FuelCell
Energy Announces Closing of $24.2 Million Registered Direct Offering
6.7 Million Shares
Issued At $3.59 Per Share
DANBURY, Conn., June
19, 2009 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL) announced
today that it closed its previously announced sale of approximately 6.7
million shares of its common stock at $3.59 per share in a registered direct
offering. Net proceeds to the Company from the offering, after payment of
placement agent fees and offering expenses, were approximately $22.5 million.
FuelCell 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.
A shelf 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 was 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 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.
About FuelCell Energy,
Inc.
FuelCell 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
This 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.
Direct 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, Inc.
Lisa Lettieri
(203) 830-7494ir@fce.com