About

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Andrew T. Gillies is Director of Communications at the Center for Audit Quality, an affiliate of the American Institute of CPAs, in Washington, DC. Based in Washington since 2002, he has also worked in editorial and communications roles at the Investment Company Institute, the World Bank, Forbes, and Vault.com. His policy-themed writing has focused on aerospace and defense, energy and environment, transportation, and financial services.

Wednesday, February 14, 2007

Beltway Bet: FuelCell Energy

WASHINGTON, D.C. -Seven years ago, with California sweating through rolling electricity blackouts, the stock market worked up an appetite for outfits selling new ways of generating power. Shares of FuelCell Energy, a company in that business, spiked to a split-adjusted $54. Their recent price? $7, down 52% from a 52-week high.
Matters of energy and environment have hardly dropped out of the headlines, but the market's enthusiasm for eco-stocks tends these days more to biofuels and solar power. SunPower, in the latter business, trades just 5% off a 52-week high of $48 and at a relatively rich 13 times its revenues.
For investors looking at long-term energy plays, don't rule out FuelCell Energy. The federal government certainly hasn't.