FuelCell Energy wins $30.2M Energy Dept. contract

FuelCell Energy Inc. said Tuesday that it has been awarded a $30.2 million contract to help develop clean coal-based power plant technology for the second phase of a U.S. Department of Energy program.

FuelCell Energy shares jumped 48 cents, or 12.1 percent, to $4.44 in afternoon trading. The stock has traded between $2.25 and $10.30 during the past 52 weeks.

The goal of the project's second phase, which extends through September 2010, is to build a minimum 25 kilowatt solid oxide fuel cell stack. FuelCell Energy said solid oxide fuel cells are particularly "power dense," creating relatively large amounts of electricity for their size and weight.

The program's overall goal is to develop megawatt-class power plants that will operate on coal-based syngas, or fuel created by reacting coal at high temperatures, that address the need to reduce greenhouse gas emissions.

FuelCell Energy uses the cell and stack designs of its technology partner, Versa Power Systems Inc. WorleyParsons Group Inc., another team member, provides engineering support for the power plant design.

FuelCell Energy said Versa Power's solid oxide fuel cell prototype met the Energy Department's goals in the first phase of the program _ a two-year, $32.3 million project.

For the fiscal year ended Oct. 31, 2008, FuelCell Energy reported revenue of $100.7 million.