FuelCell Energy (NASDAQ:FCEL) stock is up on Monday after the fuel cell energy company announced plans to build a pilot plant with Exxon Mobil (NYSE:XOM).
FuelCell Energy will work alongside Exxon Mobil to build this pilot plant at affiliate Esso Nederland’s Rotterdam Manufacturing Complex. The plant will focus on testing breakthrough technology that could reduce CO2 emissions.
That will result in the plant testing out carbonate fuel cell technology. This includes various use cases, such as in a commercial environment. The companies will also use this facility to estimate the costs of adding carbonate fuel cell technology to other plants.
Geoff Richardson, Senior Vice President of Commercial and Business Development for ExxonMobil Low Carbon Solutions, said the following about this pilot plant:
“The unique advantage of this technology is that it not only captures CO2 but also produces low carbon power, heat, and hydrogen as co-products […] We are excited for the opportunity to pilot this innovation at our own Rotterdam facility.”
FCEL Stock Reactions Today
In response to this announcement, shares of FCEL stock are seeing heavy trading on Monday. That has more than 15 million shares changing hands as of this writing. For comparison, the daily average trading volume for FuelCell Energy stock is roughly 11.7 million shares.
FCEL stock is up 3.9% as of Monday morning.
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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.
