On Tuesday, the U.S. Department of Energy announced that it has awarded $3 million to FuelCell Energy (FCEL) to create a carbonate fuel cell electrolyte matrix. Investors liked the news, sending FCEL stock up more than 2% in Wednesday morning trading.
Developing a could increase fuel cell output and increase fuel cell lifespans twofold. FCEL will also use the funding to explore opportunities improve the fuel cell manufacturing process, potentially reducing costs.
The government is looking to spur the development of stationary fuel cells with longer lifespans and better performance. The funding its aimed at creating fuel cells for combined heat and power roles and distributed power generation.
Last month, FCEL stock jumped sharply after FCEL posted higher sales and a lower quarterly loss. FCEL stock has gained more than 160% over the past year.
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