FuelCell Energy Inc (NASDAQ: FCEL) has been on a tear lately, seeing dramatic gains over and over again in the stock market. Today, those gains are continuing. However, if you’re looking for press releases or SEC filings, you’ll be hard pressed to find anything.
So, what’s the deal? Why is FCEL stock screaming for the top?
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Why FCEL Is Running For The Top
FCEL is in the hydrogen fuel cell space. Ultimately, hydrogen fuel cells are a cleaner way to produce energy. These technologies are being looked into as potential options to provide power as a utility, as well as to power cars, busses, trucks, and other modes of transportation.
The company is also part of ExxonMobil’s (NYSE: XOM) cooperation surrounding clean energy. In fact, the massive energy company has invested millions of dollars into fuel cell and carbon capture technologies. As a result of this partnership, XOM and FCEL are currently working together to develop the next generation of fuel cell and carbon capture technologies.
That’s nothing to shake a stick at, but what’s causing the run in value today.
The Political Climate Is Changing
Historically, democrats have paid much more attention to the environmental impact of carbon that republicans, and with Joe Biden recently winning his bid for the White House, the tides are leaning toward the republicans on the political stage.
That’s great for FuelCell Energy and any other company in the space. In fact, Biden has been very outspoken about his views with regard to climate change and the drastic changes he aims to make as the President of the United States.
With Biden in office, FCEL and others in the industry can expect further support from the United States government. In particular, investors are expecting to see increases in tax benefits offered to those that operate in clean energy, as well as those that purchase clean energy products. Moreover, government funding is likely to flow in emerging clean energy technologies, which bodes espcially well for those in the fuel cell space.
Not only are these changes likely to take place in the United States, but clean energy regulatory support is likely around the world. Ultimately, as the President of the United States, Joe Biden is going to be the leader of the free world. As a result, he will have the ability to push other countries around the world to pursue aggressive clean energy actions. Again, that’s great news for FCEL and its peers.
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The Bottom Line
FuelCell Energy is an innovator in the fuel cell and carbon capture space. It has garnered the attention of one of the most well-known energy companies in the world, and with President Biden taking office soon, it’s likely to receive quite a bit of attention from the United States government.
All in all, the stars are aligning perfectly for the company, and investors know it. So, it’s not surprising to see that FCEL stock is screaming for the top!
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