FuelCell Energy, Inc., (Nasdaq: FCEL) -- a global leader in manufacturing stationary fuel cell energy platforms for decarbonizing power and producing hydrogen to enable a world empowered by clean energy– today announced that it has executed a memorandum of understanding with TuNur Ltd., an independent renewable energy and green hydrogen developer focused on delivering low-carbon electricity and hydrogen to North Africa and Europe.

Tunisia is the central point in the Mediterranean and offers huge potential for green electricity, hydrogen and ammonia for its own domestic needs and for export between Africa and Europe. The country’s very high solar resource enables reliable, low-cost solar production, and the presence of a pipeline that extends from Tunisia to Italy is ideal for leveraging FuelCell Energy’s electrolysis platform to generate hydrogen and transport it into Europe.

”Achieving the ambitious goals of the North African and European clean energy ecosystem hinges on innovative developers like TuNur who are building green energy and hydrogen production solutions,” said Jason Few, President and CEO of FuelCell Energy. “Working together with TuNur, we are eager to help support the energy transition while advancing regional climate goals using our differentiated electrolysis platform to produce low-to-zero-carbon hydrogen. Our solutions will further North Africa and the EU’s goal toward greater energy independence and security.”

“Tunisia has important targets for renewable energy and is perfectly positioned to be a key energy hub in the Mediterranean region by utilizing renewable energy to supply its own energy needs and in parallel for exportation to Europe, creating a new sustainable export industry,” said Daniel Rich, CEO of TuNur. “We look forward to working with FuelCell Energy to integrate their low-to-zero-carbon and hydrogen production technology into projects to provide low-cost, clean energy to consumers in Europe and North Africa.”

About FuelCell Energy

FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in sustainable clean energy technologies that address some of the world’s most critical challenges around energy, safety and global urbanization. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for businesses, utilities, governments and municipalities. Our solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe. We target large-scale power users with our megawatt-class installations globally, and currently offer sub-megawatt solutions for smaller power consumers in Europe. To provide a frame of reference, one megawatt is adequate to continually power approximately 1,000 average sized U.S. homes. We develop turn-key distributed power generation solutions and operate and provide comprehensive service for the life of the power plant. Our fuel cell solution is a clean, efficient alternative to traditional combustion-based power generation, and is complementary to an energy mix consisting of intermittent sources of energy, such as solar and wind turbines. Our customer base includes utility companies, municipalities, universities, hospitals, government entities/military bases and a variety of industrial and commercial enterprises. Our leading geographic markets are currently the United States and South Korea, and we are pursuing opportunities in other countries around the world. FuelCell Energy, based in Connecticut, was founded in 1969.

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About TuNur

TuNur Ltd is a renewable energy and green hydrogen developer based in Tunisia and focused on the Mediterranean region with a target installed capacity of 7GW by 2030. TuNur integrates sustainability into the core of its activities and is committed to ensuring projects are fully inclusive by having a positive and long-lasting impact on local communities as well as contributing to the global fight on climate change through the provision of green electricity, hydrogen, and its derivatives.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or the Company’s future performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, the Company’s plans and expectations regarding future product sales. These forward-looking statements are not guarantees of future performance, and 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 risks set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2021. The forward-looking statements contained herein speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

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