FuelCell Gains After German Venture Gets Research Financing

Jul 22, 2014 4:12 pm ET

(Updates with closing share price in second paragraph.)

July 22 (Bloomberg) -- FuelCell Energy Inc., a manufacturer of fuel-cell power plants, rose the most in more than three months after a joint venture in Germany was awarded 4.9 million euros ($6.6 million) in research grants.

FuelCell rose 12 percent to $2.47 at the close in New York, the most since March 25. The company has gained 75 percent this year.

FuelCell Energy Solutions, a joint venture between the Danbury, Connecticut-based company and Fraunhofer IKTS, received funding from Germany’s Federal Ministry for Economic Affairs and Energy for a three year research project to improve the efficiency and operating life of its fuel cell stacks, according to a statement today.

FuelCell’s systems produce electricity from natural gas or methane through a chemical reaction.