logo-loader
FinanceInvestments and investor services
FuelCell Energy

FuelCell Energy shares soar on $10 million Exxon licensing deal

The deal grants ExxonMobil Research and Engineering Company the ability to use FuelCell’s patents, data and equipment design

A handshake
FuelCell designs, installs, and operates fuel cell power plants for power generation

FuelCell Energy Inc (NASDAQ:FCEL) stock is burning brighter Wednesday after the Company announced a $10 million licensing deal with Exxon Mobil Corporation (NYSE:XOM).

A SEC filing on Tuesday showed the company granted ExxonMobil Research and Engineering Company the ability to use FuelCell’s patents, data and equipment design through a material definitive agreement.

Investors cheered the new partnership, sending the Danbury, Connecticut company’s stock 27.5% higher to close at $0.51. Shares of Exxon fell by 1.1% to $74.04.

READ: FuelCell Energy continues to tumble as uncertainty clouds company after sudden CEO exit, restructuring

FuelCell designs, installs, and operates fuel cell power plants for power generation.

During the Wednesday session, trading was temporarily halted.

--Updates share price--

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: FuelCell Energy

Price: $0.35

Market: NASDAQ
Market Cap: $43.44 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

'May only be a matter of time' before Uranium price recovery with...

Mining Capital's Alastair Ford discusses the planned slow down in production from Kazatomprom (LON:KAP). The miner's looking to cut output from its Kazakh mines by around 20% through to 2021. He says that extends the timeframe of its previous production curtailment by a further year, and...

1 hour, 5 minutes ago

2 min read