Danbury manufacturer FuelCell Energy sold a 5.6 megawatt fuel cell system to POSCO Energy in South Korea, part of a strategic partnership to enhance the Connecticut company’s global opportunities.
The fuel cell industry still is reeling from the April closure of South Windsor manufacturer ClearEdge Power, which abruptly shut its doors, sent employees home, and filed for bankruptcy after failing to land a significant contact it was competing for.
FuelCell’s stock price fell as much as 22 percent after the ClearEdge plant closed on April 24, but the Danbury firm’s price per share rose 14 percent to $2.16 on Tuesday afternoon following its South Korean announcement.
The 5.6 megawatt sale comes on top of the 122 megawatt order POSCO already placed with FuelCell. POSCO, an electricity provider in Asia, installs the units for its customers.
The deal with POSCO also included a synchronizing their global supply chains and an agreement to urge customers to buy fuel cells in South Korea and the United States.