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No-Name Clean Tech Firms Are Turning Into Billion-Dollar Bets

  • Once-obscure EV, battery stocks have skyrocketed post-election
  • Craze fueled by green transition, but value concerns remain

Photographer: Krisztian Bocsi/Bloomberg

Fuelcell Energy Inc., a clean-energy developer that hasn’t reported an annual profit in 20 years, is hardly a household name. But thanks to the mania for green stocks, the company’s market value has soared 800% in recent months to reach $5.6 billion.

It’s not alone. Since November, a wave of once-obscure clean-energy companies have seen their valuations skyrocket into the billions -- despite generating little or no net income. Some of them are riding Tesla Inc.’s coattails after the industry giant’s own market capitalization reached a record $834 billion this month, topping that of Facebook Inc. Others have struck potentially lucrative partnerships or are simply surging on Wall Street’s confidence in a green transition under President-Elect Joe Biden.