FuelCell Energy (FCEL) Stock Heads Up On Facility Performance

FuelCell Energy FCEL Stock News

FuelCell Energy Inc (NASDAQ: FCEL) is making a run for the top in the market this morning, trading on gains of around 5%. The gains come after the company said that a large fuel cell facility has exceeded all performance expectations. Here’s what’s going on:

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FCEL Stock Climbs On Exceeded Expectations

In the press release, FuelCell Energy provided an update with regard to the 20 megawatt Korean Southern Power Company fuel cell park. The park was built in Incheon, South Korea. 

The company reminded investors that installation at the fuel cell park was completed on June 30, 2018. It includes 8 SureSource 3000 power plant platforms. These platforms produce electricity and thermal energy to support a district heating system adjacent to the existing 1.8 gigawatt Shin-Incheon combined cycle power plant. 

FCEL said that it operates and maintains the plants under a long-term service agreement. Importantly, the company said that the technology continues to exceed all contracted output requirements. 

In a statement, Jason Few, President and CEO at FCEL, had the following to offer:

We continue to be very pleased with the performance of the 20 megawatt fuel cell park. We continue to consistently exceed the power and heat output requirements of the contract since the commercial operation date, having produced electrical output in excess of our contractual requirements by approximately 16%, equal to about two months of added output. This platform, and its combined heat and power (‘CHP’) application, illuminates one of the differentiating capabilities of our carbonate fuel cell technology, solving for utility scale clean power and district heating and cooling needs of the South Korean market. This FuelCell Energy developed project demonstrates the reliability and value our platforms deliver around the world.

Why This News Is So Important

At the moment, the world is focused on the coronavirus, and for good reason. The virus is changing the shape of life as we know it. However, before the coronavirus became an issue, and long after its gone, the environmental damage caused by a large carbon footprint was and will be the center of discussions. 

FuelCell Energy uses a technology that provides clean energy, and can do so at a utility scale. This is overwhelmingly important as the world continues to work to shift to clean energy sources. 

With the announcement made today, FCEL is showing investors that its technology can hold up to the high standard that has been set for it. Not only is the tech meeting expectations, it’s beating them. All in all, this news helps to build the company’s place as a cornerstone in utility scale clean energy. 

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