Acquires World-class technology platform and expertise
Provides growth opportunities in adjacent markets
DANBURY, Conn., Dec. 20, 2012 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL) a global leader in the design, manufacture, operation and service of ultra-clean, efficient and reliable fuel cell power plants, today announced that it has acquired the remaining shares of Versa Power Systems, Inc. (Versa). Versa is a leading solid oxide fuel cell developer with research facilities in Littleton, Colorado, USA and Calgary, Canada. The addition of solid oxide fuel cell technology strengthens the global leadership position of FuelCell Energy. Prior to this action, FuelCell Energy, Inc. owned approximately 39 percent of Versa. "We view solid oxide fuel cell technology as complementary to our carbonate fuel cell product line as we target megawatt and multi-megawatt applications with our Direct FuelCell® power plants and are attracted to solid oxide for future sub-megawatt power generation and storage applications," said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. "We will continue to develop the Versa technology under the existing U.S. Department of Energy SECA program and are in advanced discussions with multiple partners for collaboration in commercializing the technology." Mr. Bottone continued, "By acquiring Versa, we can leverage our current infrastructure, expertise, and experience to accelerate the commercialization of this solid oxide fuel cell technology to expand our market opportunities." "The Versa fuel cell technology has been termed world class by a number of independent experts based on the high power density, high efficiency, and level of scale attained in the size of the fuel cell stacks achieved to date, which drives the power generation capabilities," said Tony Leo, Vice President Application Engineering & Advanced Technology Development, FuelCell Energy, Inc. "Using the Versa technology and our expertise with fuel cell stacking and balance of plant, we are currently testing a 60 kilowatt solid oxide fuel cell stack that has exhibited performance providing approximately 60 percent electrical efficiency in a power plant system, and still provide usable exhaust heat for combined heat and power applications. This is an unprecedented performance potential."