FCEL Stock Price Increases 23.79%: Why It Happened

By Amit Chowdhry ● November 18, 2020
  • The stock price of FuelCell Energy Inc (NASDAQ: FCEL) increased by 23.79% as it went from a previous close of $4.12 to $5.10 today. This is the reason why the stock price most likely increased.

The stock price of FuelCell Energy Inc (NASDAQ: FCEL) increased by 23.79% as it went from a previous close of $4.12 to $5.10 today. FuelCell Energy is known for designing, manufacturing, and operating fuel cell power plants for distributed power generation. And the company’s SureSource product line is based on carbonate fuel cell technology in various configurations like on-site power, utility grid support, distributed hydrogen, and micro-grid. In the last 5 trading days, the stock price of FCEL increased 95.4%. This is interesting since the company has not announced anything directly. 

Investor interest in renewable energy has been increasing ever since it was announced Joe Biden won the presidential election. And Biden indicated that one of his policies would revolve around the transition from fossil fuels to renewable sources. Since November 3, the stock price of FuelCell increased over 136%.

Other companies in the renewable energy space that saw their stock price increase today also include Tesla (+10.2%), Nikola (+15.39%), and Workhorse (+6.31%). Another reason why the stock price of Nikola increased is due to a post on GM’s website saying that it has an agreement with a smaller partner for building electric pickup trucks. That deal has not been officially closed yet though.

If the Nikola Badger gets produced, then it would use GM’s Ultium battery system. And Nikola’s long-haul trucks will integrate GM’s Hydrotec fuel cells globally if it gets produced. This indicates GM is ramping up its efforts in fuel cells and batteries.