Fuel Cell Stocks Up Ahead of Bush Address

January 28, 2003 by Jeff Shepard

Shares of companies working on fuel cell technology posted sharp gains as White House officials said President George W. Bush planned to propose an increase in spending on fuel cell research in his State of the Union address scheduled to air January 28, 2002.

Two senior White House officials, speaking on condition of anonymity, said Bush would propose a significant boost in research on cars powered by hydrogen fuel cells. The proposal would be part of an expansion of a program Bush announced in November 2002.

Plug Power Inc. (Latham, NY) stocks jumped 33 percent to close at $5.39; stocks of H Power Corp. (Belleville, NJ) rose 28 percent to $4.11; and Ballard Power Systems Inc. (Vancouver, BC) stocks gained 13 percent to $10.49, among others.