Bridgeport plant sold for $35.4M to Danbury manufacturer
FuelCell Energy took possession of a Bridgeport energy plant it constructed in 2013 for Dominion Energy that provides nearly 15 megawatts of electricity.
Danbury-based FuelCell anticipates generating more than $15 million in annual revenue from the facility, which creates electricity through a chemical process using hydrogen. For the three-month period ending at the close of January, FuelCell revenue totaled $17.8 million, with the company reporting a $17.5 million loss for the period.
FuelCell paid $35.4 million for the Bridgeport plant, financing the purchase in part through debt from Liberty Bank and Fifth Third Bank.
Prior to Monday’s opening bell, FuelCell shares were up 5 percent to $1.70, days after the company undertook a reverse split of its stock in an effort to regain compliance with Nasdaq requirements mandating shares trade above $1.
Alex.Soule@scni.com; 203-842-2545; @casoulman