- NASDAQ:FCEL fell by 2.37% during Wednesday’s trading session.
- Plug Power signs a partnership with Lhyfe for green hydrogen plants in Europe.
- The hydrogen industry is taking off as hydrogen-fueled planes are planned for 2024.
NASDAQ:FCEL fell yet again on Wednesday, as the hydrogen fuel cell maker seems like the only company that isn’t signing a major partnership this week. Shares of FCEL fell by 2.37% on Wednesday and closed the trading session at $7.00. After a brief surge on Monday, FuelCell has erased those gains and then some, as the stock is in danger of falling below the $7.00 mark for the first time since early October. FuelCell also fell victim to a bearish day on the markets as all three major US indices failed to extend their gains from earlier in the week.
Stay up to speed with hot stocks' news!
Yet another rival of FuelCell Energy announced a major partnership on Wednesday. Plug Power (NASDAQ:PLUG) announced it is joining forces with Lhyfe to establish green hydrogen plants around Europe to further progress the continent’s goal of being carbon neutral. The plan is for the project to be able to produce 300 MW of power by 2025. The announcement comes just days after Bloom Energy (NYSE:BE) signed an extension of their existing partnership with the SK Group in South Korea, that was worth $4.5 billion.
FCEL stock forecast
The hydrogen industry has been a hot topic as of late, particularly as governments around the world aim to adopt renewable energy sources. Europe is a particular hotbed for adopting hydrogen as an energy source, and on Wednesday, it was reported that the first steps towards hydrogen powered airplanes have been taken. Now, the first aircrafts are anticipated to only seat 19 passengers on a route from London to Rotterdam, but it is a first in the aviation world and hydrogen companies should continue to be in high demand moving forward.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades slightly near 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD struggles to hold above 1.2500 ahead of Thursday's BoE event
GBP/USD stays on the back foot and trades in negative territory below 1.2500 after losing nearly 0.5% on Tuesday. The renewed US Dollar strength on hawkish Fed comments weighs on the pair as market focus shifts to the BoE's policy announcements on Thursday.
Gold fluctuates in narrow range below $2,320
After retreating to the $2,310 area early Wednesday, Gold regained its traction and rose toward $2,320. Hawkish tone of Fed policymakers help the US Treasury bond yields edge higher and make it difficult for XAU/USD to gather bullish momentum.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.