FuelCell Energy (NASDAQ:FCEL) stock is rising higher on Tuesday after the fuel cell energy company announced a collaboration with IBM (NYSE:IBM).
This agreement between the two companies will see them use Foundation Models to improve the performance of FuelCell Energy’s technology. These are a type of generative artificial intelligence (AI).
The agreement will see IBM develop the Foundation Models that will be used to track FuelCell Energy’s technology. They’ll do so by monitoring the company’s technology’s performance to create a digital copy. Doing so will allow it to evaluate various situations and provide insight into how to improve the technology.
Tony Leo, Chief Technology Officer at FuelCell Energy, said the following about the deal:
“Our collaboration with IBM is an opportunity for FuelCell Energy to leverage emerging AI technology to improve our product performance for our customers and for IBM to extend its AI technology to the study of electrochemical catalytic processes.”
FCEL Stock Movement Today
Investors in FuelCell Energy seem excited about the collaboration with IBM, as shares of FCEL are up 6.8% as of Tuesday morning. That comes alongside 4.3 million shares of the company’s stock changing hands as of this writing. For comparison, the company’s daily average trading volume is closer to 11.1 million units.
There’s plenty more stock market news that traders are going to want to read about below!
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On the date of publication, William White did not have (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.
