Home / Business and Economy / FuelCell Energy Prices $225M Offering for Growth
FuelCell Energy Prices $225M Offering for Growth
12 Jul
Summary
- FuelCell Energy priced a $225 million stock offering at $21 per share.
- Proceeds will fund expansion to power data centers, including AI facilities.
- Despite recent stock drop, the company's shares are up significantly YTD.
FuelCell Energy, a provider of clean energy solutions, recently priced an upsized public offering of common stock, raising $225 million at $21 per share. The company intends to use these gross proceeds to fund capital expenditures and expand its manufacturing capacity, focusing on powering data centers. This strategic expansion includes a significant agreement to supply up to 380 MW of clean, baseload on-site power for data centers, starting with an immediate 30 MW deployment for Fit Energy USA LP.
Despite a 13.2% intraday stock drop on July 8, FuelCell Energy's stock has experienced substantial growth over the past year, with a 310.7% increase in the last 52 weeks and a 214.6% year-to-date gain. The company, based in Danbury, Connecticut, utilizes molten carbonate fuel cell technology for utilities, data centers, and industrial clients, offering on-site electricity generation and hydrogen production. Although the company reported a 5% year-over-year decrease in revenue to $35.59 million for its second fiscal quarter ended April 30, and its backlog reduced, its adjusted net loss per share narrowed.
