FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global
leader in fuel cell technology – with a purpose of utilizing its
proprietary, state-of-the-art fuel cell platforms to enable a world
empowered by clean energy – announced that it has resumed
manufacturing at its Torrington, CT facility. The Company
previously announced that it had temporarily suspended
manufacturing activities on March 18, 2020 in light of the COVID-19
outbreak as a proactive and voluntary measure to secure the safety
of the Company’s employees and the communities in which our
employees live. All team members affected by the temporary shutdown
have remained employed by the Company and have received full pay
and benefits for the duration of the temporary shutdown.
By implementing work from home practices and
continuing limited laboratory activity and fuel cell platform
construction and operations services, the Company was able to
continue its research and development work regarding the Company’s
carbon capture solution under our joint development agreement with
ExxonMobil Research and Engineering, the development of our
advanced solid oxide electrolysis, hydrogen storage, and hydrogen
power generation under our US Department of Energy cooperative
agreements, construction of our project backlog, and routine fuel
cell platform service and operations. During this time, progress
was also made on construction of the 7.4 megawatt fuel cell project
located on the U.S. Navy Submarine Base in Groton, CT, and on-site
construction of the 1.4 megawatt fuel cell platform in San
Bernardino, California commenced.
“FuelCell Energy prioritizes the health and
well-being of our global team members, their families and their
communities,” said Jason Few, President and CEO of FuelCell Energy.
“We acted quickly, and took proactive steps with a safety-first
attitude. We are prepared to reopen the Torrington facility and we
have implemented the same safety-first approach to the reopening of
our manufacturing operations. Extensive work has gone into
preparing our facility, including implementation of spacing of shop
floor activities to the extent possible, safety protocols, supply
and access to personal protective equipment, and other critical
social distancing and disinfecting protocols.”
Mr. Few continued, “We maintained an open
dialogue with our global team during this unprecedented time,
including hosting a weekly all-employee video call and providing
video training concerning changes to operations related to the
resumption of manufacturing activities.”
The Company has self-certified with the State of
Connecticut Department of Economic and Community Development its
commitment to compliance with all applicable sector guidelines.
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,
changes by the U.S. Small Business Administration or other
governmental authorities regarding 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 a/s 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