FuelCell Energy in Danbury Acquires Bridgeport Plant

DANBURY, CT — FuelCell Energy, Inc., today announced that it has acquired the 14.9 megawatt fuel cell park in Bridgeport that it built for Dominion Energy.

FuelCell developed, constructed and commissioned the fuel cell park in December of 2013. Since its commissioning, FuelCell has operated and maintained the plant under a service agreement with Dominion Energy.

The alternative energy manufacturer anticipates that the acquisition will increase its revenue by $15 million annually, and deliver EBITDA margins over 50 percent, according to a release.

Under the terms of the agreement, FuelCell Energy acquired 100 percent of the equity interest in Dominion Bridgeport Fuel Cell, LLC, from Dominion Generation, Inc., the original owner of the fuel cell park, for $35.4 million.

"The addition of this project asset to our generation portfolio is a major step towards our long-term strategy to diversify our generation portfolio, transitioning FuelCell Energy into a services focused business that delivers recurring revenue with strong EBITDA margins for our stockholders," said Chip Bottone, FuelCell president and chief executive officer, in the release.

FuelCell Energy undertook a 12 to one reverse stock split just before close of trading on Wednesday.

Its shares were trading down at 1.5657 before 1:00 p.m. after opening at 1.78 Monday morning.