FuelCell Energy Stock Surges on New Project, PPA

FuelCell Energy (FCEL) shares are trading higher Wednesday after the company announced plans to build a fuel cell power plant that’s expected to add over $160 million to its generation backlog. What Happened: FuelCell on Wednesday announced it will build a 7.4 MW fuel cell power plant in Hartford, Connecticut that will deliver Class 1 renewable baseload power to the state’s local grid. FuelCell said it plans to sell the power produced by the fuel cell plant to local distribution utilities Eversource and United Illuminating under a 20-year power purchase agreement. The project is expected to add more than $160 million of future revenue to the company’s backlog. “Society is increasingly reliant on always-available electric power to meet data center, streaming, and cloud computing demand, as well as the proliferation of electric-hungry devices from cell phones to cars and trucks,” said Jason Few, president and CEO of FuelCell Energy. “We are well positioned to participate in the renaissance of infrastructure investments occurring in the U.S. at a time when the federal government is clearly signaling a focus on how AI will impact our electrical grid.”