DANBURY, Conn., and LAGOS, Nigeria, Oct. 16, 2023 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ:FCEL) and Oando Clean Energy Limited (OCEL), the renewable energy subsidiary of Oando Energy Resources (OER), a part of the Oando PLC group of companies, are pleased to announce the signing of a memorandum of understanding (MOU) to collaborate on the development of a 5 to 15-Megawatt (MW) power plant.
In addition to FuelCell Energy's fuel cell and electrolyzer technology, the agreement also includes the potential for the use of FuelCell Energy's carbon capture and sequestration technologies. Unlike other carbon capture technologies that require power to capture carbon dioxide, FuelCell Energy's platforms can produce power while simultaneously capturing carbon dioxide. The signing of this MOU is an integral part of OCEL's drive to strengthen electricity access in African markets via low-carbon renewable energy sources starting in its home country, Nigeria.
Today, Nigeria relies heavily on generators to support power generation at a local and commercial level. Specifically, around 84% of urban households use back-up power supply systems such as diesel/gasoline generators and/or solar-based systems, while about 86% of the companies in Nigeria own or share a generator. These fossil fuel generators create noise, particulate pollutants and are substantial contributors to greenhouse gas emissions.
Furthermore, there is a significant dearth in access to power, with 85 million Nigerians – representing approximately 43% of the country's population - unconnected to the national grid.
The Nigerian Federal Government's Renewable Energy Master Plan seeks to increase the share of renewable electricity from 13% of total electricity generation in 2015 to 23% in 2025 and 30% by 2030. In addition, in 2021, Nigeria passed the Climate Change Act to lower greenhouse gas emissions and implement a supporting framework to meet the country's commitment to net zero emissions by 2060.
FuelCell Energy's platforms are helping utilities and independent power producers transition to net zero while strengthening grid reliability with zero particulate matter emissions. These platforms can enhance grid resiliency by adding a reliable source of on-site power generated right where it is needed.
"The opportunity to ...