Business
Recent Strategic Transactions Position FuelCell for Future Success; Company to Resume Hosting Earnings Calls and Will Provide Strategy Update
New Executive Leadership Executing Transformation StrategyRecently Announced Partnerships Provide Immediate Liquidity and Supports Cash Flow Generation and
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"New Executive Leadership Executing Transformation StrategyRecently Announced Partnerships Provide Immediate Liquidity and Supports Cash Flow Generation and Future GrowthCompany to Hold Fiscal Q4 2019 Earnings Call and Provide Strategy Update on January 14, 2020 DANBURY, Conn., Nov. 11, 2019 (GLOBE NEWSWIRE) -- Today, FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in delivering clean, innovative and affordable fuel cell solutions, announced it has completed the restructuring phase of the Company’s transformation:\n November 5, 2019: Announced the conclusion of the engagement with Huron Consulting. Since June 2, 2019, Huron provided various services related to the Company's restructuring and contingency planning initiatives. The Board's decision was based on the outcome of many actions undertaken by Huron at the direction of the Board that led to the Company's successful restructuring, including the rightsizing of the business, implementation of cost control measures, and the repayment of substantial corporate debt. November 6, 2019: Announced a new, 8-year $200 million strategic corporate loan facility with Orion Energy Partners. The facility is an integral part of the go-forward capital structure and operating strategy of the Company and will serve to support capital costs associated with completing inflight projects. The Company is planning to leverage the initial October/November 2019 draws totaling $80 million to primarily support execution of certain projects within the Company’s $2 billion project backlog. The balance of the Facility, or $120 million, will be available over the first 18 months to invest in additional project deployments, strategic growth initiatives and provide working capital as needed. November 6, 2019: Announced an expanded, two-year joint-development agreement with ExxonMobil to further enhance carbon capture technology. The agreement, valued at up to $60 million, will focus efforts on optimizing and enhancing the core carbonate fuel cell technology, accelerate overall process integration, and drive towards large-scale deployment of carbon capture solutions. During the period of restructuring, the Company executed a series of initiatives aimed at enhancing its financial and operational position. These significant efforts will enable the Company to deliver on current project commitments at a meani...