logo
  Join        Login             Stock Quote

Fuelcell Energy (FCEL) Gains After Sale Of Fuel Cell Park To Dominion (D)

 December 14, 2012 09:22 AM
 


(By Balaseshan) FuelCell Energy Inc. (NASDAQ: FCEL) shares jumped 9.24% in premarket after announcing sale of a 14.9 megawatt fuel cell park in Bridgeport, Connecticut to Dominion Resources Inc. (NYSE: D).

FuelCell is providing a turn-key distributed power generation solution for the engineering, procurement and construction of a 14.9 MW fuel cell park in Bridgeport, Connecticut that includes the manufacture and sale of five 2.8 megawatt DFC3000 fuel cell power plants.

Dominion, a producer and transporter of electricity, will oversee the development and owns the facility. The Connecticut Light and Power Company (CL&P) will buy the ultra-clean electricity generated by the facility under a 15 year fixed price energy purchase agreement.

[Related -Why dividend-paying utilities stocks could lag again in 2014]

This 14.9 MW installation, consisting of the five fuel cell power plants and an organic rankine cycle turbine for added output and further efficiency gains, is adequate to power about 15,000 average size U.S. homes.

Construction will begin immediately with the first plant installation in the summer of 2013 and the remaining plants installed in stages. The inter-connection process to connect the fuel cell park to three electrical substations in the City is already in process and is being performed by United Illuminating, the local utility that owns the substations.

[Related -High Dividend Utility Stocks – Are They A Trap For Income Investors?]

The fuel cell park will be fully operational by the end of 2013. The fuel cell power plants will use natural gas as the fuel source.

The project is supported by the Clean Energy Finance and Investment Authority (CEFIA). The project will increase product and service backlog for FuelCell Energy by about $125 million, including about $56 million for product backlog and $69 million for service backlog.

FCEL closed Thursday's regular session down 1.20% at $0.879, while D ended down 0.43% at $51.34.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageInitial Jobless Claims Rose Unexpectedly

Claims unexpectedly rose in the latest report through last weekend to breach 300,000 for the first time read on...

article imageAll Quiet on the Record High Front

What can we glean from the media’s lack of attention to the market’s recent record read on...

article imageThe Chip Maker Short Sellers Should Be Watching

Investing in semiconductor stocks is always tricky. Industry cycles can lead to bumps in the road for the read on...

article imageChicago Fed: US Economic Growth Slowed In October

The pace of US growth slowed more than expected in October, according to this morning’s update of the read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.