The manufacturer and operator of fuel cell power plants, FuelCell Energy, Inc. (FCEL - Snapshot Report) revealed that it has been selected for a cost-share carbon capture project by the U.S. Department of Energy’s ("DOE") Office of Fossil Energy. The project, with an outlay of $23.7 million, will be sponsored by the National Energy Technology Laboratory.The project requires FuelCell Energy to install a two-megawatt Direct FuelCell ("DFC") system, which will be a modification of the company’s commercial DFC3000 fuel cell power plant. The carbon capture fuel cell system will be installed beside an existing coal-fired power plant to capture carbon dioxide (CO2) from the exhaust of a coal plant apart from generating power.Installation of the fuel cell system is the first of two phases. The second phase of the project requires the installation of 11 additional fuel cell power plants to capture roughly 700 tons of CO2 per day, while simultaneously generating about 648,000 kwh of ultra-clean power on a daily basis.FuelCell Energy will finalize the contract with the DOE by the end of this month. Currently, the company is in discussions with several utility and independent power producers that generate power through coal-fired plants. It expects to finish site selection for the project by fall 2015.How Carbon Capture Works?The carbon capture fuel cell system is capable of routing flue gas from a coal-fired power plant into the fuel cells’ air intake system, which then processes the flue gas to filter CO2. The captured CO2 is cooled and compressed using standard chilling equipment for use in industrial or agricultural applications. During the carbon capture process, 70% of smog producing nitrogen oxide (NOX) is removed, thereby supporting clean air initiatives.Apart from carbon capture, DFC-based fuel cell power plants generate clean air with the help of an electrochemical reaction that avoids the emission of pollutants. It utilizes natural gas as a fuel source.Thrust on Clean PowerPower plants account for roughly 40% of CO2 emissions in the U.S. Last month, the Environmental Protection Agency finalized new rules under the Clean Power Plan for reducing carbon emissions from power plants. It calls for reducing carbon pollution from the power plants by 32% in 2030 over 2005 levels.The revised Clean Power Plan also stressed on investments in renewable energy, energy efficiency programs, natural gas, and nuclear power, all of which indicate a shift in power generation away from coal-fired plants.This major thrust on clean power is expected to benefit other fuel cell systems developers such as Ballard Power Systems Inc. (BLDP - Snapshot Report), Hydrogenics Corporation (HYGS - Snapshot Report) and Plug Power Inc. (PLUG - Snapshot Report).Currently, FuelCell Energy carries a Zacks Rank #3 (Hold). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> - See more at: http://www.zacks.com/stock/news/177760/fuelcell-fcel-down-on-widerthanexpected-q2-loss#sthash.DXPx2pD3.dpuf Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >> - See more at: http://www.zacks.com/stock/news/177760/fuelcell-fcel-down-on-widerthanexpected-q2-loss#sthash.DXPx2pD3.dpuf
FuelCell Energy, a manufacturer and operator of fuel cell power plants, has been selected by the US Department of Energy's (CO2 for a cost-share carbon capture project. The first part of the project requires FuelCell Energy to install their 2MW Direct FuelCell System to capture DOE) Office of Fossil Energy emissions from a coal-fired power plant. The second stage of the project will require the company to install 11 additional fuel cell power plants to capture roughly 700 tons of DOE) Office of Fossil Energy per day, whilst generating 648,000KWH of clean power daily.