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FCEL Stock News: FuelCell energy extends decline and falls for second straight session

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.

Stocks Reporter FXStreet

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.

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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.

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