FuelCell Energy Receives Court Case Win in the Court of Chancery in Delaware Versus Posco Energy
July 12 2021 - 8:00AM
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 today that it has received a
favorable ruling in a court case filed in the Court of Chancery in
Delaware by POSCO Energy Co., Ltd. (POSCO Energy). On July 9, 2021,
the Court issued a post-trial ruling denying POSCO Energy’s summary
statutory demand to inspect the Company’s books and records because
POSCO Energy lacks a proper purpose. The Court held that the
totality of the circumstances, including the fact this was the
seventh legal action POSCO Energy initiated against the Company
within the span of nine months, confirmed that POSCO Energy’s
purpose in initiating the books and records demand and filing the
complaint was not proper.
“The Court’s decision represents a landmark
victory for FuelCell Energy, as it is one of the few times that a
Delaware court has denied a party’s request to inspect a
corporation’s books and records based on an improper purpose
defense,” commented Jason Few, President and Chief Executive
Officer, FuelCell Energy.
Mr. Few continued, “We are proud of FuelCell
Energy's track record of commitment to the highest ethical
standards, and compliance with the law. Commercially, we are
excited to be engaged with the South Korean and broader Asian
marketplace. FuelCell Energy looks forward to continuing its work
in enabling the region’s energy transformation to a cleaner
future.”
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell
Energy is a global leader in sustainable clean energy technologies
that address some of the world’s most critical challenges around
energy, safety and global urbanization. As a leading global
manufacturer of proprietary fuel cell technology platforms,
FuelCell Energy is uniquely positioned to serve customers worldwide
with sustainable products and solutions for businesses, utilities,
governments and municipalities. Our solutions are designed to
enable a world empowered by clean energy, enhancing the quality of
life for people around the globe. We target large-scale power users
with our megawatt-class installations globally, and currently offer
sub-megawatt solutions for smaller power consumers in Europe. To
provide a frame of reference, one megawatt is adequate to
continually power approximately 1,000 average sized U.S. homes. We
develop turn-key distributed power generation solutions and operate
and provide comprehensive service for the life of the power plant.
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 customer base includes utility
companies, municipalities, universities, hospitals, government
entities/military bases and a variety of industrial and commercial
enterprises. Our leading geographic markets are currently the
United States and South Korea, and we are pursuing opportunities in
other countries around the world. FuelCell Energy, based in
Connecticut, was founded in 1969.
SureSource, SureSource 1500, SureSource 3000,
SureSource 4000, SureSource Recovery, SureSource Capture,
SureSource Hydrogen, SureSource Storage, SureSource Service,
SureSource Treatment, SureSource Capital, FuelCell Energy, and
FuelCell Energy logo are all trademarks of FuelCell Energy,
Inc.
Contact:
FuelCell Energy,
Inc.ir@fce.com203.205.2491Source: FuelCell
Energy
FuelCell Energy (NASDAQ:FCEL)
Historical Stock Chart
From Mar 2024 to Apr 2024
FuelCell Energy (NASDAQ:FCEL)
Historical Stock Chart
From Apr 2023 to Apr 2024