FuelCell to Build Power System for U.S. Navy Undersea Drones
FuelCell Energy Inc. (FCEL) said it won a $3.8 million order from the U.S. Navy to develop and test a hybrid solid-oxide fuel cell battery power system for use on unmanned undersea vehicles.
The goal of the 18-month project is to engineer and build a propulsion system that can run on stored liquid fuel for 70 days with no emissions, Danbury, Connecticut based FuelCell said in a statement today.
FuelCell may get as much as $20 million for later phases of the Navy project after construction and testing is completed, Kurt Goddard, a spokesman, said in an interview.
FuelCell rose 3.9 percent to $1.06 a share at the close in New York. The stock has increased 22 percent this year.
To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net
Rate this Page
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.