![]() An FID is expected by the end of December 2023. The proposed 550 MW (megawatt) PEM (proton-exchange membrane) electrolyzer supply contract for Fortescue’s green hydrogen production Gibson Island Project in Brisbane, Queensland, Australia, is subject to final negotiations and approvals and Fortescue’s final investment decision (FID) on that project. Plug and Fortescue have started the initial diligence process for Fortescue to take up to a 40% equity stake in Plug’s Texas hydrogen plant (45 MTPD) and for Plug to take up to a 25% equity stake in Fortescue’s proposed Phoenix hydrogen plant. Under the terms of the MOU, Plug and Fortescue will also evaluate co-investment opportunities in green hydrogen production projects in North America. Both parties are also looking to collaborate on additional large projects on a global basis. 11, 2023 (GLOBE NEWSWIRE) - Plug Power (NASDAQ: PLUG), a global leader in comprehensive hydrogen solutions for the green hydrogen economy, is currently the preferred supplier of 550 MW electrolyzers to Fortescue, a global green energy and metals company, for Fortescue’s proposed Gibson Island Project.įortescue, which is committed to leading the world in stepping beyond fossil fuels by developing green electrons, green hydrogen and green technology at scale, and Plug have signed a Memorandum of Understanding (MOU) to evaluate the potential supply of a range of capital equipment including electrolyzers, liquefiers, tanker trailers and stationary storage tanks for green hydrogen production projects in North America, including Fortescue’s proposed Phoenix hydrogen plant (30 metric tons per day (MTPD) phase 1 120 MTPD phase 2). Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.LATHAM, N.Y., Oct. Above the level, FuelCell has resistance at $7.17 and $8.31 and below there is support at $4.52 and $3.36.On the weekly chart, however, FuelCell is working to print a bearish engulfing candlestick pattern, which could indicate the stock is in for more downside next week if it's unable to close the trading week above the $5.77 level.On the daily chart, FuelCell was printing a doji candlestick, which could indicate at least a bounce is in the cards on Thursday because a doji candlestick is often found at the top or bottom of a trend.The FuelCell Chart: On Wednesday, FuelCell confirmed it is still trading in a weekly downtrend by printing a lower low of $4.83 under the Sept. See Also: Jim Cramer Believes Penn National Is A Winner, Likes Vericel Although Plug Power has suffered a massive decline over the past 11 months, it has shown greater strength than FuelCell recently. Plug Power, which has somewhat decoupled from FuelCell’s price fluctuations, was trading flat intraday. FuelCell announced revenue of $13.9 million, which missed the consensus estimate of $21.8 million and an earnings-per-share loss of 7-cents, which came in below the estimate of a 4-cent loss. In The News: FuelCell slid over 13% intraday on Wednesday after the company reported worse-than-expected fourth-quarter results. It should be noted, however, that events such the general markets turning bearish, negative reactions to earnings reports and pessimistic news headlines about a stock can quickly invalidate bullish patterns and breakouts.Īs the saying goes, "the trend is your friend until it isn’t" and any trader in a bullish position should have a clear stop in place and manage their risk versus reward. ![]() Both FuelCell and Plug Power have created trends on the weekly chart that may hint at their future direction, if the trends stay intact. ![]() 4 of this year.Īs the 2022 trading year approaches, traders and investors interested in the fuel cell sector may be wondering which stock has more potential to gain value in the upcoming calendar year. FuelCell Energy Inc (NASDAQ:FCEL) and Plug Power Inc (NASDAQ:PLUG) have plummeted about 82% and 62%, respectively, from their all-time highs reached in the first quarter of 2021, despite the SPDR S&P 500 rising about 30% higher since Jan.
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