FuelCell Energy Inc FCEL shares are trading lower. The company on Wednesday announced its electrolyzers will be used in a hydrogen and nuclear study in the U.K.
What Happened: FuelCell was contracted by EDF Energy for a project focused on determining the viability of using hydrogen to decarbonize asphalt production.
The project aims to produce hydrogen in bulk at a lower cost using FuelCell's 1-Megawatt Solid Oxide Electrolyzer Cell with nuclear generated heat and electricity.
"Solid oxide electrolysis is ideal for producing hydrogen from nuclear power sources. The already high efficiency of solid oxide electrolysis systems can be raised even higher using waste heat from the nuclear power plant, lowering the cost per kilogram of the hydrogen produced," said Jason Few, president and CEO of FuelCell Energy.
FuelCell noted that project partners will develop the site design and estimate work required in the coming months before making a decision on the project's future.
See Also: What's Going On With Plug Power Stock?
FCEL Price Action: FuelCell shares were down 5.37% at $1.32 at the time of publication, according to Benzinga Pro.
Photo: courtesy of FuelCell.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
