Benzinga | Sep 1, 2021 12:11PM EDT

Why FuelCell Shares Are Rising

FuelCell Energy Inc (NASDAQ:FCEL) shares are trading higher by 2.6% at $6.40. Strength is possibly a sympathy movement with Plug Power, which gained following a bullish initiation from Wolfe Research.

FuelCell announced yesterday the company closed on a tax equity sale-leaseback financing transaction for the 1.4 megawatt SureSource 1500 biofuels fuel cell project with the City of San Bernardino Municipal Water Department in California with Crestmark Equipment Finance, a division of MetaBank.

FuelCell designs, manufactures, sells, installs, operates and services fuel cell products, which efficiently convert chemical energy in fuels into electricity through a series of chemical reactions.

FuelCell has a 52-week high of $29.44 and a 52-week low of $1.58.