Conntact.com - CT Business News Journal

DANBURY — FuelCell Energy Inc. closed on a $25 million deal in late October with the POSCO Power, a South Korean industrial company, to purchase $25 million of the company’s stock at $3.59 per share. The stock closed at just over $3.00 on November 30 in spite of another deal with POSCO for $10 million and 4.1-percent royalties from POSCO, which will manufacture the company’s fuel stacks in South Korea. Fuel Cell Energy cells are currently producing 23 megawatts in South Korea and POSCO ha ordered more than 68 megawatts more. According to Fuel Cell Energy, South Korea has allocated two percent of its gross national product to clean energy programs, the highest amount of any developed nation. The company added that the additional demand would justify expansion of its Danbury operations.

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