Active Stocks: FuelCell Energy Inc [NASDAQ: FCEL] was a huge gainer in Wednesday’s trading session. In that session, FuelCell closed the day with gains of 101.57%. This followed news that it had clinched an expanded carbon capture deal with Exxon Mobile. The deal is worth about $60 million and will emphasize FCEL’s carbonate fuel cell technology. Carbonate fuel cell is a proprietary technology that uses carbonate fuel cells to capture carbon dioxide from large scale industries.
FuelCell and Exxon Mobile started working together in 2016 and the current deal is an expansion of the same. According to FuelCell CEO, Jason Few, this deal gives the company an opportunity to commercialize and scale up its groundbreaking carbon capture solution. He further stated that, this solution captures around 90% of carbon dioxide from exhaust streams, while at the same time generating more power.
However, this was not the only big news for FuelCell on Wednesday. The company has also entered into an 8 year strategic-loan deal with Orion Energy Partners. The $200 million loan will be used on up to $2 billion projects that are lagging behind. For instance, $80 million of this money will be used to fund costs related to the Tulare BioMAT project in California, and the U.S Navy Base fuel cell plant that is located in Connecticut.
Going by its price action, it is clear that investor interest was quite high in FuelCell in the previous session. Besides the huge rally in price that saw it gain by over 100%, FCEL had high volumes in Wednesday’s trading session. 183.99 million shares of this stock were traded making it one of the biggest movers in the day. However, it has eased up slightly pre-market and at the time of writing it is down by 4.65%. This could be due to profit-taking after such a huge run-up in price.
About FuelCell Energy Inc
FuelCell Energy Inc is a designer, manufacturer and service provider of fuel cell power plants for distributed power generation. The company has operations in multiple countries, but has its headquarters in Danbury, Connecticut.