Key Developments: FuelCell Energy Inc (FCEL.A)
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Latest Key Developments (Source: Significant Developments)
FuelCell Energy Inc Acquires Remaining Interest In Versa Power Systems
FuelCell Energy Inc announced that it has acquired the remaining shares of Versa Power Systems, Inc. (Versa). Versa is a solid oxide fuel cell developer with research facilities in Littleton, Colorado, USA and Calgary, Canada. The addition of solid oxide fuel cell technology strengthens the global leadership position of FuelCell Energy. Prior to this action, FuelCell Energy, Inc. owned approximately 39% of Versa. FuelCell Energy exchanged approximately 3.5 million shares of its common stock, valued at approximately $3.3 million, as the total consideration for the remaining Versa shares held by other Versa shareholders. Full Article
FuelCell Energy Inc Receives $3.8 Million Contract by U.S. Navy
FuelCell Energy Inc announced a $3.8 million contract award from the U.S. Navy to develop and test a Hybrid Solid Oxide Fuel Cell (SOFC)-Battery power system for displacement undersea vehicle propulsion. The objective of the project is to develop a refuelable power system, with high energy density, that is suitable for undertaking long duration underwater missions of unmanned submersibles. The Hybrid SOFC-Battery system will be capable of generating 1,800 kilowatt hours of electricity during a 70 day mission with no exhaust discharged outside of the vehicle at any time. It will use liquid fuel and be self-contained with no reliance on external air. Full Article
FuelCell Energy Inc's Subsidiary Announces Completion Of Asset Acquisition And German Joint Venture With Fraunhofer IKTS
FuelCell Energy Inc announced the completion of the previously announced asset acquisition of select fuel cell assets by its German subsidiary, FuelCell Energy Solutions, GmbH, including fuel cell component inventory and fuel cell manufacturing equipment. Additionally, the previously announced joint venture with Fraunhofer IKTS has been completed, with Fraunhofer contributing intellectual property and capital to FuelCell Energy Solutions, GmbH in return for 25% ownership. Full Article
FuelCell Energy Inc Announces Service Agreement Renewals
FuelCell Energy Inc announced the extension of service agreements with four existing customers for terms up to 15 years. The Direct FuelCell (DFC) power plants are owned by the customers and under the service agreements, FuelCell Energy will continue to operate and maintain the plants. The total value of the service agreements is approximately $15 million. Three different fuel cell markets are represented by these customers including education, municipal wastewater treatment, and food processing. Full Article
FuelCell Energy, Inc.'s FuelCell Energy Solutions GmbH To Acquire Select Assets From Tognum AG's MTU Friedrichshafen GmbH
FuelCell Energy, Inc. announced that its German subsidiary, FuelCell Energy Solutions GmbH, is acquiring select assets from MTU Friedrichshafen GmbH, a subsidiary of Tognum AG. The select assets include fuel cell component inventory and fuel cell manufacturing equipment of the former MTU Onsite Energy GmbH Fuel Cell Systems in Ottobrunn, Germany, which was merged with MTU Friedrichshafen GmbH. Parties to the agreement include FuelCell Energy, Inc. (FCE), FuelCell Energy Solutions GmbH (FCES), MTU Friedrichshafen GmbH (MTU), and Fraunhofer IKTS (Institute for Ceramic Technologies and Systems). Under the agreement, MTU will contribute fuel cell related intellectual property to Fraunhofer IKTS. Fraunhofer IKTS will become a minority owner in FuelCell Energy Solutions by June 30, 2012. FuelCell Energy Solutions, a German company, will develop the market for stationary fuel cell power plants in Europe for commercial, industrial, and utility scale applications. The scope of FCES will include the continuation of research to further enhance carbonate fuel cell technology, combining the strength of FCE's Direct FuelCell power plants and the carbonate EuroCell technology of MTU, which will be licensed into FCES by Fraunhofer IKTS. Local manufacturing capacity will be established at a facility formerly leased by MTU in Ottobrunn, Germany, thus keeping advanced technology fuel cell power plant manufacturing in Germany. Terms of the transaction were not disclosed. Full Article
FuelCell Energy, Inc. Announces Completion Of Investment By South Korean Partner
FuelCell Energy, Inc. announced the completion of the previously announced $30 million investment by POSCO Energy. Under the terms of the agreement, POSCO Energy purchased 20,000,000 shares of FCEL common stock at a price of $1.50 per share for proceeds of $30 million. Proceeds will be used for growth capital and general corporate purposes. The investment agreement was concluded at the end of FuelCell Energy's second quarter and the proceeds were received at the beginning of third quarter. Combined with prior holdings, this investment brings POSCO Energy's common stock ownership percentage in the Company to approximately 16.6%. Full Article
FuelCell Energy, Inc. Announces Closing Of $34.5 Million Public Offering Of Common Stock
FuelCell Energy, Inc. announced the completion of an underwritten public offering of 23.0 million shares of its common stock, including 3.0 million shares sold pursuant to the full exercise of an over-allotment option previously granted to the underwriters. All of the shares were offered by FuelCell Energy at a price to the public of $1.50 per share. Total net proceeds to the Company were approximately $32.1 million. FuelCell Energy intends to use the net proceeds from this offering for growth capital and general corporate purposes. Lazard Capital Markets LLC acted as the sole book-running manager for the offering. Stifel Nicolaus Weisel acted as the co-lead manager and FBR Capital Markets & Co. acted as the co-manager for the offering. Full Article
FuelCell Energy, Inc. Prices $30 Million Public Offering Of Common Stock
FuelCell Energy, Inc. announced that it has priced an underwritten public offering of 20,000,000 shares of its common stock at a price to the public of $1.50 per share for gross proceeds of approximately $30.0 million. The net proceeds from the sale of the shares, after deducting the underwriters' discounts and other estimated offering expenses payable by the Company, will be approximately $28.0 million. FuelCell has also granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of common stock offered in the public offering to cover over-allotments, if any, which would result in additional gross proceeds of approximately $4.5 million if exercised in full. FuelCell Energy intends to use the net proceeds from this offering for growth capital and general corporate purposes. The offering is expected to close on or about March 27, 2012, subject to the satisfaction of customary closing conditions. Lazard Capital Markets LLC is acting as the sole book-running manager for the offering. Stifel Nicolaus Weisel is acting as the co-lead manager and FBR Capital Markets & Co. is acting as the co-manager for the offering. Full Article
FuelCell Energy, Inc. Announces Proposed Public Offering Of Common Stock
FuelCell Energy, Inc. announced its intention to offer shares of common stock in an underwritten public offering. The Company also expects to grant the underwriters a 30-day option to purchase additional shares of common stock offered in the public offering to cover over-allotments, if any. The Company intends to use the proceeds from this offering for growth capital and general corporate purposes. While the offering is expected to price on March 22, 2012, the offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size of the offering. Lazard Capital Markets LLC is acting as the sole book-running manager for the offering. Stifel Nicolaus Weisel is acting as the co-lead manager and FBR Capital Markets & Co. is acting as the co-manager for the offering. Full Article
FuelCell Energy, Inc. Announces Signing Of Long Term Service Agreement With California Utility For Stationary Fuel Cell Power Plant
FuelCell Energy, Inc. announced the signing of a multi-year service agreement with Southern California Edison (SCE) to operate and maintain the 1.4 megawatt Direct FuelCell® power plant previously purchased and located at California State University – San Bernardino. FuelCell Energy will operate and maintain the power plant. Full Article
BRIEF-FuelCell Energy up in premarket; to sell fuel cell park to Dominion
NEW YORK, Dec 14 - FuelCell Energy Inc : * Up 22.9 percent to $1.08 premarket; to sell 14.9 megawatt fuel cell park to Dominion
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