Why FuelCell Energy Stock Is Charging Higher Today
Shares of FuelCell Energy (NASDAQ: FCEL) surged this morning and were trading 12.6% higher as of 12:25 p.m. ET Tuesday after the hydrogen fuel cell maker announced a collaboration for a large power plant in Nigeria.
FuelCell Energy has signed a Memorandum of Understanding (MoU) with Oando Clean Energy Limited, a renewable energy subsidiary of one of Africa's largest energy companies, to build a hydrogen power plant with a capacity of 5 megawatts (MW) to 15 MW in Nigeria.
The African country relies heavily on fossil fuels to generate power and has a significantly low electrification rate. Nearly 43% of the country's population has no access to electricity.
Source Fool.com
