Intel stock extends gains after report of possible U.S. government stake
Investing.com -- Shares of FuelCell Energy , Inc. (NASDAQ:FCEL) climbed 9% following the announcement of a substantial $160 million contract to construct a 7.4 MW fuel cell power plant in Hartford, Connecticut. This endeavor is aimed at bolstering the local grid and aligns with Connecticut's Renewable Portfolio Standard, which fosters the adoption of clean energy.
The power generated from the new facility will be sold under a 20-year power purchase agreement with local utilities Eversource and United Illuminating. This agreement is anticipated to significantly enhance FuelCell Energy's generation backlog, which is a collection of pending power generation projects.
FuelCell Energy's President & CEO, Jason Few, highlighted the suitability of fuel cells for urban environments due to their compact, noiseless, and emission-free characteristics, which provide resilient and reliable energy. Few also emphasized the increasing societal dependence on constant electric power for a variety of needs, from data centers to personal devices, and the company's commitment to supporting Connecticut's grid with its distributed technology.
The Hartford project is part of Connecticut's broader initiative to modernize its energy infrastructure and improve grid stability, particularly in regions with heavy commercial and industrial activity. FuelCell Energy's role in this project underscores the company's expertise in designing, building, and maintaining large-scale fuel cell plants, as evidenced by their existing installations in Connecticut and South Korea.
The project is subject to customary development conditions, including grid interconnection, but once operational, it will serve as another testament to FuelCell Energy's ability to deliver timely power solutions that support the growth of microgrids and large-scale data centers.
FuelCell Energy, with its track record of supporting energy grids and distributed power solutions, continues to demonstrate its capacity to capitalize on infrastructure investments and the evolving focus on clean energy in the U.S. The announcement of the Hartford project has clearly resonated with investors, as reflected in the company's stock performance today.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.