FuelCell Energy Jumps Most in 5 Months on Fraunhofer Deal
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.
To contact the reporter on this story: Ehren Goossens in New York at email@example.com
To contact the editor responsible for this story: Reed Landberg at firstname.lastname@example.org