FuelCell Gains as Posco Begins Building South Korea FactoryJustin Doom
FuelCell Energy Inc., the biggest publicly traded U.S. fuel-cell manufacturer, advanced the most in five months after Posco, its largest shareholder, began construction on a South Korea factory that will manufacture its power systems.
FuelCell rose 12 percent to $1.49 at the close in New York, the most since May 24.
Posco, South Korea’s largest steelmaker, is building a factory that’s expected to begin production in 2015 with an initial annual capacity of 100 megawatts, Danbury, Connecticut-based FuelCell said in a statement today. Posco has licensed FuelCell’s technology and plans to sell them throughout Asia.
FuelCell’s systems convert natural gas into electricity through a chemical process.