FuelCell Energy Takes Temporary Action Regarding COVID-19
March 20 2020 - 12:30PM
FuelCell Energy, Inc. (Nasdaq: FCEL), a global
leader in fuel cell technology focused on utilizing its
proprietary, state-of-the-art fuel cell platforms to enable a world
empowered by clean energy, today announced that in response to the
escalating COVID-19 outbreak, the Company has temporarily suspended
operations at its Torrington, CT manufacturing facility. The
manufacturing facility is anticipated to remain closed through
April 20, 2020 and all other FuelCell Energy team members except
those performing business critical work that cannot be done
off-site will be working remotely through at least April 1, 2020.
Construction and maintenance of our projects in the field is
currently ongoing. FuelCell Energy will utilize finished goods on
hand for near-term, in-flight projects. The Company will continue
to comply with state, federal and international regulations that
dictate any additional actions the company may be called upon to
take in response to COVID-19.
The Company voluntarily took these actions to
secure the safety of the Company’s employees, our corporate
community as a whole, the communities in which our team members
live, and to adhere to CDC recommendations of social distancing and
limited public exposure in connection with the COVID-19 pandemic.
All team members unable to work from home will continue to receive
full pay and benefits for their scheduled shifts during this time.
These decisions will be re-evaluated as new information becomes
available regarding the COVID-19 pandemic.
“FuelCell Energy has taken these steps to
prioritize the health and well-being of our team members, our
corporate community and the communities where our team members
live,” said Jason Few, President and CEO. “During unprecedented and
uncertain times like these, we felt it imperative to act quickly to
promote not only compliance with evolving regulations, but
demonstrate leadership and social responsibility with regard to the
well-being of our people and communities. For our customers, our
over 50 global energy platforms currently remain in operation, and
we will continue to rely on our remote operating capability to
deliver continuous, clean base-load power and in many instances
thermal output from our platforms to all of our customers.”
David Lehman, Commissioner of the Connecticut
DECD, commented “We know companies all across the state are facing
difficult decisions as they deal with the impact of the virus. I
sincerely appreciate FuelCell Energy’s proactive approach to
protecting public health and their commitment to pay their workers
full wages and benefits during this time.”
Few concluded, “All of us at FuelCell Energy
appreciate and applaud the healthcare workers, local communities
and governments around the world who are on the front line working
to contain the coronavirus. We are happy to do our part to
help mitigate the effect of the pandemic on our people and
communities and look forward to returning to full production once
it is safe to do so.”
Cautionary Language
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, and
the current implications of the novel coronavirus (COVID-19), 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.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ:
FCEL) is a global leader in developing environmentally responsible
distributed baseload power solutions through our proprietary fuel
cell technology. We develop turn-key distributed power generation
solutions and operate and provide comprehensive services 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, markets and geographies. Our mission and purpose
remains to utilize our proprietary, state-of-the- art fuel cell
power plants to reduce the global environmental footprint of
baseload power generation by providing environmentally responsible
solutions for reliable electrical power, hot water, steam,
chilling, hydrogen, microgrid applications, 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.
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.
Contact:
FuelCell Energy,
Inc.ir@fce.com203.205.2491
Source: FuelCell Energy
FuelCell Energy (NASDAQ:FCEL)
Historical Stock Chart
From Aug 2024 to Sep 2024
FuelCell Energy (NASDAQ:FCEL)
Historical Stock Chart
From Sep 2023 to Sep 2024