While shares of FuelCell Energy Inc (NASDAQ:FCEL) closed out the first half hour of trading today up only slightly, the stock has steadily risen since, despite the market being down considerably. Today the company announced that they have signed on for a 5.6 megawatt fuel cell project with Pfizer Inc. As a part of this project, FuelCell Energy Inc (NASDAQ:FCEL) will be providing electricity and steam to Pfizer’s R&D facility in Groton, Connecticut via a power purchase agreement.
“This power purchase model delivers immediate value while increasing electrical reliability by providing the security of on-site power with a financial structure that avoids an investment in power generation assets, and FuelCell Energy installs, operates and maintains the fuel cell power plants,” said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. “Affordably addressing both energy and sustainability goals is an attractive value proposition offered by FCE.”
This agreement will help Pfizer reduce their energy costs, while also utilizing an ultra-clean energy source. The project will enable the pharmaceuticals giant to run their 160 acre campus and facility via a reliable grid-independent system. The stock is currently trading higher by 10.58% or $0.53 following the positive news, hitting $5.49 per share at the time of us publishing this article. About 1.83M shares traded hands or up 287.65% from the average. FCEL has risen 303.25% since May 29, 2015 and is currently uptrending. It has outperformed the S&P500 by 306.26%.
The institutional sentiment decreased to 0.94 in Q2 2015. It’s down 0.77, from 1.71 in 2015Q2. The ratio turned negative, as 13 funds sold all their FuelCell Energy Inc shares they owned while 35 reduced their positions. 11 funds bought stakes while 34 increased their total positions. Institutions now own 73.96 million shares which is 2.71% more than the previous share count of 72.01 million in 2015Q2.
Morgens Waterfall Vintiadis & Co Inc holds 1.28% of its total portfolio in FuelCell Energy Inc, equating to 3.15 million shares. Loeb Partners Corp owns 1.93 million shares representing 0.52% of their total US portfolio. Moreover, Ecofin Ltd has 0.33% of their total portfolio invested in the company, equating to 2.31 million shares. The New York-based Awm Investment Company Inc. has a total of 0.25% of their portfolio invested in the stock. Cna Financial Corp, a Illinois-based fund reported 774,276 shares owned.
FuelCell Energy, Inc. is an integrated fuel cell company. The company has a market cap of $126.19 million. The Firm designs, makes, sells, installs, operates and services ultra-clean, stationary fuel cell power plants for distributed power generation. It currently has negative earnings. It provides turn-key power generation solutions to its customers, including power plant installations, as well as power plant operation and maintenance.