Shares of FuelCell Energy, Inc. (NASDAQ: FCEL) surged 10.08% as it gained +0.24 on Friday. The strong performance of the company highlighted the positive sentiments of its investors after it announced that it has secured an $8 million government project by the US Department of Energy (DoE). The contract has been given to the company to advance the demonstration and commercialization of solid oxide electrolysis high-efficiency hydrogen generation technology FuelCell Energy.

This project is going to be the first multi-stack electrolysis system produced by using the solid oxide technology of the company. FuelCell has earlier revealed the solid oxide electrolysis technology and disclosed both 50kW and 200kW output levels. The system will have an option to use the thermal energy to enhance the electrolysis electrical efficiency to over 90%.

Shares of FuelCell Energy, Inc. (NASDAQ: FCEL) soared 10.08% as it gained +0.24 during the trading session of Friday. It has a closing price of $2.62. Electrical Equipment & Parts company has a 52-weeks low range of 0.227 and a 52-weeks low range of 3.50. FuelCell Energy moved up 1054.18% and moved down -25.14%.  It had a trading volume of 60.76 million as compared to the average volume of 18.96 million. This company market capitalization has remained high, hitting 772.11 million at the time of writing.

If we look at the 12-month price targets for FuelCell Energy average price target is $3.00 with a high forecast of $3.00 and a low forecast of $3.00. The average price target shows a 14.50% increase from the last price of $2.62.

The electrolysis system will be transferred to Idaho National Laboratories (INL) after the testing of the system at FuelCell Energy’s Danbury. At Idaho National Laboratories, this system will undergo a testing system to confirm electric efficiency as well as the ability to use nuclear power plant waste heat to obtain higher efficiencies of up to 100%. Moreover, checking the performance level will accelerate the control schemes and integration design.