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August 16, 2004 Stock Pick: FuelCell Energy, Inc. (FCEL)

Stock Price: $7.76

FuelCell Energy, Inc. is a world leader in the development and manufacture of hydrogen fuel cells for clean electric power generation. Their Direct FuelCells generate clean electricity at hospitals, universities, hotels, and other commercial and industrial facilities. The company has developed distribution agreements with Caterpillar, Chevron Energy Solutions, Alliance Power and others.

FCEL was upgraded twice in the month of July by First Albany and Adams Harkness. Both upgraded FCEL to a buy in the $9.50-$10.00 level. On each upgrade the stock jumped; however, it has since fallen below the recommended level making FCEL even more attractive.

The company's Direct FuelCells were recently used to support the power grid for the Democratic National Convention. With power becoming more costly and as fear of blackouts continue into the last month of summer, FCEL could become a great energy play.

FCEL is at its lowest level in a year, and was at this level last year this time before it ran to over $17.00 in less than three months.

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