How Soon is Now?

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Looking for Fuel Cell Technology's Future.

As of Oct. 1, the 52-week high on the stock of Plug Power Inc., perhaps the highest-profile fuel cell company of the last few years, was 39.125 per share. The price-per-share on Oct. 1? $9.50. Assumedly, the plummeting stock was the result of the shareholder lawsuits against the company following a combination of heavy insider trading and announcements of delayed product launches. But Plug Power isn't the only fuel cell company whose stock has sunk. Some recent price histories for other fuel cell stocks:

• H Power Corp.'s 52-week high: $34.50; its Oct. 1 closing price: $3.10
• FuelCell Energy Inc.'s 52-week high: $54.375; its Oct. 1 closing price: $15.62

By definition, fuel cell stocks fall in the technology sector. Therefore, such is the plight of a technology stock, an observer from outside the industry might say. But fuel cells have nothing to do with the Internet, nor do fuel cell companies sell their wares to other technology companies. So what gives? Has the fuel cell lost its luster for good?

That might depend on how you define luster. There is no question that past hoopla over fuel cells when looking at the near-term was overblown. Power technology stocks, in fact, also are down in general. Anyone who three or five years ago was expecting at least some of his or her next-door neighbors to be owning a fuel cell generator by now is certainly disappointed.