FuelCell Energy, Inc.’s FCEL reversible solid oxide fuel cell (RSOFC) system has been awarded $3 million funding by the U.S. Department of Energy (DOE), which will help improve the system’s performance level and commercialize it.
Notably, this adds to the company’s current funding for the existing technology programs on power generation, electrolysis and storage.
Highlights of the Project
Based on RSOFC technology, which is a hybrid operation system, the company’s solution converts excess power during periods of low demand into hydrogen, stores it on-site for long periods of time and uses itas a fuel source to generate clean power in times of high demand. This project will demonstrate the energy player’s efficient hydrogen-based storage.
Importance of the Project
With the world shifting to clean and cost-effective energy sources, FuelCell as one of the global leaders in the fuel cell technology space also aims to utilize its proprietary, state-of-the-art fuel cell platforms to generate electricity using clean resources. This megawatt scalable solution project will help it develop commercial electrolysis and long-duration storage platform.The focus of the program is to advance fuel cell power management technology along with improving the fundamental repeating components in the RSOFC stack and deliver stack design improvements, particularly in the area of thermal management. These programs are likelyto speed up the progress toward commercializing the solid oxide platform in these applications.
Apart from FuelCell Energy, Inc., companies like Ballard PowerSystems BLDP, Plug Power, Inc. PLUG and Bloom Energy Corporation BE are using fuel cell technology to supply clean energy.
Zacks Rank & Price Performance
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past six months, shares of the company have rallied 84.9%, outperforming the industry’s 33.6% growth.
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