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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 secured a $12.7 million tax equity financing agreement with Franklin Park for its 7.4 MW fuel cell project in Yaphank, Long Island. This funding follows the mechanical completion of the project, with commercial operations expected by the end of December 2021. The financing will help the company monetize investment tax credits and retain cash flow, enhancing overall return on equity. Franklin Park aims to expand its tax equity investments, with plans for a second project in 2022.
FuelCell Energy, Inc. (Nasdaq: FCEL) appointed Betsy Bingham as an independent director effective December 3, 2021. Currently the Lean Operations Leader at GE Aviation, Bingham will enhance the board's expertise in operational efficiency and sustainability. Her background includes leadership roles at GE Digital and Honeywell International, focusing on lean transformation. This appointment expands the board to eight directors, with seven being independent. Management expresses optimism that Bingham's extensive experience will drive strategic actions for growth.
FuelCell Energy (NASDAQ: FCEL) announced an extension of its Joint Development Agreement with ExxonMobil, now set to continue until April 30, 2022. The agreement focuses on advancing carbonate fuel cell technology for carbon dioxide capture from industrial sites. Discussions for a pilot test at ExxonMobil's Rotterdam location, linked to the Porthos North Sea project, are ongoing. FuelCell Energy's technology uniquely captures CO2 while generating power, potentially offering significant cost and scalability benefits over traditional methods.
FuelCell Energy (NASDAQ: FCEL) has commended California Governor Gavin Newsom's signing of Senate Bill 155, extending the Fuel Cell Net Energy Metering (NEM) program for two years. This initiative aims to enhance California's resilience against climate change impacts, reduce greenhouse gas emissions, and stabilize energy costs for customers. The Fuel Cell NEM program allows customers to install fuel cells up to five megawatts and provides relief from utility standby and departing load charges, promoting investments in clean energy technology.
FuelCell Energy reported a revenue increase of 43% to $26.8 million in Q3 FY2021 compared to $18.7 million in Q3 FY2020. The company achieved a gross profit of $1.1 million compared to a gross loss of $(3.1) million the previous year. Despite a net loss of $(12.0 million, it was an improvement from $(15.3 million). Unrestricted cash rose significantly to $468.6 million. However, backlog decreased 2.2% to $1.30 billion due to adjustments in generation backlog. The company continues to invest in innovation and infrastructure to support long-term growth.
FuelCell Energy (NASDAQ: FCEL) has announced its third-quarter earnings release set for September 14, 2021, prior to the market opening. Management will follow up with a conference call at 10:00 AM ET to discuss the results. Interested parties can access the live call via webcast on the company’s website or by phone. The company specializes in molten carbonate fuel cell technology, providing sustainable energy solutions worldwide, particularly targeting large-scale power users. FuelCell Energy has a strong presence in the U.S. and South Korea, aiming to expand globally.
FuelCell Energy (FCEL) announced a successful tax equity sale-leaseback financing for the 1.4 MW SureSource 1500™ biofuels project with the City of San Bernardino Municipal Water Department, totaling $10.2 million. This transaction, structured over ten years with Crestmark Equipment Finance, reflects strong market interest in the company's unique biofuel capabilities. The project will produce carbon-neutral renewable energy using onsite biogas, reducing greenhouse gas emissions and enhancing sustainability.
FuelCell Energy (Nasdaq: FCEL) appointed Donna Sims Wilson as an independent director effective August 13, 2021. With over 37 years of experience in investment banking and asset management, Wilson is COO of Kah Capital Management and has extensive governance experience with organizations like the Export Import Bank of the United States. Her track record in business extensions and new product launches will support FuelCell's strategic initiatives and global expansion as the company focuses on clean energy solutions.
FuelCell Energy (Nasdaq: FCEL) announced a $15 million tax equity financing with East West Bank for a 7.4 MW fuel cell project at the U.S. Navy Submarine Base in Groton, CT. This financing allows FuelCell to retain most long-term cash flow and improve return on equity. The project is expected to reach commercial operation by the end of September 2021. This partnership aligns with the U.S. Navy's decarbonization goals and enhances energy resilience.
FuelCell Energy (Nasdaq: FCEL) appointed Andrea Jones as the new Chief People Officer. With extensive experience in leading HR functions, she previously worked at Bigelow Tea and is known for her success in change management within the manufacturing sector. CEO Jason Few emphasizes her role in enhancing company culture and recruiting talent to support FuelCell Energy's growth strategy. The company focuses on sustainable clean energy solutions, catering to large-scale and sub-megawatt power users globally.
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