Treasury Secretary John Snow Visits FuelCell Energy, Calls for Expanded Investment in Alternative Power Sources to Address National Energy Issues

Cabinet Officer Joins U.S. Rep. Nancy Johnson, and State and Local Officials, in Discussion of Energy Security, Reliability and Efficiency

DANBURY, Conn.--(BUSINESS WIRE)--Feb. 22, 2006-- FuelCell Energy, Inc. (NasdaqNM:FCEL), a leading manufacturer of ultra-clean, efficient electric power plants for commercial and industrial customers, today hosted an energy innovation roundtable chaired by U.S. Treasury Secretary John W. Snow, who called for increased public and private investment in alternative energy sources as an important facet in developing the nation's energy independence.

"The potential for fuel cells to power businesses, homes and vehicles with no pollution or greenhouse gases is tremendous," Snow said, "and it is important to the U.S. from environmental, economic and national security perspectives."

Snow said that by encouraging increased research and development, the country can accelerate the integration of alternative fuels and advanced power technologies in our energy mix, a move that is already underway.

He noted that fuel cells, and other alternative forms of energy like wind and solar, should be considered in rebuilding the Gulf Coast power infrastructure, damaged during Hurricane Katrina. "We have a tremendous opportunity to do it right, and avoid a replay of the old technology," he said.

"The work being done here at FuelCell Energy is a wonderful example of how American innovation and technology will lead us to a new day of reduced reliance on foreign sources of energy," Snow added.

During his visit Wednesday, Snow toured FuelCell Energy's Test and Conditioning facility where he saw the company's high-efficiency megawatt and sub-megawatt fuel cell power plants in operation prior to being shipped to customers.

"We have a history of strong relationships with federal agencies like the EPA, the Department of Defense and the Department of Energy to develop clean, reliable and environmentally sound products," said R. Daniel Brdar, president and CEO of FuelCell Energy. "Building on the call for energy independence in the State of the Union Address, Secretary Snow's visit affirms our commitment to continued partnerships with the government. Our goal is to accelerate the commercialization of fuel cells as one of the efficient, home-grown sources of electric power that our nation needs to achieve energy independence."

Rep. Nancy Johnson (R-Conn.) called for an extension of the Investment Tax Credit that provides financial support for the installation of new fuel cell power plants.

"The ITC was created in the federal Energy Bill of 2005 and is set to expire after two years," she said. "I would like the Administration to work with Congress to extend the financial benefit as a way of further stimulating growth of this industry while protecting our environment."

In addition to Johnson, Danbury Mayor Mark Boughton and Connecticut State Sen. David Cappiello participated in the discussion. Attending the roundtable on behalf of end-users, industry, utilities and academia were representatives of CIT Group Inc.; the Connecticut Clean Energy Fund; Electro Energy Inc.; Northeast Utilities; Pepperidge Farm Inc.; PPL Corp.; Starwood Hotels & Resorts Worldwide Inc.; Western Connecticut State University and Yale University.

About FuelCell Energy

FuelCell Energy Inc. develops and markets ultra-clean power plants that generate electricity and heat with higher efficiency than conventional fossil fuel plants and with virtually no air pollution. Fuel cells produce base load electricity giving commercial and industrial customers greater control over their power generation economics, reliability and emissions. Emerging state, federal and international regulations to reduce harmful greenhouse gas emissions consider fuel cell power plants in the same environmentally friendly category as wind and solar energy sources -- with the added advantages of running 24 hours a day and the capacity to be installed where wind turbines or solar panels often cannot. Headquartered in Danbury, Conn., FuelCell Energy services over 40 power generation sites around the globe that have produced more than 80 million kilowatt hours, and conducts R&D on next-generation fuel cell technologies to meet the world's ever-increasing demand for ultra-clean distributed energy. For more information on the company, its products and its worldwide commercial distribution alliances, please see www.fuelcellenergy.com.

Direct FuelCell, DFC and DFC/Turbine are registered trademarks of FuelCell Energy, Inc. All other trademarks are the property of their respective owners. The Company's sub-megawatt DFC fuel cell power plant is a collaborative effort combining its Direct FuelCell technology with a Hot Module(R) balance of plant design from MTU CFC Solutions, GmbH, a subsidiary of DaimlerChrysler.

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.

CONTACT: FuelCell Energy, Inc.
Steven P. Eschbach, 203-825-6000
seschbach@fce.com

SOURCE: FuelCell Energy, Inc.