NEW YORK (TheStreet) -- Shares of FuelCell Energy Inc (FCEL) continue to soar, up 7.43 to $2.17, in late morning trading today after the Danbury, CT-based company announced that the State of Connecticut extended a financial package through the Department of Economic and Community Development for its manufacturing expansion project last week.
The terms of the financial deal includes $20 million of low interest long-term loans as well as $10 million of tax credits with the forgiveness of 50% of the loan principal if certain job retention and job creation targets are reached.
The fuel cell power plant company is planing for a two stage expansion project to improve manufacturing and logistics efficiencies for global growth.
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The existing manufacturing facility in Torrington, CT will be expanded in the first stage and production equipment will be added in its second stage.
Separately, TheStreet Ratings team rates FUELCELL ENERGY INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate FUELCELL ENERGY INC (FCEL) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, poor profit margins and weak operating cash flow."