FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in delivering
clean, innovative and affordable fuel cell solutions for the
supply, recovery and storage of energy, today announced a number of
changes to its Board of Directors and certain new corporate
governance principles.
As part of the Company’s commitment to good corporate governance
practices and principles, and in furtherance of Board refreshment
initiatives, the FuelCell Energy Board of Directors has adopted a
mandatory director retirement age of 75 and set a director term
limit of 12 years, subject to certain exceptions necessary to
ensure an orderly transition of Board members and leadership
positions.
James Herbert England has been appointed the new Chairman of the
Board of Directors, replacing John Rolls, who has served on the
Board of Directors of FuelCell Energy since 2000 (and will continue
to serve on the Board of Directors), served as Lead Independent
Director from 2007 – 2011, and has been Chairman since 2011. Mr.
England has extensive management and board of director experience,
including as a director of Enbridge Energy Company, Inc., bringing
deep insight into the energy industry and an in-depth knowledge of
corporate and international finance. Joining the FuelCell Energy
Board of Directors are Jason Few and Christina Lampe-Onnerud.
Committee memberships are also being adjusted with the addition of
the new directors.
“As a long-standing member of the Board of Directors and
Chairman of the Board since 2011, John Rolls has played a key role
in shaping FuelCell Energy and has ensured its strategic
positioning for growth,” stated Herb England, newly appointed
Chairman of the Board. “His extensive finance and leadership
background have been and will continue to be extremely valuable for
our company. John has served with honor and distinction, working
tirelessly to promote the Company and in pursuit of the advanced
deployment of solutions utilizing stationary fuel cell technology.
We thank John for his dedicated service, and look forward to his
continued participation on the Board.”
“Additionally, we are pleased to welcome Jason and Christina as
new independent directors to the FuelCell Energy board,” added Mr.
England. “They are joining FuelCell Energy at a very exciting time
as we work to execute on our record backlog, compete and win new
projects, and continue to develop revolutionary technology in areas
of carbon capture, distributed hydrogen and long duration energy
storage. The addition of these directors complements and enhances
our Board of Directors’ skills and experiences and increases our
connection to energy markets and companies, and we are confident
that they will all provide valuable perspectives as we continue our
focus on execution.”
About Jason Few
Jason Few, 52, has over 30 years of experience increasing
enterprise value for Global Fortune 500 and privately held
technology, telecommunication, and energy firms. Currently, Jason
is President of Sustayn Analytics LLC, a cloud-based software waste
and recycling optimization company. Jason has overseen
transformational opportunities across the technology and industrial
energy sectors, including with Continuum Energy, NRG Energy, and
Reliant Energy, as well as with multi-brand, multi-product line
consumer services companies such as Motorola, SBC and NCR
Corporation. Jason brings a track record of successfully launching
new business platforms, as well as driving accelerated growth. He
is active in his community serving on the boards of Memorial
Hermann Hospital, the American Heart Association, and the St.
John’s School Investment Committee. Jason earned a bachelor’s
degree in computer systems in business from Ohio University. He
received an MBA from Northwestern University’s J.L. Kellogg
Graduate School of Management.
Jason Few will serve on the Company’s Audit and Finance
Committee and Compensation Committee.
A photo of Jason Few can be found here.
About Christina Lampe-Onnerud
Christina Lampe-Onnerud, 51, is Co-founder, Chairman and Chief
Executive Officer of Cadenza Innovation, Inc., an award-winning
provider of safe, low cost, high-performance lithium-ion-based
(Li-ion) energy storage technology platforms for license to battery
manufacturers. She is a recognized corporate strategist with
extensive leadership experience in building technology-based
businesses from inception to rapid revenue growth. Christina is
also widely acknowledged in the global energy storage industry,
with career experience with firms such as Boston-Power, Inc.,
Arthur D. Little, Inc., and Bell Communications Research, Inc. She
has extensive global experience, including in the United States,
European Union and Asia, and is fluent in Swedish and
conversational in German. Christina is a graduate of Uppsala
University in Sweden, where she earned a BS in Chemistry and
Calculus, as well as a Ph.D. in Inorganic Chemistry. She is a
Post-Doctoral Fellow at MIT in Cambridge, Massachusetts.
Christina Lampe-Onnerud will serve on the Company’s Compensation
Committee and Nominating and Corporate Governance Committee.
A photo of Christina Lampe-Onnerud can be found here.
FuelCell Energy’s Board regularly evaluates its composition to
ensure it includes the appropriate skill, experience and
perspective necessary to drive growth of the business and for the
shareholders. With the expansion of the Board and these
director additions, FuelCell Energy’s Board of Directors will
presently be composed of 8 directors, 6 of which are independent
directors.
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 business plans. 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, unanticipated manufacturing issues that impact
power plant performance, changes in critical accounting policies,
potential volatility of energy prices, rapid technological change,
competition, and the Company’s ability to achieve its sales plans
and cost reduction targets, 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 EnergyFuelCell Energy, Inc.
(NASDAQ: FCEL) delivers efficient, affordable and clean solutions
for the supply, recovery and storage of energy. We design,
manufacture, undertake project development of, install, operate and
maintain megawatt-scale fuel cell systems, serving utilities and
industrial and large municipal power users with solutions that
include both utility-scale and on-site power generation, carbon
capture, local hydrogen production for transportation and industry,
and long duration energy storage. With SureSource™
installations on three continents and millions of megawatt hours of
ultra-clean power produced, FuelCell Energy is a global leader in
designing, manufacturing, installing, operating and
maintaining environmentally responsible fuel cell power
solutions. Visit us online at www.fuelcellenergy.com and
follow us on Twitter @FuelCell_Energy.
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
Energy203.205.2491ir@fce.com
Source: FuelCell Energy
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