- Fuel cell will supply heat and steam to plant in Connecticut
- System expected to go into operation by middle of 2016
FuelCell Energy Inc. climbed the most in almost three months after the company agreed to build a 5.6-megawatt power plant at a Pfizer Inc. research facility in Groton, Connecticut.
FuelCell shares gained 13 percent to $5.58 at the close in New York, the most since October 5.
The fuel cells will supply the 160-acre site with electricity and steam over 20 years under a power-purchase agreement, Danbury-based FuelCell said in a statement Monday. Terms weren’t disclosed.
The fuel-cell system will convert natural gas to power and steam through a chemical reaction, and provide power to Pfizer even if the local utility grid shuts down. FuelCell expects to complete the project by the middle of this year.