Welcome to our dedicated page for Fuelcell Energy news (Ticker: FCEL), a resource for investors and traders seeking the latest updates and insights on Fuelcell Energy stock.
FuelCell Energy, Inc. reports developments in clean energy technology, fuel cell power systems, and distributed baseload generation. The company designs, manufactures, installs, and services high-temperature fuel cell systems used by data centers, utilities, industrial facilities, and distributed generation customers, with recurring updates on modular power blocks, customer applications, manufacturing activity, and international project work.
FCEL news also covers quarterly financial results, generation portfolio activity, backlog and liquidity commentary, project financing, restructuring-related operating updates, and governance changes. Recent company updates have emphasized data center power demand, standardized utility-grade fuel cell configurations, and financing for fuel cell module production tied to the Gyeonggi Green Energy project in South Korea.
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.
FuelCell Energy, Inc. (Nasdaq: FCEL) applauds the signing of Connecticut House Bill 6524, which mandates utilities to solicit proposals for new fuel cell electricity generation starting July 1, 2021. Projects will be evaluated for enhancing grid reliability and supporting microgrids. The bill allocates 30 megawatts of fuel cell capacity to local distribution companies, with preference for projects on brownfields and those manufactured in Connecticut. CEO Jason Few highlighted the bill's potential to bolster the state's electrical grid and environment.
FuelCell Energy, Inc. (Nasdaq: FCEL) achieved a significant legal victory as the Delaware Court of Chancery denied POSCO Energy's request to inspect the company's records. The ruling on July 9, 2021, concluded that POSCO Energy's motives were improper, marking a rare defense success in such cases. CEO Jason Few emphasized the company's commitment to ethical standards and its focus on expanding in the Asian energy market. FuelCell Energy, a leader in sustainable clean energy technology, continues to drive innovations aimed at transforming energy use globally.
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.