FuelCell Energy stock rallies after announcing order with Exxon Mobil for carbon capture technology, support

Shares of FuelCell Energy Inc. (FCEL) charged up 2.7% in premarket trading Monday, after the maker of fuel cell technology platforms said it received an order from Exxon Mobil Corp. (XOM) affiliate ESSO Nederland B.V. for equipment and support needed to implement a potential demonstration of carbon capture at an Exxon Mobil facility. The company said that while Exxon Mobil hasn't made a final investment decision, the order advances equipment procurement and engineering work needed as it takes steps toward commercializing its carbon-capture technology. "FuelCell Energy continues to gain confidence in achieving large scale commercialization of FuelCell Energy's carbonate technology for industrial and commercial point source carbon capture," said FuelCell Chief Executive Officer Jason Few. "We believe that this technology will address one of the largest environmental challenges of today, CO2 emissions from industrial and commercial exhaust streams and power generation." The stock, which had closed last Wednesday at a 2 1/2-year low of $1.80, has tumbled 51.3% over the past three months while the S&P 500 has gained 1.2%.

-Tomi Kilgore

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05-01-23 0823ET

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