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) has been awarded $3.0 million by the U.S. Department of Energy to enhance the development of its Reversible Solid Oxide Fuel Cell Systems. This funding will focus on improving performance and advancing commercialization efforts. The project aims to efficiently convert excess power into hydrogen for long-term storage, contributing to clean energy solutions. CEO Jason Few emphasized the urgent need for cost-effective long-duration energy storage in light of increasing intermittent energy sources on the grid.
FuelCell Energy (FCEL) reported a net loss of $(15.3) million for Q3 FY2020, up from $(5.3) million a year prior. Revenues decreased by 18% to $18.7 million, driven by a 38% decline in Service and License revenues. Operating expenses fell 16% to $7.6 million. The company's backlog decreased by 3.9% to $1.33 billion. Despite these challenges, FCEL raised $70.1 million through share offerings to bolster liquidity and growth potential.
FuelCell Energy (NASDAQ: FCEL) announced its third quarter results release scheduled for September 10, 2020, before the market opens. Management will hold a conference call that day at 10:00 a.m. Eastern Time to discuss the results. Participants can join via webcast or by phone at 647-689-4106 using the conference ID 7085463. FuelCell Energy focuses on developing environmentally responsible power solutions utilizing its proprietary fuel cell technology, appealing to various markets including utility companies and municipalities.
FuelCell Energy (Nasdaq: FCEL) has resumed manufacturing at its Torrington, CT facility, temporarily closed due to COVID-19 on March 18, 2020. During the shutdown, the company maintained employee pay and continued research on carbon capture and hydrogen technology agreements. The CEO highlighted safety measures implemented for reopening, including social distancing protocols. The company is committed to compliance with Connecticut’s economic guidelines and is progressing on several projects, including a 7.4 MW fuel cell project for the U.S. Navy.
FuelCell Energy reported second quarter fiscal 2020 revenues of $18.9 million, a remarkable 105% increase year-over-year. The loss from operations improved significantly to $(8.1) million compared to $(17.6) million the previous year. The net loss decreased to $(14.8) million, while adjusted EBITDA was $(3.3) million. The company's backlog grew to $1.34 billion, marking a 6% increase. FuelCell continues to focus on its Powerhouse business strategy while navigating challenges posed by the COVID-19 pandemic.
FuelCell Energy (NASDAQ: FCEL) announces the release of its second quarter results scheduled for June 12, 2020, prior to market opening. The management will host a conference call for investors at 10:00 a.m. ET on the same day to discuss the results. Investors can join the call via webcast on the company’s website or by phone, with a replay available shortly after. FuelCell Energy is a leader in developing clean energy solutions using fuel cell technology, aiming to reduce the global environmental footprint of power generation.
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