Fuel Cell Deal Sends Small-Cap Soaring (FCEL, PLUG, HEV, BLDP, HOKU, TM, DAI)
Danbury, Connecticut-based Fuelcell Energy (FCEL) shot higher by 12% after the company announced a deal $12.6 million deal with Pacific Gas and Electric Company. According to this morning’s press release, PG&E ordered two 1.4 Megawatt fuel cell power plants to install as utility-owned fuel cells on California college campuses. FuelCell Energy chairman and CEO R. Daniel Brdar said, “This type of CHP (Combined Heat & Power) application has attained efficiency levels approaching 80%, well above alternate methods for generating electricity,” in a statement.
As a whole, the Fuel Cell Stocks Index has underperformed the S&P 500 by -9% over the last month with FuelCell Energy among laggards. Plug Power (PLUG), the Index’s smallest component at approximately $55 million, has fared the worst, down -36% for the period.
Over the past five sessions, battery technology, fuel cell, and nanotech firm Ener1 (HEV) has led the Index with a 11% rally. The move is largely tied to a battery systems deal with Chinese auto parts giant Wanxiang.
Ballard Power Systems (BLDP) and Hoku Corp (HOKU) are both taking part in today’s rally, helping the Index higher by 2%. According to the latest 10-Q filing on February 5, 2010, Hoku hasn’t posted any income or losses from the operations of its fuel cell segment since 2008.
It will be interesting to see how fuel cell stocks perform as the global push for clean energy solutions grows. Last week the Financial Times said Toyota Motor (TM) and Daimler AG (DAI) are mulling cooperation in the automotive fuel cell segment, and FuelCell Energy’s earnings press release quotes California governor Arnold Schwarzenegger cheering the technology’s prospects.
Investors can track the Fuel Cell Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
More on this topic (What's this?)
FuelCell Energy Awarded $2.8 Million Contract (Benzinga, 10/19/10)
FuelCell Energy (NASDAQ: FCEL) Announces Largest Order Yet (Energy and Capital, 11/5/12)
Nation's Largest Fuel Cell Park (Energy and Capital, 12/19/12)
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