FuelCell Energy Successfully Raises Capital to Advance Business Goals

(image: FuelCell Energy, Inc.)

(image: FuelCell Energy, Inc.)


DANBURY, Conn., Oct. 7 (Korea Bizwire) — FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in fuel cell technology utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy, announced that, between June 2020 and October 2020, it raised approximately US$177.35 million in gross proceeds from multiple offerings of its common stock, including both at the market and underwritten offerings. Gross proceeds are calculated before deducting sales commissions, underwriting discounts and offering expenses.

Jason Few, CEO and President of FuelCell Energy said, “We are very pleased with the success of our capital raising efforts and the strong investor demand for our common stock. With this additional financing, FuelCell Energy is well-positioned to advance our business growth goals, including developing projects and growing our presence in South Korea. We have significantly strengthened the Company’s balance sheet and increased our financial flexibility. Importantly, FuelCell Energy is enhancing our global operations and leadership in clean tech energy while fulfilling our commitments to our customers and remaining focused on delivering value for our shareholders.”

FuelCell Energy is dedicated to growing its platform and sales pipeline of opportunities in South Korea and other Asian markets by providing excellent service and reliable power, thermal energy, hydrogen, and carbon capture directly to utilities and other customers. FuelCell Energy embraces a customer-focused and customer-driven culture.

FuelCell Energy continues to advance innovative technologies that it believes will enable hydrogen-powered cars and trucks to cleanly operate globally. In the U.S., FuelCell Energy is deploying its tri-generation hydrogen technology platform at a new facility at the Port of Long Beach, California to meet the power needs of Toyota at the port, providing hot water for car washing and the hydrogen needed to power the Toyota Mirai fuel cell passenger vehicle, the Toyota FCET/Kenworth T680 and Toyota Uno heavy duty trucks. As FuelCell Energy continues to advance its innovative technologies, the Company intends to deliver electrolysis and hydrogen based long duration energy storage to support intermittent technologies such as wind and solar, and enable hydrogen to repower existing combustion engines, transforming existing assets into zero carbon power and potentially extending the economic life of current power generation assets.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About FuelCell Energy

FuelCell Energy, Inc. (NASDAQ: FCEL) is a global leader in developing environmentally responsible distributed baseload power solutions through our proprietary, molten-carbonate fuel cell technology. We develop turn-key distributed power generation solutions and operate and provide comprehensive service for the life of the power plant. We are working to expand the proprietary technologies that we have developed over the past five decades into new products, applications, markets and geographies. Our mission and purpose remains to utilize our proprietary, state-of-the-art fuel cell platforms to reduce the global environmental footprint of baseload power generation by providing environmentally responsible solutions for reliable electrical power, hot water, steam, chilling, distributed hydrogen, microgrid applications, electrolysis, long-duration hydrogen-based energy storage and carbon capture and, in so doing, drive demand for our products and services, thus realizing positive stockholder returns. Our fuel cell solution is a clean, efficient alternative to traditional combustion-based power generation and is complementary to an energy mix consisting of intermittent sources of energy, such as solar and wind turbines. Our systems answer the needs of diverse customers across several markets, including utility companies, municipalities, universities, hospitals, government entities and a variety of industrial and commercial enterprises. We provide solutions for various applications, including utility-scale distributed generation, on-site power generation and combined heat and power, with the differentiating ability to do so utilizing multiple sources of fuel including natural gas, renewable biogas (i.e., landfill gas, anaerobic digester gas), propane and various blends of such fuels. Our multi-fuel source capability is significantly enhanced by our proprietary gas-clean-up skid.

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SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Capital, FuelCell Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its fuel cell technology and its business plans and strategies. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, changes to projected deliveries and order flow, changes to production rate and product costs, general risks associated with product development, manufacturing, changes in the regulatory environment, customer strategies, ability to access certain markets, unanticipated manufacturing issues that impact power plant performance, changes in critical accounting policies, access to and ability to raise capital and attract financing, potential volatility of energy prices, rapid technological change, competition, the Company’s ability to successfully implement its new business strategies and achieve its goals, the Company’s ability to achieve its sales plans and cost reduction targets, changes by the U.S. Small Business Administration or other governmental authorities to, or with respect to the implementation or interpretation of, the Coronavirus Aid, Relief, and Economic Security Act, the Payroll Protection Program or related administrative matters, and concerns with, threats of, or the consequences of, pandemics, contagious diseases or health epidemics, including the novel coronavirus, and resulting supply chain disruptions, shifts in clean energy demand, impacts to customers’ capital budgets and investment plans, impacts to the Company’s project schedules, impacts to the Company’s ability to service existing projects, and impacts on the demand for the Company’s products, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.

Media and Investor Relations Contact:
FuelCell Energy, Inc.
+1 203-205-2491

Source: FuelCell Energy, Inc. via GLOBE NEWSWIRE

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