FuelCell Energy Receives 2 Energy Projects In Connecticut

FuelCell Energy Inc (NASDAQ:FCEL) was awarded two fuel cell projects by the Connecticut Department of Energy & Environmental Protection (“DEEP”) after successful bidding. The 22.2-Megawatts (MW) energy projects include a 14.8-MW project in Derby and 7.4-MW project in Hartford. These projects will provide clean power, grid resiliency benefits and renewable energy credits to the Connecticut utilities under the 20-year power purchase agreements.

Green Projects in Connecticut

The inclusion of FuelCell Energy projects will increase production of electricity from clean sources and enable the state to meet renewable portfolio standard target of 40% by 2030. DEEP is actively supporting pollution prevention plans and has implemented several projects in this regards.

Recently, DEEP proposed 250 MW of clean and renewable energy projects have been selected by the state. Along with multiple fuel cell projects and a new anaerobic digestion facility, the energy will be obtained from Deepwater Wind’s Revolution Wind Project.

Rising Usage of Fuel Cell Technology

Fuel cell generates clean electricity with high-power density, extended range and market-leading uptime based on rapid refueling. This technology is gaining prominence and is witnessing increased adoption in trains, trams, transit buses and commercial trucks. It is a viable option for vehicles which provides reliability and economic benefits.

Courtesy of inherent zero emissions, fuel cell electric vehicles (FCEVs) are increasingly favored over diesel-powered vehicles. Naturally, rising popularity of this technology, allows fuel cell producers like Plug Power Inc (NASDAQ:PLUG) and Ballard Power Systems, Inc (NASDAQ:BLDP) to make acquisitions and sign contracts to accelerate prospects.

Recently, Plug Power, a Zacks Rank #3 (Hold) stock, announced the acquisition of American Fuel Cell (“AFC”) — a company founded by ex-employees of General Motors Company (NYSE:GM) . Through the deal, the company intends to expand on-road applications. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Zacks Rank & Price Performance

FuelCell Energy currently carries a Zacks Rank #4 (Sell).

In the past 12 months, FuelCell Energy has outperformed the industry. The company’s shares have surged 57.3% compared with the industry’s rally of 43.6%.

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