FuelCell Energy Gets Contract for Fuel Cell Park
Shares of alternate energy provider FuelCell Energy Inc. jumped 7 percent Friday, after the company said it received a contract to design and build a 14.9 megawatt fuel cell park for energy provider Dominion Resources Inc.
Financial terms were not disclosed.
The Bridgeport, Conn., park will include five 2.8 megawatt fuel cell power plants fueled by natural gas and is expected to begin operations in December 2013, FuelCell said.
Richmond, Va.-based Dominion, one of the nation's largest producers and transporters of electricity, will oversee the development and own the facility. Connecticut Light and Power Co. will buy the electricity generated by the facility under a 15-year fixed-price agreement.
The park will be able to generate enough electricity to power about 15,000 average size U.S. homes, Fuel Cell said.
Construction will begin immediately with the first plant set to be installed next summer, with the rest following in stages. The entire park is expected to be fully operational by the end of 2013.
FuelCell said the project will boost its product and service backlog by about $125 million.
Shares of Danbury, Conn.-based FuelCell rose 7 cents, or 8 percent, to 95 cents in afternoon trading. Its shares are up from a 52-week low of 83 cents on mid-November. They traded as high as $1.95 in mid-March.