By Rob Curran
FuelCell Energy received a contract worth up to $160 million to provide hydrogen-based power in Hartford in its home state of Connecticut.
FuelCell, which is based in Danbury, Conn., will build a 7.4-megawatt fuel-cell power plant in Hartford to deliver Class 1 renewable baseload electricity to the local grid. Under a 20-year purchase-power agreement, FuelCell will sell electricity produced by the plant to local utilities Eversource and United Illuminating, adding $160 million to its generation backlog. The Hartford plant would follow existing Connecticut operations in Bridgeport and Derby.
Fuel cells generate electricity by harnessing power produced in the chemical reaction between hydrogen and oxygen, often creating water as a by-product. Unlike other forms of renewable power, fuel cells have the capacity to be an uninterrupted source of energy.
"Fuel cells are ideal for urban settings because they deliver space-efficient, quiet, and emission-free distributed resilient and reliable energy," said President and Chief Executive Jason Few, in a statement.
FuelCell Energy shares rose 5.8% to $9.50 premarket.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
January 22, 2025 08:10 ET (13:10 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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