Benzinga | Sep 27, 2021 01:55PM EDT

Why FuelCell Shares Are Rising

FuelCell Energy Inc (NASDAQ:FCEL) shares are trading higher by 9.4% at $7.63 after California Governor Gavin Newsom signed Senate Bill 155, which includes a two-year extension of the Fuel Cell Net Energy Metering program, known as Fuel Cell NEM.

FuelCell issued a press release Monday: "Fuel Cell NEM allows businesses to invest their own private capital in clean, firm technology that reduces their energy consumption and lowers their environmental footprint by reducing Scope 1, 2, and 3 emissions, while the State benefits from maintaining and creating new jobs, reducing greenhouse gas emissions, criteria air pollutants and water use without any direct incentives," said Jason Few, President and Chief Executive Officer, FuelCell Energy, Inc.

"Again, we thank Governor Newsom and the California Legislature for supporting energy and climate policy that furthers the State's ambition for reliable baseload power, clean energy investments, job creation and environmental protection," Few stated.

FuelCell Energy says the Fuel Cell NEM program allows customers that install fuel cell systems up to five megawatts onsite to be relieved from paying standby and departing load charges imposed by California's investor-owned utilities.

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