FuelCell Energy (NASDAQ:FCEL) stock is getting a boost on Monday after announcing a continued partnership with an ExxonMobil (NYSE:XOM) unit.
According to a press release from FuelCell Energy, ExxonMobil Technology and Engineering Company has agreed to extend its joint development agreement with the company through March 31, 2024.
That agreement has the two companies developing advanced carbonate fuel cell technology. This includes work on point source carbon capture applications connected to lower carbon intensity flue streams.
Jason Few, President and CEO of FuelCell Energy, said the following about the partnership:
“We are extremely pleased that our jointly-developed carbon capture technology has been found to be feasible for the commercial usage we are targeting and look forward to working with ExxonMobil towards a potential demonstration project.”
Carbonate fuel cells are a big push in the oil industry right now due to their ability to capture CO2 emissions. This is important as it helps the oil and gas industry move toward greener operations.
FCEL Stock Movement on Monday
Following this expanded partnership announcement, FCEL stock is seeing a decent amount of trading today. That has more than 5 million shares changing hands. For comparison, its daily average trading volume is closer to 15 million shares.
FCEL stock is up 5% as of Monday morning but down 45.5% since the start of the year.
There’s more stock market news traders will want to catch up on down below!
We are offering up all of the latest stock market coverage traders need to know about on Monday! That includes good news for investors in VinFast (NASDAQ:VFS) stock, a downgrade for shares of Crowdstrike (NASDAQ:CRWD) stock, as well as a new deal boosting XPeng (NYSE:XPEV) stock higher. All of that information is ready to go at the following links!
More Stock Market News for Monday
- VFS Stock Alert: VinFast Just Became the Third Most Valuable Automaker
- Crowdstrike (CRWD) Stock Falls on Morgan Stanley Downgrade
- XPEV Stock Alert: XPeng Surges on Huge DiDi Deal
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
