FuelCell Energy, Inc. and its subsidiaries (FuelCell Energy) are a global leader in delivering a variety of clean energy solutions to address some of the world’s most critical challenges around energy access, resilience, reliability, affordability, safety and security.
FuelCell Energy is innovating and developing commercial technologies that produce clean electricity, heat, clean hydrogen, and water.
The company’s business model focuses on generating recurring revenue through power purchase ag...
FuelCell Energy, Inc. and its subsidiaries (FuelCell Energy) are a global leader in delivering a variety of clean energy solutions to address some of the world’s most critical challenges around energy access, resilience, reliability, affordability, safety and security.
FuelCell Energy is innovating and developing commercial technologies that produce clean electricity, heat, clean hydrogen, and water.
The company’s business model focuses on generating recurring revenue through power purchase agreements and long-term service agreements, in addition to non-recurring revenue generated through power platform and component sales and research contracts related to the development of the company’s Advanced Technologies.
The company’s commercial product portfolio is based on its carbonate electrochemical platform. The company offers its products in several different configurations for a wide range of power and chemical applications, including electricity, hydrogen, high grade heat (including steam), water and CO2 upgradable to food and beverage grade and/or usable in cement or other industrial products, and to concentrate and separate CO2 from fossil-fueled industrial applications allowing the sequestration and/or utilization of the CO2. The company also continues to invest in the development and commercialization of the company’s solid oxide fuel cell platform. The company’s efforts include actively seeking strategic partnerships and opportunities that would enable the company to deploy this technology as part of larger-scale energy, emissions reduction and hydrogen generation projects.
The company targets a range of markets and applications with its products, including utilities and independent power producers, data centers, wastewater treatment, commercial and hospitality, food and beverage, and microgrids, among others. The company markets its products primarily in the United States, Europe and Korea. The company is also pursuing opportunities in other countries around the world. The company targets for expansion and development markets and geographic regions that benefit from and value clean distributed generation; are located where there are high energy costs, poor grid reliability, and/or challenged transmission and distribution lines; can leverage the multiple value streams delivered by the company’s platforms (electricity, hydrogen, thermal, water, and carbon recovery); are aligned with regulatory frameworks that harmonize energy, economic and environmental policies; and are committed to reducing their Scope 1 and Scope 2 emissions.
As a company, the company is committed to helping its customers reduce their environmental impact. The company is equally committed to reducing its environmental impact and have developed and begun implementing a plan to reduce the company’s carbon emissions to net zero by 2050. The company’s platforms have a direct impact on reducing its customers’ Scope 1 and Scope 2 emissions, thus lowering the global environmental footprint of baseload, or primary, power generation.
In addition to the company’s core commercial products, the company engages strategically in research and development, both company-funded and carried out under grants from and commercial agreements with private companies and various government agencies through the company’s Advanced Technologies programs. The company focuses on generating revenue from its core recurring and non-recurring revenue sources, while working to identify the next trends in clean energy the company can commercialize, take to market, and grow into future revenue streams.
Market Opportunity
Through the capabilities of the company’s platforms, the company provides clean, reliable baseload, or primary power generation (baseload, or primary, power generation is power generated over a period of time at a steady rate), hydrogen production, high grade heat, carbon recovery from the fuels utilized by the company’s platforms, isolation and removal of CO2 from exhaust streams, and the ability to use biofuels, renewable natural gas (‘RNG’), and a hydrogen-hydrocarbon fuel blend for power generation feedstock. In addition, the company is focused on advancing the commercialization of its platform technologies to enable the use of pure hydrogen for baseload power generation, to perform electrolysis to convert water and electricity into hydrogen, and to isolate and remove CO2 from external exhaust streams.
The company’s platforms are capable of delivering CO2 for food and beverage use, pH balancing of water supply, extending the shelf life of food vital to global food supply and food security, as a binder in a number of materials from concrete to sustainable building materials and the production of synthetic fuels, polymers and other minerals.
Business Strategy
In 2019, the company launched its ‘Powerhouse’ strategy to strengthen its business, maximize operational efficiencies and position the company for future growth. Having made progress in achieving key initiatives under the original three pillars of the company’s strategy, in 2022, the company updated the three key pillars of its strategy to ‘Grow, Scale and Innovate’. In November 2024, the company has refined and updated certain aspects of this strategy and have further updated the three key pillars of the company’s strategy to ‘Focus, Scale and Innovate.’
Focus — Penetrate Significant Market Opportunities
Streamline business operations: Advancing the company’s commercial and technical capabilities, but with focus on and discipline regarding cost structure, capital deployment and cash management.
Optimize the core business: Capitalizing on the company’s core technological strengths across targeted customer segments and delivering applications, including, but not limited to, microgrids, carbon capture, carbon recovery, and distributed hydrogen.
Drive commercial excellence: Strengthening customer relationships and building a customer-centric reputation; building the company’s sales pipeline by increasing focus on targeted differentiated applications, product sales, energy-as-a-service financing options, and geographic market and customer segment expansion; and building a broader network of channel and go-to-market relationships.
Scale — Scale The company’s Existing Platform to Support Growth
Invest: Investing in the company’s manufacturing capabilities and building new capacity as the company advances commercialization of its carbon capture and solid oxide technologies, enhancing the company’s commercial organization, creating distribution partnerships, and investing in marketing to ensure the various audiences of the company’s message have a clear understanding of the potential value propositions and benefits of the company’s platforms and solutions, including customers, regulatory and legislative bodies in each of the company’s target markets, and investors.
Extend process leadership: Building on the company’s legacy and over twenty years of commercial platform process experience, so that the company can scale its new platforms and solution capabilities with the same degree of quality as the company’s footprint.
Strengthen the company’s team: Continuing development of the company’s team to support its growth and enable the company’s future, including building an even more diverse, inclusive, intellectually curious, engaged, and purpose-driven workforce that embodies the culture of the company and its core values.
Expand geographically: Targeting growth opportunities in the company’s traditional markets of North America, Korea, and Europe, while also positioning the company to capitalize on emerging opportunities in the Middle East, Africa, the Asia Pacific region, and South America. The company will continue to monitor other global markets for expansion as those opportunities develop.
Innovate — Innovate for the Future
Continue product innovations: Investing in continuous customer-driven product improvements, including the core solid oxide scalable module design, and continuing development of carbon capture and carbon recovery technologies extending the company’s platform applications.
Deepen participation in the developing hydrogen economy: Deepening the company’s hydrogen market participation beyond its deployed distributed hydrogen Tri-gen platform, primarily by advancing the company’s solid oxide technology to support growing applications for distributed hydrogen electrolysis and energy storage applications.
Diversify the company’s revenue streams by delivering products and services that support the global energy transition: Through the innovations described above, focusing on developing a suite of platforms and superior performance attributes, which will be in demand throughout the energy transition allowing the company to increase and broaden its customer penetration, add to the value the company delivers to its customers, and diversify the company’s revenue streams.
Business Model
The company’s business model is based on multiple revenue streams, targeting both recurring revenue and non-recurring revenue. Recurring revenue is delivered through recurring electricity, capacity, and renewable energy credit sales under power purchase agreements (‘PPAs’) and tariffs for projects the company retains in its generation operating portfolio, as well as service revenue, mainly through long-term service agreements. Non-recurring revenue is generated through power platform and component sales, as well as from public and private industry research contracts related to the development of the company’s Advanced Technologies.
The company is a complete solutions provider for its platform solutions, controlling the design, sales, manufacturing, installation, operations, and maintenance of the company’s patented fuel cell technology under long-term power purchase and service agreements. When utilizing long-term PPAs, the end-user of the power or utility hosts the installation and only pays for power as it is delivered, avoiding up-front capital investment. The company also develops projects and sells equipment directly to customers, providing a complete solution of engineering, installing, and servicing the fuel cell power plant under an engineering, procurement, and construction agreement (‘EPC’) and a long-term maintenance and service agreement. The company maintains the long-term recurring service obligation and associated revenues running conterminous with the life of such projects.
Product Platforms and Applications
The company’s product portfolio is based on its carbonate electrochemical platform. Depending on its configuration, this platform supports power generation and combined heat and power applications using a variety of fuels, including a 50/50 blend of hydrogen and natural gas or biogas blends, biogas, renewable natural gas, and natural gas. The fuel cells utilized in these platforms react fuel electrochemically, without combusting the fuel, which avoids emissions produced by combustion such as nitrogen oxides (‘NOx’), sulfur oxides (‘SOx’) and particulates. In the electrochemical process, fuel and air are reacted in separate chambers in the fuel cell stack. The reactions producing CO2 happen before the fuel is mixed with air, and the CO2 is concentrated and therefore easy to recover and capture. The company’s carbonate platforms are enabled to recover and capture their own CO2 for use or sequestration before it is emitted into the air. These platforms are unique in their ability to also capture CO2 from an external source, utilizing the flue stream of a power plant or an industrial boiler as a replacement for ambient air intake.
The company is also continuing to strategically invest in the development and commercialization of the company’s solid oxide fuel cell platform, including actively seeking strategic partnerships that will enable the company to deploy this technology as part of larger-scale energy, emissions reduction and hydrogen generation projects. The company’s solid oxide platform can operate on pure hydrogen fuel. The company’s solid oxide platform can be used in electrolysis, which is the reverse of fuel cell operation – producing hydrogen from power and water.
The company’s multi-featured platforms can be configured to provide a number of value streams, including electricity, hydrogen, high grade heat (including steam), water and CO2 upgradable to food and beverage grade and/or usable in cement or other industrial products, and to concentrate and separate CO2 from fossil-fueled industrial applications allowing the sequestration and/or utilization of the CO2.
The company is focused on using its proprietary technology to pursue the following four significant applications, each of which is important to the global energy transition and to limiting climate change, reducing NOx, SOx, and particulate pollution, limiting noise pollution associated with traditional power generation and fostering more efficient utilization of land compared to traditional power generation and intermittent renewable energy platforms:
Distributed generation from carbonate platforms (commercially available) and solid oxide modules (under development);
Distributed and large-scale hydrogen production using high efficiency solid oxide electrolysis cell (‘SOEC’) systems (under development) or the company’s Tri-gen carbonate-based platform (commercially available);
Carbon capture from external sources (under development) and carbon recovery and utilization enabling carbon capture utilization and sequestration (commercially available); and
Long duration energy storage utilizing reversible solid oxide fuel cells, which alternate between electrolysis mode (to produce and store hydrogen using input power) and fuel cell mode, regenerating power from the stored hydrogen (under development).
Product Platform Applications – Current and Future
Carbonate-Based Distributed Generation
The company’s proprietary, patented platforms generate electricity directly from fuel, such as hydrogen, hydrogen and natural gas blends, biogas, renewable natural gas, and natural gas.
The company markets different configurations and applications of the company’s platform to meet specific market needs, including:
On-Site Power (also known as ‘Behind the Meter’): Customers benefit from improved power resilience, energy security from on-site power that reduces reliance on the electric grid in an environmentally responsible manner, and long-term electric and other value stream price certainty. The company’s fuel cells can be used to produce hot water or steam, as well as hydrogen and carbon dioxide for beverage and food production in addition to other industrial uses.
Utility Grid Support: The company’s energy platforms are scalable, enabling multiple fuel cell platforms to be located together on a very small footprint per MW generated. This capability enables utilities to add multi-megawatt power generation to enhance electric grid resiliency where needed.
Microgrid / Time-to-Power Applications: The company’s platforms can also be configured as a microgrid, either independently or with other forms of power generation, with the goal of providing continuous power and a seamless transition during times of grid outages or when the grid is not an energy option.
Carbonate-Based Distributed Hydrogen
Tri-gen platforms are configurable to deliver on-site hydrogen for transportation, industrial applications, natural gas blending, repowering combustion-based equipment with zero carbon hydrogen, and other uses. The company’s Tri-gen hydrogen platform utilizes proprietary fuel cells configured to simultaneously generate three value streams — power generation, hydrogen, and water.
Solid Oxide-Based Electrolysis
The company has developed a proprietary solid oxide electrolysis technology which is expected to enable production of hydrogen with high electrical efficiency. The company’s solid oxide stacks in electrolysis mode split water into hydrogen and oxygen using supplied carbon-free electricity. The hydrogen can be stored as compressed gas, creating the ability to produce a virtually limitless supply.
The company’s solid oxide platform is among the most efficient available electrolysis technologies. Applications for this technology include centralized large scale hydrogen production from grid-scale renewables or nuclear power, and decentralized hydrogen production for industrial, transportation, repowered combustion generation assets, and synthetic or sustainable fuels for use in aviation and other applications.
The company has operated a sub scale demonstration project of its solid oxide electrolysis technology in the company’s Danbury test facility, which demonstrated the high electrical efficiency discussed above. The company has also been awarded a pilot program to provide a packaged 150 kg/day system for demonstration at Idaho National Laboratory, which has passed Idaho National Laboratory’s acceptance testing in November 2024 and will be delivered and installed in 2025.
The company is focused on the development and commercialization of a new module design that is expected to enhance the company’s ability to compete for large scale infrastructure projects. Learning from its work on carbon capture, the company is developing a module that incorporates all hot gas piping inside the module. Additionally, the module is being designed to enable a vertical array plant, improve the serviceability of the platform, enable module ‘hot swap’ to maintain overall plant operations at all times, and streamline the company’s go-to-market strategy.
The company has also adopted this module-centric strategy to allow the company to concentrate its resources on developing the high-efficiency stacks, allowing the complexities and expenses of platform customization, site design, balance of plant procurement and EPC work to be managed by the large-scale project developers. This strategy has the added benefit of streamlining the company’s manufacturing processes, simplifying the company’s supply chain, and lowering the company’s working capital intensity. Lastly, focusing on the core module technology and design allows the company to dedicate its engineering resources to the advancement of the stack and module technology, including both performance and cost, and maintaining a competitive edge versus the competition.
Solid Oxide-Based Long Duration Hydrogen-Based Energy Storage
The company is in the process of developing a solution for long duration energy storage using its proprietary solid oxide electrolysis technology. The company’s solid oxide stacks are designed to alternate between electrolysis and power generation mode, with one of the company’s design goals being improved integration of intermittent wind and solar power generation sources into the modern electrical grid via long duration storage of energy. Hydrogen-based long duration energy storage has the ability to transform the way intermittent resources are supported today as an alternative to combustion energy sources for continuous or peaking power to fill in when intermittent resources are not online. Instead of producing power from fuel and air, a solid oxide fuel cell stack in electrolysis mode splits water into hydrogen and oxygen using supplied carbon-free electricity. During high demand periods or periods when intermittent resources are offline, the stored hydrogen can be sent back to the same solid oxide stacks, which react it with air to produce power and to regenerate the water, which will be stored for the next cycle.
Carbon Capture, Recovery and Utilization
Carbon Capture – Power generation and industrial applications are the source of two-thirds of the world’s carbon emissions. Cost effective and efficient carbon capture from these two applications globally represents a large market because it could enable clean use of all available fuels. The carbon capture system is being designed to separate and concentrate CO2 from the flue gases of natural gas, biomass or coal-fired power plants or other industrial facilities as a side reaction that extracts and purifies the CO2 in the flue gas during the power generation process and destroys approximately 70% of NOx emissions during the power generation process.
Carbon Recovery and Utilization – In addition to the ability to capture carbon dioxide from an external source, the company is adding the capability to the company’s platforms to extract and purify carbon dioxide produced by the fuel cell power generation process. The company’s carbon separation technology allows carbon dioxide to be easily extracted and purified to the appropriate level for utilization or sequestration, significantly reducing the carbon footprint of the generated power from the company’s fuel cell platforms. This requires a simple modification to the fuel cell module that can be incorporated into new platforms, as well as retrofitted for existing systems during stack replacements. Over time, as the company replaces fuel cell stacks in the company’s deployed modules, the company intends to integrate its carbon separation technology, making every platform receiving a module upgrade carbon separation ready.
Markets
The company targets four distinct market opportunities:
Distributed Generation: This includes utilities and independent power producers, data centers, wastewater treatment, and other behind the meter and microgrid applications;
Carbon Recovery and Utilization: This includes food and beverage and various industrial applications;
Carbon Capture: This includes high CO2 emitters such as the oil and gas sector; and
Distributed Hydrogen: This includes industrial hydrogen applications like fertilizer, mobility and material handling, port applications, and large-scale wind and solar projects for their ability to produce green hydrogen via electrolysis.
The company markets its clean energy solutions worldwide, with a longstanding presence in the United States, Europe and Korea, the largest developed fuel cell market. The utilities and independent power producer market has historically been the company’s largest market with customers that include utilities on the East and West coasts of the United States, such as UIL Holdings Corporation, Inc. (owned by Avangrid, Inc., a wholly owned subsidiary of Iberdrola), the Long Island Power Authority (‘LIPA’) and Southern California Edison. In Europe, utility customers include E.ON Connecting Energies, one of the largest utilities in the world. In Korea, the company is contracted to operate and maintain a number of large-scale utility platform deployments, including a 20 MW power plant project for Korea Southern Power Company (‘KOSPO’), a 20 MW power plant project for Noeul Green Energy Co., Ltd., and a 59 MW power plant project for Gyeonggi Green Energy Co., Ltd.
The company’s power platforms are producing power for a variety of industrial, commercial, municipal and government customers, including manufacturing facilities, pharmaceutical processing facilities, universities, healthcare facilities and wastewater treatment facilities. These institutions expect efficient, clean, and continuous power to reduce operating expenses, reduce greenhouse gas emissions and avoid pollutant emissions to meet their sustainability goals, while boosting resiliency and limiting dependence on the distribution grid. CHP applications further support economic and sustainability initiatives by minimizing or avoiding the use of combustion-based boilers for heat. The company’s patented power platforms are unique in their ability to run on biogas.
Levelized Cost of Energy
The company’s fuel cell projects deliver power at a rate comparable to pricing from the grid in the company’s targeted markets. Policy programs that help to support adoption of clean distributed power generation often lead to below-grid pricing. The company measures power costs by calculating the Levelized Cost of Energy (‘LCOE’) over the life of the project.
The company is also investing in platform design to reduce overall EPC cost associated with the installation of the company’s platforms.
Advanced Technologies Programs
The company’s Advanced Technologies programs include research and development and demonstration programs funded by third parties. The company undertakes both privately funded and publicly funded research and development to develop and grow these opportunities, reduce product and output costs, and expand the company’s technology portfolio. The company’s Advanced Technologies programs are focused on continued development and commercialization of the company’s solutions that advance solid oxide fuel cells, distributed hydrogen, and carbon capture.
The company has historically worked on technology development with various U.S. government departments and agencies, including the U.S. Department of Energy (the ‘DOE’), the Department of Defense (the ‘DOD’), the Environmental Protection Agency (the ‘EPA’), the Defense Advanced Research Projects Agency (‘DARPA’), the Office of Naval Research (the ‘ONR’), the Department of State (the ‘DOS’) and the National Aeronautics and Space Administration (‘NASA’). Government funding, principally from the DOE and DOS, provided 4% of the company’s revenue for the year ended October 31, 2024. In addition to these U.S. government departments and agencies, the company works to develop technologies through privately funded programs with companies like Canadian Natural Resources, Drax Group and ExxonMobil Technology and Engineering Company (formerly known as ExxonMobil Research and Engineering Company) (‘EMTEC’).
License and Joint Development Agreements with EMTEC
EMTEC and FuelCell Energy began working together in 2016 under an initial joint development agreement with a focus on better understanding the fundamental science behind carbonate fuel cells for use in advanced applications and specifically how to increase efficiency in separating and concentrating carbon dioxide from the exhaust of natural gas-fueled power generation.
In June 2019, the company entered into a license agreement with EMTEC to facilitate the further development of the company’s carbon capture platform (the ‘EMTEC License Agreement’). Pursuant to the EMTEC License Agreement, the company granted EMTEC and its affiliates a non-exclusive, worldwide, fully-paid, perpetual, irrevocable, non-transferable license and right to use the company’s patents filed on or before April 30, 2021, and any data, know-how, improvements, equipment designs, methods, processes and the like provided directly by the company or its affiliates to EMTEC or its affiliates under any agreement or otherwise, on or before April 30, 2021, to the extent it is useful to research, develop and commercially exploit carbonate fuel cells in applications in which the fuel cells concentrate carbon dioxide from external industrial and power sources and for any other purpose attendant thereto or associated therewith. Such right and license is sublicensable to third parties performing work for or with EMTEC or its affiliates but is not otherwise sublicensable.
The EMTEC License Agreement facilitated the execution of the Joint Development Agreement between the company and EMTEC (which was originally effective as of October 31, 2019) (as amended, the ‘Joint Development Agreement’). The initial focus of the Joint Development Agreement was to further enhance carbonate fuel cell technology for the purpose of capturing carbon dioxide from industrial facilities.
Effective as of March 31, 2024, the company and EMTEC entered into Amendment No. 5 (‘Amendment No. 5’) to the Joint Development Agreement. In Amendment No. 5, the company and EMTEC further extended the term of the Joint Development Agreement such that it will end on December 31, 2026 (unless terminated earlier), so that the company and EMTEC may pursue continued work to allow for technical readiness of the Generation 2 Technology fuel cell module, as well as additional continuous technology development.
In parallel with the Joint Development Agreement, the company and EMTEC will pursue pioneer commercial deployments of the Generation 2 Technology with third parties, with the company as the fuel cell module manufacturer for such deployments.
Proprietary Rights and Licensed Technology
As of October 31, 2024, the company (excluding its subsidiaries) had 148 U.S. patents and 307 patents in other jurisdictions covering the company’s fuel cell technology (in certain cases covering the same technology in multiple jurisdictions), with patents directed to various aspects of the company’s carbonate technology, solid oxide fuel cell (‘SOFC’) technology, proton exchange membrane (‘PEM’) fuel cell technology and applications thereof. As of October 31, 2024, the company also had 28 patent applications pending in the U.S. and 86 patent applications pending in other jurisdictions.
As of October 31, 2024, the company’s subsidiary, Versa Power Systems, Ltd. (‘Versa’), had 19 U.S. patents and 68 international patents covering SOFC technology (in certain cases covering the same technology in multiple jurisdictions). As of October 31, 2024, Versa also had 13 pending U.S. patent applications and 30 patent applications pending in other jurisdictions. In addition, as of October 31, 2024, the company’s subsidiary, FuelCell Energy Solutions, GmbH, had license rights to 2 U.S. patents and 7 patents outside the U.S. (in certain cases covering the same technology in multiple jurisdictions) for carbonate fuel cell technology licensed from Fraunhofer IKTS.
Certain of the company’s U.S. patents are the result of government-funded research and development programs, including the company’s DOE programs.
Manufacturing and Service Facilities
The company operates a 167,000 square-foot manufacturing facility in Torrington, Connecticut where the company produces the individual cell packages and assembles fuel cell modules for its carbonate fuel cell products. This facility also houses the company’s global service center. The company’s completed modules are conditioned in Torrington and shipped directly to customer sites. The company continues to invest in manufacturing capability with the intention of reducing production bottlenecks and driving productivity, including investments in automation, laser welding, and the construction of additional integrated conditioning capacity. The company also constructed a SureSource 1500 in Torrington during 2022, which operates as a testing facility for qualifying new supplier components and performance testing and validation of continued platform innovations. Additionally, the company completed the construction of an on-site fuel cell demonstration and test unit in fiscal year 2024. This platform allows for component testing, with the goal of accelerating the integration of alternate suppliers and allows prospective customers to observe demonstrated capabilities of the fuel cell platform, such as carbon separation, including for the sampling and testing of separated CO2 to verify quantity, quality or purity requirements for food and beverage companies. As of October 31, 2024, the Torrington facility was operating at a 27.7 MW per year annualized production rate on a single production shift. Maximum annualized capacity (module manufacturing, final assembly, testing and conditioning) is 100 MW per year under the Torrington facility’s current configuration when being fully utilized. The Torrington facility is sized to accommodate the eventual annualized production capacity of up to 200 MW per year with additional capital investment in machinery, equipment, tooling and inventory.
The company designs and manufactures the core fuel cell components that are stacked on top of each other to build a fuel cell stack. For megawatt-scale power plants, four fuel cell stacks are combined to build a 1.4 MW fuel cell module. To complete the power platform, the fuel cell module or modules are combined with the BOP. The mechanical BOP processes the incoming fuel, such as natural gas or biogas and includes various fuel handling and processing equipment, such as pipes and blowers. The electrical BOP processes the power generated for use by the customer and includes electrical interface equipment, such as an inverter. The BOP components are either purchased directly from suppliers or the manufacturing is outsourced based on the company’s designs and specifications. This strategy allows the company to leverage its manufacturing capacity, focusing on the critical aspects of the power plant where the company has specialized knowledge and expertise and possess extensive intellectual property. BOP components are shipped directly to a project site and are then assembled with the fuel cell module into a complete power plant.
The Torrington production and service facility and the Danbury corporate headquarters and research and development facility are ISO 9001:2015 and ISO 14001:2015 certified and the company’s Field Service operation (which maintains the installed fleet of the company’s platforms) is ISO 9001:2015 certified, reinforcing the tenets of the company’s quality management system and a focus on safety, continuous improvement, and commitment to quality, environmental stewardship, and customer satisfaction. The company manufactures its products and manage them through end-of-life using environmentally friendly business processes and practices, certified to ISO 14001:2015. The company continually strives to improve how the company plans and executes across the entire product life cycle. The company maintains a chain of custody and responsibility of its products throughout the product life cycle and strive for ‘cradle-to-cradle’ sustainable business practices, incorporating sustainability in the company’s corporate culture. When the company’s platforms reach the end of their useful lives, the company can refurbish and re-use certain parts and then recycle most of what the company cannot re-use. By weight, approximately 93% of the entire power plant can be re-used or recycled at the end of its useful life.
The company’s manufacturing and research and development facility in Calgary, Alberta, Canada is focused on the engineering and development of the company’s SOFC and SOEC technologies. This facility also houses the company’s SOFC and SOEC stack research and development effort and includes equipment for the manufacturing of solid oxide cells and stacks, including advanced manufacturing capabilities. Beginning in 2022, the company started making additional investments in the Calgary facility to establish a center of competence and excellence for solid oxide cell and stack research and manufacturing. This facility includes equipment for the manufacturing of solid oxide cells and stacks, including an advanced automated stack manufacturing line which has been developed to ensure that the labor and overhead which are required to produce these technologies are optimized for efficiency and complement the low direct material cost of the stack. The current annualized production capacity of the Calgary facility is 6 MW of SOEC production based on installed equipment. During the year ended October 31, 2024, the company entered into lease expansions, extensions and amending agreements which expanded the space leased in Calgary to include an additional approximately 68,000 square feet, for a total of approximately 100,000 square feet of space. In addition, long-lead process equipment has been ordered to facilitate the expansion of manufacturing capacity for the solid oxide platforms in Calgary. Upon the completion of the Calgary capacity expansion, the total annualized SOEC manufacturing capacity could potentially be increased to up to 80 MW per year. However, in November 2024, the company announced a global restructuring of its operations in the U.S., Canada, and Germany that aims to realign resources toward advancing the company’s core technologies, and protect the company’s competitive position amid slower-than-expected-investments in clean energy.
The company has a manufacturing and service facility in Taufkirchen, Germany that has the capability to perform final module assembly for up to 20 MW per year of sub-megawatt fuel cell power platforms to service the European market. The company’s European service activities are also operated out of this location. The company’s operations in Europe are certified under both ISO 9001:2015 and ISO 14001:2015.
Workforce Environmental Health and Safety
The company’s Environmental Management System is certified to ISO 14001:2015, and the company’s Occupational Health & Safety Management System is certified to ISO 45001:2018.
History
FuelCell Energy, Inc. was founded in 1969 as a New York corporation. The company was incorporated in 1999.
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