Stock Alert for FuelCell Energy (FCEL)
  • Stock Alert for FuelCell Energy Inc. (FCEL)
  • Stock Alert for FuelCell Energy Inc. ($FCEL)
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    Renewable Energy Stock on Watch: FuelCell Energy Inc. (FCEL)

    Renewable Energy Stock on Watch: FuelCell Energy Inc. (FCEL)

    Shares in FuelCell Energy Inc. (NASDAQ: FCEL), maker of fuel cell power plants, soared as much as 22% in Wednesday trade as investors welcomed the news that the company will form a joint venture with Germany’s Fraunhofer IKTS to develop projects in Europe.

    FCEL shares have gained 32.6% in the last five days; 71.7% in the last month; and 0.6% year-to-date.

    The joint venture will target opportunities in Europe for ultra-clean baseload power from stationary fuel cell power plants using clean natural gas and renewable biogas, said the press release.

    FuelCell Energy, based out of Danbury, Connecticut, is a provider of ultra-clean baseload distributed generation to utilities, industrial operations, universities, municipal water treatment facilities, government installations and other customers around the world. The company has over 180 megawatts of power generation capacity installed or in backlog.

    According to the report, the attributes of stationary fuel cell power plants can help European countries diversify their power generation portfolio and reach sustainability goals as they provide continuous ultra-clean power in a highly efficient process at the point of use, said the report.  The power generation portfolio of many European countries includes intermittent renewable power generation. Continuous baseload power from stationary fuel cell plants will help balance this intermittency.

    “Fraunhofer IKTS brings world-renowned applied research expertise and a vast network of relationships that will help to develop and grow a stationary fuel cell market in Germany, which will then provide a platform for expansion throughout Europe,” commented Chip Bottone, pesident and CEO of FuelCell Energy. “We expect that the combination of complementary knowledge and skill sets of fuel cell technology between our respective organizations is going to be very powerful for further enhancing the performance of Direct FuelCell power plants.”

    Shares in FuelCell Energy also traded higher amid speculation that the company could benefit from a decision by Apple Inc. (NASDAQ: AAPL) to install a solar power plant and fuel-cell system at its data center in North Carolina.

    The 20-megawatt solar energy project, being built on 100 acres (40 hectares) at the tech giant’s Maiden data center, is anticipated to be the largest end-user-owned installation in the country. The fuel-cell installation is estimated at 5 megawatts and will run on biogas.

    FCEL gained $0.24, or 16.3%, to close Wednesday’s trade at $1.71. Over 8.66 million shares traded hands during the session, against the 10-day average of 2.56 million.

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