Danbury: FuelCell Energy Inc. [Nasdaq: FCEL] stock went on a world wind trip this week losing 10% of it value on a single day May 2. The stock closed at $1.08 as 2.81 million shares changed hands, nearly twice the daily average.
A day later the company added $15.4 million to its coffers with a public underwriting.
The past year has been difficult for Fuel Cell Energy, its large Korean Partner POSCO ENERGY is retrenching and Fuel Cell will be picking up the load of marketing in Asia.
At home New England power producers didn’t agree to a power purchase agreement for the company’s planned construction of the largest Fuel Cell Plant in the country to be built in Beacon Falls.
Michael Bishiop, senior vice president and CFO of FuelCell Energy, was quoted on the govtech.com news wesbiste saying “his company in particular is receiving mixed signals. In 2015, the state’s Department of Economic and Community Development announced $30 million in low-interest loans and tax credits to help fund a major expansion of the company’s Torrington manufacturing facility.”
The newsite continued. “Then, according to Bishop, the state threw a curveball by not selecting fuel cell projects for the long-term contracts in October. Shortly after the decision not to award Beacon Falls Energy Park a contract, FuelCell Energy laid off 17 percent of its workforce, with cuts coming from both its Danbury headquarters and in Torrington.”