(Bloomberg) — Fuelcell Power Inc., a clean-energy developer that hasn’t reported an annual revenue in 20 years, is hardly a family title. However because of the mania for inexperienced shares, the corporate’s market worth has soared 800% in latest months to succeed in $5.6 billion.It’s not alone. Since November, a wave of once-obscure clean-energy firms have seen their valuations skyrocket into the billions — regardless of producing little or no internet revenue. A few of them are using Tesla Inc.’s coattails after the business large’s personal market capitalization reached a file $834 billion this month, topping that of Fb Inc. Others have struck doubtlessly profitable partnerships or are merely surging on Wall Road’s confidence in a inexperienced transition underneath President-Elect Joe Biden.“A comparatively small portion of those good points have come from precise will increase in earnings or money circulate,” mentioned Pavel Molchanov, an vitality analyst at Raymond James. “It’s actually coming extra from lofty expectations of development sooner or later, and in some instances the distant future.”Right here’s a take a look at among the firms whose shares have rallied probably the most in latest months.FuelCellFuelCell Power Inc., based in 1969, was a pioneer in commercializing gadgets that generate electrical energy by way of an electro-chemical course of. However it hasn’t recorded an annual revenue since 1997 and was practically bancrupt 19 months in the past. The shares started rising sharply in mid-November as curiosity in hydrogen and gasoline cells usually was surging. The corporate’s worth has elevated seven-fold since and now exceeds $5 billion whilst its third-quarter income fell 18% from a yr earlier. FuelCell didn’t reply to a request for remark.BlinkBlink, which sells and operates electrical automobile charging stations, has by no means booked an annual revenue and posted income of $905,000 for the three months resulted in September 2020. The corporate’s shares started leaping in mid-November and have climbed practically four-fold since, pushing its market worth to $1.9 billion. A number of brief sellers have raised questions in regards to the measurement of Blink’s charging community. Earlier this month, its chairman and chief government officer, Michael D. Farkas, offered $22.1 million in shares, in line with a submitting with the U.S. Securities & Trade Fee.“There have been and at all times can be naysayers,” Farkas mentioned in a press release. “The inventory has carried out nicely as buyers have gained elevated confidence in regards to the common shift to electrical autos that’s starting to happen.” The corporate beforehand known as the short-seller stories “false and defamatory.”PlugPlug Energy, Inc., based in 1997, has spent many years struggling to show a revenue because it tries to carve out area of interest for hydrogen gasoline cells that may produce electrical energy with out greenhouse fuel emissions. Now, as curiosity in hydrogen booms and Plug has introduced a collection of offers, its market cap has jumped from lower than $1 billion in 2019 to greater than $30 billion at this time. The inventory started climbing in June, when Plug jumped into the enterprise of manufacturing and distributing hydrogen — along with constructing gasoline cells — by way of two acquisitions. The shares took off in earnest earlier this month, after Plug introduced a $1.5 billion funding from South Korea’s SK Group to advertise the expertise throughout Asia.“The rise in inventory worth is a robust indication of the worldwide transition to a clear economic system and hydrogen,” mentioned Plug Chief Government Andy Marsh.QuantumScapeElectric-car battery developer QuantumScape Corp. noticed its inventory greater than triple after it merged in late November with a blank-check firm. That pushed its market valuation to a excessive of practically $50 billion final month, regardless that the corporate isn’t anticipated to start manufacturing of its solid-state lithium-metal batteries till the second half of 2024. Since then, the shares have dipped, falling greater than 60% from the file excessive. The corporate is backed by Volkswagen AG, in addition to Invoice Gates and Khosla Ventures. QuantumScape didn’t reply to a request for remark.EosEos Power Enterprises Inc., based in 2008, makes grid-scale batteries based mostly on zinc, difficult the lithium-ion chemistry that now dominates the battery market. It went public by way of a particular function acquisition firm in November, and its valuation has skyrocketed from about $240 million to a excessive of $1.5 billion, although it has but to show a revenue. The shares tumbled final week after a report from short-seller Iceberg Analysis questioned a few of Eos’s clients and their means to pay.The corporate declined to touch upon the report. “Eos continues to execute on its long-term technique to construct a world class vitality storage firm,” it mentioned in a press release.For extra articles like this, please go to us at bloomberg.comSubscribe now to remain forward with probably the most trusted enterprise information supply.©2021 Bloomberg L.P.