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U.S. Senators Introduce The Fuel Economy Reform Act of 2007

The Fuel Economy Reform Act of 2007, re-introduced yesterday, would reduce U.S. gasoline consumption by nearly half a trillion gallons by 2028. The legislation seeks to break the logjam on establishing greater vehicle fuel economy by establishing a targeted 4% increase each year in Corporate Average Fuel Economy (CAFE) standards — a rate that the National Academy of Sciences has determined is possible. The caveat is that National Highway Traffic Safety Administration (NHTSA) can justify a deviation in that rate by proving that the increase is technologically unachievable, cannot maintain overall fleet safety, or is not cost-effective when comparing with the economic and geopolitical value of a gallon of gasoline saved. Higher CAFE Standards If the 4 percent per year target is met for 10 years, the bill would save 1.3 million barrels of oil per day and 20 billion gallons of gasoline per year. If gasoline is just $2.50 per gallon, consumers will save $50 billion at the pump in 2018 alone. The bill provides flexibility to domestic auto makers by establishing different standards for different types of cars. Currently manufacturers have to meet broad standards over their whole fleet of cars. The bill gives NHTSA the authority to […]

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FuelCell Energy Reports Q1 Results

FuelCell Energy, Inc. (NasdaqGM:FCEL), a manufacturer of stationary fuel cell power plants, announced results for its 2007 first fiscal quarter ended January 31, 2007. Revenues rose to $6.8 million from $5.9 million in Q1 06; research and development contract revenue was $1.9 million compared to $2.9 million. Product backlog, including long-term service agreements, increased to $36.7 million, compared to $24.5 million for Q1 2006, primarily from orders for megawatt-class products and service contracts. R. Daniel Brdar, FuelCell Energy’s CEO said, “Over the last several months we have made significant measurable progress toward our goal of increasing our penetration in repeatable and multi-megawatt markets. We closed the strategic alliance with POSCO Power, a leader in independent power generation, which not only significantly improves our strategic position in Asia through a 10-year manufacturing and distribution agreement in South Korea with an experienced producer and developer of power plants, but also brings FuelCell Energy a key strategic investor through an investment of $29 million. As important, we continue to achieve our cost-out objectives and prepare the Company to execute a higher volume of orders.’ The net loss to common shareholders for the first quarter was $20.0 million or $0.38 per basic and diluted […]

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