Yahoo - FuelCell Energy Signs First North American Distribution ,
 ---------------------- Forwarded by Kay Mann/Corp/Enron on 09/21/2000 03:48 
PM ---------------------------


hkroll@ect.enron.com on 09/21/2000 03:45:00 PM
To: jeff.ader@enron.com, kay.mann@enron.com, john.berger@enron.com, Ozzie 
Pagan <Ozzie.Pagan@enron.com>, daniel.lyons@enron.com
cc:  

Subject: Yahoo - FuelCell Energy Signs First North American Distribution 
Agreement With PPL EnergyPlus


Well, I guess we don't have to worry about being the first.
http://biz.yahoo.com/bw/000921/ct_fuelcel.html


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Thursday September 21, 4:06 pm Eastern Time

Press Release

FuelCell Energy Signs First North American Distribution Agreement With PPL 
EnergyPlus

Strategic Distribution Alliance to Advance Sales of Fuel Cell Products for 
Distributed Generation Market

DANBURY, Conn.--(BUSINESS WIRE)--Sept. 21, 2000-- FuelCell Energy, Inc. 
(NASDAQ: FCEL - news) has selected PPL EnergyPlus, LLC, a subsidiary of PPL 
Corp. (NYSE: PPL - news), as the first North American distributor of its 
Direct FuelCell(TM)(DFCc) products for the distributed generation market. The 
agreement facilitates commercialization of FuelCell Energy's DFCc products, 
which will be available for submegawatt commercial orders in the second half 
of 2001, and megawatt commercial orders in 2002. In addition, PPL has made an 
equity investment of approximately $10 million, or about one per cent of 
FuelCell Energy's equity and will order 1.25 megawatts of commercial field 
trial units in the next six months. 

In announcing the strategic alliance between the two firms, Jerry Leitman, 
president and CEO of FuelCell Energy, said, ``We're delighted to have PPL, a 
leading supplier of competitively priced electricity and energy services in 
the mid-Atlantic region, as our first distribution partner in North America. 
PPL is a successful company, with a solid growth strategy, and is highly 
qualified to penetrate the market for distributed generation solutions, 
through their energy marketing and services arm, PPL EnergyPlus. This 
agreement is the latest milestone attained in bringing our products to the 
stationary power marketplace.'' 

The DFCc power plant is especially well suited for a variety of distributed 
generation applications, including high reliability and power quality, 
cogeneration, opportunity fuels, environmental compliance and grid 
congestion. PPL is targeting customers with these applications, including 
schools, hospitals, water treatment plants, office buildings and data 
centers. 

``We see enormous potential for this segment of our business,'' said William 
F. Hecht, PPL chairman, president and chief executive officer. ``As an 
innovative energy company, with a strong record of anticipating and meeting 
customer needs, this agreement is a natural step for PPL.'' 

For the initial order of 1.25 megawatts, FuelCell Energy will provide PPL 
with DFCc power plant engineering and operations experience. FuelCell Energy 
will manufacture the DFCc plants for the program and provide interface 
requirements. PPL will provide comprehensive power plant operations and 
maintenance (O&M) management services for the field trial power plants 
procured and/or sold by PPL. 

Using carbonate technology, FuelCell Energy Direct FuelCell(TM) power plants 
have nominal ratings of 300 kW, 1.5 MW and 3 MW. The DFCc produces high 
efficiency energy through a chemical reaction, rather than through 
combustion, resulting in competitively priced electricity, with virtually no 
pollution. This revolutionary method of producing power gives energy users 
the option of producing electricity on site with the assurance of 
environmental compliance, less noise and with shorter timeframes required for 
the permitting process. 

About FuelCell Energy, Inc. 

FuelCell Energy, Inc. - www.fce.com - formerly Energy Research Corp., is a 
world-recognized leader for development and commercialization of high 
efficiency fuel cells for electric power generation. The Company's Direct 
FuelCell technology eliminates external fuel processing to extract hydrogen 
from a hydrocarbon fuel. This results in a product whose cost, combined with 
high efficiency, simplicity and reliability, results in product advantages 
for stationary power generation. FuelCell Energy is based in Danbury, Conn. 
The Company has been developing DFC technology for stationary power plants 
with the U.S. Department of Energy through the National Energy Technology 
Laboratory, whose advanced fuel cell research program is focused on 
developing a new generation of high performance fuel cells that can generate 
clean electricity at power stations or in distributed locations near the 
customer, including hospitals, schools, data centers and other commercial and 
industrial applications. 

About PPL Corp. 

PPL Corp. is an Allentown, Pa.-based, FORTUNE 500c company that delivers 
electricity and natural gas to more than 1.3 million customers in 
Pennsylvania; markets wholesale or retail energy in 43 U.S. states and 
Canada; provides energy services for businesses in the Mid-Atlantic and 
Northeastern U.S.; generates electricity at power plants in Pennsylvania, 
Maine and Montana; delivers electricity to 1.4 million customers in southwest 
Britain; and delivers electricity to nearly 1.8 million customers in Chile, 
Bolivia, El Salvador and Brazil. 

PPL EnergyPlus, the energy marketing and services arm of PPL Corp., offers 
distributed generation products through its GenSelect(TM) program. PPL 
EnergyPlus will support the installation and service of fuel cells through 
its regional mechanical contracting companies, which provide energy services 
for businesses in the Mid-Atlantic and Northeastern United States. 

This press release contains forward-looking statements, including statements 
regarding the Company's plans and expectations regarding the development and 
commercialization of its fuel cell technology. All forward-looking statements 
are subject to risks and uncertainties that could cause actual results to 
differ materially from those projected. Factors that could cause such a 
difference include, without limitation, the risk that commercial field trials 
of the Company's products will not occur when anticipated, general risks 
associated with product development, manufacturing, changes in the utility 
regulatory environment, potential volatility of energy prices, rapid 
technological change, and competition, as well as other risks set forth in 
the Company's filings with the Securities and Exchange Commission. The 
forward-looking statements contained herein speak only as of the date of this 
press release. The Company expressly disclaims any obligation or undertaking 
to release publicly any updates or revisions to any such statement to reflect 
any change in the Company's expectations or any change in events, conditions 
or circumstances on which any such statement is based. 

Contact: 

Investor Contact:
     FuelCell Energy, Inc.
     Susan S. Odiseos, 203/825-6000
     sodiseos@fce.com
     - or -
     Media Contact:
     Baker Communications Group
     Bill Baker, 860/350-9100
     wbaker@bakercg.com

 

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