July 20, 2018 - 7:10 AM EDT
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Blog Exposure - FuelCell Energy Adds Over 100 New Manufacturing Jobs to Support Increased Production Rate at Connecticut Facility

LONDON, UK / ACCESSWIRE / July 20, 2018 / If you want access to our free research report on FuelCell Energy, Inc. (NASDAQ: FCEL), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FCEL as the Company's latest news hit the wire. On July 18, 2018, the Company announced that it is planning to add over 100 manufacturing jobs at its Torrington, Connecticut manufacturing facility as it increases the annual production to 55 megawatts from the current 25 megawatts run-rate. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, FuelCell Energy most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Torrington Factory is Capable of Producing 100 Megawatts per Year and Sized to Scale to 200 Megawatts

Constructed in 2001, the Torrington factory had an initial operating capacity of 50 megawatts per year. Today, the factory is capable of producing 100 megawatts per year and is sized to scale to approximately 200 megawatts with additional investment in machinery. The products being manufactured and delivered are megawatt class fuel cells with electrical efficiencies of up to 60% and a cell life of seven years. Deployments range in size from 1.4 megawatt for university and hospital campus installations to a 60 megawatt utility scale fuel cell park.

CEO's Statement

Commenting on the announcement, Chip Bottone, President and Chief Executive Officer (CEO) of FuelCell Energy, stated that with approximately 85 megawatts of new projects slated for production over the next 18 months, and a very active pipeline of new projects, the Company is confident that this is the right time to take this action. Bottone mentioned that the Company's financial performance has reflected the impact of the reduced manufacturing run-rate over the past couple of years, costing the business over $12 million annually in under-absorbed factory overhead. Once this production increase is fully implemented, FuelCell Energy will no longer have this drag on its financial results. Bottone added that this, combined with the growing generation portfolio revenues, service revenues, and advanced technologies activity, sets up 2019 to be an improved year for the Company as it continues its march to sustained profitability.

Reports suggest that post announcement of the news, FuelCell Energy's shares soared in pre-market trade.

FuelCell Energy Awarded Two Fuel Cell Projects Totaling 22.2 Megawatts by Connecticut Department of Energy & Environmental Protection

On June 14, 2018, the Company was awarded 22.2 megawatts of fuel cell projects by the Connecticut Department of Energy & Environmental Protection (DEEP). The projects selected included a 14.8 megawatt project located in Derby, Connecticut, and a 7.4 megawatt project located in Hartford, Connecticut. These projects will provide clean baseload power, grid resiliency benefits, and renewable energy credits to the Connecticut utilities under 20 year power purchase agreements.

About FuelCell Energy, Inc.

Headquartered in Danbury, Connecticut, FuelCell Energy is a global leader in delivering clean, efficient, and affordable fuel cell solutions configured for the supply, recovery, and storage of energy. The Company provides comprehensive turn-key solutions for its customers that include everything from the design and installation of a project to the long-term operation and maintenance of the fuel cell system.

Stock Performance Snapshot

July 19, 2018 - At Thursday's closing bell, FuelCell Energy's stock declined 1.38%, ending the trading session at $1.43.

Volume traded for the day: 1.27 million shares, which was above the 3-month average volume of 1.11 million shares.

Stock performance in the past twelve-month period – up 1.42%

After yesterday's close, FuelCell Energy's market cap was at $122.89 million.

The stock is part of the Utilities sector, categorized under the Diversified Utilities industry. This sector was up 0.8% at the end of the session.

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Source: ACCESSWIRE Investor Awareness (July 20, 2018 - 7:10 AM EDT)

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