Why Fuel Cell Stocks Are Shooting Higher

The fuel cell sector is still on fire after being reignited on Wednesday.

Ballard Power Systems 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."

Adding to the rally were sector-wide comments from Jennings Capital.

The industry has far outperformed the market Wednesday and Thursday.

• Ballard Power Systems is up 25.7 percent
• Plug Power PLUG is up 17.7 percent
• FuelCell Energy FCEL is up 5.96 percent