Hyperdrive
A Fuel-Cell Maker Needs a Savior and Nobody's Raising a Hand
- Company cutting almost a third of workforce, lost key partner
- Maker of fuel-cell power plants was once worth $1.5 billion
A worker prepares a bipolar plate for a fuel cell inside the FuelCell Energy manufacturing facility in Torrington, Connecticut.
Photographer: Douglas Healey/BloombergThis article is for subscribers only.
FuelCell Energy Inc. has spent 50 years trying to take its low-pollution power plants mainstream. It’s running out of time.
Just a decade ago, the Danbury, Connecticut-based company was chasing orders across the U.S., Asia and Europe. At its height in 2000, the company’s market value soared above $1.5 billion. South Korea’s largest steelmaker became the company’s biggest investor. Electricity giant NRG Energy Inc. took a big stake, too.