FuelCell Energy, Inc. (NASDAQ:FCEL), a global leader in the design, manufacture, operation and service of ultra-clean, efficient and reliable fuel cell power plants, announced a significant industry milestone by generating four billion kilowatt hours (kWh) of virtually pollutant-free electricity from the global fleet of Direct FuelCell® (DFC®) power plants since the first commercial installation in 2003. Adequate to power more than 362,000 average U.S. homes for one year, this power was efficiently produced by fuel cells electrochemically, quietly emitting water vapor rather than pollutants. One billion kWh of power was generated in just the past nine months reflecting the growing global adoption of affordable and environmentally friendly fuel cell power plants.
“Fuel cells provide a solution that is unique in the power industry, offering customers continuous on-site electricity and heat generated in an environmentally-friendly manner with minimal land requirements and no need for electrical transmission lines,” said Professor Scott Samuelsen, Director, National Fuel Cell Research Center. “The growing adoption of fuel cells in America and overseas is a reflection of their ability to cleanly and efficiently generate power where it is needed.”
Four billion kWh of power generated by FuelCell Energy power plants, when compared to the average U.S. fossil fuel power plant, avoided the annual greenhouse gas emissions of more than 408,000 cars, or the carbon sequestered by more than 1.6 million acres of U.S. forests in one year. FuelCell Energy power plants are efficiently generating ultra-clean power on three continents and four billion kWh of power is adequate to power approximately 362,000 U.S. homes or 905,000 German homes or 1,115,000 South Korean homes for one year.
“This milestone is definitely something to celebrate, as it took about eight years for our power generation total to achieve one billion kilowatt hours and only nine months to increase from three billion to four billion kilowatt hours,” said Chip Bottone, Chief Executive Officer, FuelCell Energy, Inc. “This accelerated growth rate is recognition of the operating performance of our fleet as well as the growing support for clean power generation, as our fuel cell solutions help meet emission reduction goals and renewable portfolio standards.”
Fuel cell power plants generate electricity and heat cleanly and efficiently, utilizing an electrochemical process that produces power in a manner that is virtually absent of criteria pollutants such as nitrogen oxide (NOx) that causes smog, sulfur dioxide (SOx) that contributes to acid rain, and particulate matter that can aggravate asthma. The stationary fuel cell power plants manufactured by FuelCell Energy are fuel flexible, capable of operating on clean natural gas, on-site renewable biogas, or directed biogas. These megawatt-class power plants are scalable for multi-megawatt applications with large power users or electric grid support. The power plants provide continuous power that is not dependent on the weather or time of day. (Original Source)
Shares of Fuelcell Energy closed yesterday at $0.9307. FCEL has a 1-year high of $2.32 and a 1-year low of $0.64. The stock’s 50-day moving average is $0.83 and its 200-day moving average is $1.08.
On the ratings front, Cowen analyst Jeff Osborne reiterated a Buy rating on FCEL, with a price target of $3, in a report issued on July 13. The current price target represents a potential upside of 222.6% from where the stock is currently trading. According to TipRanks.com, Osborne has a total average return of -9.8%, a 42.3% success rate, and is ranked #3613 out of 3765 analysts.
Fuelcell Energy Inc is an integrated fuel cell company. The Company designs, manufactures, sells, installs, operates and services ultra-clean, highly efficient stationary fuel cell power plantsfor distributed power generation.