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 (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.
FuelCell Energy reported its second quarter fiscal 2021 results, highlighting revenues of $14.0 million, down 26% from the previous year. The company faced a gross loss of $(4.8) million, compared to a gross profit of $0.2 million in the same quarter last year. Loss from operations rose to $(17.4) million, a 114% increase. The backlog stood at $1.32 billion, a slight decline of 1.5% year-over-year. Despite challenges, FuelCell Energy aims to achieve a production rate of 45 MW by fiscal year-end 2021, supported by new projects.
FuelCell Energy, Inc. (Nasdaq: FCEL) announces the resignation of Jennifer D. Arasimowicz, Executive Vice President and General Counsel, effective June 25, 2021. Her leadership has significantly expanded the company's legal and compliance capabilities. Joshua Dolger will serve as Interim General Counsel, aiding in a smooth transition while the Board searches for a permanent replacement. CEO Jason Few commended Arasimowicz for her contributions to FuelCell Energy's growth in the clean energy sector, emphasizing the company's commitment to sustainable energy solutions.
FuelCell Energy (NASDAQ: FCEL) has announced its second-quarter results are set to be released prior to the Stock Market Open on June 10, 2021. Management will host a conference call at 10:00 a.m. Eastern Time to discuss the results. Investors can access the live call via webcast on the company’s website or by telephone. FuelCell Energy specializes in clean energy technologies, offering sustainable solutions for various sectors, including utilities and municipalities.
FuelCell Energy, Inc. (NASDAQ: FCEL) announced the appointment of Cynthia Hansen as a new independent director, effective May 25, 2021. Hansen brings over 20 years of experience in the energy sector, currently serving as Executive Vice President at Enbridge, focusing on gas distribution and storage. Her expertise includes hydrogen technology and energy transition strategies. This addition expands the board to six directors, enhancing strategic insights for FuelCell Energy as it aims to lead in clean energy solutions.