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Stock Market & Financial Investment News

News Breaks
April 30, 2014
08:40 EDTFCEL, UILFuelCell awarded 5.6MW of power plants by United Illuminating
FuelCell (FCEL) announced another utility-scale award for two 2.8 megawatt DFC3000 fuel cell power plants by United Illuminating, part of UIL Holdings Corporation (UIL). One power plant will be located in Bridgeport, Connecticut as part of a distributed renewable power generation project that also includes a solar array. The second installation will be located within the UI service territory at a site to be named in the next 30 days. These two fuel cell plants will provide continuous baseload power to the electric grid adequate to power approximately 5,600 homes, generated in a highly efficient and environmentally friendly manner. FuelCell Energy will install the power plants and operate and maintain them for 20 years under long term service agreements. The plants are expected to be operational in early 2015.
News For FCEL;UIL From The Last 14 Days
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October 29, 2014
16:49 EDTFCELFuelCell announces manufacturing expansion to reduce costs
FuelCell Energy announced a two stage expansion project to improve manufacturing and logistics efficiencies and position the company for continued global growth. The existing manufacturing facility in Torrington, Connecticut, will be expanded in the first stage and production equipment will be added in the second stage. The State of Connecticut has extended a financial package through the Department of Economic and Community Development for both stages, including $20M of low interest long-term loans and up to $10M of tax credits, predicated on certain terms and conditions, including the forgiveness of 50% of the loan principal if certain job retention and job creation targets are reached. The first stage involves the expansion of the existing 65,000 square foot manufacturing facility by 90,000 square feet for a total size of 155,000 square feet. Initially, this additional space will be used to enhance and streamline logistics functions and provide the space needed to reconfigure the existing production process to improve manufacturing efficiencies and realize cost savings. The company expects to enter into a long term lease of up to 15 years as part of this expansion. The cost of the first stage construction is expected to be funded by a mix of private capital and State financial support. Construction is expected to be completed by early 2016. Additionally, plans for the second stage include the installation of a megawatt scale tri-generation fuel cell plant to power and heat the facility as well as provide hydrogen for the manufacturing process of the fuel cell components, and the creation of advanced technology testing and prototype manufacturing. In addition, the final stage of the fuel cell module manufacturing will be relocated to the Torrington facility from its current location at the Danbury, Connecticut headquarters, which will reduce logistics costs.
October 28, 2014
17:12 EDTUILUIL Holdings commented Philadelphia City Council's decision
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12:00 EDTUILUIL Holdings estimates modestly lowered at Wells Fargo after PGW deal blocked
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11:55 EDTUILPhiladelphia City Council says risks of UIL acquisition of PGW outweigh benefits
Philadelphia's City Council announced last night that it informed Mayor Michael Nutter that the council has concluded that the financial and public policy risks associated with the Philadelphia Gas Works, or PGW, sale proposal outweighed the stated benefits to the City of Philadelphia and PGW customers. In reviewing the Administration’s proposed sale to UIL Holdings (UIL), City Council found that the permanent loss of PGW’s annual $18M payment to the City substantially drops the net benefit of the proposed transaction down to the $200M-$400M range, rather than $400M-$600M as stated by the Administration, the council stated.

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