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$210M Public Offering for FCEL
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Business New Haven
6/18/2001
By: BNH
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DANBURY - FuelCell Energy (NASDAQ: FCEL) has agreed to sell three million shares of common stock through Merrill Lynch in an underwritten public offering, which the company expects to yield net proceeds of some $210 million.
In addition, the company has granted Merrill Lynch an option to purchase an additional 450,000 shares at the same price to cover over-allotments.
FuelCell Energy says it will use proceeds from this offering to expand manufacturing facilities and equipment to support commercialization activities and general coorporate purposes. The Danbury company produces high-efficiency fuel cells for electric power generation.
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