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December 15, 2016 CT Green Guide

FuelCell acquires New Britain plant

By Matt Pilon

Seeking recurring and predictable revenue, Danbury’s FuelCell Energy said it has acquired a fuel cell plant that’s been providing electricity and steam to Central Connecticut State University for the past five years.

FuelCell built the plant, which was owned by Greenwood Energy and serviced by FuelCell. Now the manufacturer owns the plant, which produces more than 11 million kilowatt hours a year on a footprint approximately the size of a tennis court.

“This project acquisition was structured to avoid an outlay of cash and we are assuming project-related debt extended by Webster Bank,” Michael Bishop, FuelCell’s chief financial officer, said in a statement.

The New Britain plant is one of five that is providing FuelCell with monthly electricity revenue. Another is a recently installed plant at the Pfizer campus in Groton. Three more are located in California.

Read more

Fuel-cell makers strike out on major CT deals

FuelCell cutting 17% of workforce

FuelCell’s 4Q loss climbs on weak sales

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