FuelCell Energy Disputes Misleading Claims of Short Seller
October 06 2020 - 7:30AM
FuelCell Energy, Inc. (Nasdaq: FCEL) (“FuelCell Energy” or the
“Company”) yesterday became aware of claims made by an apparent
short seller about the Company that are misleading and contain
factual inaccuracies. FuelCell Energy emphatically denies these
claims related to its disclosures with respect to the LIPA 2 and
LIPA 3 power project awards.
These awards are not, and never have been, part
of FuelCell Energy’s backlog, and have no impact on the Company’s
2022 financial goals, including revenue growth and adjusted
EBITDA. As FuelCell Energy has consistently reported, its LIPA
Yaphank project, currently under construction and for which there
is a signed power purchase agreement, is included in the backlog
and 2022 revenue projections.
The Company does not believe the New York
Climate Leadership and Community Protection Act (CLCPA) should
negate the LIPA 2 and LIPA 3 awards and is disputing this
contention by LIPA. The Company believes these projects should move
forward and it has continued to pursue them in good faith,
including advancing the interconnect application process. However,
there can be no assurances that any project awards, including these
project awards, will result in executed power purchase agreements.
When FuelCell Energy has material information to disclose as
required by the rules and regulations of the Securities and
Exchange Commission, the Company does so.
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.
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.
Contact:
FuelCell Energy,
Inc.ir@fce.com203.205.2491Source: FuelCell
Energy
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