Company Profile

FuelCell Energy Inc (Nasdaq: FCEL) -- formerly known as Energy Research Corporation -- develops and markets ultra-clean stationary fuel cell power plants that generate electricity with up to twice the efficiency of conventional fossil fuel plants while producing virtually no air pollution. Focusing their efforts on the commercialization of stationary electric power generation, in the early days of the firm conducted research into the commercialization of fuel cell technology, as well as advanced battery research. The company eventually spun off its battery efforts, creating FuelCell Energy Inc. In the 1970's, with funding from the U.S. military and utility companies, the company conducted extensive research into low-temperature fuel cells as well as silver-zinc battery cells. In the 1980's and 1990's the company switched its focus to high-temperature carbonate fuel cell systems, which offered greater commercial possibilities due to the ability to internally reform readily available fuels into the hydrogen required by the fuel cell. A major milestone for the company was reached in 1992 when they successfully demonstrated a 120 kilowatt (kW) high temperature carbonate fuel cell system, and with public interest mounting, and the commercialization of fuel cell technology near at hand, the company went public with an initial stock offering that raised $6.5 million. The company continued to improve its patented Direct FuelCell® (DFC®) technology, and in 1996 a 2 megawatt (MW) DFC power plant went online in Santa Clara, California. Having only comparatively recently outgrown SBIR - still active until 2011 - FuelCell Energy, Inc., together its subsidiaries, designs, manufactures, sells, installs, operates, and services stationary fuel cell power plants for distributed power generation. The company is also involved in the development, design, production, and sale of fuel cell products under the Direct FuelCell name. Its power plants electrochemically produce electricity and heat using various fuels, including natural gas, methanol, diesel, biogas, coal gas, coal mine methane, and propane. The company serves electric utilities, independent power producers, and governments; and education and healthcare, gas transmission, industrial and data centers, commercial and hospitality, oil production and refining, wastewater treatment, food and beverage, agriculture, and landfill gas sectors. It has an installed base and backlog of approximately 300 megawatts. The company operates in the United States, South Korea, England, Indonesia, Germany, Canada, and Spain. It has strategic alliances with POSCO Energy; The Fraunhofer Institute for Ceramic Technologies and Systems; and NRG Energy.