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FuelCell Jumps 7%, Bloom Energy Climbs 3% as Hydrogen Stocks Rally; Plug Power Sits Out

Hydrogen stocks are splitting into winners and a notable holdout as fresh sector money floods onsite power names, and the gap between the leaders and the laggard raises questions about what is actually driving the move.

By David Moadel
Published October 2, 2026, 1:49pm ET · 3 min read

Market Movers desk. Editor: David Moadel.

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A close-up, high-angle shot of a silver car engine cover. A chrome Toyota logo with blue accents is visible in the center-right. Below it, the words 'FUEL CELL' are spelled out in raised silver letters, with a blue wave design integrated into the final 'L'. Part of a light beige component is visible in the upper left corner, partially obscured by the engine cover. The surface of the cover has a fine textured metallic finish.
A close-up view of a fuel cell engine cover with the Toyota logo and 'FUEL CELL' emblem, representing the innovative technology at the heart of companies like Bloom Energy. © Shutterstock

Money is flowing into onsite power generation names as a group, and FuelCell Energy (NASDAQ:FCEL) stock is leading the advance. FuelCell stock has climbed 7%, reaching $17.68 in the afternoon session. Also, Bloom Energy (NYSE:BE) shares are climbing 3% to $286.80, moving in step with FuelCell.

Plug Power (NASDAQ:PLUG) shares are up just 0.3% to $1.90, leaving the hydrogen fuel cell maker on the sidelines of the move. That gap turns the advance into a two-name rally, with Plug Power stock the one major U.S. fuel cell player failing to keep pace with FuelCell and Bloom Energy shares. Within the hydrogen group, that divergence is the clearest split on the board.

Meanwhile, the Global X Hydrogen ETF (NASDAQ:HYDR) is up 3% to $44.91, a gain that captures the wider hydrogen bid. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.7% to $769.49, which leaves the hydrogen fund well ahead of major indexes. Hydrogen and fuel cell stocks often trade in packs, making the Global X Hydrogen ETF a useful gauge of whether a move is broad or narrow.

Onsite Power Stocks Advance as a Group

Oppenheimer initiated coverage of FuelCell stock on September 29. The firm assigned an Outperform rating and a price target of $24, citing FuelCell’s onsite power systems and rising electricity demand from data centers (we covered seven suppliers riding that same data-center expansion, from power to cooling, in a free report here).

FuelCell stock rose after the initiation and later gave back part of that gain, and the research note now serves as earlier backdrop for the latest move, which shows how quickly enthusiasm around FuelCell can fade without fresh orders behind it.

FuelCell’s Revenue Decline and the Plug Power Split

FuelCell’s results for its most recent quarter showed its revenue down 29% from a year earlier, and the company recorded a loss for the period.

That decline is the central problem, since FuelCell’s revenue is going backwards even as the data-center story draws buyers to FuelCell stock. The FuelCell case therefore depends on orders converting into sales, which leaves FCEL shares priced on future demand and how fast those orders arrive.

Plug Power stock is the outlier among the three fuel cell names, barely shifting as FuelCell and Bloom Energy shares climb. The Global X Hydrogen ETF holds all three companies, meaning the fund’s gain blends strong and weak performers.

What to Watch Next

The next leg for FuelCell stock could depend on whether data-center interest turns into firm orders, and both the Oppenheimer initiation and the group rally lean on that demand. The question is whether Bloom Energy shares and the Global X Hydrogen ETF keep moving with FuelCell stock, which would support the read that sector money is driving the advance. Any sign of FuelCell converting interest into binding agreements could give FuelCell stock firmer footing.

FCEL stock’s bull case rests on prospective data-center demand for power that avoids grid delays, while the bear argument hinges on FuelCell’s 29% revenue decline and a loss in the most recent quarter. Plug Power shareholders may want to watch if Plug Power stock joins the group move or keeps lagging. Those considering their exposure should adjust their holdings carefully given that FuelCell stock is riding group money flows ahead of any order conversion.

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David Moadel

David Moadel is financial writer specializing in stocks, ETFs, options, precious metals, and Bitcoin. David has written well over 1,000 articles for leading online publications, helping investors understand markets, income strategies, and risk.His work has appeared in The Motley Fool, InvestorPlace, U.S. News & World Report, TipRanks, ValueWalk, Benzinga, Market Realist, TalkMarkets, Finmasters, 24/7 Wall St., and others.With a master’s degree in education, David has taught at the elementary, high school, and college levels. That teaching background shapes his writing style: clear, educational, and practical. David has also built a loyal social-media audience by providing trustworthy financial content on YouTube, X/Twitter, and StockTwits.

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