Why FuelCell, Bloom Energy And Ballad Power Systems Shares Are Surging Today

Why FuelCell, Bloom Energy And Ballad Power Systems Shares Are Surging Today

Shares of alternative energy-related stocks, including FuelCell Energy Inc FCELBloom Energy Corp BE and Ballard Power Systems Inc BLDP, are trading higher Thursday after Senator Joe Manchin reversed his opposition to a bill that includes provisions to address climate change.

Manchin announced on Wednesday that he has reached an agreement with Senate Majority Leader Chuck Schumer to vote on the "Inflation Reduction Act of 2022," according to a statement from Manchin.

The Inflation Reduction Act will address record inflation by paying down national debt, lowering energy costs and lowering healthcare costs.

"The Inflation Reduction Act of 2022 invests in the technologies needed for all fuel types – from hydrogen, nuclear, renewables, fossil fuels and energy storage – to be produced and used in the cleanest way possible," Manchin said.

FuelCell designs, manufactures and sells fuel cell products, which efficiently convert chemical energy in fuels into electricity through a series of chemical reactions.

Bloom Energy designs, manufactures, sells and installs solid-oxide fuel cell systems for on-site power generation. 

Ballard is a leader in proton exchange membrane fuel cell power system development.

See Also: Ford Stock Is Rising: Here's Why

FCEL, BE, BLDP Price Action: At press time, FuelCell was up 13.6% at $3.85, Bloom was up 11% at $19.09 and Ballard was up 8.33% at $7.67. 

Photo: Lorenzo Cafaro from Pixabay.

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