FuelCell Energy, Inc. (FCEL), a company renowned for constructing fuel cell power stations, announced on Wednesday a $160 million project to develop a 7.4 MW fuel cell power plant in Hartford, Connecticut. This initiative aims to supply Class 1 renewable base load electricity to the local energy grid.
The project will operate under a 20-year power purchase agreement (PPA) to support Connecticut's renewable portfolio standard. The electricity generated by the plant will be sold to local distribution utilities, namely Eversource and United Illuminating.
In pre-market trading on the Nasdaq, FCEL shares rose by 12.47%, reaching a price of $11.69.
