This replaces an earlier item that incorrectly reported in the headline which government department the award was from. It has been corrected.
Shares of FuelCell Energy Inc.
FCEL,
+5.25%
surged 8.4% in premarket trading, putting it on track for a fourth-straight gain, after the fuel cell technology announced a government project award. The stock had run up 26% over the previous three sessions. The company said it was selected by the U.S. Department of Energy for an $8 million funding award to design and make a SureSource electrolysis platform capable of producing hydrogen. “This project represents a key step in FuelCell Energy’s path to commercialize its high efficiency solid oxide electrolysis technology,” the company said in a statement. The stock has slipped 5.2% year to date through Thursday, while the S&P 500
SPX,
+0.51%
has gained 6.7%.
