FuelCell Energy, Inc. (NASDAQ:FCEL) shares are trading higher Wednesday after the company announced a strategic agreement with Fit Energy for up to 380 MW of clean power for data centers.
The Agreement
Under the terms of the deal, FuelCell Energy will provide up to 380 megawatts of clean, baseload on-site power for data centers using its utility-scale fuel cell technology. The agreement includes an immediate deposit for an initial 30 MW of power scheduled to begin delivery later this year. Fit Energy will be eligible to receive warrants tied to future deployment milestones of up to 380 MW, aligning long-term value creation with successful project execution.
“This agreement further validates our decision to scale our operations to 500 MW, preserving our ability to serve a broad and growing pipeline of customers,” said Jason Few, President and CEO of FuelCell Energy.
FuelCell Shares Rise
FCEL Price Action: At the time of publication, FuelCell shares are trading 15.86% higher at $25.28, according to data from Benzinga Pro.
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