DANBURY, Conn. ( TheStreet) -- FuelCell Energy (FCEL) was among a handful of fuel cell companies rallying Tuesday on above-average volume as the industry is calling on the federal government to recognize and better support fuel cells as a green technology.
The rally comes after an article in The Washington Times Tuesday noted the difficulties that large fuel cell firms face domestically if Congress does not encourage production and use in the U.S. The stationary fuel cells produced by companies like FuelCell Energy are on-site generators that produce energy with almost no pollutants.
The article noted that demand for the fuel cells in Japan and South Korea far outstrips their domestic supply, as foreign governments provide tax incentives or subsidies to companies that import and use the stationary fuel cells."We need legislation with provisions to promote deployment of fuel cells," Bill Foster, vice president of government business development for FuelCell Energy, told the newspaper. Foster added that his firm is working with Congress for special attention in upcoming bills. More than 2.25 million shares of FuelCell Energy changed hands by 10:30 a.m. EST, compared to the stock's 50-day moving average of 670,000 shares. The company has a 75.11 million-share float with a short interest float of 9.4% as of Nov. 30, according to Yahoo! Finance. Insiders hold 23% of the company's shares, with another 67.1% owned by institutions. -- Written by Robert Holmes in Boston. Check out all of Tuesday's high-volume, under-$5 stocks at the Dollar Store Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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