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What: Shares of fuel cell developer FuelCell Energy (Nasdaq: FCEL ) were electrifying today, gaining as much as 35% in intraday trading on heavy volume.
So what: FuelCell announced today that POSCO (NYSE: PKX ) subsidiary POSCO Energy placed an order for 70 megawatts of fuel cell kits. The order is expected to be fulfilled over a two-year period and is estimated to be worth $129 million to FuelCell.
Now what: This is the largest order that FuelCell has ever received and dwarfs the $83 million in total revenue that the company reported over the 12 months ending in January. The company is neither profitable nor cash-flow positive, but management hopes that the higher production levels demanded by orders like this will help drive efficiencies and reduce costs.
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