As the world moves towards cleaner power sources, FuelCell Energy (NASDAQ:FCEL) is one of the most ambitious providers of environmentally friendly fuel cell systems. At the same time, FCEL stock is still surprisingly affordable.

Admittedly, the share-price bump of January and February may have been an instance of “too far, too fast.” So, the stock had to come back to earth in the summer.

Yet the progress of the green energy movement is moving forward unabated. Local governments are passing bills that should, in time, prove advantageous to FCEL stock holders.

Therefore, it’s really not a bad thing that shares of FuelCell Energy are relatively cheap right now. If you can envision an expanding market for sustainable power sources, there’s a window of opportunity here with FCEL stock.

FCEL Stock at a Glance

Admittedly, the stock’s early-year move from $10 to nearly $30 was powerful, but probably premature.

The stock topped out in February, then slid to the $7 area over the next few months. Unfortunately, this drawdown probably shook some amateur investors out of the trade.

That’s what the market does sometimes — it tests the resolve of retail traders. But patient investors can choose to stay the course, as FCEL stock may have found a floor.

As of late October, the market has kept the FuelCell share price close to $7 for at least four months. It briefly touched $8 today, but has fallen since. Is Wall Street telling us that this is the rock-bottom price for this stock?

Only time will tell, but the risk-to-reward profile seems favorable here.

The FCEL stock price is certainly closer to its year-to-date bottom than its high, so we shouldn’t ignore the potential for upside. It could even see a doubling or tripling of the current share price.

Opportunities From Connecticut to California

On both the East and West Coasts of the U.S., there’s great news for clean-energy businesses.

In Connecticut, FuelCell applauded as Governor Ned Lamont signed Connecticut House Bill 6524, An Act Concerning the Solicitation of New Fuel Cell Electricity Generation Projects.

You know it’s got to be good for FCEL stock when the bill’s name actually contains the words “Fuel Cell,” right?

Reportedly, this bill requires Connecticut’s utilities to “solicit proposals to acquire new fuel cell electricity generation projects.” The policy is in effect for any projects that began on July 1 or later.

FuelCell Energy President and CEO Jason Few called the bill “a smart investment for Connecticut’s electrical grid, environment, and economy.”

Few would probably say something similar about California’s Senate Bill 155, which Governor Gavin Newsom recently signed. This bill includes a two-year extension of the Fuel Cell Net Energy Metering program, also referred to as Fuel Cell NEM.

As FuelCell Energy’s press release explains, the Fuel Cell NEM program “allows customers that install fuel cell systems up to five megawatts onsite to be relieved from paying standby and departing load charges imposed by California’s investor-owned utilities.”

FCEL Stock Is Raking in the Revenue

These developments could certainly be conducive to FuelCell’s future revenue generation. But then, the company is already bringing in sales. If you need evidence of this, just check out FuelCell Energy’s fiscal third-quarter 2021 data release.

During that time, FuelCell posted $26.8 million in revenue. That’s a sizable increase over the $18.7 million recorded in the same period one year ago.

Not only that, but the company reported a gross profit of $1.1 million during 2021’s third quarter. That result is exponentially better than Q3 2020’s gross loss of $3.1 million.

Additionally, FuelCell demonstrated that the company is well-capitalized. Specifically, as of July 31, it held restricted cash and cash equivalents totaling $468.6 million.

Clearly, FuelCell has proven it can generate revenue and maintain a healthy capital position. It’s also encouraging to know local governments are advancing bills which should favor FuelCell’s business.

All of this, along with the low share price, adds up to a bullish argument for FCEL stock that is hard to ignore.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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