Bloom Energy performed strongly in recent months, rising from USD 10 to over USD 19 until it was time for profit-taking. As expected, the stock is beginning to catch up to other fuel cell shares. Plus, Bloom [NYSE: BE] has formed a joint venture with Samsung Heavy Industries to come up with SOFC solutions for cargo vessels and tankers. The venture is regarded as a research partnership aimed at developing technologies Bloom wants to bring to market starting in 2022, with yearly production capacities of 300 megawatts.
Plug Power stock is resilient. On the plus side, Plug [Nasdaq: PLUG] completed its USD 123 million acquisition of Giner ELX and United. It will allow the company to not only produce hydrogen but also start making electrolyzers. As I often noted, this kind of deal would be needed for an upward trend in Plug’s price. Moreover, the fuel cell supplier announced that it had received several sizeable orders, including a recent one from a new UK customer, Asda, a Walmart subsidiary.
Recent high volumes of trading saw Ballard Power stock shoot past USD 21 at one point. Subsequent profit-taking then caused the price to fall again. I would say this kind of correction is not unusual during an upward trend and gives investors another opportunity to (re)purchase shares.
On June 8, the EU followed Germany’s example by announcing a hydrogen strategy. The European Commission even published two road maps, one for energy systems integration and another for clean hydrogen as part of the NextGenerationEU stimulus package and the European Green Deal.
The quiet life is over. That much is clear, even to the German hydrogen and fuel cell association DWV. Growing interest in hydrogen and fuel cells has some wanting to turn the organization into a powerful industrial body.
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