Fuelcell Energy Stock Price, News & Analysis

FuelCell Energy (FCEL) has begun testing its solid oxide electrolysis cell (SOEC) system at Idaho National Laboratory (INL), marking the largest and first fully integrated electrolyzer tested at the facility. The project, partially funded by a 2020 DOE award, aims to study hydrogen production's role in diversifying nuclear plants' profitability.

The system will produce 150 kilograms of hydrogen daily using 250 kilowatts of nuclear-generated electricity, demonstrating 100% efficiency when utilizing nuclear plant waste heat. This efficiency could reduce clean hydrogen production costs by up to 30%. The electrolyzer's modular design, shipped on two flatbed trucks, offers easy scaling and siting capabilities.

The testing will evaluate real-world applications, including thermal energy usage from nuclear reactors, grid dynamics, and reactor control simulation. The system will also be showcased to global energy industry visitors at INL, with produced hydrogen supporting ongoing research in e-chemical synthesis, turbine co-firing, and vehicle refueling.

FuelCell Energy (FCEL) has secured a contract to construct a 7.4 MW fuel cell power plant in Hartford, Connecticut. The project will provide Class 1 renewable baseload power to the local grid under a 20-year power purchase agreement with Eversource and United Illuminating, expected to generate over $160 million in future revenue for the company's generation backlog.

The Hartford project aims to strengthen the public electricity grid in a important commercial and industrial area. The company emphasizes that fuel cells are particularly suitable for urban environments, offering space-efficient, quiet, and emission-free distributed energy. The project will utilize low-emission natural gas without combustion, effectively eliminating SOx, NOx, and particulate matter emissions.

The announcement highlights FuelCell Energy's existing projects, including a 15 MW plant in Bridgeport (since 2012), a 14 MW plant in Derby (since 2023), and a 58.8 MW facility in South Korea's Hwaseong Baran Industrial Complex.

FuelCell Energy (NASDAQ: FCEL) reported its Q4 and FY2024 results. Q4 revenue increased 120% to $49.3 million, primarily driven by module sales to Gyeonggi Green Energy in South Korea. However, Q4 gross loss widened to $(10.9) million from $(1.5) million year-over-year.

For FY2024, revenue declined 9% to $112.1 million, with increased losses from operations at $(158.5) million compared to $(136.1) million in FY2023. The company announced a global restructuring plan targeting 15% operating cost reduction in FY2025, including a 13% workforce reduction.

The company's backlog increased 13.1% to $1.16 billion as of October 31, 2024. Cash position stood at $318.0 million, down from $403.3 million year-over-year. Management expects material revenue improvement in FY2025, driven by contracted module deliveries.

FuelCell Energy (NASDAQ: FCEL) has scheduled its fourth quarter and fiscal year 2024 financial results release before market open on December 19, 2024. The company will host a conference call with investors at 10:00 a.m. Eastern Time on the same day to discuss results and provide business updates.

Investors can access the call via webcast on the company website or by dialing (888) 330-3181 with conference ID 1099808. The company, a global leader in sustainable energy technologies, holds 531 fuel cell technology patents in the United States and globally.

FuelCell Energy (FCEL) announced a global restructuring to reduce operating costs by 15% in FY2025. The plan includes a 17% workforce reduction and focuses on core technologies for distributed power generation, grid resiliency, and data center growth. The company will prioritize its Connecticut-manufactured molten carbonate technology and continue developing carbon capture solutions. Despite the restructuring, FCEL expects to maintain manufacturing run-rates at or above FY2024 levels and reports cash and equivalents exceeding $300 million as of October 31, 2024. The company cites slower-than-expected clean energy investments and aims to capitalize on opportunities in power shortages, data centers, and AI growth.

FuelCell Energy (FCEL) has announced a 1-for-30 reverse stock split effective November 8, 2024, with post-split trading beginning November 11, 2024 on Nasdaq. The move aims to increase the bid price to meet Nasdaq's minimum $1.00 requirement for continued listing and attract broader investor interest. Every 30 shares will be combined into 1 share, maintaining stockholders' proportional ownership. No fractional shares will be issued; instead, affected holders will receive cash payments. The split won't change the total authorized shares or the $0.0001 par value.

FuelCell Energy (FCEL) has secured $9.4 million in project debt financing from the Export-Import Bank of the United States for fuel cell projects with Gyeonggi Green Energy (GGE). The 7-year facility comes with a fixed interest rate of 5.811%. The financing supports a purchase agreement for forty-two 1.4-megawatt upgraded carbonate fuel cell modules to replace existing units at GGE's Hwaseong Baran Industrial Complex. The agreement, expected to generate approximately $160 million in revenue, includes a new seven-year service agreement. All modules are scheduled to ship by first half of 2026 and will be manufactured in Connecticut using primarily U.S. sourced materials.

FuelCell Energy (NASDAQ: FCEL) reported its Q3 fiscal 2024 results, with revenue decreasing by 7% to $23.7 million compared to $25.5 million in the prior year. The company posted a gross loss of $6.2 million, an improvement from $8.2 million. Operating loss decreased to $33.6 million from $41.4 million. However, the net loss per share increased to $0.07 from $0.06, which included a $0.04 one-time debt extinguishment benefit in the prior year.

Revenue from service agreements fell sharply to $1.4 million from $9.8 million, while generation revenue rose by 22% to $13.4 million, driven by Toyota and Derby projects. Advanced Technologies revenue increased to $8.6 million from $4.7 million, bolstered by projects with ExxonMobil.

Operating expenses decreased to $27.4 million from $33.2 million, attributed to reduced legal, consulting, and compensation expenses. The backlog increased by 12.6% to $1.20 billion, primarily due to a new long-term service agreement with Gyeonggi Green Energy. Cash and short-term investments totaled $326.0 million as of July 31, 2024, compared to $403.3 million as of October 31, 2023.

FuelCell Energy (Nasdaq: FCEL) participated in a panel discussion on 'Scaling Critical Technologies in Hydrogen Production' at Investing in Green Hydrogen 2024 (IGH2024) in London. Andrea Miserocchi, VP of business development in Europe and the Middle East, represented the company. He highlighted FuelCell Energy's innovative hydrogen solutions, including:

1. Solid Oxide Electrolyzer platform: Produces hydrogen at nearly 90% electrical efficiency, reaching 100% when using excess heat.

2. Tri-gen platform: Uses renewable biogas, LNG, or natural gas to produce hydrogen, power, and water with a lower carbon footprint than conventional reforming.

The company's participation underscores its commitment to advancing clean energy technology and a hydrogen-powered sustainable future. Miserocchi emphasized FuelCell Energy's role in pushing cost boundaries of hydrogen production through technology and efficiency.