FuelCell Gains on Deal to Build 5.6-Megawatt Pfizer Projectby
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.