FuelCell Energy Announces $24.2 Million Registered
Million Shares to be Issued At $3.59 Per Share
Conn., June 16, 2009 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL)
announced today that it entered into definitive agreements to sell 6.7
million shares of its common stock at $3.59 per share in a registered direct
offering. The transaction is expected to close on June 19, 2009, subject to
customary closing conditions.
Energy intends to use the net proceeds from this offering for product
development, project financing, expansion of manufacturing capacity, and
general corporate purposes. Canaccord Adams Inc. and Lazard Capital Markets
LLC acted as placement agents for the offering.
registration statement relating to these securities previously was filed and
declared effective by the Securities and Exchange Commission. A prospectus
supplement related to the offering will be filed with the Securities and
Exchange Commission. This press release does not constitute an offer to sell
or the solicitation of offers to buy any security and shall not constitute an
offer, solicitation, or sale of any security in any jurisdiction in which
such offer, solicitation, or sale would be unlawful. A copy of the base
prospectus and prospectus supplement (once filed) can be obtained at the
Securities and Exchange Commission's website http://www.sec.gov or via
written request to FuelCell Energy at 3 Great Pasture Road, Danbury, CT
06813, Attention Investor Relations.
FuelCell Energy, Inc.
Energy is the world leader in the development and production of stationary
fuel cells for commercial, industrial, municipal and utility customers.
FuelCell Energy's ultra-clean and high efficiency DFC(r) fuel cells are
generating power at over 50 locations worldwide. The company's power plants
have generated over 315 million kWh of power using a variety of fuels
including renewable wastewater gas, biogas from beer and food processing, as
well as natural gas and other hydrocarbon fuels. FuelCell Energy has
partnerships with major power plant developers and power companies around the
world. The company also receives funding from the U.S. Department of Energy
and other government agencies for the development of leading edge
technologies such as fuel cells. For more information please visit our
website at www.fuelcellenergy.com
news release contains forward-looking statements, including statements
regarding the Company's plans and expectations regarding the continuing
development and commercialization of its fuel cell technology. 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, general risks
associated with product development, manufacturing, changes in the utility
regulatory environment, 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.
FuelCell, DFC, DFC/T and FuelCell Energy, Inc. are all registered trademarks
of FuelCell Energy, Inc. DFC-ERG is a registered trademark jointly owned by
Enbridge, Inc. and FuelCell Energy, Inc.
CONTACT: FuelCell Energy