Last $2.10 USD
Change Today -0.09 / -4.11%
Volume 5.4M
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As of 8:10 PM 09/22/14 All times are local (Market data is delayed by at least 15 minutes).

fuelcell energy inc (FCEL) Key Developments

FuelCell Energy, Inc. Wins $7.5 Million Cost-Shared Contract from US Department of Energy to Enhance SOFC Technology

FuelCell Energy Inc. won a $7.5 million cost-shared contract from the US Department of Energy, or DOE, Office of Fossil Energy to reportedly enhance commercialization of the company's solid oxide fuel cell, or SOFC, development. Advancing the reliability, robustness and endurance of low-cost SOFC technology is consistent with the DOE mission of enabling low cost and low carbon transformative power generation technologies. The term of the award is 18 months. This project is focused on performance, reliability, and reduction in cost of the SOFC cell and stack technology through improvements in the areas of cell materials, stack designs, and manufacturing quality. These SOFC technology improvements will lead to verification tests of a sub-megawatt system capable of combined heat & power (CHP) output and connected to the electric grid at FuelCell Energy's Danbury, Connecticut facility. SOFC systems operating on coal syngas, natural gas or biogas can generate clean power with virtually zero pollutants and significant reductions in greenhouse gas emissions, particularly when configured for combined heat and power. The technology is also fuel flexible, with the ability to utilize coal syngas, clean natural gas, on-site renewable biogas or directed biogas.

FuelCell Energy Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended July 31, 2014

FuelCell Energy Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended July 31, 2014. The company reported net loss attributable to common shareholders for the third quarter of 2014 totaled $7.8 million, or $0.03 per basic and diluted share. Excluding the non-cash embedded derivative adjustment of $0.1 million associated with conversions of Senior Unsecured Convertible notes, the adjusted net loss attributable to common shareholders totaled $7.7 million or $0.03 per basic and diluted share. For the comparable prior year period, net loss attributable to common shareholders totaled $6.4 million or $0.03 per basic and diluted share. Total revenues were $43,176,000 against $53,707,000 a year ago. Loss from operations was $6,000 against $4,594,000 a year ago. Loss before (provision) benefit for income taxes was $7,048,000 against $5,834,000 a year ago. Net cash used by operating activities in the third quarter of 2014 was $15.9 million, including an increase in accounts receivable of $4.8 million for billings of projects announced in the second quarter of 2014. Capital spending was $2.2 million and depreciation expense was $1.1 million for the third quarter of 2014. For the nine months ended July 31, 2014, the company reported revenue of $125.9 million compared to $132.5 million for the prior year period. Product sales were $94.5 million compared to $108.9 million for the prior year period. Net loss attributable to common shareholders for the nine months ended July 31, 2014 was $35.8 million or $0.15 per basic and diluted share, or excluding the non-cash embedded derivative adjustment associated with conversions of Senior Unsecured Convertible notes, the adjusted net loss attributable to common shareholders totaled $27.4 million or $0.12 per basic and diluted share. For the comparable prior year period, net loss attributable to common shareholders totaled $27.1 million or $0.14 per basic and diluted share. Loss from operations was $22,343,000 against $22,861,000 a year ago. Loss before (provision) benefit for income taxes was $33,724,000 against $25,300,000 a year ago.

FuelCell Energy Inc. to Report Q3, 2014 Results on Sep 08, 2014

FuelCell Energy Inc. announced that they will report Q3, 2014 results at 5:00 PM, Eastern Standard Time on Sep 08, 2014

FuelCell Energy Inc., Q3 2014 Earnings Call, Sep 09, 2014

FuelCell Energy Inc., Q3 2014 Earnings Call, Sep 09, 2014

FuelCell Energy Inc. Enters into $4.0 Million Revolving Credit Facility

FuelCell Energy Inc. entered into $4.0 million revolving credit facility, dated August 1, 2014, with JPMorgan Chase Bank, N.A. (the Bank). This credit facility replaces the company's previous credit facility with the Bank which expired concurrent with this agreement. The agreement has a one year term with renewal provisions. The outstanding principal balance of the facility bears interest, at the option of the company, of either the one-month LIBOR plus 1.5% or the prime rate of JP Morgan Chase. The facility is secured by certain working capital assets and general intangibles, up to the amount of the outstanding facility balance.

 

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