11.2 Megawatt Fuel Cell Park Providing Ultra-clean Power to the Electric Grid

DANBURY, Conn., Nov. 15, 2011 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc.

(Nasdaq:FCEL) a leading manufacturer of ultra-clean, efficient and reliable
power plants, today announced that the world's largest fuel cell park is now
operating in Daegu City, South Korea. The 11.2 megawatt (MW) fuel cell park
includes four 2.8 MW DFC3000 Direct
FuelCell(R) (DFC(R)) power plants, a scalable solution for providing
ultra-clean baseload distributed generation close to where the power is
used. The ultra-clean electricity generated by this facility is sold to the
electric grid and usable high quality heat is provided to a neighboring
water treatment facility.

A photo accompanying this release is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=11059.

"As an investor, this fuel cell project was interesting due to the favorable
environmental impact that a fuel cell power plant offers by virtually
eliminating pollutants and minimizing carbon emissions combined with
attractive financial returns enabled by the high efficiency of the power
generation process," said Hyung Gee Chung, CEO, The Cobalt Sky.

FuelCell Energy's South Korean partner, POSCO Power, sold and installed the
DFC power plants to The Cobalt Sky, a South Korean based investment and
energy consulting firm. The ultra-clean electricity is sold to an electric
utility and the high-grade heat to the local municipality for their
wastewater treatment facility under long term power purchase agreements. The
plants operate on imported natural gas so the high efficiency of DFC plants
is valued. The electricity generated by this fuel cell park is adequate to
power approximately 20,000 South Korean homes.

"This installation demonstrates how fuel cells provide clean, quiet and
continuous power with relatively small space requirements," said Taehyoung
Kim, Group Leader, Fuel Cell Division, POSCO Power.
"Distributing a number of multi-megawatt fuel cell parks throughout an
electrical service area enhances power reliability and energy security for
electric utilities and their customers."

The 11.2 MW fuel cell park only occupies approximately one acre of land,
which is an advantage for providing environmentally friendly power in urban
locations. By comparison, a concentrating solar power plant of similar
capacity would occupy about 55 acres, according to the U.S. Department of
Energy.

FuelCell Energy power plants help solve power generation challenges facing
electric utilities by providing:

Ultra-clean power: Fuel cells generate power electrochemically, without
combustion, resulting in virtually no pollutants, such as NOx, Sox or
particulate matter. This is a public health benefit for electric utilities
and the local community.

High efficiency: Fuel cells are the most efficient baseload power generation
option for their size class, providing the most power from a given unit of
fuel. High efficiency also reduces carbon emissions compared to less
efficient combustion-based power generation.

Scalable: DFC plants are scalable, providing a cost effective approach to
adding power generation incrementally as power demand grows within electric
utility service areas.

Distributed Generation: Generating power near the point of use lessens the
need for electric utilities to invest in costly and difficult to site
transmission and distribution.

Reliable: Distributed generation improves power reliability and energy
security by lessening reliance on transmission and distribution.

Easy to site: The combination of near-zero pollutants, modest land-use
needs, and quiet operating nature of DFC plants facilitates their siting in
urban locations.

"Fuel cell parks like this 11.2 megawatt facility in South Korea are an
attractive solution for electric utilities to incrementally add ultra-clean
power generation throughout their service area in a cost efficient manner,"
said Chip Bottone, President and Chief Executive Officer, FuelCell Energy,
Inc. "Our power plants are scalable and we expect even larger fuel cell
parks to be built globally."

DFC power plants are 47 percent electrically efficient and can achieve total
efficiencies up to 90 percent when configured to use the high quality heat
generated by the power plant in a combined heat & power
(CHP) mode. High efficiency reduces fuel costs and carbon emissions and
producing both electricity and heat from the same unit of fuel can lessen
reliance on combustion based boilers used for heating, further reducing
costs and carbon emissions. By comparison, the electrical efficiency of grid
delivered electricity from the average U.S.
fossil-fueled power plant is only about 33-36 percent.

The core fuel cell components for this 11.2 MW project were manufactured by
FuelCell Energy in the USA and the supporting balance of plant was
manufactured by POSCO Power in South Korea. This partnership between
FuelCell Energy and POSCO Power illustrates the value of a localization
strategy to ensure the product best fits the needs of the local market while
also creating local jobs. POSCO Power has ordered 140 MW of ultra clean,
highly efficient fuel cell power plants, modules and components since 2007.

About FuelCell Energy

Direct FuelCell(R) power plants are generating ultra-clean, efficient and
reliable power at more than 50 locations worldwide. With over 180 megawatts
of power generation capacity installed or in backlog, FuelCell Energy is a
global leader in providing ultra-clean baseload distributed generation to
utilities, industrial operations, universities, municipal water treatment
facilities, government installations and other customers around the world.
The Company's power plants have generated over 900 million kWh of power
using a variety of fuels including renewable biogas from wastewater
treatment and food processing, as well as clean natural gas. For more
information please visit our website at www.fuelcellenergy.com