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The two companies’ relationship dates back to 2007, when POSCO Energy invested $84 million in FuelCell and acquired the license for its MCFC technology in South Korea.
Drax Power Station is the largest single-site renewable power generator in the U.K.
Nasdaq has threatened to delist FuelCell Energy if its stock price fails to reach $1 and stay there for 10 consecutive days by May 28.
The swooning company's stock stood at 99 cents on Oct. 16 and closed last night at 28 cents; it has until May 28 to attain and hold at $1 or risk delisting from the Nasdaq.
The Danbury firm's stock is still under Nasdaq scrutiny; it has until May 28 to return to the $1 threshold.
Not only has the Danbury company been involved with a number of notable deals of late, but one of it senior executives has been named to Gov.-elect Ned Lamont's transition team.
FuelCell said the transaction is expected to add annual revenue in excess of $15 million per year.
The fuel cell project in Derby is expected to drive local economic development and environmental improvement through state sales tax and the local property taxes generated.
The Danbury firm will supply 14.8 megawatts of power from its fuel cell facility in Derby and 7.4 megawatts from another in Hartford.
The members of Connecticut’s congressional delegation are demanding that the U.S. Department of Energy release the remaining $12 million allocated to Danbury-based FuelCell Energy Inc. in 2015.
The Danbury company also announced a 20-megawatt sale of fuel cells in South Korea; last month it announced a 40-megawatt deal with the Long Island Power Authority.
Revenues for the period ending Oct. 31, 2016 were $24.5 million, compared to $51.5 million for the comparable period last year.
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