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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 (FCEL) reported a 54% increase in fourth-quarter revenues, reaching $17.0 million, compared to $11.0 million the previous year. For the fiscal year 2020, total revenues increased 17% to $70.9 million. The company achieved a significant reduction in loss from operations, reporting $(17.1) million compared to $(33.0) million in the previous year. However, the net loss for FY 2020 widened to $(89.1) million vs. $(77.6) million in FY 2019. Despite a 2.5% decrease in backlog to $1.29 billion, FuelCell remains focused on clean energy innovations and operational improvements.
FuelCell Energy (NASDAQ: FCEL) announced it will release its fourth quarter financial results before the market opens on January 21, 2021. The management team will host a conference call at 10:00 a.m. ET on the same day to discuss the results. Investors can access the call via webcast or by dialing in. FuelCell Energy is focused on innovative fuel cell technologies aimed at clean energy solutions, serving a diverse customer base globally, including utilities and municipalities.
FuelCell Energy (NASDAQ: FCEL) has raised concerns over the Connecticut regulators' decision to rescind awards for three fuel cell projects under the Shared Clean Energy Facility program, threatening local job growth and manufacturing. CEO Jason Few criticized DEEP/PURA for lacking integrity in their process and emphasized the potential reevaluation of in-state growth and hiring plans. The company urges state leaders to act swiftly to reverse this decision, which undermines Connecticut's economic goals, especially in a critical time for the state.
FuelCell Energy (NASDAQ: FCEL) announced the completion of a public offering of 39.7 million shares, raising $162.5 million for the Company. The offering included 25 million shares from the Company and 14.7 million shares from selling stockholders. The underwriters exercised their option to purchase an additional 5.2 million shares. Funds will not benefit from share sales by stockholders, and J.P. Morgan acted as the sole book-running manager for the offering, which was conducted under a shelf registration statement.
FuelCell Energy (Nasdaq: FCEL) announced the pricing of its underwritten public offering of 34,518,539 shares at $6.50 per share, totaling $128.8 million in gross proceeds to the Company. The offering includes 19,822,219 shares sold by the Company and 14,696,320 shares by selling stockholders. Funds will be used to repay debt, including amounts under its Credit Agreement, pay preferred stock dividends, and advance its solid oxide platform development. Closing is expected on or about December 3, 2020.
FuelCell Energy (Nasdaq: FCEL) announced a public offering of 34,518,539 shares. The offering includes 19,822,219 shares from the company and 14,696,320 from selling stockholders, with a 30-day option for underwriters to buy an additional 5,177,781 shares. Proceeds will be used to repay outstanding debt and support project development, among other corporate purposes. J.P. Morgan Securities LLC is the sole book-running manager. A registration statement has been filed with the SEC.
FuelCell Energy (Nasdaq: FCEL) has received an $8 million funding award from the U.S. Department of Energy to advance its solid oxide electrolysis technology for hydrogen production. This award will support the design and manufacture of a SureSource electrolysis platform aimed at producing hydrogen with efficiency rates exceeding 90%. The project will culminate in testing at Idaho National Laboratories, enhancing integration with nuclear energy. This initiative marks a significant step towards commercializing high-efficiency hydrogen generation, potentially revolutionizing clean energy applications.
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.
FuelCell Energy, Inc. (Nasdaq: FCEL) has completed its public offering of 50,025,000 common shares, raising approximately $105 million in gross proceeds. The offering included the full exercise of underwriters' option for an additional 6,525,000 shares. J.P. Morgan, Barclays, and Canaccord Genuity led the offering, which was registered under SEC Form S-3. The proceeds are intended to advance FuelCell's innovative fuel cell technology and strengthen its market position in distributed power generation.
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