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FuelCell Energy (FCEL) to Ramp Up Annual Output to 55MW
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FuelCell Energy, Inc. (FCEL - Free Report) has announced to increase its annual production from current 25 megawatts (MW) to 55MW, representing a rise of 120% in production rate. Also, the ramped-up production will add nearly 100 manufacturing jobs at its Torrington, CT manufacturing facility.
The company undertook an expansion plan last year with two projects totaling 22.2MW, which has further provided it with the much-needed visibility to commence hiring and boost the production going forward. The company is all set to launch projects of approximately 85MW over the next 18 months coupled with a new project of active pipeline.
FuelCell Energy is a global leader in providing a turnkey solution to its customers for delivering clean, innovative and affordable fuel cell solutions for the supply, recovery and storage of energy.
Rising Usage of Fuel Cell Technology
Fuel cell generates clean electricity with high-power density, extended range and market-leading uptime based on rapid refueling. This technology is gaining prominence and is witnessing increased adoption on transit buses and commercial trucks. It is a viable option for vehicles, which provides reliability and economic benefits.
To reduce carbon emissions from diesel-powered vehicles, demand for fuel cell electric vehicles (FCEVs) is increasing. To this end, in California, Governor Jerry Brown announced plans to make 100,000 zero-emission freight-hauling machines operational by 2030 under his California Sustainable Freight Action Plan (per Bloomberg). This in turn, boosted the market for fuel cell energy in the state.
Courtesy of inherent zero emissions, FCEVs are increasingly favored over diesel-powered vehicles. Naturally, rising popularity of this technology allows fuel cell producers like Plug Power Inc (PLUG - Free Report) and Ballard Power Systems, Inc (BLDP - Free Report) to make acquisitions and sign contracts to heighten prospects.
Renewable Market Outlook
According to the U.S. Energy Information Administration, total renewables used in the electric power sector were 15% in 2016, which rose to 17% in 2017. A comprehensive study by the Department of Energy’s National Renewable Energy Laboratory (NREL) shows that renewables will contribute more than 80% of total electricity generation in the United States by 2050 compared with the present 30%.
A comprehensive study by the Department of Energy’s National Renewable Energy Laboratory (NREL) shows that renewables will contribute to more than 80% of total electricity generation in the United States by 2050 compared with the present 30%.
The main drivers of the U.S. renewable industry are new onshore wind and solar capacities such as multi-year federal tax incentives combined with renewable portfolio standards as well as state-level policies for distributed solar PV (photovoltaic). Moreover, the nation is increasing its offshore wind capacities as majority of electricity demand comes from coastal areas.
Price Movement
In the past six months, shares of FuelCell Energy have declined 25.6% against its industry’s rise of 1.3%.
Zacks Rank & Key Pick
FuelCell Energy currently has a Zacks Rank #4 (Sell).
Occidental Petroleum pulled off an average four-quarter positive surprise of 30.2%. Its bottom line is expected to grow 6.3% over the long-term period of 3-5 years.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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FuelCell Energy (FCEL) to Ramp Up Annual Output to 55MW
FuelCell Energy, Inc. (FCEL - Free Report) has announced to increase its annual production from current 25 megawatts (MW) to 55MW, representing a rise of 120% in production rate. Also, the ramped-up production will add nearly 100 manufacturing jobs at its Torrington, CT manufacturing facility.
The company undertook an expansion plan last year with two projects totaling 22.2MW, which has further provided it with the much-needed visibility to commence hiring and boost the production going forward. The company is all set to launch projects of approximately 85MW over the next 18 months coupled with a new project of active pipeline.
FuelCell Energy is a global leader in providing a turnkey solution to its customers for delivering clean, innovative and affordable fuel cell solutions for the supply, recovery and storage of energy.
Rising Usage of Fuel Cell Technology
Fuel cell generates clean electricity with high-power density, extended range and market-leading uptime based on rapid refueling. This technology is gaining prominence and is witnessing increased adoption on transit buses and commercial trucks. It is a viable option for vehicles, which provides reliability and economic benefits.
To reduce carbon emissions from diesel-powered vehicles, demand for fuel cell electric vehicles (FCEVs) is increasing. To this end, in California, Governor Jerry Brown announced plans to make 100,000 zero-emission freight-hauling machines operational by 2030 under his California Sustainable Freight Action Plan (per Bloomberg). This in turn, boosted the market for fuel cell energy in the state.
Courtesy of inherent zero emissions, FCEVs are increasingly favored over diesel-powered vehicles. Naturally, rising popularity of this technology allows fuel cell producers like Plug Power Inc (PLUG - Free Report) and Ballard Power Systems, Inc (BLDP - Free Report) to make acquisitions and sign contracts to heighten prospects.
Renewable Market Outlook
According to the U.S. Energy Information Administration, total renewables used in the electric power sector were 15% in 2016, which rose to 17% in 2017. A comprehensive study by the Department of Energy’s National Renewable Energy Laboratory (NREL) shows that renewables will contribute more than 80% of total electricity generation in the United States by 2050 compared with the present 30%.
A comprehensive study by the Department of Energy’s National Renewable Energy Laboratory (NREL) shows that renewables will contribute to more than 80% of total electricity generation in the United States by 2050 compared with the present 30%.
The main drivers of the U.S. renewable industry are new onshore wind and solar capacities such as multi-year federal tax incentives combined with renewable portfolio standards as well as state-level policies for distributed solar PV (photovoltaic). Moreover, the nation is increasing its offshore wind capacities as majority of electricity demand comes from coastal areas.
Price Movement
In the past six months, shares of FuelCell Energy have declined 25.6% against its industry’s rise of 1.3%.
Zacks Rank & Key Pick
FuelCell Energy currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. A better-ranked stock from the Zacks Oil and Energy Sector is Occidental Petroleum Corporation (OXY - Free Report) with a Zacks Rank 1.
Occidental Petroleum pulled off an average four-quarter positive surprise of 30.2%. Its bottom line is expected to grow 6.3% over the long-term period of 3-5 years.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>