FuelCell Energy, Inc. (NASDAQ: FCEL) is not the biggest household name in alternative energy stocks, but is up this morning on a contract win. The maker of ultra-clean power plants using renewable and other fuels announced that PG & E Corp. (NYSE: PCG) ordered two 1.4 Megawatt DFC1500 fuel cell power plants. The combined value of these contracts is about $12.6 million after engineering, procurement and construction services for installing the plants.
These will be utility-owned fuel cells on the campuses of California State University East Bay and San Francisco State University. The company noted that this follows the recent approval by the California Public Utilities Commission for PG&E to install fuel cells at two California universities.
This is a win considering what were many delays on fuel cell orders due to the economy and the lower cost of fossil fuels. To show that drop, the company had $88 million in revenues for the October fiscal year-end for 2009 versus $100.7 million in 2008 and above the $48 million in 2007. Thomson Reuters estimates are for $96.78 million for this year’s revenues. It sees losses continuing for the future.
FuelCell has a market cap of $179.9 million based on yesterday’s close of $2.13. This morning shares are up 7.5% at $2.29 and the 52-week range is $2.00 to $5.47.
This was a $10.00 stock back at the peak of the energy and alternative energy craze.
JON C. OGG