FuelCell Energy Inc. FCEL, -6.39% announced Tuesday that the the U.S. Department of Energy will provide an additional $8 million in funding to continue developing its “ultra-high efficiency” solid oxide fuel cell (SOFC) systems for power generation. The additional Phase 2 funding comes after the company demonstrated progress in its ongoing programs, and will help support FuelCell’s drive to commercialize its SOFC technology. “We continue to make progress in advancing our solid oxide fuel cell platform toward commercialization with the aid of key DOE programs in addition to our own capital investment,” said Chief Executive Jason Few. The additional funding didn’t help stem the stock’s recent selloff, however, as the stock slumped 5.3% in premarket trading, after tumbling 12.8% amid a three-day losing streak through Monday. The stock has now plunged 61.7% over the past three months through Monday, while the S&P 500 SPX, +0.27% has gained 8.3%.
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