FuelCell Surges on Plans to Supply Abengoa’s Biogas Plants
FuelCell Energy Inc., (FCEL) a U.S. maker of fuel-cell power plants, jumped the most in three months on an agreement to supply equipment to Spain’s Abengoa SA for biogas projects.
FuelCell climbed 15 percent to $1.09 at the close in New York, the most since Sept. 7. The Danbury, Connecticut-based company, which initially sold shares in June 1992 at $9 each, had declined 53 percent this year.
Abengoa plans to use FuelCell’s products at projects it will develop in Europe and Latin America that will convert biogas into electricity, the companies said today in a statement. The Spanish company will initially install a 300- kilowatt fuel-cell plant at its headquarters in Seville.
FuelCell’s systems run on natural gas or biogas, methane produced through wastewater treatment, food processing and other renewable sources.
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