FuelCell Energy FCEL Stock News

FuelCell Energy Inc (NASDAQ: FCEL) is making a run for the top in the market this morning, but you may be wondering why. Afterall, the company hasn’t issued any press releases or SEC filings. Nonetheless, the gains seem to be the result of news out of Exxon Mobil (NYSE: XOM) that it expanded its agreement with Princeton Energy. Here’s what’s going on:

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FCEL Stock Gains As XOM Expands Agreement With Princeton Energy

In a press release issued yesterday, Exxon Mobil announced that it renewed its collaboration with Princeton University’s Andlinger Center for Energy and the Environment. The collaboration surrounds the research of lower-emission technologies and energy solutions.

So, what does this have to do with FuelCell Energy? Well, late last year, FCEL announced that it expanded its collaboration with Exxon Mobil surrounding carbon capture technology. This means that as XOM continues to expand its partnerships with regard to clean energy, it is expanding the overall team that FuelCell is part of.

In particular, Exxon and Princeton are are working together to advance carbon capture technology. The two will research to better understand how stored CO2 flows within rocks and interacts with minerals, improving the understanding of underground storage capacity.

Importantly, in the press release surrounding the expanded agreement with Princeton, Exxon Mobile mentioned FuelCell Energy, saying:

Princeton University scientists are also working with ExxonMobil on the development of carbonate fuel cells. This is in addition to the company’s ongoing collaboration with FuelCell Energy to enhance technology for capturing CO2 from industrial facilities and electric power generation.

The Bottom Line

The bottom line here is simple. Exxon Mobil, one of the largest energy companies in the world, is buidling a team of leaders in the industry to improve carbon capture and clean energy technology.

The fact that this massive energy company included FCEL in the team is a source of validation for the company’s work in and of itself. Beyond that, as the team continues to expand, and Exxon continues to invest in new technologies, FuelCell Energy only stands to benefit. As such, FCEL stock is one that should be on your watchlist.

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