The project will provide clean and uninterruptible power for the 750,000 Sq. Ft. Office Building
PURCHASE, N.Y.--At a ribbon-cutting ceremony today, Morgan Stanley unveiled a new fuel cell system manufactured by Bloom Energy. The system, which was installed at the firm's headquarters facility at 2000 Westchester Avenue in Purchase, NY, is now operational and supplying energy to the building.
The fuel cell system, along with a solar panel field completed earlier this year, are the latest in a series of initiatives to improve the facility's energy efficiency and resiliency.
The Bloom Energy fuel cell system produces electricity without burning fossil fuels, thus reducing emission of greenhouse gases. It will supply approximately 250 kilowatts (kW) of constant base load power to the facility, as well as grid-independent electricity to power portions of the building's critical load during grid outages.
"Environmental sustainability begins at home, and Morgan Stanley is committed to improving the energy efficiency and resiliency of all of our facilities," said Jim Rosenthal, Chief Operating Officer of Morgan Stanley. "Annual grid consumption at Westchester has dropped from 29.1 million kWh in 2008 to 23.7 million kWh projected for 2014. We are proud of the progress we've achieved so far and are excited to incorporate this new technology into our facility in Westchester."
"We are excited to bring another Bloom Energy project online in New York," said Bill Kurtz, chief financial and commercial officer at Bloom Energy. "By installing Bloom Energy's business continuity solution, Morgan Stanley can protect its critical business operations from grid events and mitigate the risk of escalating energy prices."
The new solid oxide fuel cell system (SOFC) technology converts fuel into electricity through a highly efficient electrochemical process, resulting in on-site, clean and reliable power. Combined with the solar field, these new installations are expected to produce approximately 3 million kilowatt hours (kWh) of energy a year. During peak energy consumption times, they can supply approximately one megawatt, or up to 30 percent of the building's demand.
Support for this project was provided by the New York State Energy Research and Development Authority (NYSERDA). Founded in 1975, NYSERDA is a public benefit corporation that provides information, services, programs and funding to help New Yorkers increase energy efficiency, save money, use renewable energy and reduce reliance on fossil fuels.
About Morgan Stanley
Morgan Stanley (NYSE:MS) is a leading global financial services firm providing investment banking, securities, investment management and wealth management services. With offices in more than 43 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.
About Bloom Energy
Bloom Energy is a provider of breakthrough solid oxide fuel cell technology generating clean, highly-efficient on-site power from multiple fuel sources. The company was founded in 2001 with a mission to make clean, reliable energy affordable for everyone in the world. Bloom Energy Servers are currently producing power for several Fortune 500 companies including Apple, Google, Walmart, AT&T, eBay, Staples, The Coca-Cola Company, as well as notable non-profit organizations such as Caltech and Kaiser Permanente. The company is headquartered in Sunnyvale, CA. For more information, visit www.bloomenergy.com.