- Company working with universities, U.S. Energy Department
- FuelCell climbs 9.5 percent on effort to capture methane
FuelCell Energy Inc. rose on a $3.5 million effort to use its technology to convert methane-rich natural gas into methanol, a liquid fuel that’s easier to store and transport.
FuelCell climbed 9.5 percent to 81 cents a share at 1:10 p.m. in New York. Shares of the Danbury, Connecticut-based company have dropped 47 percent this year.
Scientists from the University of North Dakota will join a team of researchers from FuelCell working to produce methanol and other liquid fuels from natural gas with an electrochemical cell, according to a statement Friday from the university’s Energy & Environmental Research Center.
Methane, a greenhouse gas more potent than carbon dioxide, is mostly emitted from oil and natural gas wells, farms and landfills. Fuel cells could be located near these operations and convert methane to a useful liquid fuel instead of flaring it or letting it escape into the atmosphere.
— With assistance by Chris Martin