FuelCell Energy Inc NEW (DE) - FCEL STOCK NEWS

FuelCell Energy and Chart Industries have signed a Memorandum of Understanding (MOU) to collaborate on delivering reliable and efficient carbon dioxide (CO2) capture and hydrogen generation and storage. FuelCell Energy specializes in manufacturing fuel cell energy platforms for decarbonizing power and producing hydrogen, while Chart Industries is a leading manufacturer of equipment for CO2 and hydrogen compression and liquefaction. The collaboration aims to address customer needs for hydrogen and CO2 liquefaction, compression, storage, beverage-grade CO2, and transport.

Microvast Holdings (NASDAQ: MVST) announced the appointment of Isida Tushe as General Counsel and Corporate Secretary. With extensive experience in power generation and renewables, Isida is expected to enhance Microvast's legal and compliance processes. Previously, she served as General Counsel for a tech firm focused on EV charging and led legal functions at a private equity-owned hydroelectric developer. Microvast aims to drive innovation in lithium-ion battery solutions, aligning with Isida's vision in supporting decarbonization efforts. The company's vertical integration capabilities enable it to manufacture a wide range of battery products for applications including electric vehicles and energy storage.

FuelCell Energy reported financial results for Q1 2023, showcasing revenues of $37.1 million, a 17% increase from $31.8 million in Q1 2022. The company generated a gross profit of $5.2 million, a significant recovery from a gross loss of $(2.9) million the previous year. Loss from operations improved to $(22.5) million, down from $(44.8) million. The net loss per share was $(0.05), compared to $(0.11) last year. FuelCell's cash and short-term investments stand at over $400 million. Key project updates include progress on the Toyota and Derby projects expected to reach commercial operation in 2023, and the ongoing partnership with ExxonMobil aimed at carbon capture solutions.

FuelCell Energy, Inc. (Nasdaq: FCEL) announced the release of its first quarter fiscal year 2023 results, set for March 9, 2023, before the market opens. Following this, management will hold a conference call at 10:00 a.m. ET to discuss the results and provide a business update. The call will be accessible via a live webcast on the company's website or by telephone. FuelCell Energy focuses on stationary fuel cell energy platforms aimed at decarbonizing power and producing hydrogen, partnering with industry leaders like ExxonMobil and Toyota to support their clean energy initiatives.

FuelCell Energy (Nasdaq: FCEL) has partnered with Malaysia Marine and Heavy Engineering (MMHE) to develop large-scale electrolyzer facilities across Asia, New Zealand, and Australia. This collaboration aims to enhance green hydrogen production by addressing high electricity and capital costs. FuelCell Energy's solid oxide technology promises higher efficiency requiring less energy, while MMHE's modular approach aims to lower overall project costs. The project seeks to produce zero-carbon hydrogen, potentially powering hundreds of thousands of homes. This initiative marks a significant step towards affordable large-scale clean energy solutions.

FuelCell Energy reported financial results for Q4 and FY 2022, highlighting revenues of $39.2 million, up 181% year-over-year, and total revenues of $130.5 million for the year, reflecting an 88% increase. However, the company faced a gross loss of $(15.2) million in Q4 and a significant net loss of $(147.2) million for the year. The backlog decreased to $1.09 billion, down 15.4% compared to the previous year, primarily due to project cancellations. Despite the challenges, unrestricted cash stood at $458.1 million, showing some liquidity strength.