FuelCell Energy FCEL announced that it has received a $8-million contract from the U.S. Department of Energy’s (“DOE”) Office of Energy Efficiency and Renewable Energy, in collaboration with the Office of Nuclear Energy, to design and manufacture a SureSource electrolysis platform capable of producing hydrogen.
The project awarded to FuelCell will be the first multi-stack electrolysis system produced with the solid oxide technology. The new system will be equipped with an option of receiving thermal energy, thereby increasing the electrolysis electrical efficiency to more than 90%.
Utilization of the New System
This new highly efficient electrolysis platform to be developed by FuelCell is expected to provide much-needed flexibility to baseload nuclear power generation. After initial testing of the system in its own facility, FuelCell will deliver it to Idaho National Laboratories (“INL”).
At INL, this system will be further tested to confirm the electric efficiency and the ability to utilize nuclear power plant waste heat to obtain higher efficiencies of up to 100%.
The solid oxide electrolysis technology that will be used in this system has the potential to be an economical, near-term solution for energy and environmental needs that simultaneously supports the advancement of nuclear plant utilization.
FuelCell’s Long-Term Goal
The long-term objective of the company is to deliver clean, efficient and affordable fuel cell solutions configured for the supply, recovery and storage of energy for customers. Its SureSource power plants provide clean energy solutions to customers.
This new project can assist FuelCell to commercialize the high-efficiency solid oxide electrolysis technology. The multi-stack module that forms the core of the system is a modular building block easily scalable for larger systems, which can generate continuous clean electricity per the needs of customers.
FuelCell Technology’s Importance
This technology’s capability to produce clean energy and operate at higher efficiency compared with conventional combustion engines is commendable. Given the capability of emission-less production, the technology is used in different power plants, and public as well as passenger vehicles.
The ongoing research and development activities are assisting companies like Ballard Power Systems BLDP, Plug Power, Inc. PLUG and Bloom Energy Corporation BE to make this FuelCell technology more adaptable to the needs of customers and a commercially viable energy production source.
Zacks Rank & Price Performance
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past six months, the company’s shares have rallied 69%, outperforming the industry’s 11.4% growth.
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FuelCell Energy, Inc. (FCEL) : Free Stock Analysis Report
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