FuelCell Energy (FCEL) – Get Report was climbing Friday after the clean-power producer and storage company said it had been awarded an $8 million contract by the U.S. Department of Energy.
Shares of the Danbury, Conn., company at last check were up 6.7% to $2.54.
FuelCell Energy said the contract supports design and manufacture of a SureSource electrolysis platform that can produce hydrogen.
The project will be the first multistack electrolysis system produced with its solid oxide technology.
The system will be equipped with an option to receive thermal energy, thus increasing the electrolysis electrical efficiency to more than 90%.
After the system is designed and built at the FuelCell Energy’s Danbury facility, it will be delivered to Idaho National Laboratories for testing.
“This highly efficient electrolysis platform is expected to provide much needed flexibility to base-load nuclear power generation,” the company said in a statement.