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FuelCell Energy Inc. (FCEL) Announces California Legislation to Extend Green Energy Incentives through 2015

FuelCell Energy Inc. is a global leader in the development and production of stationary fuel cells with established partnerships with major power plant developers and power companies around the world. The company recently announced that California Governor Arnold Schwarzenegger signed legislation set to promote continued development and use of alternative energy technologies through 2015; in response, FuelCell said it expects the legislation to boost demand for its fuel-cell products.

Governor Schwarzenegger signed an extension to the Self-Generation Incentive (SGIP) program to extend funding for various clean energy technologies, including FuelCell’s ultra-clean stationary fuel cell power plants.

Since its inception in 2001, SGIP has provided support for roughly 15 megawatts of FuelCell’s Direct FuelCell power plants in California. The program was created to promote on-site production of electricity to alleviate strains on the state’s utility grid while reducing greenhouse gases.

“California has always led the way in the deployment of clean energy technologies,” Jeff Cox, senior policy advisor of FuelCell stated in the press release. “Extension of the SGIP is a prime example of California’s continuing commitment to improving air quality and reducing harmful emissions. Our fuel cell power plants are the most efficient, ultra-clean distributed generation available in their size range, which makes them a great solution for California.”

SGIP provides funding and support to more than 1,400 separate projects, reflecting $750 million in incentives paid to participants. At year-end 2008, the program was successful in lowering greenhouse gases by more than 175,000 tons of CO2, the equivalent of removing more than 29,000 cars of the road for the year.

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