FuelCell Energy Climbs 6%, Plug Power Rises 5%, Bloom Energy Gains 4% as Fuel Cell Stocks Claw Back Election Losses

Fuel cell stocks are clawing back part of their post-election losses, and FuelCell Energy (NASDAQ:FCEL) is leading the bounce. FuelCell stock is at $9.49, up 6% in early trading. That gain follows a 54% drop over the past month, so the rebound is small next to the damage.

Plug Power (NASDAQ:PLUG) stock is at $1.42, up 5%. Bloom Energy (NYSE:BE) stock is at $174.43, up 4%. Over the past month, Bloom Energy stock has fallen 41%, which shows how far the group’s largest fuel cell name has dropped.

A rebound like this in FuelCell and its fuel cell peers after a steep decline could reflect a technical bounce or sellers running out of momentum, though that reading is only a possibility. A wider appetite for risk is also helping, as the U.S. added 165,000 jobs in October and growth stocks are rebounding.

Texas Comments Ease the Pressure on FuelCell

Texas’s incoming governor, Gina Hinojosa, stated in a CNN interview on November 5 that already permitted data center projects would be allowed to finish construction, Yahoo Finance reported, citing Yardeni Research. That comment speaks directly to FuelCell, whose first Capacity Reservation Agreement covers a planned 75-megawatt project in Texas for a major data center operator. Whether that project already holds its permits hasn’t been disclosed, so the risk has relieved without going away.

FuelCell leans heavily on that market, with 97% of its sales pipeline tied to data centers and a committed and awarded capacity backlog of $3.6 billion. CEO Jason Few noted on the company’s September 2 call that Texas is seeing “movement toward requiring bringing your own power,” a shift that suits FuelCell’s on-site model.

Bloom Energy Valuation Debate Heats Up

Bloom Energy brings the strongest fundamentals in the group to this debate. The company’s Q3 2026 revenue reached $1.24 billion, up 138.1% year over year, and NTT DATA has agreed to deploy 900 megawatts of onsite power using Bloom fuel cells. On the October 22 earnings call, CEO KR Sridhar declared, “Our backlog is continuing to expand faster than our revenue.”

The bear case on Bloom Energy is that a delivery delay or a softer order pace could still hurt the stock, even after the past month’s drop. Bulls point to Bloom Energy’s full-year 2026 revenue guidance of $4.4 billion to $4.6 billion, raised for the third time this year.

Plug Power Earnings Report Is the Next Test

Plug Power is expected to report its Q3 2026 results on November 9 after the close. During its August 10 call, the company raised its full-year 2026 revenue growth guidance to 15% to 16% and repeated its goal of positive EBITDA in Q4 2026.

Hydrogen fuel cells for warehouse forklifts and electrolyzers make up most of Plug Power’s business, which ties the company less closely to data centers than FuelCell or Bloom Energy. Jose Luis Crespo is Plug Power’s CEO. He stated on that call, “Right now, we are concentrated 100% on three lines of business: material handling, which is performing well; electrolyzers, where Europe is about to heat up; and our hydrogen business.”

Ballard Power Systems and GE Vernova Lag the Fuel Cell Rebound

Ballard Power Systems (NASDAQ:BLDP) stock is at $1.49, up 2%. Meanwhile, GE Vernova (NYSE:GEV | GEV Price Prediction) stock is at $771.19, up 0.1%. That gap shows the smaller fuel cell names bouncing harder than an established power-equipment maker, reflecting how FuelCell, Plug Power and Bloom Energy fell harder in Thursday’s session.

GE Vernova builds centralized gas turbines and high-voltage grid equipment for utilities and hyperscalers, a very different model from on-site fuel cells, while transit is the core market for Ballard Power Systems, which sells fuel cell engines mainly for buses and trains and has fewer direct ties to data centers. FuelCell and Bloom Energy place power systems behind the meter at customer sites, which lets data centers skip long grid waits but ties their fortunes closely to that one end market.

What Comes Next for Fuel Cell Stocks After the Bounce

FuelCell now faces the question of whether Texas permitting details cover its planned project there. Plug Power’s earnings report comes first, and investors should watch for any federal data center policy moves that could change demand for behind-the-meter power. The same AI-driven power rush is lifting a longer list of suppliers beyond the fuel cell names, and we rounded up seven of them, from power to cooling, in a free AI infrastructure report.

A clean Plug Power report and clearer Texas rules could extend the rebound across fuel cell stocks. Tighter permitting or a weak quarter might revive the selling that hit FuelCell and Bloom Energy over the past month. For investors, until the Texas permitting question resolves, it could make sense to stay cautious.

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