located near Selby, North Yorkshire, it has a capacity of over 3,900 megawatts of renewable power generation, primarily from sustainable wood pellets sourced from responsibly managed forests. Carbon dioxide linked to the carbon cycle of forests is considered carbon neutral and therefore, carbon capture employed at this project would make the power station carbon negative. Bio-Energy with Carbon Capture and Storage (BECCS) is one of the most promising approaches to carbon reduction because of the ability to be carbon negative at large scales.

FuelCell Energy’s carbon capture technology is based on the Company's proprietary carbonate fuel cell power plants, which are able to concentrate CO2 from dilute flue gas streams as a side reaction during power generation. The concentrated CO2 is then available for sequestration or utilization.

The FEED study will focus on a system that captures up to 85 tonnes of CO2 per day while generating additional power for the station. The ability to co-produce valuable electricity during carbon capture provides a significant advantage over conventional solvent-based CO2 capture systems that consume both heat and electricity to operate. The fuel cell also destroys up to 70% of NOx emissions from the flue gas.

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Drax plans to use the CO2 captured within a greenhouse abutting the power station. Potentially any excess CO2 captured could be transported to other greenhouse locations.

FCE’s carbonate fuel cell is modular, and this FEED study supports a potential future demonstration project that will utilize two standard fuel cell modules similar to FCE's SureSource3000 commercial power generation system. Once demonstrated, the technology can easily be scaled up to capture a significant portion of the power station’s CO2 output. This initial FEED study will be completed in late 2019, and a detailed design and cost estimate for the demonstration system will be part of the FEED study. Completion of the FEED study may lead to the construction and operation of the demonstration system in a subsequent project.

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About FuelCell Energy

FuelCell Energy, Inc. (NASDAQ: FCEL) delivers efficient, affordable and clean solutions for the supply, recovery and storage of energy. We design, manufacture, undertake project development of, install, operate and maintain megawatt-scale fuel cell systems, serving utilities and industrial and large municipal power users with solutions that include both utility-scale and on-site power generation, carbon capture, local hydrogen production for transportation and industry, and long duration energy storage. With SureSource™ installations on three continents and millions of megawatt hours of ultra-clean power produced, FuelCell Energy is a global leader in designing, manufacturing, installing, operating and maintaining environmentally responsible fuel cell power solutions. Visit us online at www.fuelcellenergy.com

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