FuelCell Energy Inc. (FCEL), a U.S. maker of fuel-cell power plants, rose the most in five months after it said it will form a joint venture with Germany’s Fraunhofer IKTS to develop projects in Europe.
FuelCell climbed 16 percent to close at $1.71 in New York, the biggest gain since Sept. 7. The shares have almost doubled this year.
The company, based in Danbury, Connecticut, will establish a joint venture with Fraunhofer IKTS, or Institute for Ceramic Technologies and Systems, to develop stationary power plants in Europe using its direct fuel cell technology, FuelCell said today in a statement.
FuelCell will lead market development and retain majority ownership of the joint venture through a German unit. The venture will seek to use incentives in the region for combined heat and power generated by fuel-cell power plants running on natural gas or biogas.
Fraunhofer, based in Dresden, will contribute research and development resources as well as local knowledge and relationships, FuelCell said.
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