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September 7, 2017 CT Green Guide

FuelCell 3Q losses jump

Contributed photo A FuelCell plant in Woodbridge
By Matt Pilon

Danbury manufacturer FuelCell Energy said its third-quarter losses grew, largely due to a drop in product revenue.

For the fiscal quarter ended July 31, FuelCell lost $17.8 million, or 38 cents per diluted share, compared to an $11.8 million loss, or 31 cents, in the third quarter of 2016.

The larger loss came amid lower revenue, which fell to $10.4 million from $21.7 million a year ago.

Also on Thursday, FuelCell announced a 20-megawatt sale of fuel cells in South Korea, which the company will operate and maintain. Last month it announced a 40-megawatt deal in Long Island.

Along with those new deals, the company’s earnings report names a recent change in Connecticut law as one of its “business highlights.”

The legislature this year authorized a sizable state-led clean energy acquisition that is expected to make it easier for fuel cell makers to win long-term energy contracts.

 

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