Business
FuelCell Energy Launches New Business Strategy
New “Powerhouse” business strategy launched to strengthen FuelCell Energy’s business, maximize operational efficiencies, and position the company for future
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"New “Powerhouse” business strategy launched to strengthen FuelCell Energy’s business, maximize operational efficiencies, and position the company for future profitable growthSeveral key milestones already achieved in 2019Growth initiative focused on both core power generation business as well as leveraging the Company’s proprietary technologies into new products, markets and geographies DANBURY, Conn., Jan. 22, 2020 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) – a global leader in delivering localized, always-on, and sustainable clean energy solutions – today announced the details of its new “Powerhouse” business strategy, which is focused on the fundamental pillars of Transform, Strengthen, and Grow.\n “Building on our 50-year history of innovation and our leadership in the advancement of fuel cell technology, we are embarking on a new “Powerhouse” business strategy focused on strengthening our operations and industry positioning to enable the delivery of sustained profitable growth to benefit all of our stakeholders,” said Jason Few, President and Chief Executive Officer. “In 2019, we largely completed the restructuring necessary to support our new business strategy, including accomplishing several foundational milestones toward achieving profitable growth and reestablishing our position of industry leadership. We are now able to focus fully on execution of our strategy and both growing our existing business and expanding into new products, markets and geographies.” 2019 Key Accomplishments and Recent Developments Ended our engagement with Huron Consulting Services LLC (“Huron Consulting”) after successfully restructuring our business and operations and paying off our senior secured credit facility.Closed on a new $200 million senior secured credit facility with Orion Energy Partners to fund construction costs, inventory and other capital expenditures associated with current and future fuel cell projects.Improved our capital structure by retiring our Series C and Series D preferred stock obligations.Entered into a new two-year joint development agreement with ExxonMobil Research and Engineering Company, with anticipated revenues of up to $60 million, to further the development of our carbon capture technology, and entered into a related $10 million technology license agreement.Announced a strategic relationship wit...