In news which many FuelCell Energy Inc (NASDAQ:FCEL) shareholders had been waiting for, last night it was reported that the state of Connecticut has approved a massive fuel cell plant in Beacon Hill, which once constructed, will be the world’s largest. The Connecticut Council voted 5-0 to approve this project, which FuelCell Energy Inc (NASDAQ:FCEL) will be taking on. It will ultimately be four megawatts larger than the previous record holding plant in South Korea. The new 63-megawatt plant, which will suffciently power 60,000 homes in the Beaon Hill area, is expected to come online sometime in 2019.
The plant will be constructed on 10 acres of land and take approximately 21 months to build once ground is broken at the end of this year. Shares of FuelCell Energy Inc (NASDAQ:FCEL) are trading up $0.83 or 15.6% in the pre-market this morning as investors clearly see this as a massive new contract for the company, which has a market cap of just $139 million. The stock closed at $5.32 during the last trading session. It is down 63.66% since June 4, 2015 and is downtrending. It has underperformed the S&P500 by 58.97%.
The institutional sentiment decreased to 0.94 in Q2 2015. It’s down 0.77, from 1.71 in 2015Q2. The ratio is 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 $139.38 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.