Benzinga | Nov 2, 2021 11:11AM EDT

Why FuelCell Energy Shares Were Rising Premarket

FuelCell Energy, Inc. (NASDAQ:FCEL) shares are trading higher after the company announced it has signed a six-month extension with Exxon Mobil Corporation (NYSE:XOM) to continue collaboration on carbonate fuel cell technology. The agreement will now continue until April 30, 2022.

The parties are discussing an ExxonMobil pilot in Rotterdam, the Netherlands, as well as potentially additional ExxonMobil or third-party locations, to deploy FuelCell Energy's carbonate fuel cell platform to capture carbon dioxide emissions.

"Together, we have a great opportunity to scale and commercialize our unique carbon capture solution, one that captures carbon dioxide from various exhaust streams, while generating additional power, unlike traditional carbon capture technologies, which consume significant power," said Jason Few, president and chief executive officer of FuelCell Energy.

FuelCell Energy, Inc., together with its subsidiaries, designs, manufactures, sells, installs, operates, and services stationary fuel cell power plants for distributed baseload power generation.

FuelCell's stock was trading about 4% higher at $9.93 per share on Tuesday at the time of publication. The stock has a 52-week high of $29.44 and a 52-week low of $2.16.