FuelCell Energy Disputes Misleading Claims of Short Seller
FuelCell Energy (Nasdaq: FCEL) has denied misleading claims made by a short seller regarding the LIPA 2 and LIPA 3 power project awards. The Company clarified that these awards were never part of its backlog and do not affect its 2022 financial goals, including revenue and adjusted EBITDA. FuelCell Energy is actively disputing claims that the New York Climate Leadership and Community Protection Act should hinder the LIPA projects, which it is pursuing in good faith. The Company emphasizes that its LIPA Yaphank project is included in the backlog and revenue projections.
- LIPA Yaphank project is currently under construction and included in backlog and 2022 revenue projections.
- The Company is disputing claims against its project awards, showing commitment to advancing its business.
- LIPA 2 and LIPA 3 awards are not part of the backlog, potentially affecting future project financing and revenue.
- There are no assurances that the disputed project awards will lead to executed power purchase agreements.
DANBURY, Conn., Oct. 06, 2020 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) (“FuelCell Energy” or the “Company”) yesterday became aware of claims made by an apparent short seller about the Company that are misleading and contain factual inaccuracies. FuelCell Energy emphatically denies these claims related to its disclosures with respect to the LIPA 2 and LIPA 3 power project awards.
These awards are not, and never have been, part of FuelCell Energy’s backlog, and have no impact on the Company’s 2022 financial goals, including revenue growth and adjusted EBITDA. As FuelCell Energy has consistently reported, its LIPA Yaphank project, currently under construction and for which there is a signed power purchase agreement, is included in the backlog and 2022 revenue projections.
The Company does not believe the New York Climate Leadership and Community Protection Act (CLCPA) should negate the LIPA 2 and LIPA 3 awards and is disputing this contention by LIPA. The Company believes these projects should move forward and it has continued to pursue them in good faith, including advancing the interconnect application process. However, there can be no assurances that any project awards, including these project awards, will result in executed power purchase agreements. When FuelCell Energy has material information to disclose as required by the rules and regulations of the Securities and Exchange Commission, the Company does so.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL) is a global leader in developing environmentally responsible distributed baseload power solutions through our proprietary, molten-carbonate fuel cell technology. We develop turn-key distributed power generation solutions and operate and provide comprehensive service for the life of the power plant. We are working to expand the proprietary technologies that we have developed over the past five decades into new products, applications, markets and geographies. Our mission and purpose remains to utilize our proprietary, state-of-the-art fuel cell platforms to reduce the global environmental footprint of baseload power generation by providing environmentally responsible solutions for reliable electrical power, hot water, steam, chilling, distributed hydrogen, microgrid applications, electrolysis, long-duration hydrogen-based energy storage and carbon capture and, in so doing, drive demand for our products and services, thus realizing positive stockholder returns. Our fuel cell solution is a clean, efficient alternative to traditional combustion-based power generation and is complementary to an energy mix consisting of intermittent sources of energy, such as solar and wind turbines. Our systems answer the needs of diverse customers across several markets, including utility companies, municipalities, universities, hospitals, government entities and a variety of industrial and commercial enterprises. We provide solutions for various applications, including utility-scale distributed generation, on-site power generation and combined heat and power, with the differentiating ability to do so utilizing multiple sources of fuel including natural gas, renewable biogas (i.e., landfill gas, anaerobic digester gas), propane and various blends of such fuels. Our multi-fuel source capability is significantly enhanced by our proprietary gas-clean-up skid.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Capital, FuelCell Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and its business plans and strategies. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, changes to projected deliveries and order flow, changes to production rate and product costs, general risks associated with product development, manufacturing, changes in the regulatory environment, customer strategies, ability to access certain markets, unanticipated manufacturing issues that impact power plant performance, changes in critical accounting policies, access to and ability to raise capital and attract financing, potential volatility of energy prices, rapid technological change, competition, the Company’s ability to successfully implement its new business strategies and achieve its goals, the Company’s ability to achieve its sales plans and cost reduction targets, changes by the U.S. Small Business Administration or other governmental authorities to, or with respect to the implementation or interpretation of, the Coronavirus Aid, Relief, and Economic Security Act, the Payroll Protection Program or related administrative matters, and concerns with, threats of, or the consequences of, pandemics, contagious diseases or health epidemics, including the novel coronavirus, and resulting supply chain disruptions, shifts in clean energy demand, impacts to customers’ capital budgets and investment plans, impacts to the Company’s project schedules, impacts to the Company’s ability to service existing projects, and impacts on the demand for the Company’s products, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.
Contact:
FuelCell Energy, Inc.
ir@fce.com
203.205.2491
Source: FuelCell Energy
FAQ
What claims did FuelCell Energy deny regarding the LIPA projects?
How do the LIPA projects affect FuelCell Energy's financial goals for 2022?
What is the status of the LIPA Yaphank project?
What does FuelCell Energy say about the New York Climate Leadership and Community Protection Act?
What future outcomes does FuelCell Energy foresee for the LIPA project awards?
