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FuelCell Energy Applauds Congressman Larson And Senator Blumenthal's Plan To Promote Efficiency And Job Creation With Fuel Cells

DANBURY, Conn., Aug. 27, 2012 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL) a global leader in the design, manufacture and service of ultra-clean, efficient and reliable fuel cell power plants, today urged support for The Fuel Cell and Hydrogen Infrastructure for America Act which is being introduced by U.S. Congressman John B. Larson and U.S. Senator Richard Blumenthal. The legislation is designed to accelerate the adoption of stationary fuel cell power generation and the hydrogen energy infrastructure while supporting domestic manufacturing and helping the U.S. fuel cell industry to grow. Congressman Larson and Senator Blumenthal were accompanied by U.S. Congressman Chris Murphy during a visit to the Torrington, Connecticut production facility of FuelCell Energy, Inc., where they announced their intention to introduce this legislation.

"The kind of work being done here at Fuel Cell Energy to provide highly efficient on-site power generation is exactly the kind of work we should be seeing more of to help move us to a stronger future," said Congressman Larson. "I look forward to continuing my work with the delegation to improve federal incentives for this sustainable, American technology.  It's good for our economy here in Connecticut and for the energy security of the Nation."

"Fuel cell technology and energy can create jobs and enhance our state economy as well as free America from dependence on foreign oil – a huge win-win for everyone," Senator Blumenthal said. "I am proud to introduce this bill modeled on Congressman Larson's measure, which promises major benefits to Connecticut companies, helping to make our state the fuel cell capital of the world."

The Fuel Cell and Hydrogen Infrastructure for America Act (the Act) creates a tiered investment tax credit (ITC) to reward highly efficient stationary fuel cell power plants utilizing a combined heat and power (CHP) configuration. The ITC currently provides a tax credit of 30 percent for stationary fuel cell power plants with at least 30 percent efficiency. The Act increases the tax credit to 40 percent for fuel cell power plants achieving at least 60 percent efficiency and increases the tax credit to 50 percent for fuel cell power plants achieving at least 70 percent efficiency.

Stock quotes in this article: FCEL 

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