Total Market Cap of Top Three Fuel Cell Firms Jumped by 550% YoY to $20.8 Billion
The increasing demand for clean energy sources and the development of environmental-friendly urban transport systems in developed countries had been driving the impressive growth of the fuel cell industry. In the next seven years, the entire market is expected to rise by CARG of 56% and hit a $24.8bn value.
The increasing awareness about carbon emissions and the efforts taken to maximize sustainable energy use have also boosted the growth of the companies operating in this sector.
According to data presented by StockApps, the combined market capitalization of Plug Power, Ballard Power and Bloom Energy, as the top three fuel cell companies, soared by 550% year-over-year and hit $20.8bn in December.
Plug Power Market Cap Soared by 1283% YoY
Fuel cell technology plays a huge role in dealing with environmental issues and encouraging the use of renewable energy carriers by minimizing the emission of carbon dioxide or any other hazardous pollutants.
As the market leader, Plug Power Inc. witnessed the most impressive market cap growth in 2020. In December 2019, the combined value of stocks of the US company specialized in converting battery-powered equipment to hydrogen-generated fuel sources amounted to $950 million, revealed the Yahoo Finance data. By the end of the first quarter of 2020, the company hit the one-billion benchmark, despite the COVID-19 crisis.
In the next three months, the Plug Power market cap almost tripled and hit $2.7bn. The strong increasing trend continued in the third quarter, with the combined value of stocks surging to $5.2bn in September, a 450% jump in nine months.
However, statistics indicate the US fuel cell producer’s stock price exploded in the fourth quarter, with the market cap rising by almost $8bn in the last three months. Last week, Plug Power market capitalization stood at $13.1bn, a 1283% jump year-over-year.
Bloom Energy Market Cap Jumped by 377% YoY, Ballard Power Follows with a 223% Increase
As the second-largest fuel cell company by market cap, Ballard Power Systems has also witnessed an impressive stock price growth this year.
The fundamental technology that makes hydrogen power work is called a proton exchange membrane, which utilizes hydrogen and oxygen in an electrochemical reaction. The Canadian company is specialized in developing and manufacturing proton exchange membrane (PEM) fuel cell products for markets like heavy-duty motive applications, portable power, material handling, and engineering services.
Statistics show the Ballard Power Systems market cap surged by 223% year-over-year, rising from $1.6bn in December 2019 to $5.3bn last week.
As the third-largest company operating in the fuel cell market, Bloom Energy Corporation has also witnessed a three-digit market cap growth in 2020. The California-based company raised more than $1 bn in venture capital funding before going public in 2018. Its unique selling point is a fuel cell that allows its industrial-sized generators to run on natural gas, biogas, or hydrogen without combustion.
In December 2019, the combined value of stocks of the third-largest fuel cell technology producer stood at $900 million. By the end of June, this figure rose to $1.36bn and continued growing. Statistics show that Bloom Energy’s market cap stood at $4.3bn last week, a 377% jump in a year.
GameStop Jumps 80 Percent on Friday on Track to Do 300 Percent in January 2021
The stock price of GameStop, an American video game, consumer electronics, and gaming merchandise retailer headquartered in Grapevine, Texas, United States, jumped by almost 80 percent on Friday following the surge in short-sellers and amateur traders interest in the once struggling video company.
GameStop, whose 5,509 retail stores spread across the United States, Canada, Australia, New Zealand, and Europe as of February 1, 2020, struggled for sales during the lockdown. However, it has found interests in amateur retail traders that are predicting that the gradual reopening of the economy due to COVID-19 vaccine distribution would boost the company’s sales in 2021.
Operating mainly under the GameStop, EB Games, ThinkGeek, and Micromania-Zing brands, GameStop has gained 245 percent in 2021 alone and could do as much as 30 percent today in US premarket trading.
According to Kim Doo-yong, chief executive officer at Must Asset Management, a Korean hedge fund that invested in GameStop and had a 4.7 percent stake in the company as of April 2020, Must Asset management is now less bullish on GameStop due to its volatile and unpredictable nature.
“We have become less bullish and turned more neutral on GameStop,” Kim said in an interview with Bloomberg on Monday. “This stock will continue to be very volatile and unpredictable in the short term.”
He, however, said “We are still very positive about the new management at GameStop. We believe Ryan Cohen and his team can repeat the success he realized at Chewy.com.”
Ryan Cohen co-founder of Chewy.com that was sold for $3.35 billion in 2017 invested $76 million in GameStop, the amount has now risen by 400 percent to over $380 million, according to a SEC filing.
Transcorp Hotel Lists Additional Shares of 2,642,124,511
Transcorp Hotel Plc listed additional 2,642,124,511 ordinary shares on the Nigerian Stock Exchange (NSE) last week.
The additional shares listed on The Exchange arose from the Company’s Rights Issue of 2,659,574,468 ordinary shares of 50 kobo each at N3.76 Kobo per share on the basis of seven (7) new ordinary shares for every twenty (20) ordinary shares held as at Monday, 13 July 2020.
The Rights Issue was 99.34% subscribed. With this listing of the additional 2,642,124,511 ordinary shares, the total issued and fully paid up shares of Transcorp Hotel Plc has now increased from 7,600,403,900 to 10,242,528,411 ordinary shares of 50 kobo each.
Flour Mills Issues N30 Billion Bond Under N70 Billion Bond Issuance Program
Flour Mills Nigeria Plc on Thursday listed N29.8 billion Tranche A and Tranche B Bond, the remaining series of its N70 billion Bond Issuance Programme.
A break down of the listing showed a total volume of 4,890,000, 5 Years 5.5 percent Series 4 (Tranche A) Fixed Rate Senior Unsecured Bond Due 2025 under the N70,000,000,000 Bond Issuance Program; and the 25,000,000, 7 Years 6.25 percent Series 4 (Tranche B) Fixed Rate Senior Unsecured Bond Due 2027 Under the N70,000,000,000 Bond Issuance Program were listed by memorandum on Thursday 21st January 2021.
Speaking on the listing, Mr Olumide Bolumole, the Divisional Head, Listings Business, NSE, said “It has been a positive start to the Nigerian capital market in the new year and we are pleased to commemorate the listing of Flour Mills’ N29.8bn Tranche A and Tranche B Bond Issue, the final series under its N70bn Bond Issuance Programme.
“As is our custom to celebrate significant milestones and accomplishments of our issuers, we also applaud and recognise the contributions of Mr Paul Gbededo who recently retired after 38 years of meritorious service and congratulate Mr (Boye) Olusanya on his appointment as the Group MD/Chief Executive Officer at the NSE, we remain committed to supporting the strategic objectives of our issuers, providing a platform for raising capital even in the toughest of times.”
Olusanya added that “We thank the NSE for hosting us at this virtual Closing Gong ceremony today and we are excited about the role The Exchange is playing in deepening secondary market activities in the Nigerian market in line with international best practice.
“The issuance of the N29.8bn tranche A and B bond coincides happily with the 60th anniversary of Flour Mills Plc and fully utilises the N70bn programme registered in 2018. We will continue to explore opportunities to raise funds via the capital market as this has allowed us to diversify our funding sources whilst playing a critical role in the development of our market.”
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