FuelCell Energy Rallies on Volume Spike - TheStreet

FuelCell Energy Rallies on Volume Spike

FuelCell Energy shares rose on a push to include its industry among "green" technologies.
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DANBURY, Conn. (

TheStreet

) --

FuelCell Energy

(FCEL) - Get Report

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.

FuelCell Energy

shares rose 14.2% to $3.61,

Plug Power

(PLUG) - Get Report

jumped 9.6% to 77 cents, and

Ballard Power Systems

(BLDP) - Get Report

gained 3.9% to $1.88 during Tuesday's session.

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

.

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