Why Bloom Energy Stock Rose Today
Shares of on-site power generation company Bloom Energy (NYSE: BE) hit a five-month low recently, but are continuing to bounce off that level today. As of 12:10 p.m. EDT, Bloom shares were up 5.4% above Thursday's closing price.
Today the company announced new leadership appointments for its international growth plans. That in itself isn't likely the reason the stock jumped today. But earlier this week, energy giant Chevron and automaker Toyota announced an alliance to grow large-scale use of hydrogen for fuel.
Bloom is a member of "Hydrogen Forward," a separate group of 11 companies focused on advancing hydrogen development in the U.S. But the new global expansion efforts signaled by Bloom's leadership appointments today indicate Bloom wants to also grow its hydrogen business outside the U.S.
Source Fool.com
