FuelCell Energy Promotes Senior Vice President And Chief Commercial Officer To President And Chief Executive Officer

DANBURY, Conn., Feb. 9, 2011 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a leading manufacturer of ultra-clean, efficient and reliable power plants using renewable and other fuels for commercial, industrial, government, and utility customers, today announced the promotion of Chip Bottone to the position of President and Chief Executive Officer.

Bottone, previously FuelCell Energy's Senior Vice President and Chief Commercial Officer, takes over for Dan Brdar as President and CEO, effective February 8, 2011. Brdar, who has been with FuelCell Energy from 2000 and CEO since 2006, will remain as Chairman of the Board until the 2011 Annual Meeting of Shareholders as part of the Company's planned management succession strategy.

Since joining FuelCell Energy in February 2010, Bottone has been leading the Company's commercial activities. He has focused on accelerating profitable revenue growth by capitalizing on heightened demand for clean, alternative forms of energy generation – a need well-matched by the company's Direct FuelCell (DFC) power plants. He has developed and implemented strategies to expand the company's market opportunities and growth potential.

"Chip's focus and experience in growing revenue and expanding our customer base is integral to our success. Through his efforts, we enter 2011 with the largest product and service revenue backlog in our history at $154 million," Dan Brdar said. "The Board and I believe that his commercialization experience and performance, combined with his strategic vision for our products provides the necessary leadership for FuelCell Energy to achieve profitability."

Bottone noted that FuelCell Energy is well-positioned to move forward and is poised for sustainable growth.

"I am excited about our prospects and see a clear path to grow our business profitably. There is an absolute global need for ultra-clean, efficient distributed power generation," Bottone said .  "Our products' combination of high electrical efficiency, ultra-clean emissions and 24/7 reliability cannot be matched in the market place."

"We are currently executing on our initiative to accelerate the path to profitability at production volumes that utilize minimal cash. We will also leverage our success in South Korea and California to new markets around the world," he added.