Dallas, Texas 01/06/2014 (FINANCIALSTRENDS) – FuelCell Energy Inc (NASDAQ:FCEL) the electrical utility manufacturer saw its stock post an impressive 17.3 percent upward rally at the markets on Friday, January 3. The $317 million market capped firm has managed to bump up the stock holdings of its share holders by a huge 24.2 percent during trading in the past one week and this appreciation extends to a super impressive 65.6 percent in the past 12 months.
The surge in the investor sentiment of the stock came about on the back of the announcement that the alternate energy solution provider had successfully completed the 14.9 megawatt power park and handed it over to the owners Dominion Resources, Inc. (NYSE:D) ahead of schedule in the last week of December. The energy park which was designed and built by FuelCell Energy Inc (NASDAQ:FCEL) is unique since it incorporates environmentally sustainable clean energy fuel cells in the construction of the power plant. This clean energy plant has started production of power and has been feeding the power to the local Connecticut energy grid. This supply of power is covered under a 15 year term maintenance and management agreement between FuelCell Energy, Inc. (FCEL) and Dominion.
Commenting on the razor sharp execution and ahead of schedule operations commencements, Chip Bottone, President & Chief Executive Officer, FuelCell Energy Inc (NASDAQ:FCEL) has been quoted as saying, “We met our commitments, delivering a turn-key multi-unit fuel cell park on schedule and in less than a year. Our team developed the project, manufactured the fuel cell power plants, performed engineering, procurement and construction services, and now that the plants are operational, FuelCell Energy will operate and maintain the fuel cell park for Dominion during the 15 year term of the energy purchase agreement.”
Post the surge on Friday, the stock price of FuelCell Energy Inc (NASDAQ:FCEL) is trading just 10.5 percent below its prior 52 week high price points