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Energy

FuelCell and POSCO in Korea: When Contracts Really Add Up (FCEL

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By Douglas A. McIntyre Updated Published
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Solar Panel PicFuelCell Energy Inc. (NASDAQ: FCEL) is screaming higher in early trading before the bell, and it is easy to see why.  The company announced that POSCO Power ordered 30.8 megawatts of FuelCell Energy modules and components, with estimated value of $58 million.  This won’t help in the immediate future, but this adds to future orders.

South Korea’s leading independent power producer ordered 30.8 megawatts of FuelCell Energy Direct FuelCell modules and components for delivery during 2010 and early 2011. POSCO Power and FuelCell Energy also signed a Memorandum of Agreement, where both companies agreed to pursue a licensing agreement to allow POSCO Power to assemble FuelCell Energy cell and module components into stack modules for sale in South Korea.

POSCO Power will also purchase $25 million in FuelCell Energy common stock at $3.59 per share, which represents the 10-day average of FuelCell Energy stock) upon the finalization of this agreement.

As far as using this for a total comparison in size, FuelCell did $100.7 million in fiscal 2008 and analysts are looking for sales of $115 million in 2009 and $182+ million in 2010.

We had shares up 17% at $4.84 right before the open after closing at $4.06 yesterday.  The 52-week range is $1.98 to $9.25.

Jon C. Ogg
June 9, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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