DANBURY: 2018 is starting off a little better for FuelCell Energy, Inc. [Nasdaq:FCEL] as the company has signed a 20-year power purchase agreement with the Campbell Soup Company [NYSE: CPB], to install two SureSource 3000™ fuel cells that will generate 5MW of power at its Bakersfield, California manufacturing site, of Bolthouse Farms brand beverages, carrots and dressings.
According to the company FuelCell Energy will “provide a comprehensive turn-key project solution that includes engineering, procurement, construction, and maintenance services under a 20-year power purchase agreement. The combined heat and power (CHP) fuel cell system will provide electricity and steam that will lead to a reduction in energy costs while enhancing power reliability from on-site power generation.”
“This highly efficient fuel cell plant will reduce our energy use as we continue to drive down greenhouse gas emissions in keeping with our corporate sustainability goals,” said Bing Cheng, Manager of Utilities Engineering Campbell Soup Company. “
“This power purchase model, with no upfront capital expense on the part of Campbell, delivers immediate value by providing operating savings, emissions reductions and security of on-site power,” said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc.
Campbell has worked with FuelCell Energy to increase the onsite energy portfolio at its bakery in Bloomfield. The site, home to the Pepperidge Farm brand, added a second FuelCell Energy fuel cell power plant in 2015, adjacent to its existing FuelCell Energy fuel cell power plant that began operating in 2008
Fuel Cell had another big win with the inclusion of investment tax credits for the Fuel Cell industry in the Bipartisan Budget Act of 2018.
Investment tax credits for fuel cells had been eliminated in out of the 2015 extension of the incentives, which out fuels cells at a disadvantage to the solar and wind power industries.
The industry employs about 3,000 people in Connecticut and reportedly and brings in about “$600 million in technology investment and revenues to fuel cell companies based in the state.”