FuelCell Energy, Inc. (FCEL - Free Report) recently announced that it has sold a turnkey project to AEP OnSite Partners a subsidiary of American Electric Power Company, Inc. (AEP - Free Report) . This project will supply clean power and heat to Trinity College under a multi-year power purchase agreement (PPA).
Details of the Project
The project company sold by FuelCell Energy is a 1.4-megawatt (MW) fuel cell power plant, located at Trinity College in Connecticut. This project is developed and constructed by FuelCell Energy, is expected to be in commercial operation post completion of the sell agreement. FuelCell Energy will operate and maintain the power plant under a fifteen-year service agreement.
The 1.4 MW SureSource 1500 TM fuel cell plant will generate both electricity and steam from the same unit of fuel. The fuel cell power plant aims at reducing carbon dioxide (CO???) emission and attaining nearly 4,100 tons annually as compared to the national grid.
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 on transit buses and commercial trucks. It is a viable option for vehicles, which provides reliability and economic benefits.
To lower carbon emissions from diesel-powered vehicles, demand for fuel cell electric vehicles (FCEVs) is increasing. To this end, California Governor Jerry Brown announced plans to make 100,000 zero-emission freight-hauling machines, operational by 2030 under his California Sustainable Freight Action Plan (per Bloomberg). This in turn, boosted the market for fuel cell energy already in the state.
Courtesy of inherent zero emissions, FCEVs are more and more favored over diesel-powered modes of transport. Naturally, rising popularity of this technology allows fuel cell producers like Plug Power Inc (PLUG - Free Report) and Ballard Power Systems, Inc (BLDP - Free Report) to effect acquisitions and clinch contracts for heightening prospects.
In the past year, shares of FuelCell Energy have dived 30% against its industry’s rally of 23.4%.
FuelCell Energy currently has a Zacks Rank #3 (hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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