Benzinga | May 4, 2021 08:32AM EDT

FuelCell Says U.S. Department Of Energy Awards Co Additional $8M In Funding For Its Differentiated Solid Oxide Platform

FuelCell Energy, Inc. (NASDAQ:FCEL) -- a global leader in fuel cell technology with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy-- announces progress toward achieving commercial deployment of its solid oxide fuel cell (SOFC) technology. The technical progress in ongoing programs is further advanced with additional funding provided by the U.S. Department of Energy (DOE). The Company is pleased to report that based on its progress and differentiated platform it has been awarded Phase 2 funding in the amount of $8 million for the previously announced ARPA-E project for development of ultra-high efficiency SOFC systems for power generation.

"We continue to make progress in advancing our solid oxide fuel cell platform toward commercialization with the aid of key DOE programs in addition to our own capital investment," commented Jason Few, President and Chief Executive Officer of FuelCell Energy. "With the addition of solid oxide technology, FuelCell Energy offers one of the most complete portfolios of stationary fuel cell platforms in the industry. FuelCell Energy is committed to providing distributed power platforms that help modernize the electric grid, provide a path to decarbonization, deliver energy resiliency and offer a solution to more seamlessly integrate intermittent sources of renewable power like wind and solar."

This additional funding commitment from the DOE represents another key step in FuelCell Energy's path to commercialize its high efficiency solid oxide technology. The multi-stack module that forms the core of the system is a modular building block easily scalable for larger systems. FuelCell Energy is committed to delivering technology that not only delivers on decarbonization but that leverages the billions of dollars invested in global energy infrastructure.