Why Fuel Cell Stocks Are Shooting Higher
The fuel cell sector is still on fire after being reignited on Wednesday.
Ballard Power Systems (NASDAQ: BLDP) announced a $6 million deal with Chinese company, Telecom Backup Power Wednesday. Also announced was a deal with Azure to help assemble the final product.
More notable than the contract is affirmation that fuel cell companies may have immense growth opportunity in the back-up power business. Ballard CEO John Sheridan commented, “The Telecom Backup Power market is a key growth driver for our business and is also a significant opportunity in China given the scale of the market and China's growing focus on clean energy technology."
The industry has far outperformed the market Wednesday and Thursday.
- Ballard Power Systems is up 25.7 percent
- Plug Power (NASDAQ: PLUG) is up 17.7 percent
- FuelCell Energy (NASDAQ: FCEL) is up 5.96 percent
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