NEW YORK (TheStreet) -- General Electric (GE) announced Tuesday that it will build a fuel cell manufacturing plant in New York to develop technology for fuel cells that use natural gas, according to MarketWatch.
Shares of GE were falling 0.3% to $25.90.
GE said it made a breakthrough in solid oxide fuel cells, adding that "the resulting technology could soon start producing electricity around the world." The new system can reach an "unprecedented" 65% power generation efficiency according to GE. "Overall efficiency can grow to 95 percent when the system is configured to capture waste heat produced by the process," the company said. "The basic configuration of the system can generate between 1 to 10 megawatts of power."
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TheStreet Ratings team rates GENERAL ELECTRIC CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GENERAL ELECTRIC CO (GE) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, good cash flow from operations, increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."