Boston, MA, 03/06/2014 – Hydrogenics Corporation (USA) (NASDAQ:HYGS), like the rest of alternative energy stocks, is enjoying an upward rally. The stock has been able to shutter its stock price record prices and establish new higher ones instead. Stock gains are the everyday thing of late as interest shift toward powering industrial off-road machines using clear, efficient and cost-effective fuel cell energy system.
Shares of Hydrogenics Corporation (USA) (NASDAQ:HYGS) established a new 12-month high level at $29.54, on a day that saw the shares end up with 2.61 percent gain to $29.47. And there is more to this $265.75 million market cap company.
There is a general excitement in the fuel cell market. The deal which Plug Power Inc (NASDAQ:PLUG) inked with Wal-Mart Stores, Inc. (NYSE:WMT) for the supply or fuel cell systems has been the source of industry excitement. Plug Power Inc (NASDAQ:PLUG) and the retailer entered a supply agreement for which it will be responsible for fuel cells used to power the retailer’s forklifts in six sites.
The whole issue of excitement around stocks in alternative energy business is that there is potential to serve even bigger customers in the market.
While technologies are developed almost each and every day to generate clean and green energy, storing that energy remains a problem. The lack of ability to properly store renewable energy has meant that sometimes turbines are taken offline when grids are jammed. The problem also leads to supply demand imbalance.
But now, Hydrogenics Corporation (USA) (NASDAQ:HYGS) has come up with a technology that is going to solve that problem once and for all. The Canada-based developer and manufacturer of hydrogen believe its technology is able to store renewable power from sources such as solar and wind. The stored energy can then be converted into heat or fuel.
Opportunities opening up
That technology which Hydrogenics Corporation (USA) (NASDAQ:HYGS) is touting is already attracting users. The company has inked an agreement to work in a Denmark pioneering project for the conversion of excess wind electricity into natural gas. That project is worth €3.7 million and will demonstrate how the world can deal with energy supply and demand imbalance by storing excess renewable power.