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Danbury manufacturer recharges with $25M in hiring push

August 27, 2018

FuelCell Energy is issuing convertible preferred stock for net proceeds of more than $25 million, as the manufacturer ramps up multiple projects in its home state of Connecticut where it is based in Danbury.

The company’s fuel cells generate electricity through a chemical process, with U.S. customers including Orange-based Avangrid, Dominion, Eversource and the Long Island Power Authority. FuelCell produces its systems at a Torrington factory where it is hiring to fulfill a backlog of orders valued at $1.9 billion at last report, with the company also assembling fuel cell systems in Germany and South Korea.

FuelCell lost $18.1 million in its second fiscal quarter ending in April, worse by 29 percent from a year earlier. As of April 30, FuelCell had $70 million in cash of total assets valued at $368 million. FuelCell is scheduled to release its fiscal third quarter results on Sept. 6.

Alex.Soule@scni.com; 203-842-2545; @casoulman

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