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FuelCell Energy Inc. (NASDAQ: FCEL) is a leading global provider of efficient, affordable, and clean energy solutions. The company specializes in the design, manufacture, installation, operation, and maintenance of megawatt-scale fuel cell systems. These systems cater to utilities, industrial clients, and large municipalities, offering solutions that include utility-scale and on-site power generation, carbon capture, local hydrogen production for transportation and industry, and long-duration energy storage.
Headquartered in Danbury, Connecticut, and with production facilities in Torrington, Connecticut, FuelCell Energy serves a global market, including North America, Europe, and Asia through strategic partnerships, such as with a South Korean partner. The company’s SureSource installations span three continents and have produced millions of megawatt hours of ultra-clean power.
FuelCell Energy’s core business revolves around decarbonizing power and producing hydrogen through proprietary fuel cell and electrolysis platforms. These innovative technologies are integral to industries such as wastewater treatment, commercial and hospitality, data centers and communications, education and healthcare, among others.
Recent achievements for FuelCell Energy include the extension of a joint development agreement with ExxonMobil Technology and Engineering Company, focusing on carbon capture technology that simultaneously generates electricity and hydrogen. This technology is being demonstrated in a pilot project at the Esso Nederland BV Rotterdam Manufacturing Complex, supported by European Union and Dutch grants.
FuelCell Energy has also initiated significant projects in the United States, such as the Sacramento Sewer district’s energy delivery and emissions management platform. This project creates clean electricity from onsite biofuel, emphasizing the company’s ability to provide renewable power solutions without combustion.
Financially, FuelCell Energy reported $22.4 million in revenue for the second quarter of fiscal 2024, despite a decrease from the previous year. The company’s ongoing projects and strategic agreements are expected to enhance revenue streams and market penetration.
FuelCell Energy’s commitment to innovation is evident in its extensive portfolio of 531 fuel cell technology patents. The company continues to lead the market in providing sustainable, clean energy solutions that address global challenges related to energy, safety, and urbanization.
Learn more at fuelcellenergy.com.
FuelCell Energy, Inc. (NASDAQ: FCEL) has commenced commercial operation of its 1.4 megawatt SureSource 1500™ biofuels fuel cell project in collaboration with the San Bernardino Municipal Water Department in California. This project utilizes on-site methane gas to generate clean energy, thus reducing emissions from flaring. The facility is expected to comply with local air quality regulations while providing electricity to the water reclamation plant under a 20-year Power Purchase Agreement. With this addition, FuelCell Energy's total generation capacity reaches 34 megawatts.
On June 23, 2021, FuelCell Energy (FCEL) announced the appointment of Betsy Schaefer as the new Chief Marketing Officer. Schaefer, with a background in corporate communications and marketing at IBM, is expected to enhance FuelCell Energy's brand strategy and customer engagement.
Her expertise will be vital as the company aims to communicate its value in terms of energy transition and decarbonization. President and CEO Jason Few emphasized her role in educating policymakers about the benefits of fuel cell technology.
FuelCell Energy reported its second quarter fiscal 2021 results, highlighting revenues of $14.0 million, down 26% from the previous year. The company faced a gross loss of $(4.8) million, compared to a gross profit of $0.2 million in the same quarter last year. Loss from operations rose to $(17.4) million, a 114% increase. The backlog stood at $1.32 billion, a slight decline of 1.5% year-over-year. Despite challenges, FuelCell Energy aims to achieve a production rate of 45 MW by fiscal year-end 2021, supported by new projects.
FuelCell Energy, Inc. (Nasdaq: FCEL) announces the resignation of Jennifer D. Arasimowicz, Executive Vice President and General Counsel, effective June 25, 2021. Her leadership has significantly expanded the company's legal and compliance capabilities. Joshua Dolger will serve as Interim General Counsel, aiding in a smooth transition while the Board searches for a permanent replacement. CEO Jason Few commended Arasimowicz for her contributions to FuelCell Energy's growth in the clean energy sector, emphasizing the company's commitment to sustainable energy solutions.
FuelCell Energy (NASDAQ: FCEL) has announced its second-quarter results are set to be released prior to the Stock Market Open on June 10, 2021. Management will host a conference call at 10:00 a.m. Eastern Time to discuss the results. Investors can access the live call via webcast on the company’s website or by telephone. FuelCell Energy specializes in clean energy technologies, offering sustainable solutions for various sectors, including utilities and municipalities.
FuelCell Energy, Inc. (NASDAQ: FCEL) announced the appointment of Cynthia Hansen as a new independent director, effective May 25, 2021. Hansen brings over 20 years of experience in the energy sector, currently serving as Executive Vice President at Enbridge, focusing on gas distribution and storage. Her expertise includes hydrogen technology and energy transition strategies. This addition expands the board to six directors, enhancing strategic insights for FuelCell Energy as it aims to lead in clean energy solutions.
FuelCell Energy, Inc. (FCEL) has received an $8 million Phase 2 funding award from the U.S. Department of Energy to advance its solid oxide fuel cell (SOFC) technology aimed at ultra-high efficiency power generation. This funding supports the ARPA-E project, targeting electrical efficiency over 70%. The ongoing development also enhances the company's electrolysis capabilities for hydrogen production, advancing its long-duration energy storage solutions. The SOFC systems are scalable and integral to the company's clean energy transition strategies.
FuelCell Energy reported a revenue decline of 9% to $14.9 million for Q1 Fiscal 2021, down from $16.3 million. The company incurred a gross loss of $3.6 million, compared to a gross profit of $3.3 million a year prior. Its backlog decreased by $93.8 million to $1.27 billion. The net loss increased to $46 million from $40.2 million year-over-year, with net loss per share at $0.15. The company commenced testing a solid oxide electrolysis hydrogen platform and secured a 20-year power purchase agreement for a 2.8 MW project in Derby, CT, expected to generate $59.4 million in future revenue.
FuelCell Energy (Nasdaq: FCEL) has joined Hydrogen Europe, a leading association for the hydrogen and fuel cell industry. This partnership aims to accelerate the hydrogen economy, leveraging FuelCell Energy's 50 years of expertise in fuel cell technology. CEO Jason Few emphasized the company's commitment to becoming a key player in distributed hydrogen production, backed by two decades of investment in hydrogen tech. The company operates a manufacturing and service center in Germany, catering to the European market.
FuelCell Energy (NASDAQ: FCEL) is set to release its first quarter results for fiscal 2021 on March 16, 2021, before the stock market opens. Following the announcement, management will host a conference call for investors at 10:00 a.m. ET to discuss these results. Investors can access the live call via webcast on the company’s website or by telephone. The company, a leader in fuel cell technology, aims to provide clean energy solutions to various sectors, including utilities and government entities, highlighting its commitment to sustainability.
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