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FuelCell Energy to Provide a Carbon Capture Solution in UK
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FuelCell Energy, Inc. (FCEL - Free Report) recently inked a deal with U.K.-based Drax Power Station to provide carbon capture solution. This will reduce carbon emissions from Drax’s boilers that use sustainable wood pellets as the chief source of energy.
Fuel Cell will enable Drax to conduct a Front End Engineering and Design (FEED) study to evaluate the use of carbonate fuel cells in capturing carbon dioxide (CO2) emissions from boilers.
Rationale of the Deal
Being the largest decarbonization project in Europe, Drax is trying to reduce carbon usage for years and has successfully converted two thirds of the plant to use sustainable biomass instead of coal. To evolve as the world’s first negative emissions power station in the 2020s, Drax is undertaking several initiatives that focus on capturing carbon with cutting edge technology.
To this end, FuelCell Energy’s carbon capture technology has the capability to concentrate CO2 from dilute flue gas during the power generation, which can be used for sequestration or utilization. This seems to have propelled Drax’s venture with Fuel Cell, with the former adopting Bio-Energy with Carbon Capture and Storage (BECCS) approach to lower carbon emission.
Meanwhile, renowned energy company — Exxon Mobil (XOM - Free Report) — which is also a leading carbon capture and storage applications provider, has been FuelCell’s partner since 2016. FuelCell’s advanced technology substantially improves CCS efficiency, effectiveness and affordability for large natural gas-fired power plants. This reflects on Drax’s decision to select FuelCell as its partner in carbon-emission reduction.
FuelCell’s Potential in Europe’s CCS Market
Per a report of Global Market Insights, carbon capture and sequestration (CCS) market sizeis expected to witness significant growth in the 2016-2023 period.Demand for clean power technologies is attracting significant investment in this market. Interestingly, Europe is projected to witness significant growth in the CCS market over the next few years.
Considering this backdrop, FuelCell is expected to make considerable expansion in the European CCS market.
Price Movement
Shares of FuelCell Energy have plunged 98.8% in the past 12 months compared with the industry’s decline of 7.7%.
Other top-ranked stocks from the same industry are Bloom Energy Corp. (BE - Free Report) and Covanta Holding Corp. .
Bloom Energy pulled off average four-quarter positive surprise of 21.64%. The company’s long-term earnings growth is pegged at 25%.
Covanta Holding pulled off average four-quarter positive surprise of 2.19%. The company’s long-term earnings growth is pegged at 15%.
Will you retire a millionaire?
One out of every six people retires a multimillionaire. Get smart tips you can do today to become one of them in a new Special Report, “7 Things You Can Do Now to Retire a Multimillionaire.”
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FuelCell Energy to Provide a Carbon Capture Solution in UK
FuelCell Energy, Inc. (FCEL - Free Report) recently inked a deal with U.K.-based Drax Power Station to provide carbon capture solution. This will reduce carbon emissions from Drax’s boilers that use sustainable wood pellets as the chief source of energy.
Fuel Cell will enable Drax to conduct a Front End Engineering and Design (FEED) study to evaluate the use of carbonate fuel cells in capturing carbon dioxide (CO2) emissions from boilers.
Rationale of the Deal
Being the largest decarbonization project in Europe, Drax is trying to reduce carbon usage for years and has successfully converted two thirds of the plant to use sustainable biomass instead of coal. To evolve as the world’s first negative emissions power station in the 2020s, Drax is undertaking several initiatives that focus on capturing carbon with cutting edge technology.
To this end, FuelCell Energy’s carbon capture technology has the capability to concentrate CO2 from dilute flue gas during the power generation, which can be used for sequestration or utilization. This seems to have propelled Drax’s venture with Fuel Cell, with the former adopting Bio-Energy with Carbon Capture and Storage (BECCS) approach to lower carbon emission.
Meanwhile, renowned energy company — Exxon Mobil (XOM - Free Report) — which is also a leading carbon capture and storage applications provider, has been FuelCell’s partner since 2016. FuelCell’s advanced technology substantially improves CCS efficiency, effectiveness and affordability for large natural gas-fired power plants. This reflects on Drax’s decision to select FuelCell as its partner in carbon-emission reduction.
FuelCell’s Potential in Europe’s CCS Market
Per a report of Global Market Insights, carbon capture and sequestration (CCS) market sizeis expected to witness significant growth in the 2016-2023 period.Demand for clean power technologies is attracting significant investment in this market. Interestingly, Europe is projected to witness significant growth in the CCS market over the next few years.
Considering this backdrop, FuelCell is expected to make considerable expansion in the European CCS market.
Price Movement
Shares of FuelCell Energy have plunged 98.8% in the past 12 months compared with the industry’s decline of 7.7%.
Zacks Rank & Other Key Picks
FuelCell Energy currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other top-ranked stocks from the same industry are Bloom Energy Corp. (BE - Free Report) and Covanta Holding Corp. .
Bloom Energy pulled off average four-quarter positive surprise of 21.64%. The company’s long-term earnings growth is pegged at 25%.
Covanta Holding pulled off average four-quarter positive surprise of 2.19%. The company’s long-term earnings growth is pegged at 15%.
Will you retire a millionaire?
One out of every six people retires a multimillionaire. Get smart tips you can do today to become one of them in a new Special Report, “7 Things You Can Do Now to Retire a Multimillionaire.”
Click to get it free >>