Back to top

Image: Bigstock

FuelCell (FCEL) Raises $177.3M to Fund Development Projects

Read MoreHide Full Article

FuelCell Energy (FCEL - Free Report) announced that it is successful in raising $177.35 million in gross proceeds from multiple offerings of its common stock, including both at the market and underwritten offerings. The offering was made between June 2020 and October 2020.

The company intends to utilize the proceeds to fund business operations, including developing projects and expanding presence in South Korea. It has plans to tap other Asian markets and offer high-quality products.

The company continues to advance innovative technologies that it believes will enable hydrogen-powered cars and trucks to cleanly operate globally. Through research and development as well as innovative technologies, the company intends to deliver electrolysis and hydrogen-based long-duration energy storage. So, the above funds will help it pursue the above development and innovative projects.

FuelCell Energy is also working on the “Powerhouse” business strategy, which is focused on initiatives intended to transform, strengthen and boost the company over the next three years.

Importance of Fuel Cell Technology

A gradual transition in the global energy space in quite evident, with utility operators shifting toward clean energy sources to produce electricity. FuelCell — as one of the global leaders in the fuel cell technology space — also aims to utilize its proprietary, state-of-the-art fuel cell platforms to generate electricity using clean resources. The company — which embraces a customer-focused and customer-driven culture — is enhancing global operations, which assist it to expand operations.

FuelCell Energy is deploying the tri-generation hydrogen technology platform at its new facility at the Port of Long Beach, California, to meet the power needs of Toyota at the port, providing hot water for car washing and the hydrogen needed to power the Toyota Mirai fuel cell passenger vehicle, Toyota FCET/Kenworth T680 and Toyota Uno heavy duty trucks.

In addition to FuelCell Energy, Inc., companies like Ballard Power Systems (BLDP - Free Report) , Plug Power, Inc. (PLUG - Free Report) and Bloom Energy Corporation (BE - Free Report) are also using fuel cell technology to supply clean energy.

Zacks Rank & Price Performance

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the past six months, shares of the company have rallied 44%, outperforming the industry’s 7.5% growth.

More Stock News: This Is Bigger than the iPhone!

It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.

Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.

Click here for the 6 trades >>

Published in