A Danbury-based supplier of clean-energy technology has scrapped two fuel cell projects in Hartford, which were set to generate a total of 8.4 MW of electricity.
FuelCell Energy Inc. announced it would no longer be pursuing the projects during a bleak fourth-quarter earnings report Tuesday.
FuelCell reported revenue during the fourth quarter of $39.2 million, compared to $13.9 million the previous year. It reported a loss of $15.2 million compared to $8.4 million in 2021.
FuelCell’s generation backlog was $1.09 billion at the end of the fourth quarter, falling 14% from 2021. The company said it made the decision to drop several generation projects given their “then-now economic profile.”
In 2018, FuelCell said it had signed long-term power purchase agreements with local utilities to cover a 7.4 MW project at 441 Homestead Ave. in Hartford. The property, owned by Newington-based Talar Properties LLC, is now a vacant lot.
The company later added an additional 1 MW fuel cell to the proposal.
The project faced criticism as it sought approval from PURA. An attorney for Allco Renewable Energy Limited filed a petition opposing the project, saying that “no new natural gas generation projects, including natural gas fuel cells, should be approved anywhere.”
The attorney, Thomas Melone, pointed out that the site is only a block away from residential homes and that the area is designated as an environmental justice community and has the highest age-adjusted rate for ER visits for asthma in the state.
FuelCell’s stock price has dropped 17% over the last six months, and was trading at $2.87 on Wednesday.
