FuelCell Energy Inc (NASDAQ:FCEL) shares are moving lower on Tuesday. Here's a look at what's going on.
What To Know: FuelCell has announced that the University of Connecticut (UConn) will use its solid oxide fuel cell technology for its Innovation Partnership Building.
Four of FuelCell's 250-kilowatt solid oxide fuel cells with a combined one megawatt of electricity generation capability will be used to provide power and thermal energy to support current and planned future demand of the building. FuelCell's technology will allow it to operate independently from the local utility grid.
FuelCell Energy said the company and UConn will work together as part of a power purchase agreement. They will also collaborate on educational opportunities for students that include lectures, facility tours and internship opportunities for engineering students.
News out of competitor Plug Power Inc (NASDAQ:PLUG) may also be reaching FuelCell shares on Tuesday. Plug Power announced that it has achieved 7.5 gigawatts in global Basic Engineering and Design Package (BEDP) contracts since introducing the offer two years ago.
"The introduction of our BEDP has significantly propelled the growth of our electrolyzer business," said Andy Marsh, CEO of Plug Power. "This milestone not only highlights the increasing demand for green hydrogen but also underscores Plug's industry leading position in PEM electrolyzer technology and driving the green hydrogen revolution."
Plug Power and FuelCell Energy both operate in the fuel cell and renewable energy space.
How To Buy FCEL Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in FuelCell Energy's case, it is in the Industrials sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
FCEL Price Action: FuelCell shares were down 4% at $0.65 at the time of publication, according to Benzinga Pro.
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