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FuelCell Energy shares soar on $10 million Exxon licensing deal

The deal grants ExxonMobil Research and Engineering Company the ability to use FuelCell’s patents, data and equipment design

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FuelCell designs, installs, and operates fuel cell power plants for power generation

FuelCell Energy Inc (NASDAQ:FCEL) stock is burning brighter Wednesday after the Company announced a $10 million licensing deal with Exxon Mobil Corporation (NYSE:XOM).

A SEC filing on Tuesday showed the company granted ExxonMobil Research and Engineering Company the ability to use FuelCell’s patents, data and equipment design through a material definitive agreement.

Investors cheered the new partnership, sending the Danbury, Connecticut company’s stock 27.5% higher to close at $0.51. Shares of Exxon fell by 1.1% to $74.04.

READ: FuelCell Energy continues to tumble as uncertainty clouds company after sudden CEO exit, restructuring

FuelCell designs, installs, and operates fuel cell power plants for power generation.

During the Wednesday session, trading was temporarily halted.

--Updates share price--

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: FuelCell Energy

Price: 2.68 USD

NASDAQ:FCEL
Market: NASDAQ
Market Cap: $583.99 m
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