Analyst Brannon Cook rates various fuel cell players from Plug Power to FuelCell Energy.
NEW YORK — A JPMorgan analyst began covering fuel cell makers Friday, saying demand from niche markets is growing.
Analyst Brannon Cook rated FuelCell Energy Inc. "Overweight" for its low-cost, efficient molten carbonate technology. He said the Danbury, Conn., company should get new contracts in Connecticut and from South Korea, where it has a partnership.
"We expect these awards anda revenue wins will provide a positive catalyst for the stock, and we believe they place FuelCell on a clearer path to profitability versus its fuel cell peers," Cook wrote.
Hydrogen-powered fuel cell vehicles present an attractive option for troops as they are quieter than conventional internal combustion engines and produce less heat, and may also be used as a platform for powering weapons.