FuelCell Energy Inc NEW (DE) - FCEL STOCK NEWS

FuelCell Energy (FCEL) has announced a 1-for-30 reverse stock split effective November 8, 2024, with post-split trading beginning November 11, 2024 on Nasdaq. The move aims to increase the bid price to meet Nasdaq's minimum $1.00 requirement for continued listing and attract broader investor interest. Every 30 shares will be combined into 1 share, maintaining stockholders' proportional ownership. No fractional shares will be issued; instead, affected holders will receive cash payments. The split won't change the total authorized shares or the $0.0001 par value.

FuelCell Energy (FCEL) has secured $9.4 million in project debt financing from the Export-Import Bank of the United States for fuel cell projects with Gyeonggi Green Energy (GGE). The 7-year facility comes with a fixed interest rate of 5.811%. The financing supports a purchase agreement for forty-two 1.4-megawatt upgraded carbonate fuel cell modules to replace existing units at GGE's Hwaseong Baran Industrial Complex. The agreement, expected to generate approximately $160 million in revenue, includes a new seven-year service agreement. All modules are scheduled to ship by first half of 2026 and will be manufactured in Connecticut using primarily U.S. sourced materials.

FuelCell Energy (NASDAQ: FCEL) reported its Q3 fiscal 2024 results, with revenue decreasing by 7% to $23.7 million compared to $25.5 million in the prior year. The company posted a gross loss of $6.2 million, an improvement from $8.2 million. Operating loss decreased to $33.6 million from $41.4 million. However, the net loss per share increased to $0.07 from $0.06, which included a $0.04 one-time debt extinguishment benefit in the prior year.

Revenue from service agreements fell sharply to $1.4 million from $9.8 million, while generation revenue rose by 22% to $13.4 million, driven by Toyota and Derby projects. Advanced Technologies revenue increased to $8.6 million from $4.7 million, bolstered by projects with ExxonMobil.

Operating expenses decreased to $27.4 million from $33.2 million, attributed to reduced legal, consulting, and compensation expenses. The backlog increased by 12.6% to $1.20 billion, primarily due to a new long-term service agreement with Gyeonggi Green Energy. Cash and short-term investments totaled $326.0 million as of July 31, 2024, compared to $403.3 million as of October 31, 2023.

FuelCell Energy (Nasdaq: FCEL) participated in a panel discussion on 'Scaling Critical Technologies in Hydrogen Production' at Investing in Green Hydrogen 2024 (IGH2024) in London. Andrea Miserocchi, VP of business development in Europe and the Middle East, represented the company. He highlighted FuelCell Energy's innovative hydrogen solutions, including:

1. Solid Oxide Electrolyzer platform: Produces hydrogen at nearly 90% electrical efficiency, reaching 100% when using excess heat.

2. Tri-gen platform: Uses renewable biogas, LNG, or natural gas to produce hydrogen, power, and water with a lower carbon footprint than conventional reforming.

The company's participation underscores its commitment to advancing clean energy technology and a hydrogen-powered sustainable future. Miserocchi emphasized FuelCell Energy's role in pushing cost boundaries of hydrogen production through technology and efficiency.

FuelCell Energy (NASDAQ: FCEL) has announced the release of its third quarter fiscal 2024 results on September 5, 2024, before the Stock Market opens. The company will host a conference call with investors at 10:00 a.m. Eastern Time on the same day to discuss the results and provide a business update. Participants can access the call via webcast on the company website or by telephone.

FuelCell Energy is a global leader in sustainable energy technologies, holding 531 fuel cell technology patents in the U.S. and globally. The company focuses on decarbonizing power and producing hydrogen through proprietary fuel cell platforms, aiming to enable a world empowered by clean energy.

FuelCell Energy (Nasdaq: FCEL) has secured a $5.9 million CAD grant from Natural Resources Canada's Clean Fuels Fund for two eFuel projects in Canada. These projects, in collaboration with Canadian Nuclear Laboratories, Expander Energy, Nuclear Promise X, and St. Marys Cement, will utilize FuelCell Energy's solid oxide electrolysis technology to produce synthetic diesel fuels using zero-carbon hydrogen.

The first project will evaluate the economic viability of producing synthetic diesel fuels using biomass gasification and hydrogen from solid oxide electrolysis. The second project will demonstrate synthesis gas production through co-electrolysis at a St. Marys cement facility, utilizing carbon dioxide from the plant's flue gas emissions.

These initiatives align with FuelCell Energy's mission to provide sustainable energy solutions and demonstrate the capabilities of their solid oxide platform in leveraging nuclear power at 100% electrical efficiency.

FuelCell Energy (Nasdaq: FCEL) has announced a special stockholder meeting scheduled for October 31, 2024. The primary agenda is to vote on a proposal authorizing the Board of Directors to implement a reverse stock split of the company's common stock. This would be executed through an amendment to FuelCell Energy's Certificate of Incorporation. Stockholders of record as of September 10, 2024 will be eligible to receive notice and vote at the meeting. The company plans to file a proxy statement with the SEC, providing detailed information about the Special Meeting to stockholders at a later date.

FuelCell Energy Inc. (Nasdaq: FCEL) announced its participation in the World Brewing Congress to showcase innovative solutions for CO2 utilization and sustainability in the brewing, food, and agriculture industries. The company's patented molten carbonate fuel cell technology offers three key benefits:

1. Baseload power for energy self-sufficiency
2. Steam/hot water for production processes
3. Food-grade CO2 for immediate use or storage

This technology addresses CO2 supply disruptions and price volatility in the food and beverage industry. FuelCell Energy is investing in a CO2 recovery demonstration plant in Torrington, Conn., capable of recovering 10 tons per day of beverage-grade CO2. The company's carbon capture platform also generates power while capturing CO2, improving the economics of carbon capture.

On June 28, 2024, FuelCell Energy (Nasdaq: FCEL) hosted a significant event in Seoul, reinforcing its commitment to the Korean market. The event, titled 'Accelerating Korea’s Energy Transition with Advanced Fuel Cell Solutions,' highlighted the company's advanced carbonate and solid oxide fuel cell technologies. Key executives, including the new General Manager for Korea, YoungKyoo Peter Han, and industry leaders from Gyeonggi Green Energy and Nouel Green Energy, discussed the role of these technologies in Korea's energy future. CEO Jason Few emphasized FuelCell Energy's innovations, including carbon capture and hydrogen production, aligning with Korea's Hydrogen Economy Roadmap aimed at generating 15 gigawatts from fuel cells by 2040. The company recently secured an order from GGE for 42 upgraded carbonate fuel cells, reinforcing its presence in the region.