September 8, 2016
CT Green Guide

FuelCell's 3Q red ink deepens

Danbury's FuelCell Energy said its third-quarter net losses increased by nearly 62 percent largely due to a steep drop in revenue.

The manufacturer reported a net loss of $11.8 million, or 38 cents per diluted share, for the fiscal quarter ended July 31, compared to a loss of $7.3 million, or 29 cents, in the same quarter a year ago.

Revenue fell nearly 48 percent from the year-ago quarter, from $41.4 million to $21.7 million. The bulk of the drop was in product sales, which FuelCell said reflected lower equipment, procurement and construction (EPC) revenue, as well as lower Asian sales.

For the first nine months of its fiscal year, FuelCell has lost $40.5 million, compared to a loss of $22.9 million in the first three quarters of last fiscal year.

Danbury plant approved

On Tuesday, the company announced that it had received approval from the Connecticut Siting Council to install a 3.7-megawatt fuel cell in Danbury.

The design of the three-module fuel cell is configured to target uses for utilities and data centers. The third module uses unused fuel from the other two modules, along with heat and natural gas, to more efficiently produce power, the company said.

FuelCell CEO Chip Bottone said in a statement that the design represents "a breakthrough in transforming power generation networks to a cleaner, more affordable and capital efficient model that meets the needs of global economies today."

Bottone mentioned the new fuel cell in the earnings report Thursday.

"I am particularly excited to begin construction of this recently announced enhanced efficiency fuel cell configuration as it provides the high efficiency advantages of a large-scale combined cycle gas plant with the benefits of clean distributed generation that can be easily sited on minimal land," he said.

Read more

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