| | Published : September 07th, 2012 | Reports Third Quarter Results and Business Highlights |
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FuelCell
Energy Reports Third Quarter Results and Business Highlights
- European
joint venture finalized and first order announced
- POSCO
Energy 120 MW order and cell licensing agreements moving to closure
- Connecticut Award and Project
Developments
DANBURY,
Conn., Sept. 5, 2012 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a
global leader in the design, manufacture and service of ultra-clean, efficient
and reliable fuel cell power plants, today reported results for its third
quarter ended July 31, 2012 along with an update on its key business
highlights.
Financial
Results
Third
quarter 2012
FuelCell
Energy (the Company) reported total revenues for the third quarter of 2012 of
$29.7 million compared to $31.2 million in the same period last year. Product
sales and revenues in the third quarter were $27.6 million compared to $29.4
million in the prior year quarter, as revenue in the current quarter consisted
primarily of fuel cell kits whereas revenue from the third quarter of 2011
included a mix of both complete power plants and fuel cell kits.� The
Company made adjustments to reduce production levels in mid-April 2012 to align
with contractual delivery dates and increased production to prior levels in
early-July 2012 to meet the accelerated delivery schedule of the POSCO Energy
70 megawatt order.� � Third quarter product revenue included $17.8
million of fuel cell kits and power plants, $3.2 million of power plant
component sales and installation services, and $6.6 million derived from
service and power purchase agreements.� �
Product
sales and service backlog totaled $158.2 million as of July 31, 2012 compared
to $230.6 million as of July 31, 2011.� Product sales backlog was $75.7
million and $152.9 million as of July 31, 2012 and 2011,
respectively.� Service agreement backlog was $82.5 million and $77.7
million as of July 31, 2012 and 2011, respectively.� Backlog does not include
the 120 megawatt (MW) memorandum of agreement with POSCO
Energy.� � �
Research
and development contract revenue was $2.1 million for the third quarter of 2012
compared to $1.8 million for the third quarter of 2011.� The Company's
research and development contract backlog totaled $13.8 million as of July 31,
2012 compared to $13.6 million as of July 31, 2011.� � �
The gross
loss incurred in the third quarter of 2012 totaled $2.7 million compared to a
gross profit of $0.1 million generated in the third quarter of
2011.� Lower production volume during the third quarter of 2012
contributed to the loss incurred as did an inventory adjustment charge of $1.1
million for older generation balance of plant components, and a sales mix
oriented towards fuel cell kits compared to complete fuel cell plants in the
prior year quarter, which had higher margins.
Third
quarter 2012 loss from operations totaled $10.5 million compared to $7.4
million for the comparable prior year period.� Administrative and selling
expenses increased year-over-year reflecting market development activities
related to a number of pending power plant projects in the order pipeline that
the Company is working to close and convert to backlog.� Research and
development costs decreased as focus is placed on initiatives that have near
term product implementation potential and product cost reduction
opportunities.� Net loss to common shareholders for the third quarter of
2012 totaled $10.7 million, or $0.06 per basic and diluted share, compared to
$8.6 million or $0.07 per basic and diluted share in the third quarter of 2011.
Year-to-Date
2012
For the
nine months ended July 31, 2012, the Company reported revenue of $85.2 million
compared to $87.8 million for the comparable prior year period.� Product sales
and revenues were $79.3 million compared to $81.8 million for the prior year
period.� Research and development contract revenue was $5.9 million
compared to $6.0 million for the prior year period.
For the
nine months ended July 31, 2012, the Company incurred a gross loss of $0.4
million compared to a gross loss of $13.0 million for the nine months ended
July 31, 2011, or an adjusted loss of $4.3 million in 2011 that excludes a
non-recurring charge as explained in the reconciliation of GAAP to non-GAAP
information at the end of this release.� The improvement of $3.9 million
year-over-year, excluding the non-recurring charge incurred in 2011, reflects
an improved financial profile for the service business as some older early
generation installations were concluded during fiscal year 2012, combined with
lower product costs achieved from manufacturing and supply chain efficiencies.
Loss from
operations for the nine months ended July 31, 2012 was $23.7 million, compared
to $37.8 million for the nine months ended July 31, 2011.� Excluding a
non-recurring charge incurred in 2011, adjusted loss from operations for the
nine months ended July 31, 2011 was $29.0 million.� Lower product costs
and research and development expenses contributed to the year-over-year improvement.
Net loss
to common shareholders for the nine months ended July 31, 2012 was $26.6
million or $0.17 per basic and diluted share compared to $50.0 million or $0.41
per basic and diluted share for the nine months ended July 31, 2011.� Excluding
the non-recurring charges incurred in 2011, net loss to common shareholders for
the nine months ended July 31, 2011 was $32.3 million or $0.26 per basic and
diluted share.�
Cash and
cash equivalents
Total
cash and cash equivalents was $73.8 million at July 31, 2012.� Net cash
use for the third quarter of 2012 was $16.5 million, excluding the $30.0
million investment by POSCO Energy that was completed in April 2012 and
received in May 2012.� Lower production volume during the quarter impacted
cash utilization.� Substantially complete power plants in inventory
totaled $9.9 million at July 31, 2012 and represent cash generation
opportunities as projects discussed in the Business Highlights section below
are closed and converted to sales.� Capital spending for the third quarter
of 2012 was $1.0 million and depreciation expense was $1.3 million.
Business
Highlights
Strategy
Execution
"Our
domestic order pipeline remains extremely active and we are focused on closing
orders to drive revenue growth," said Chip Bottone, President and CEO,
FuelCell Energy, Inc. "Although I am disappointed with the pace of order
closure in the U.S., I remain confident that we will be adding to our backlog
from the U.S. market and I am pleased with progress in Europe as we have
established a foundation for growth with local resources that required little
up-front capital by FuelCell Energy."�
FuelCell
Energy Solutions, GmbH (FCES) is the German based sales, manufacturing, and
service business for developing the market in Europe for DFC� power
plants.� The FCES joint venture with Fraunhofer IKTS was concluded in June
2012 with FuelCell Energy, Inc. owning 75 percent of the joint venture and
Fraunhofer owning 25 percent.� � Equipment and spare parts were
acquired at no cost from a former partner and contributed to the joint venture,
along with carbonate fuel cell intellectual property and a capital infusion by the
former partner which was contributed to FCES via Fraunhofer.� Local sales
resources have been hired and additional resources will be added as order
volume warrants.� Sales and administrative offices are located in Dresden,
Germany and manufacturing is planned in Ottobrunn, Germany.
FCES
announced its first order during the third quarter for a power plant
installation at the Federal Ministry of Education and Research complex in
Berlin that is within sight of the German Parliament building.� This high
visibility location is important for demonstrating the attributes of stationary
fuel cells and is a marquee location that will help to promote DFC plants to
other prospective customers in Europe.� �
POSCO
Energy continues to expand the market for stationary fuel cell power plants
including the utility market under the Renewable Portfolio Standard, the export
market, and the commercial building market.� To meet this growing demand,
the previously announced memorandum of agreements with POSCO Energy for a 120 MW
multi-year order and for executing a cell licensing agreement are expected to
be concluded within 2012.� POSCO Energy recently hosted a delegation from
Indonesia to tour operating fuel cell installations and to explain regulatory
dynamics that can accelerate the adoption of ultra-clean baseload distributed
generation in Indonesia.� In terms of the commercial building market, the
fuel cell division within the POSCO organization was honored with the POSCO
annual creativity technology achievement award based on the 100 kilowatt
combined heat & power (CHP) plant, which is the first time any division not
directly affiliated with the steel operation has won the award.� The award
was presented by the CEO of POSCO, the parent organization of POSCO Energy.
The Company
is pursuing near-term project opportunities in Connecticut under the
low-emission renewable energy credit program (LREC) and the direct utility
purchase Renewable Connections Program.� Preliminary LREC awards were
announced to the bidders and deposits due to the State in
August.� Manufacturers are now in the process of finalizing contracts with
owners/developers to meet down payment deadlines.� The Company has been
selected to supply a 1.4 MW power plant and notified that an additional award
or awards may be forthcoming, though the Company is not able to ascertain at
this time the likelihood of additional awards being granted. � A public
statement is expected from the State in the coming weeks announcing the winning
bidders and projects.�
The
Company is moving forward with final development and financing for � the
15 megawatt Bridgeport Connecticut Fuel Cell Park project and achieved several
key milestones during the quarter including extension of the power purchase
agreement sunset start date into 2014 and completion of a detailed interconnect
study and construction plan with the local electric utility.� Electricity
will be sold under a 15 year power purchase agreement (PPA) to Connecticut
Light & Power.� The PPA has been executed and regulatory approvals
obtained.� This project has strong support at the local and State levels
and the Company anticipates obtaining financing commitments and undertaking
groundbreaking in 2012.
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 business plans. 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 whether the Company
is able to reach definitive agreements on the terms contemplated in the
previously announced memorandums of agreement with POSCO Energy,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, changes in critical accounting
policies,� 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.
About
FuelCell Energy
Direct
FuelCell� power plants are generating ultra-clean, efficient and reliable power
at more than 50 locations worldwide.� With approximately 180 megawatts of
power generation capacity installed or in backlog, FuelCell Energy is a global
leader in providing ultra-clean baseload distributed generation to utilities,
industrial operations, universities, municipal water treatment facilities,
government installations and other customers around the world.� The
Company's power plants have generated over one billion kilowatt hours of power
using a variety of fuels including renewable biogas from wastewater treatment
and food processing, as well as clean natural gas.� For more information
please visit our website at www.fuelcellenergy.com
Direct
FuelCell, DFC, DFC/T, DFC-H2 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.
The
FuelCell Energy, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=3284
Conference
Call Information
FuelCell
Energy management will host a conference call with investors beginning at 10:00
a.m. Eastern Time on September 6, 2012 to discuss the third quarter
results.� An accompanying slide presentation for the earnings call will
be available at � � http://fcel.client.shareholder.com/events.cfmimmediately prior to the call.
Participants
can access the live call via webcast on the Company website or by telephone as
follows:
- The
live webcast of this call will be available on the Company website at www.fuelcellenergy.com.� To
listen to the call, select 'Investors' on the home page, then click on
'events & presentations' and then click on 'Listen to the webcast'
- Alternatively,
participants in the U.S. or Canada can dial 877-303-7005
- Outside
the U.S. and Canada, please call 678-809-1045
- The passcode is 'FuelCell Energy'
The
webcast of the conference call will be available on the Company's Investors'
page at www.fuelcellenergy.com.� Alternatively, the
replay of the conference call will be available approximately two hours after
the conclusion of the call until midnight Eastern Time on September 12, 2012:
- From
the U.S. and Canada please dial 855-859-2056
- Outside
the U.S. or Canada please call 404-537-3406
- Enter confirmation code� 22747276
FUELCELL ENERGY, INC.
�
|
Consolidated Balance Sheets
|
(Unaudited)
�
|
(Amounts
in thousands, except share and per share amounts)
�
|
�
|
�
|
�
|
�
|
July 31,
2012
|
October 31,
2011
|
ASSETS
|
�
|
�
|
Current assets:
|
�
|
�
|
� Cash
and cash equivalents
|
$73,766
|
$51,415
|
� Investments
� U.S. treasury securities
|
--
|
12,016
|
� Accounts
receivable, net
|
20,240
|
21,950
|
� Inventories, net
|
48,995
|
40,101
|
� Other
current assets
|
6,084
|
7,466
|
Total current
assets
|
149,085
|
132,948
|
�
|
�
|
�
|
Property,
plant and equipment, net
|
22,450
|
23,925
|
Investment
in and loans to affiliate
|
9,826
|
10,466
|
Other assets, net
|
15,672
|
16,291
|
Total assets
|
$197,033
|
$183,630
|
�
|
�
|
�
|
LIABILITIES AND EQUITY
|
�
|
�
|
Current liabilities:
|
�
|
�
|
� Current
portion of long-term debt
|
$5,126
|
$5,056
|
� Accounts
payable
|
10,871
|
14,143
|
� Accounts
payable due to affiliate
|
324
|
104
|
� Accrued
liabilities
|
20,454
|
26,894
|
Deferred revenue
|
50,380
|
64,114
|
� Preferred
stock obligation of subsidiary
|
1,071
|
3,854
|
Total current
liabilities
|
88,226
|
114,165
|
�
|
�
|
�
|
Long-term
deferred revenue
|
6,250
|
7,000
|
Long-term
preferred stock obligation of subsidiary
|
12,893
|
12,878
|
Long-term
debt and other liabilities
|
� 4,028
|
4,105
|
Total liabilities
|
111,397
|
138,148
|
Redeemable
preferred stock (liquidation preference of $64,020 at July 31, 2012 and
October 31, 2011)
|
59,857
|
59,857
|
Total Equity
(Deficit):
|
�
|
�
|
� Shareholders'
equity (deficit)
|
�
|
�
|
Common
stock ($.0001 par value; 275,000,000 shares authorized; 185,864,074 and
138,400,497
shares issued and outstanding at July 31, 2012� and October 31, 2011,
respectively)
|
18
|
13
|
Additional paid-in capital
|
751,519
|
687,857
|
Accumulated deficit
|
(725,493)
|
(701,336)
|
Accumulated
other comprehensive (loss) income
|
(65)
|
15
|
Treasury
stock, Common, at cost (5,679 shares at July 31, 2012 and October 31, 2011)
|
�
(53)
|
�
(53)
|
Deferred compensation
|
� 53
|
53
|
Total shareholders'
equity (deficit)
|
25,979
|
(13,451)
|
� Noncontrolling
interest in subsidiaries
|
(200)
|
(924)
|
Total equity
(deficit)
|
25,779
|
(14,375)
|
Total
liabilities and equity (deficit)
|
$197,033
|
$183,630
|
�
|
FUELCELL ENERGY, INC.
|
Consolidated Statements of Operations
|
(unaudited)
|
(Amounts
in thousands, except share and per share amounts)
|
�
|
�
|
�
|
Three Months Ended
�
|
�
|
July 31,
|
�
|
2012
|
2011
|
Revenues:
|
�
|
�
|
� Product
sales and revenues
|
$27,569
|
$29,382
|
� Research
and development contracts
|
2,124
|
1,778
|
� Total revenues
|
29,693
|
31,160
|
�
|
�
|
�
|
Costs of revenues:
|
�
|
�
|
� Cost
of product sales and revenues
|
30,321
|
29,133
|
� Cost
of research and development contracts
|
2,110
|
1,890
|
� Total
cost of revenues
|
32,431
|
31,023
|
�
|
�
|
�
|
Gross profit/(loss)
|
(2,738)
|
137
|
�
|
�
|
�
|
Operating expenses:
|
�
|
�
|
� Administrative
and selling expenses
|
4,580
|
3,578
|
� Research
and development expenses
|
3,193
|
3,918
|
Total operating expenses
|
7,773
|
7,496
|
�
|
�
|
�
|
Loss from operations
|
(10,511)
|
(7,359)
|
�
|
�
|
�
|
� Interest
expense
|
(544)
|
(847)
|
� Loss
from equity investment
|
(42)
|
(94)
|
� License
fee and royalty income
|
422
|
499
|
� Other
income (expense), net
|
656
|
(29)
|
�
|
�
|
�
|
Loss
before provision for income taxes
|
(10,019)
|
(7,830)
|
�
|
�
|
�
|
Benefit for income taxes
|
9
|
--
|
�
|
�
|
�
|
Net loss
|
(10,010)
|
(7,830)
|
�
|
�
|
�
|
Net loss
attributable to noncontrolling interest
|
88
|
76
|
�
|
�
|
�
|
Net loss
attributable to FuelCell Energy, Inc.
|
(9,922)
|
(7,754)
|
�
|
�
|
�
|
� Preferred
stock dividends
|
(800)
|
(800)
|
�
|
�
|
�
|
Net loss
to common shareholders
|
$ (10,722)
|
$ (8,554)
|
�
|
�
|
�
|
Loss per
share basic and diluted
|
�
|
�
|
Basic
|
$ (0.06)
|
$(0.07)
|
Diluted
|
$(0.06)
|
$(0.07)
|
�
|
�
|
�
|
Weighted average shares
outstanding
|
�
|
�
|
Basic
|
185,906,834
|
� 126,923,550
|
Diluted
|
185,906,834
|
� 126,923,550
|
�
|
�
|
FUELCELL ENERGY, INC.
|
�
|
Consolidated Statements of Operations
|
�
|
(unaudited)
|
�
|
(Amounts
in thousands, except share and per share amounts)
|
�
|
�
|
�
|
|
|
�
|
Nine
Months Ended
July 31,
|
|
|
�
|
2012
|
2011
|
|
|
Revenues:
|
�
|
�
|
|
|
Product sales and revenues
|
$79,280
|
$81,815
|
|
|
Research and development contracts
|
5,903
|
6,032
|
|
|
� Total revenues
|
85,183
|
87,847
|
|
|
�
|
�
|
�
|
|
|
Costs of revenues:
|
�
|
�
|
|
|
� Cost
of product sales and revenues
|
80,062
|
94,652
|
|
|
� Cost
of research and development contracts
|
5,554
|
6,244
|
|
|
� Total
cost of revenues
|
85,616
|
100,896
|
|
|
�
|
�
|
�
|
|
|
Gross loss
|
(433)
|
(13,049)
|
|
|
�
|
�
|
�
|
|
|
Operating expenses:
|
�
|
�
|
|
|
� Administrative
and selling expenses
|
12,346
|
12,082
|
|
|
� Research
and development expenses
|
10,932
|
12,662
|
|
|
Total operating expenses
|
23,278
|
24,744
|
|
|
�
|
�
|
�
|
|
|
Loss from operations
|
(23,711)
|
(37,793)
|
|
|
�
|
�
|
�
|
|
|
� Interest
expense
|
(1,749)
|
(1,829)
|
|
|
� Loss
from equity investment
|
(554)
|
(149)
|
|
|
� License
fee and royalty income
|
1,258
|
1,287
|
|
|
� Other
income (expense), net
|
438
|
173
|
|
|
�
|
�
|
�
|
|
|
Loss
before redeemable preferred stock of subsidiary
|
(24,318)
|
(38,311)
|
|
|
�
|
�
|
�
|
|
|
� Accretion
of redeemable preferred stock of subsidiary
|
--
|
(525)
|
|
|
�
|
�
|
�
|
|
|
Loss
before provision for income taxes
|
(24,318)
|
(38,836)
|
|
|
�
|
�
|
�
|
|
|
Provision for income
taxes
|
(69)
|
(9)
|
|
|
�
|
�
|
�
|
|
|
Net loss
|
(24,387)
|
(38,845)
|
|
|
�
|
�
|
�
|
|
|
Net loss
attributable to noncontrolling interest
|
230
|
197
|
|
|
�
|
�
|
�
|
|
|
Net loss
attributable to FuelCell Energy, Inc.
|
(24,157)
|
(38,648)
|
|
|
�
|
�
|
�
|
|
|
� Adjustment
for modification of redeemable preferred stock of subsidiary
|
--
|
(8,987)
|
|
|
� Preferred
stock dividends
|
(2,401)
|
(2,400)
|
|
|
�
|
�
|
�
|
|
|
Net loss
to common shareholders
|
$(26,558)
|
$(50,035)
|
|
|
�
|
�
|
�
|
|
|
Net loss
per share to common shareholders
|
�
|
�
|
|
|
Basic
|
$(0.17)
|
$(0.41)
|
|
|
Diluted
|
$(0.17)
|
$(0.41)
|
|
|
�
|
�
|
�
|
|
|
Weighted average shares
outstanding
|
�
|
�
|
|
|
Basic
|
158,548,998
|
122,306,465
|
|
|
Diluted
|
� 158,548,998
|
122,306,465
|
|
|
�
|
�
|
FUELCELL ENERGY, INC.
|
�
|
Reconciliation
of GAAP to Non-GAAP Consolidated Statements of Operations
|
�
|
(Unaudited)
|
�
|
(Amounts
in thousands, except share and per share amounts)
|
�
|
�
|
�
|
�
|
�
|
Three Months Ended
July 31,
|
�
|
�
|
2012
|
2011
|
�
|
�
|
GAAP
� As Reported (1)
|
GAAP
As Reported
|
Non-GAAP Adjustments (1)
|
� Non-GAAP As� Adjusted
|
�
|
Cost of
product sales and revenues
|
$30,321
|
$29,133
|
$�
|
$29,133
|
Gross profit/(loss)
|
$(2,738)
|
$137
|
$�
|
$137
|
Loss from operations
|
$(10,511)
|
$(7,359)
|
$�
|
$(7,359)
|
Net loss
|
$(10,010)
|
$(7,830)
|
$�
|
$(7,830)
|
Net loss
to common shareholders
|
$(10,722)
|
$(8,554)
|
$�
|
$(8,554)
|
�
|
�
|
�
|
�
|
�
|
Net loss
per share to common shareholders
|
�
|
�
|
�
|
�
|
Basic
|
$(0.06)
|
$(0.07)
|
$�
|
$(0.07)
|
Diluted
|
$(0.06)
|
$(0.07)
|
$�
|
$(0.07)
|
�
|
�
|
�
|
�
|
�
|
�
|
�
|
Nine
Months Ended July 31,
|
�
|
�
|
2012
|
2011
|
�
|
�
|
GAAP
� As Reported (1)
|
GAAP
As Reported
|
Non-GAAP Adjustments
|
�
|
� Non-GAAP As� Adjusted
|
�
|
Cost of
product sales and revenues
|
$80,062
|
$94,652
|
$(8,752)
|
(2)
|
$85,900
|
Gross profit/(loss)
|
$(433)
|
$(13,049)
|
$8,752
|
�
|
$(4,297)
|
Loss from operations
|
$(23,711)
|
$(37,793)
|
$8,752
|
�
|
$(29,041)
|
Loss
before redeemable preferred stock of subsidiary
|
$(24,318)
|
$(38,311)
|
$8,752
|
�
|
$(29,559)
|
Net loss
|
$(24,387)
|
$(38,845)
|
$8,752
|
�
|
$(30,093)
|
Adjustment
for modification of redeemable preferred stock of subsidiary
|
$�
|
$(8,987)
|
$8,987
|
(3)
|
$�
|
Net loss
to common shareholders
|
$(26,558)
|
$ (50,035)
|
$17,739
|
�
|
$(32,296)
|
�
|
�
|
�
|
�
|
�
|
�
|
Net loss
per share to common shareholders
|
�
|
�
|
�
|
�
|
�
|
Basic
|
$(0.17)
|
$(0.41)
|
$0.15
|
�
|
$(0.26)
|
�
|
Diluted
|
$(0.17)
|
$(0.41)
|
$0.15
|
�
|
$(0.26)
|
�
|
|
|
|
|
|
|
|
|
Notes to Reconciliation of GAAP to Non-GAAP
Consolidated Statements of Operations
For the Three and Nine Months Ended July 31, 2012 and
2011
Results
of Operations are presented in accordance with accounting principles generally
accepted in the United States ("GAAP") and as adjusted for certain
items referenced below which relate to fiscal year 2011 only.� Management
also uses non-GAAP measures which exclude non-recurring items in order to
measure operating periodic performance.� We have added this information
because we believe it helps in understanding the results of our operations on a
comparative basis.� This adjusted information supplements and is not
intended to replace performance measures required by U.S. GAAP disclosure.
Notes to
the reconciliation of GAAP to non-GAAP Consolidated Statements of Operations
information are as follows:
(1)� Note
that there were no adjustments to GAAP results as reported for the three and
nine months ended July 31, 2012 and the three months ended July 31, 2011.
� (2)� FuelCell
Energy, Inc. has committed to a repair and upgrade program to fix a performance
shortfall for a select group of 1.2 MW fuel cell modules produced between 2007
and early 2009.� Second quarter 2011 earnings was impacted by a charge of
approximately $8.8 million, which was accounted for as an increase to cost of
goods sold.� The estimate for the repair and upgrade program was revised
in the fourth quarter of 2011 resulting in a decrease to cost of goods sold of
approximately $0.5 million.� The full fiscal year 2011 impact was a charge
of $8.3 million.� � Product sales, gross margin and cost to revenue
ratio and cost of revenues for the three and nine months ended July 31, 2012
and 2011 were as follows:
�
|
Three Months Ended
July 31,
|
Nine
Months Ended
July 31,
|
�
|
2012
|
2011
|
2012
|
2011
|
GAAP Revenue and Cost of Sales
|
�
|
�
|
�
|
�
|
� Product
sales and revenues
|
$27,569
|
� $29,382
|
$79,280
|
� $81,815
|
� Cost
of product sales and revenues
|
� 30,321
|
� � 29,133
|
� 80,062
|
� 94,652
|
� Gross
profit/(loss) from product sales
� and revenues
|
$(2,752)
|
$249�
|
$(782)
|
� $(12,837)
|
� Product
Sales Cost-to-revenue ratio(a)
|
� 1.10
|
� 0.99
|
� 1.01
|
� 1.16
|
Non-GAAP Adjustment to cost of product sales and
revenues:
|
�
|
�
|
� Repair
and Upgrade Cost
|
$� �
|
� $� �
|
$� �
|
� $� (8,752)
|
�
|
�
|
�
|
�
|
�
|
Gross Margin
(non-GAAP):
|
�
|
�
|
� �
|
�
|
� Gross
profit/(loss) from product sales and
� revenues
|
$(2,752)
|
� $249
|
$(782)
|
� $(4,085)
|
� Gross
profit/(loss) from� research and
� development contracts
|
14
|
� (112)
|
349
|
(212)
|
Total
|
$(2,738)
|
� $137
|
$(433)
|
� $(4,297)
|
�
|
�
|
�
|
�
|
�
|
� � Product
Sales Cost-to-revenue ratio (non-GAAP)(a)
|
� 1.10
|
� 0.99
|
� 1.01
|
� 1.05
|
(a)� � � � �
Cost-to-revenue ratio is calculated as cost of product sales and revenues
divided by product sales and revenues.
(3)� During
the three months ended April 30, 2011 the Company entered into an agreement
with Enbridge, Inc. to modify an agreement for the Series� 1 preferred
shares.� While this modification did not result in a material change to
future cash flows, it did result in a revaluation of the instrument and a
reclassification of amounts due as short and long term liabilities.� An
adjustment to additional paid in capital and loss to common shareholders of
$9.0 million was incurred in the second quarter of 2011 to adjust the historic
carrying value of the Series I preferred shares to the current fair value.
CONTACT:� FuelCell Energy, Inc. ��������� Kurt Goddard, Vice President Investor Relations ��������� 203-830-7494
��������� ir@fce.com
|
FuelCell Energy Inc.
|
|
|
CODE : FCEL |
ISIN : US35952H1068 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
FuelCell Energy is based in United states of america. FuelCell Energy is listed in Germany and in United States of America. Its market capitalisation is US$ 71.1 millions as of today (€ 66.5 millions). Its stock quote reached its highest recent level on September 29, 2000 at US$ 99.38, and its lowest recent point on June 28, 2019 at US$ 0.13. FuelCell Energy has 81 632 865 shares outstanding. |
Annual reports of FuelCell Energy Inc. |
Financings of FuelCell Energy Inc. |
Nominations of FuelCell Energy Inc. |
Financials of FuelCell Energy Inc. |
|
Project news of FuelCell Energy Inc. |
Corporate news of FuelCell Energy Inc. |
7/26/2017 | FuelCell Energy Announces the Award of Three Fuel Cell Proje... |
5/5/2016 | ExxonMobil and FuelCell Energy, Inc. Pursue Novel Technology... |
1/14/2016 | FuelCell Energy Announces 5.6 Megawatt Fuel Cell Project Wit... |
1/14/2016 | Renewable Hydrogen From Tri-Generation Fuel Cells Included U... |
1/8/2016 | Why Are These Stocks Surging on Friday? |
1/4/2016 | FuelCell Energy (FCEL) Soars on Pfizer Partnership |
1/4/2016 | Why Are These Stocks Surging on Monday? |
1/4/2016 | Analyst Estimates Suggest Upsides for Renewable Energy Compa... |
1/4/2016 | FuelCell Energy Announces Project Finance Facility with PNC ... |
1/4/2016 | 9:02 am FuelCell Energy announces 5.6 megawatt fuel cell pro... |
1/4/2016 | FuelCell Energy Announces 5.6 Megawatt Fuel Cell Project Wit... |
12/31/2015 | What Do Analysts Estimate for Renewable Energy? |
12/23/2015 | Analyzing Renewable Energy Companies’ Sales and Gross Profit |
12/18/2015 | FuelCell Energy Management Expects Break-Even at 90 Megawatt... |
12/18/2015 | FuelCell Energy’s Outlook and Analysts’ Recommendations |
12/17/2015 | FuelCell Energy Relies Heavily on Strategic Partners for Fun... |
12/17/2015 | FuelCell Energy’s Service Revenues Down, Product Revenues Up |
12/17/2015 | FuelCell Energy Falls after Reverse Split and Fiscal 4Q15 Re... |
12/15/2015 | Edited Transcript of FCEL earnings conference call or presen... |
12/15/2015 | FuelCell Falls Short on the Bottom Line |
12/15/2015 | FuelCell Energy Q4 Loss Wider than Expected, Revenues Top |
12/15/2015 | FuelCell Energy Reports Fourth Quarter 2015 Financial Result... |
12/15/2015 | FuelCell Energy Announces Project Finance Facility with PNC ... |
12/15/2015 | FuelCell Energy Announces Reverse Stock Split |
12/14/2015 | FuelCell Energy reports 4Q loss |
12/14/2015 | FuelCell Energy Reports Fourth Quarter 2015 Financial Result... |
12/13/2015 | Top 6 Earnings for the Week Ahead |
12/10/2015 | Should You Buy FuelCell Energy, Inc. (FCEL)? |
11/19/2015 | FuelCell Energy Commences Expansion of North American Manufa... |
11/2/2015 | FuelCell Energy and County of Alameda Announce 20-Year Power... |
10/28/2015 | FuelCell Energy Announces Definitive Agreements With the U.S... |
10/28/2015 | 8:31 am FuelCell Energy and county of Alameda announce 20-ye... |
10/28/2015 | FuelCell Energy and County of Alameda Announce 20-Year Power... |
10/5/2015 | FuelCell Energy Announces Definitive Agreements With the U.S... |
9/17/2015 | FuelCell Energy Reports Third Quarter 2015 Financial Results... |
9/17/2015 | FuelCell Energy Achieves Another Industry Milestone With Fou... |
9/9/2015 | Edited Transcript of FCEL earnings conference call or presen... |
9/8/2015 | FuelCell Energy Progressing Scalable and Affordable Carbon C... |
9/8/2015 | FuelCell Energy reports 3Q loss |
9/2/2015 | FuelCell Energy Selected for Carbon Capture Project by DOE |
9/1/2015 | FuelCell Energy, Inc. Announces Third Quarter Financial Resu... |
9/1/2015 | FuelCell Energy Progressing Scalable and Affordable Carbon C... |
8/31/2015 | FuelCell Energy Announces Additional Fuel Cell Sales to Sout... |
8/31/2015 | FuelCell Energy, Inc. Announces Third Quarter Financial Resu... |
8/28/2015 | EERC to Help Develop New Process to Convert Natural Gas Into... |
8/18/2015 | Mid-Day Market Update: Tuesday's Top Shorted Stocks |
8/10/2015 | FuelCell Energy Announces Appointment of Two New Members to ... |
8/10/2015 | 8:31 am FuelCell Energy announces the sale of 5.6 MW of fuel... |
8/10/2015 | FuelCell Energy Announces Additional Fuel Cell Sales to Sout... |
8/6/2015 | FuelCell Energy to Present at the Jefferies 2015 Industrials... |
8/6/2015 | FuelCell Energy Announces Appointment of Two New Members to ... |
8/4/2015 | FuelCell Energy Announces Project Development Agreement With... |
8/4/2015 | FuelCell Energy to Present at the Jefferies 2015 Industrials... |
7/30/2015 | FuelCell Energy Advancing Solid Oxide Fuel Cell Commercializ... |
7/30/2015 | FuelCell Energy Announces Project Development Agreement With... |
7/16/2015 | FuelCell Energy Advancing Solid Oxide Fuel Cell Commercializ... |
7/7/2015 | FuelCell Energy, Windstream And Others Insiders Have Been Bu... |
7/1/2015 | Chairman’s Purchases Fail to Lift FuelCell Energy Shares |
6/15/2015 | Falling Earnings Estimates Signal Weakness Ahead for FuelCel... |
6/9/2015 | Losses Continue at FuelCell |
6/7/2015 | 8 Key Earnings Previews for the Week Ahead |
4/16/2015 | Ballard Power Gets Order from China for Fuel Cell Modules - ... |
4/15/2015 | BATTCOM Could Catalyze ITKG After BASF Exhibits Electriplast... |
4/9/2015 | FuelCell Energy Applauds Issuance of Executive Order for Sus... |
4/2/2015 | FuelCell Energy to Install New Plant in Pepperidge Farm - An... |
4/2/2015 | Photo Release -- Competitive Carbon Reduction Solution Advan... |
4/2/2015 | FuelCell Energy Reports First Quarter 2015 Financial Results |
4/2/2015 | Pepperidge Farm Strengthens Its Recipe for Sustainability, A... |
4/2/2015 | FuelCell Energy Applauds Issuance of Executive Order for Sus... |
4/1/2015 | Pepperidge Farm Strengthens Its Recipe for Sustainability, A... |
3/14/2015 | FuelCell Energy Completes Sale of University Micro-grid Proj... |
3/11/2015 | FuelCell Q1 Loss Narrower than Expected; Revenues Lag - Anal... |
3/10/2015 | FuelCell Energy reports 1Q loss |
3/10/2015 | FuelCell Energy Reports First Quarter 2015 Financial Results |
3/9/2015 | Retailers & Other Companies To Watch For In Earnings This We... |
3/5/2015 | Photo Release -- Competitive Carbon Reduction Solution Advan... |
2/27/2015 | FuelCell Energy, Inc. Announces First Quarter Financial Resu... |
2/27/2015 | FuelCell Energy Completes Sale of University Micro-grid Proj... |
2/26/2015 | Ballard Power's Q4 Loss Wider than Expected, Lags Revenues -... |
2/25/2015 | FuelCell Energy, Inc. Announces First Quarter Financial Resu... |
2/13/2015 | Quantum Fuel Systems (QTWW) Falls: Stock Goes Down 7.9% - Ta... |
1/20/2015 | Photo Release -- U.S. Senator Blumenthal Expresses Industry ... |
12/15/2014 | FuelCell Energy reports 4Q loss |
12/15/2014 | FuelCell Energy Solutions Announces Final Acceptance of Larg... |
12/12/2014 | FuelCell Energy Reaches Industry Milestone of Three Billion ... |
12/11/2014 | UIL Holdings Displays Industry and Environmental Leadership ... |
11/7/2014 | Photo Release -- FuelCell Energy Announces Dedication Event ... |
11/4/2014 | FuelCell Energy Announces Fuel Cell Module Sales to South Ko... |
10/30/2014 | State backs FuelCell Energy project with $20M |
10/29/2014 | FuelCell Energy Announces Manufacturing Expansion Project to... |
10/14/2014 | Photo Release -- U.S. EPA Administrator McCarthy Visits Fuel... |
2/27/2014 | Event Reminder for FuelCell Energy, Inc. |
2/5/2014 | New SEC Document(s) for Marathon Oil Corporation |
1/29/2014 | New SEC Document(s) for FuelCell Energy, Inc. |
1/22/2014 | New SEC Document(s) for Marathon Oil Corporation |
1/6/2014 | New SEC Document(s) for FuelCell Energy, Inc. |
12/10/2013 | New SEC Document(s) for Marathon Oil Corporation |
12/10/2013 | Announces Two Billion Kilowatt Hours of Environmentally Frie... |
11/18/2013 | New SEC Document(s) for Marathon Oil Corporation |
10/31/2013 | New SEC Document(s) for Marathon Oil Corporation |
10/24/2013 | Announces Market Development Updates in Asia for Efficient a... |
10/21/2013 | Event Reminder for FuelCell Energy, Inc. |
10/18/2013 | New SEC Document(s) for Marathon Oil Corporation |
10/9/2013 | Announces Solid Oxide Fuel Cell Development Updates |
10/8/2013 | Solutions Announces Delivery of German-Made Fuel Cell Power ... |
9/27/2013 | New SEC Document(s) for Marathon Oil Corporation |
9/24/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
9/16/2013 | New SEC Document(s) for Marathon Oil Corporation |
9/12/2013 | Event Reminder for FuelCell Energy, Inc. |
9/5/2013 | Announces Teaming and Co-Marketing Agreement With NRG Energy... |
8/7/2013 | New SEC Document(s) for Berry Petroleum Company |
8/1/2013 | Applauds Creation of Fraunhofer Center for Energy Innovation... |
8/1/2013 | Announces New Website for European Operation and German Manu... |
7/30/2013 | New SEC Document(s) for Marathon Oil Corporation |
7/12/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
6/20/2013 | Announces Pricing of Senior Unsecured Convertible Notes Offe... |
6/20/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
6/18/2013 | Event Reminder for FuelCell Energy, Inc. |
6/17/2013 | New SEC Document(s) for Marathon Oil Corporation |
6/7/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
5/31/2013 | New SEC Document(s) for Marathon Oil Corporation |
5/8/2013 | New SEC Document(s) for Marathon Oil Corporation |
4/26/2013 | New SEC Document(s) for Marathon Oil Corporation |
4/24/2013 | New SEC Document(s) for Richmont Mines, Inc. |
4/18/2013 | Provides Business Update |
4/17/2013 | Announces Megawatt-Class Power Plant Order From Hartford Ste... |
4/15/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
4/8/2013 | Event Reminder for FuelCell Energy, Inc. |
4/8/2013 | Solutions to Hold Press Conference at Hannover Messe Hydroge... |
4/1/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
3/27/2013 | Unveils a New Website and Logo |
3/22/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
3/12/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
2/19/2013 | New SEC Document(s) for Marathon Oil Corporation |
2/5/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
1/31/2013 | New SEC Document(s) for Marathon Oil Corporation |
1/22/2013 | Announces Stationary Fuel Cell Power Plant Service Agreement... |
1/18/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
1/16/2013 | Event Reminder for FuelCell Energy, Inc. |
1/7/2013 | New SEC Document(s) for FuelCell Energy, Inc. |
12/10/2012 | New SEC Document(s) for Marathon Oil Corporation |
11/6/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
11/5/2012 | New SEC Document(s) for Marathon Oil Corporation |
11/5/2012 | Announces 121.8 Megawatt Order, Largest Ever Received by the... |
11/5/2012 | Announces Manufacturing Agreement With Partner, POSCO Energy |
11/5/2012 | Event Reminder for FuelCell Energy, Inc. |
11/1/2012 | New SEC Document(s) for Berry Petroleum Company |
10/24/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
10/24/2012 | New SEC Document(s) for Marathon Oil Corporation |
10/17/2012 | Highlights Advances With the Development of a 59 Megawatt Fu... |
10/17/2012 | Event Reminder for FuelCell Energy, Inc. |
10/16/2012 | Announces Operation of World's Largest Carbon Neutral Fuel C... |
10/3/2012 | Team Awarded $6.0 Million Contract to Continue Development o... |
10/2/2012 | New SEC Document(s) for Marathon Oil Corporation |
9/27/2012 | Event Reminder for FuelCell Energy, Inc. |
9/12/2012 | Event Reminder for FuelCell Energy, Inc. |
9/7/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
9/5/2012 | New SEC Document(s) for Marathon Oil Corporation |
8/27/2012 | Applauds Congressman Larson and Senator Blumenthal's Plan to... |
8/24/2012 | Provides Update Regarding Contract Negotiations With South K... |
8/7/2012 | Announces First Stationary Fuel Cell Power Plant Sale by Ger... |
7/26/2012 | Awarded $3.8 Million Contract by U.S. Navy to Develop Power ... |
6/19/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
6/7/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
5/30/2012 | Photo Release -- FuelCell Energy Outlines Growing South Kore... |
5/30/2012 | Event Reminder for FuelCell Energy, Inc. |
5/29/2012 | Announces Service Agreement Renewals |
5/16/2012 | Announces European Market Developments |
5/14/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
5/9/2012 | Event Reminder for FuelCell Energy, Inc. |
5/9/2012 | New SEC Document(s) for Apache Corporation |
5/8/2012 | Announces Acceleration of Existing South Korean Order |
5/2/2012 | Announces Completion of Investment by South Korean Partner |
4/27/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
4/27/2012 | New SEC Document(s) for Richmont Mines, Inc. |
4/7/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
3/21/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
3/14/2012 | Photo Release -- FuelCell Energy and Air Products Sign Memor... |
3/12/2012 | and POSCO Energy Announce Expanded Partnership |
3/9/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
2/29/2012 | New SEC Document(s) for Apache Corporation |
2/28/2012 | Announces Signing of a Long Term Service Agreement with a Ca... |
2/22/2012 | Announces Cooperation With Fraunhofer IKTS to Develop the Eu... |
2/21/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
2/7/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
1/18/2012 | New SEC Document(s) for FuelCell Energy, Inc. |
1/11/2012 | Event Reminder for FuelCell Energy, Inc. |
1/11/2012 | Delivers One Billion Kilowatt Hours of Ultra-Clean Power Gen... |
12/14/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
12/12/2011 | Enters Into Partnership Agreement With Abengoa to Develop Lo... |
11/30/2011 | Event Reminder for FuelCell Energy, Inc. |
10/10/2011 | Announces Sale of 1.4 Megawatt Power Plant to Provide Ultra-... |
10/6/2011 | Announces $1.0 Million Phase II Award for Hydrogen Separatio... |
10/3/2011 | Announces $3.0 Million Award for Carbon Capture Utilizing Di... |
9/16/2011 | Event Reminder for FuelCell Energy, Inc. |
9/8/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
9/7/2011 | Announces Asian Market Expansion With Sale of Ultra-Clean Fu... |
8/16/2011 | Announces Co-Production of Renewable Hydrogen for Vehicle Fu... |
8/8/2011 | New SEC Document(s) for Apache Corporation |
8/8/2011 | New SEC Document(s) for Constellation Energy Group |
8/4/2011 | Announces Signing of Two Long Term Service Agreements for Po... |
8/3/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
5/24/2011 | Event Reminder for FuelCell Energy, Inc. |
5/12/2011 | Event Reminder for FuelCell Energy, Inc. |
5/9/2011 | New SEC Document(s) for Apache Corporation |
5/9/2011 | New SEC Document(s) for Constellation Energy Group |
5/5/2011 | New SEC Document(s) for Richmont Mines, Inc. |
5/3/2011 | Team Awarded $11.7 Million Contract to Further Develop Clean... |
4/26/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
4/12/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
4/12/2011 | Awarded Research Contracts for Renewable Biogas Processing a... |
4/7/2011 | New SEC Document(s) for Apache Corporation |
3/30/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
3/10/2011 | Reports First Quarter Results and Latest Accomplishments |
2/24/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
2/8/2011 | New SEC Document(s) for FuelCell Energy, Inc. |
8/19/2010 | Sells Two DFC300 Power Plants to be Fueled With Renewable Bi... |
8/17/2010 | Sells 1.4 Megawatt Fuel Cell Power Plant to Provide Renewabl... |
8/9/2010 | Power Plants to be Installed at U.S. Naval Submarine Base Ne... |
7/28/2010 | Announces the Exercise of the Public Offering of Common Stoc... |
7/27/2010 | to Supply Fuel Cell Power Plant for Reliable and Secure Powe... |
7/6/2010 | Promotes Anthony Rauseo to Newly Created Chief Operating Off... |
6/30/2010 | Announces Closing of $30.0 Million Public Offering of Common... |
6/25/2010 | Prices $30 Million Public Offering of Common Stock |
6/24/2010 | Announces Proposed Public Offering of Common Stock |
6/3/2010 | to Supply Direct FuelCell Power Plants to California Utility |
3/24/2010 | Announces Passage of Renewable Portfolio Standard by South K... |
3/11/2010 | Releases Data for First Year of Ultra-Clean Hybrid Power Pla... |
3/10/2010 | Awarded $2.1 Million for Fuel Cell to be Incorporated into A... |
12/9/2009 | New SEC Document(s) for FuelCell Energy, Inc. |
11/2/2009 | New SEC Document(s) for FuelCell Energy, Inc. |
10/28/2009 | Sign License Agreement to Localize Products for South Korean... |
10/5/2009 | Awarded $1.5 Million for Electrochemical Hydrogen Separator ... |
9/15/2009 | Awarded $1.9 Million From American Recovery and Reinvestment... |
6/22/2009 | Announces Closing of $24.2 Million Registered Direct Offerin... |
6/16/2009 | $24.2 Million Registered Direct Offering |
6/9/2009 | POSCO Power Orders 30.8 MW of FuelCell Energy Modules and Co... |
6/5/2009 | Power Plant to Provide Ultra-Clean Energy for Government Bui... |
6/2/2009 | New SEC Document(s) |
3/11/2009 | Connecticut Department of Public Utility Control Issues Revi... |
2/20/2009 | Pepperidge Farm Joins With FuelCell Energy, Inc. and Connect... |
2/20/2009 | Enbridge and FuelCell Energy Power Up World's First DFC-ERG ... |
2/20/2009 | U.S. Marine Corps Orders Environmentally Friendly, Efficient... |
1/17/2009 | Connecticut Department of Public Utility Control Issues Draf... |
1/13/2009 | Team Awarded $30.2 Million Contract to Further Develop Clean... |
9/17/2008 | Connecticut Clean Energy Fund Submits Recommendations for Cl... |
6/24/2008 | New SEC Document(s) for FuelCell Energy, Inc. |
6/24/2008 | Initial Statement of Beneficial Ownership |
6/23/2008 | Names J.H. England to Board of Directors |
5/9/2008 | Connecticut Approves Financing Commitments for Two Hospital ... |
4/29/2008 | Connecticut Department of Public Utility Control Approves Fi... |
4/23/2008 | Orders 25.6 Megawatts of FuelCell Energy Power Plants and F... |
1/31/2008 | Connecticut Department of Public Utility Control Issues Fina... |
1/17/2008 | Receives $4 Million Loan From the State of Connecticut |
12/24/2007 | Connecticut Department of Public Utility Control Issues Draf... |
12/20/2007 | 1.2 Megawatt Power Plant Attains California Certifications ... |
12/11/2007 | Sells 4.8 Megawatts of Ultra-Clean Power Plants to South Ko... |
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