No-Name Clean Tech Firms Are Turning Into Billion-Dollar Bets
Bloomberg 1/19/2021 Catherine Traywick, Josh Saul, Mark Chediak and David R. Baker
(Bloomberg) Fuelcell Energy Inc., a clean-energy developer that hasn’t reported an annual profit in 20 years, is hardly a household name. But thanks to the mania for green stocks, the company’s market value has soared 800% in recent months to reach $5.6 billion.
It’s not alone. Since November, a wave of once-obscure clean-energy companies have seen their valuations skyrocket into the billions despite generating little or no net income. Some of them are riding Tesla Inc.’s coattails after the industry giant’s own market capitalization reached a record $834 billion this month, topping that of Facebook Inc. Others have struck potentially lucrative partnerships or are simply surging on Wall Street’s confidence in a green transition under President-Elect Joe Biden.
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