Welcome to our dedicated page for FuelCell Energy NEW (DE) news (Ticker: FCEL), a resource for investors and traders seeking the latest updates and insights on FuelCell Energy NEW (DE) stock.
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 (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.
FuelCell Energy and the University of Connecticut (UConn) have announced a partnership to install solid oxide fuel cells at UConn's Innovation Partnership Building (IPB) on the Storrs Campus. Four 250-kilowatt units will generate a combined one megawatt of electricity and thermal energy, supporting IPB's current and future demands, allowing it to operate independently from the local grid.
This initiative is part of UConn's goal to achieve carbon neutrality by 2030 and will offer educational opportunities for students, such as lectures, tours, and internships. The project will be completed in two phases, with data collected from the fuel cells used for academic analysis. Unused power will be exported to the Eversource grid under net metering tariffs. The fuel cells will also operate in combined heat and power (CHP) mode, integrating thermal energy recovery into the IPB's thermal system.
FuelCell Energy (NASDAQ: FCEL) reported its fiscal 2024 Q2 results with revenue of $22.4 million, a 42% decrease year-over-year.
Gross loss widened to $7.1 million, and net loss was $37.7 million, up from $33.9 million a year ago.
The net loss per share improved to $0.07 from $0.09, partly due to higher outstanding shares.
R&D expenses increased to $16.6 million, and total operating expenses rose to $34.3 million.
The company announced a new $160 million contract with Gyeonggi Green Energy for upgraded fuel cell modules, contributing to a 3.8% increase in backlog to $1.06 billion.
Cash and equivalents totaled $313.2 million, down from $403.3 million in October 2023.
Debt financing and new share issuances raised additional capital.
FuelCell Energy and Gyeonggi Green Energy have announced a significant agreement involving the purchase of 42 upgraded carbonate fuel cell modules and a seven-year service contract. This deal, aimed at powering the Hwaseong Baran Industrial Complex, the world's largest fuel cell power platform, is expected to generate $160 million in revenue for FuelCell Energy. The platform can produce 58.8 megawatts of electricity and provide hot water for heating. This initiative supports South Korea's Hydrogen Economy Roadmap, aiming to supply 15 gigawatts from fuel cells by 2040. FuelCell Energy's commitment to innovation and clean energy aligns with South Korea's goals, and the company is furthering its market presence through various technology platforms and long-term service agreements.
FuelCell Energy (NASDAQ: FCEL) will announce its Q2 fiscal 2024 results on June 10, 2024, before the market opens. A subsequent conference call is scheduled for the same day at 10:00 a.m. Eastern Time to discuss the results and provide a business update. Interested parties can join the call via webcast on the company’s website or by dialing (888) 330-3181 with conference ID 1099808. A replay will be available on the company’s Investors’ page approximately two hours post-call.
FuelCell Energy and Toyota Motor North America have launched the world's first 'Tri-gen' system at the Port of Long Beach, providing renewable electricity, hydrogen, and water for Toyota's vehicle processing facility. This innovative technology supports Toyota's goal of reducing carbon emissions and demonstrates the benefits of hydrogen-based energy for zero-emission transportation.
FuelCell Energy, Inc. appointed Tyrone Michael Jordan to its board of directors, bringing extensive experience in operations, advanced manufacturing, and global leadership. With a background in automotive and aerospace industries, Jordan's expertise will support the company's growth efforts.
FuelCell Energy, Inc. secured $13 million in senior and subordinated credit facilities from Liberty Bank and Connecticut Green Bank for two fuel cell projects in Derby, Conn. The funds will support the projects' operations, with Liberty Bank contributing $6.5 million and Connecticut Green Bank $3.0 million in senior commitments, as well as an additional subordinated credit facility of $3.5 million.
The financing, representing back leverage to a project finance subsidiary, closed on April 25, 2024, with the senior facility having a seven-year term at a fixed interest rate of 7.25%, and the subordinated facility at 14 years with an 8% interest rate. After transaction fees and debt service reserves, FuelCell Energy received approximately $11.6 million in net funding, enabling the company to pursue growth initiatives globally.
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