FuelCell Energy, Inc. (NasdaqNM:FCEL), a stationary plant fuel cell manufacturer, announced the Connecticut Clean Energy Fund (CCEF) is paving the way for the country’s largest fuel cell project.
CCEF has signed a loan agreement with Bridgeport Fuel Cell Park, LLC for pre-development financing of a 10-megawatt fuel cell park comprised of five of the company’s 2-megawatt (MW) Direct FuelCell (DFC) power plants that would be located on a brownfield site in Bridgeport, Connecticut. This fuel cell project will be able to power over 9,300 households with clean energy. The loan of up to $500,000 is being provided through CCEF’s Pre-Development Program, which funds the early stages of renewable energy projects that will feed power from clean energy sources into the New England electric grid. The program supports renewable energy projects that will potentially move into the construction phase and operation, providing funding for financial and interconnection analyses, facility design, permitting and other activities.
Both FuelCell Energy, Inc. of Danbury, Connecticut, and PurePower, LLC (PurePower) of Farmington, Connecticut, are partners in BFCP. FuelCell Energy, which will provide the project’s five fuel cells, is a leading manufacturer and developer of fuel cells. PurePower is a consulting firm with experience in assessing the feasibility and implementation of stationary fuel cell commercial generation projects.
The Connecticut Clean Energy Fund was created by the Connecticut General Assembly and is administered by Connecticut Innovations, a quasi-public organization. CCEF promotes the development and commercialization of clean energy technologies; the creation of clean energy supply; and the demand for electricity from clean, renewable sources in Connecticut in order to strengthen Connecticut’s economy, protect community health, improve the environment, and promote a secure energy supply for the state. CCEF’s funding comes from a surcharge on electric ratepayers’ utility bills.
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