Chicago, IL 3/12/12 (StreetBeat) -- FuelCell Energy Inc., (Nasdaq: FCEL) a U.S. maker of fuel-cell power plants, jumped the most in more than two weeks after the world’s third-largest steelmaker agreed to increase its stake in the company.FuelCell climbed 8.7 percent to $1.63 a share at 9:44 a.m. in New York. Earlier it increased 11 percent, the most intraday since Feb. 22. The shares had gained 72 percent this year through March 9.
South Korea’s Posco (005490) will pay $30 million for 20 million shares of FuelCell and agreed to buy 120 megawatts of power plants from the Danbury, Connecticut-based company, FuelCell said today in a statement. Posco currently own 10.8 million shares, making it FuelCell’s largest holder.
For the quarter ending Jan. 31, FuelCell today reported a loss of $6.7 million, or 5 cents a share, down from a loss of $11.7 million, or 10 cents, a year earlier.
FuelCell’s systems produce electricity from natural gas or biogas, methane produced through wastewater treatment, food processing and other renewable sources.
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