Revenues Surge for Fuel Cell Companies as Gas Prices Continue Uptrend
13 Maggio 2011 - 2:16PM
Marketwired
As surging oil prices begin to dampen the strength of the global
economic recovery, investors are hopeful that the fuel cell sector
will get a boost from a stronger push for alternative sources of
energy. Fuel cells can be used for vehicles, heating and cooling
systems and backup power for cell phone towers. The Bedford Report
examines the outlook for companies in the Industrial Electrical
Equipment Industry and provides research reports on FuelCell
Energy, Inc. (NASDAQ: FCEL) and Plug Power, Inc. (NASDAQ: PLUG).
Access to the full company reports can be found at:
www.bedfordreport.com/2011-05-FCEL
www.bedfordreport.com/2011-05-PLUG
Fuel cells convert the stored energy in fuels like natural gas
or hydrogen gas into electricity without combustion. They are
somewhat similar to batteries, although fuel must be fed
continuously to them. Fuel cells can operate on a variety of fuels,
including natural gas and renewable fuels such as landfill gas.
Ford and Toyota have both stressed the importance of breaking
the dependence on foreign oil and project that they could be mass
producing the fuel cell cars by 2015. Executives at Toyota say the
company aims to slash the cost of hydrogen fuel cell technology
before it starts selling its fuel cell sedan. Shinzo Kobuki, senior
managing director in charge of Toyota's battery technology says the
goal is to bring the cost of the fuel stack and high-pressure
hydrogen tank to one-twentieth of 2008 levels.
The Bedford Report releases regular market updates on the
Industrial Electrical Equipment Industry so investors can stay
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FuelCell Energy recently said its fiscal first-quarter loss
narrowed on strong product sales, resulting in better-than-expected
revenue growth. The company makes fuel cells for electric power
generation for commercial, industrial, municipal and utility
customers and reported a loss of $11.7 million, or 10 cents a
share, compared with a year-earlier loss of $15.4 million, or 18
cents a share.
Plug Power, meanwhile, saw its most successful quarter in the
company's history during the first quarter of 2011, primarily based
on the number of commercial orders it received. Total revenue for
the first quarter was $6.0 million. This compares to total revenue
of $4.4 million in the first quarter of 2010.
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