I wrote this article about 1 1/2 months ago.
The execs just announced another dilutive offering… for the Millionth time.
It was rather predictable, and I predicted it.
Criticism welcomed. Just be fair.
**Valuation and Implications**
For long-term value-focused investors, [FCEL -24.40%↓](https://substack.com/search/%24FCEL) is probably an uninvestable proposition! The red flags are glaring, the abuses too numerous to count. In fact, it would be fair to classify the company among “ zombiestocks!" **The fact that one share bought in 1999 is now worth $*****0.00138888888888889 is a mind-boggling otherworldly insult to the concept of investment altogether!***
For the speculative and trading addicts, “ the field is wide open. Have a go at it.” Listen to your experts on X or whatever. You are not my audience, and I seek not to convince you in any way, shape, or form!
In fact, it would be a fool’s errand to assign a valuation proposition to this “ vampire company” riding on 57 years of mediocrity, government subsidies, and equity dilution to stay relevant for yet another hype cycle of pump-and-dump. I refuse to bend my honor to such futility.
A 2025 study titled **“Imagining a Hydrogen Economy: From Grand Technological Utopia to Enabler of the Energy Transition in Three Waves Since the 1970s**,” by Laurens S.F. Frowijn, David M. Baneke, and Gert Jan Kramer, published in Energy Research & Social Science (Elsevier), underpins the hydrogen economy “romanticism” born of a grand technological utopia in the wake of the oil crisis of the 70s.
*In that publication, the authors use historical analysis, sociotechnical imaginaries framework, and utopian concepts to show how hype cycles drive policy and investment in the hydrogen economy—but often clash with technical, economic, and infrastructural realities. It identifies three distinct “Waves” of high expectations, each shaped by different societal, technological, and political contexts. Rather than a linear progression, hydrogen narratives have shifted from grandiose techno-utopian dreams to more pragmatic, transitional roles today.*
I fully concur with the authors’ cyclical, evolutionary wave-of-investment construct. However, I also believe that the “hydrogen utopian dream “ was also hijacked by securitized endeavors such as $FCEL 33.72%↑ multi-decades cycles of boom and bust as its founders and executives might have cynically used and abused governments, corporations, and societal hope for the emergence of an infinite, abundant energy substitute to fossil fuels to eke out a living (great salaries and generous benefits) on the backs of taxpayers and shareholders.
