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FuelCell Energy Reports Fourth Quarter And Fiscal Year 2013 Results And Business Highlights

Stocks in this article: FCEL

"Based upon strong 2013 project development activity and regulatory approvals, we anticipate closing over 30 megawatts of new orders in North America in the first half of 2014. These, combined with our backlog from POSCO and service commitments, will consume all of our anticipated production in fiscal year 2014," continued Mr. Bottone.

Operations update

"We began 2013 with North American production levels at an annual run-rate of 56 megawatts, smoothly increased the production rate to 70 megawatts during the year, and expanded total capacity by about 11 percent through process improvements to 100 megawatts annually," said Tony Rauseo, Chief Operating Officer, FuelCell Energy, Inc. "We are prepared to increase production levels further as demand supports." 

The Company maintained an annual production run-rate at the Torrington, Connecticut production facility of approximately 70 megawatts during the fourth quarter of 2013, producing 17.5 MW of cell components for fuel cell kits and fuel cell power plants.     

The construction of the Bridgeport fuel cell park is on schedule and is currently undergoing final commissioning. All five fuel cell plants are producing power and power production from the organic rankine cycle turbine is expected within days. Final acceptance is expected by the end of December 2013, as scheduled. The associated service contract, valued at approximately $69 million over the 15 year project life, begins at customer acceptance.

All 21 DFC3000 ® power plants are installed at the Gyeonggi Green Energy fuel cell park in Hwasung City, South Korea. The project is on schedule and delivering power to the electric grid and steam to a district heating system.  POSCO Energy constructed the fuel cell park in only twelve months demonstrating the ability to add a significant level of renewable power near where the power is used in a very short period of time. The facility is a global showcase for distributed baseload electric grid support from ultra-clean fuel cell power plants and a model for other regions of the world. 

The first German built fuel cell power plant was completed by FuelCell Energy Solutions, GmbH (FCES) and delivered to the future Federal Ministry of Education and Research office complex in Berlin, Germany during the fourth quarter. FCES is managing the installation of the power plant and commissioning is expected in mid-2014 once construction of the office complex nears completion. FCES is the sales, manufacturing and service business for the European Served Area for FuelCell Energy, Inc.   

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