BANGALORE - FuelCell Energy Inc shares rose 20 percent Tuesday on what one analyst termed as bullish bets by investors on a push for government incentives by the fuel-cell industry.
The surge came after The Washington Times quoted a FuelCell Energy executive as saying his company was working with Congress for "special attention in upcoming bills."
Raymond James analyst Pavel Molchanov said if the fuel-cell industry could get the Waxman-Markey climate change bill amended to provide more support for the sector, it would bode well for FuelCell Energy, which makes fuel-cell power plants for electric power generation.
The Waxman-Markey bill, which has been passed by the House of Representatives but not by the Senate, mandates a 5 percent increase in energy efficiency by 2020.
Shares of FuelCell Energy were up 16 percent at $3.67 in afternoon trade after touching a high of $3.79. The shares were among the top percentage gainers on Nasdaq.
More than 5 million shares had changed hands, six times the stock's 10-day moving average.
The surge came after The Washington Times quoted a FuelCell Energy executive as saying his company was working with Congress for "special attention in upcoming bills."
Raymond James analyst Pavel Molchanov said if the fuel-cell industry could get the Waxman-Markey climate change bill amended to provide more support for the sector, it would bode well for FuelCell Energy, which makes fuel-cell power plants for electric power generation.
The Waxman-Markey bill, which has been passed by the House of Representatives but not by the Senate, mandates a 5 percent increase in energy efficiency by 2020.
Shares of FuelCell Energy were up 16 percent at $3.67 in afternoon trade after touching a high of $3.79. The shares were among the top percentage gainers on Nasdaq.
More than 5 million shares had changed hands, six times the stock's 10-day moving average.
