FuelCell Gains on Deal to Build 5.6-Megawatt Pfizer Project

  • 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.

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