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16.02.2005 14:35:00
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Starwood Enters into Agreement with FuelCell Energy and Alliance Power
Starwood Enters into Agreement with FuelCell Energy and Alliance Power Joint Venture for Hotel Fuel Cell Power Plants One-Megawatt Project for Sheraton San Diego Hotel & Marina Will Be the First Executed Under the Agreement
FuelCell Energy, Inc. (NasdaqNM:FCEL) and Alliance Power have formed a joint venture, Alliance Star Energy LLC, which has entered into a Master Energy Services Agreement (MESA) with Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT). The MESA provides the framework for fuel cell power plant projects for Starwood's hotels and will streamline the process for business opportunities between Starwood and Alliance Star Energy. Initial focus will be in California, but the MESA is open to all of Starwood's hotels and resort properties.
The first project under this MESA is to provide one megawatt of fuel cell power to the Sheraton San Diego Hotel & Marina, the fourth hotel employing FuelCell Energy's 'ultra-clean' Direct FuelCell(R) (DFC(R)) technology. Four 250-kilowatt DFC power plants will supply base load electricity for the 1,044-room hotel. The heat byproduct will be used for the hotel's Lagoon Pool. Delivery is expected in the fourth calendar quarter of 2005.
The San Diego Regional Energy Office, administrator for The California Public Utilities Commission's (CPUC) Self-Generation Incentive Program for the San Diego area, has issued a reservation letter that will provide incentive funding of up to $2.5 million of eligible project costs to the combined entity.
"Starwood is again leading the industry with innovation and environmental stewardship with another one of its properties receiving the benefits of FuelCell Energy's technology," said Joe Terzi, Vice President of Operations, Southern California Division, Starwood Hotels. "We're pleased that the Sheraton San Diego Hotel & Marina is the first property outside of the East Coast to receive this technology. Our partnership with the fuel cell industry is benefiting this hotel, and the State of California."
"The satisfaction with other projects at Sheraton hotels, and the enabling California Self Generation Incentive Program, has created a clear value proposition for our DFC power plants at Starwood's properties throughout California," said Herbert T. Nock, Senior Vice President of Marketing and Sales of FuelCell Energy. "This MESA is in line with our focus on developing repeatable business for our DFC products."
"We are very encouraged about the progress we are making in developing business under our alliances with FuelCell Energy," said James Michael, President of Alliance Power. "Alliance Star Energy benefits from the prior successes of Alliance Power and FuelCell Energy in California and brings our combined expertise to a premier customer."
The San Diego project and subsequent transactions under this MESA are to be based on power purchase agreements (PPAs). FuelCell Energy and Alliance Power expect that as its portfolio of PPAs grows under this MESA and other separate transactions, it will become more attractive to the financial markets. FuelCell Energy and Alliance Power will then aggregate its PPAs and seek third party financing.
About the CPUC Self-Generation Incentive Program
The CPUC Self-Generation Incentive Program was created to encourage customers of electrical corporations to install distributed generation that operates on renewable fuel and/or contributes to system reliability. Existing law defines 'ultra-clean and low-emission distributed generation' as an electric generation technology that produces zero emissions during operation or that produces emissions that are equal to or less than limits established by the California Air Resources Board (CARB). The program currently runs through 2007 and provides up to $67 million per year in incentive funding for ultra-clean and renewable generators, including fuel cells.
FuelCell Energy's DFC Power Plants Designated as 'Ultra-Clean' Technology in California
FuelCell Energy's DFC300A and DFC1500 power plants were state certified to meet CARB's stringent new distributed generation emissions standards for 2007. By meeting this standard, the Company's DFC power plants are categorized as an 'ultra-clean' technology, exempting them from air pollution control or air quality district permitting requirements by CARB. In addition, this certification qualifies the Company's products for preferential rate treatment by the CPUC, such as the elimination of 'exit fees' and 'standby charges' for customer electric generation utilizing 'ultra-clean' technologies.
About Direct FuelCells
FuelCell Energy's Direct FuelCells efficiently generate clean electricity at distributed customer locations, including municipal/industrial wastewater treatment facilities, telecommunications/data centers, hotels, universities, manufacturing, hospitals, prisons, federal and grid support. Direct FuelCells convert readily available fuels, such as natural gas or waste gas, to electrical power with greater efficiency than any competing technology of comparable size, including other fuel cells. This high-efficiency technology generates more electric power from less fuel and has the lowest emissions of any fossil based electric generating technology because the fuel is not burned. DFC power plants can be sited at or near users, and the heat byproduct can be used for cogeneration applications such as district heating, hot water or absorption chilling for air conditioning. Depending upon location, application and load size, the Company's DFC power plants in a cogeneration configuration can achieve an overall energy efficiency of between 70 and 80 percent. The sub-megawatt fuel cell power plant is a collaborative effort using Direct FuelCell(R) technology of FuelCell Energy and the Hot Module(R) balance of plant design of MTU CFC Solutions, GmbH, a subsidiary of DaimlerChrysler.
About FuelCell Energy, Inc.
FuelCell Energy, Inc., based in Danbury, Connecticut, is a world leader in the development and manufacture of high temperature fuel cells for clean electric power generation. The Company has developed commercial distribution alliances for its carbonate Direct FuelCell products with world class companies such as Alliance Power, Caterpillar, PPL Energy Plus, Chevron Energy Solutions and LOGANEnergy in the U.S.; Marubeni Corporation in Asia; MTU CFC Solutions in Europe; and Enbridge Inc. in Canada. FuelCell Energy developed its patented Direct FuelCell technology for stationary power plants with the U.S. Department of Energy through its Office of Fossil Energy's National Energy Technology Laboratory.
FuelCell Energy is also developing next generation high temperature fuel cell products, such as a diesel fueled marine Ship Service Fuel Cell, a combined-cycle DFC/Turbine(R) power plant and solid oxide fuel cells through its partnership with Versa Power Systems for applications up to 100 kilowatts. More information is available at http://www.fuelcellenergy.com.
About Alliance Power, Inc.
Alliance Power, Inc. has developed economical and environmentally acceptable distributed generation (DG) facilities ranging in size from 1 MW to 49 MW. The company's unique approach to DG projects maximizes the use of existing utility infrastructure to reduce costs. Alliance Power performs all aspects of project implementation including siting, planning, permitting, designing, constructing, financing, and operating. The company has a proven team, and has the experience and technology to deliver DG power supplies on schedule - with economical and competitive rates. Alliance Power has a staff experienced in providing power generation development in a variety of settings and for a wide array of clients. Alliance Power's headquarters are located in Littleton, Colorado with regional offices across the U.S. More information is available at www.alliancepower.com.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels and Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 750 properties in more than 80 countries and 110,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor of hotels and resorts including: Sheraton(R), Westin(R), The Luxury Collection(R), St. Regis(R), W(R) and Four Points(R) by Sheraton, as well as Starwood Vacation Ownership, Inc., one of the premiere developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com
This news 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.
For additional information, please contact:
Beth Binger
BCIpr
Symphony Towers
750 B Street, Suite 2520
San Diego, CA 92101
619-232-9292
beth.binger@bcipr.com
www.BCIpr.com
--30--AC/ny*
Business Editors
DANBURY, Conn.--(BUSINESS WIRE)--Feb. 16, 2005--
FuelCell Energy, Inc. (NasdaqNM:FCEL) and Alliance Power have formed a joint venture, Alliance Star Energy LLC, which has entered into a Master Energy Services Agreement (MESA) with Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT). The MESA provides the framework for fuel cell power plant projects for Starwood's hotels and will streamline the process for business opportunities between Starwood and Alliance Star Energy. Initial focus will be in California, but the MESA is open to all of Starwood's hotels and resort properties.
The first project under this MESA is to provide one megawatt of fuel cell power to the Sheraton San Diego Hotel & Marina, the fourth hotel employing FuelCell Energy's 'ultra-clean' Direct FuelCell(R) (DFC(R)) technology. Four 250-kilowatt DFC power plants will supply base load electricity for the 1,044-room hotel. The heat byproduct will be used for the hotel's Lagoon Pool. Delivery is expected in the fourth calendar quarter of 2005.
The San Diego Regional Energy Office, administrator for The California Public Utilities Commission's (CPUC) Self-Generation Incentive Program for the San Diego area, has issued a reservation letter that will provide incentive funding of up to $2.5 million of eligible project costs to the combined entity.
"Starwood is again leading the industry with innovation and environmental stewardship with another one of its properties receiving the benefits of FuelCell Energy's technology," said Joe Terzi, Vice President of Operations, Southern California Division, Starwood Hotels. "We're pleased that the Sheraton San Diego Hotel & Marina is the first property outside of the East Coast to receive this technology. Our partnership with the fuel cell industry is benefiting this hotel, and the State of California."
"The satisfaction with other projects at Sheraton hotels, and the enabling California Self Generation Incentive Program, has created a clear value proposition for our DFC power plants at Starwood's properties throughout California," said Herbert T. Nock, Senior Vice President of Marketing and Sales of FuelCell Energy. "This MESA is in line with our focus on developing repeatable business for our DFC products."
"We are very encouraged about the progress we are making in developing business under our alliances with FuelCell Energy," said James Michael, President of Alliance Power. "Alliance Star Energy benefits from the prior successes of Alliance Power and FuelCell Energy in California and brings our combined expertise to a premier customer."
The San Diego project and subsequent transactions under this MESA are to be based on power purchase agreements (PPAs). FuelCell Energy and Alliance Power expect that as its portfolio of PPAs grows under this MESA and other separate transactions, it will become more attractive to the financial markets. FuelCell Energy and Alliance Power will then aggregate its PPAs and seek third party financing.
About the CPUC Self-Generation Incentive Program
The CPUC Self-Generation Incentive Program was created to encourage customers of electrical corporations to install distributed generation that operates on renewable fuel and/or contributes to system reliability. Existing law defines 'ultra-clean and low-emission distributed generation' as an electric generation technology that produces zero emissions during operation or that produces emissions that are equal to or less than limits established by the California Air Resources Board (CARB). The program currently runs through 2007 and provides up to $67 million per year in incentive funding for ultra-clean and renewable generators, including fuel cells.
FuelCell Energy's DFC Power Plants Designated as 'Ultra-Clean' Technology in California
FuelCell Energy's DFC300A and DFC1500 power plants were state certified to meet CARB's stringent new distributed generation emissions standards for 2007. By meeting this standard, the Company's DFC power plants are categorized as an 'ultra-clean' technology, exempting them from air pollution control or air quality district permitting requirements by CARB. In addition, this certification qualifies the Company's products for preferential rate treatment by the CPUC, such as the elimination of 'exit fees' and 'standby charges' for customer electric generation utilizing 'ultra-clean' technologies.
About Direct FuelCells
FuelCell Energy's Direct FuelCells efficiently generate clean electricity at distributed customer locations, including municipal/industrial wastewater treatment facilities, telecommunications/data centers, hotels, universities, manufacturing, hospitals, prisons, federal and grid support. Direct FuelCells convert readily available fuels, such as natural gas or waste gas, to electrical power with greater efficiency than any competing technology of comparable size, including other fuel cells. This high-efficiency technology generates more electric power from less fuel and has the lowest emissions of any fossil based electric generating technology because the fuel is not burned. DFC power plants can be sited at or near users, and the heat byproduct can be used for cogeneration applications such as district heating, hot water or absorption chilling for air conditioning. Depending upon location, application and load size, the Company's DFC power plants in a cogeneration configuration can achieve an overall energy efficiency of between 70 and 80 percent. The sub-megawatt fuel cell power plant is a collaborative effort using Direct FuelCell(R) technology of FuelCell Energy and the Hot Module(R) balance of plant design of MTU CFC Solutions, GmbH, a subsidiary of DaimlerChrysler.
About FuelCell Energy, Inc.
FuelCell Energy, Inc., based in Danbury, Connecticut, is a world leader in the development and manufacture of high temperature fuel cells for clean electric power generation. The Company has developed commercial distribution alliances for its carbonate Direct FuelCell products with world class companies such as Alliance Power, Caterpillar, PPL Energy Plus, Chevron Energy Solutions and LOGANEnergy in the U.S.; Marubeni Corporation in Asia; MTU CFC Solutions in Europe; and Enbridge Inc. in Canada. FuelCell Energy developed its patented Direct FuelCell technology for stationary power plants with the U.S. Department of Energy through its Office of Fossil Energy's National Energy Technology Laboratory.
FuelCell Energy is also developing next generation high temperature fuel cell products, such as a diesel fueled marine Ship Service Fuel Cell, a combined-cycle DFC/Turbine(R) power plant and solid oxide fuel cells through its partnership with Versa Power Systems for applications up to 100 kilowatts. More information is available at http://www.fuelcellenergy.com.
About Alliance Power, Inc.
Alliance Power, Inc. has developed economical and environmentally acceptable distributed generation (DG) facilities ranging in size from 1 MW to 49 MW. The company's unique approach to DG projects maximizes the use of existing utility infrastructure to reduce costs. Alliance Power performs all aspects of project implementation including siting, planning, permitting, designing, constructing, financing, and operating. The company has a proven team, and has the experience and technology to deliver DG power supplies on schedule - with economical and competitive rates. Alliance Power has a staff experienced in providing power generation development in a variety of settings and for a wide array of clients. Alliance Power's headquarters are located in Littleton, Colorado with regional offices across the U.S. More information is available at www.alliancepower.com.
About Starwood Hotels & Resorts Worldwide, Inc.
Starwood Hotels and Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 750 properties in more than 80 countries and 110,000 employees at its owned and managed properties. With internationally renowned brands, Starwood is a fully integrated owner, operator and franchisor of hotels and resorts including: Sheraton(R), Westin(R), The Luxury Collection(R), St. Regis(R), W(R) and Four Points(R) by Sheraton, as well as Starwood Vacation Ownership, Inc., one of the premiere developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com
This news 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.
For additional information, please contact:
Beth Binger
BCIpr
Symphony Towers
750 B Street, Suite 2520
San Diego, CA 92101
619-232-9292
beth.binger@bcipr.com
www.BCIpr.com
--30--AC/ny*
CONTACT: Investor and Media: FuelCell Energy, Inc. Steven P. Eschbach, CFA 203-825-6000 seschbach@fce.com or For Starwood Hotels & Resorts: Mark Ricci Manager, Corp. Public Relations 914-640-8496 mark.ricci@starwoodhotels.com
KEYWORD: CONNECTICUT CALIFORNIA INDUSTRY KEYWORD: TRAVEL ENERGY UTILITIES MARKETING AGREEMENTS SOURCE: FuelCell Energy, Inc.
Copyright Business Wire 2005
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