FuelCell Energy Announces Closing of $31.6 Million Public Offering of Common
25.3 Million Shares Issued at $1.25 Per Share
DANBURY, Conn., Jan. 23, 2014 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc.
(Nasdaq:FCEL), a global leader in the design, manufacture, operation and
service of ultra-clean, efficient and reliable fuel cell power plants,
announced today the completion of an underwritten public offering of 25.3
million shares of its common stock, including 3.3 million shares sold pursuant
to the full exercise of an over-allotment option previously granted to the
underwriters. All of the shares were offered and sold by FuelCell Energy at
the public offering price of $1.25 per share. The total net proceeds to the
Company after expenses were approximately $29.4 million. FuelCell Energy
intends to use the net proceeds from this offering for project development,
project finance, working capital support and general corporate purposes.
"We are well positioned to execute on our 2014 growth plan which includes
closing over 30 megawatts of new orders and bidding on large scale projects in
our existing markets," said Chip Bottone, President and Chief Executive
Officer, FuelCell Energy, Inc. "The larger projects which we have developed in
our pipeline require working capital flexibility to have inventory available
for installation with short lead-times as well as capital for meeting
obligations related to the construction and operation of the projects. This
capital raise combined with the validation gained from the on-time completion
of multi-megawatt fuel cell parks and an enhanced global manufacturing
footprint put the Company in a strong position for continued growth. "
Stifel acted as the sole book-running manager for the offering. Cowen and
Company acted as the co-lead manager, and FBR Capital Markets & Co. acted as
co-manager for the offering. Ardour Capital Investments, LLC was a selling
group member for the offering.
A shelf registration statement relating to the above-described securities was
previously filed with and declared effective by the Securities and Exchange
Commission. A preliminary prospectus supplement related to the offering was
filed with the Securities and Exchange Commission. The securities may be
offered only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. When available, copies
of the final prospectus supplement together with the base prospectus relating
to this offering can be obtained at the Securities and Exchange Commission's
website http://www.sec.govor from Stifel at One Montgomery Street, Suite
3700, San Francisco, CA 94104, or via telephone at (415) 364-2720.
This press release does not constitute an offer to sell or the solicitation of
offers to buy any securities of FuelCell Energy, and shall not constitute an
offer, solicitation or sale of any security in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or jurisdiction.
About FuelCell Energy
Direct FuelCell® power plants are generating ultra-clean, efficient and
reliable power at more than 50 locations worldwide. With more than 300
megawatts of power generation capacity installed or in backlog, FuelCell
Energy is a global leader in providing ultra-clean baseload distributed
generation to utilities, industrial operations, universities, municipal water
treatment facilities, government installations and other customers around the
world. The Company's power plants have generated more than two billion
kilowatt hours of ultra-clean power using a variety of fuels including
renewable biogas from wastewater treatment and food processing, as well as
clean natural gas.
Direct FuelCell, DFC, DFC/T, DFC-H2 and FuelCell Energy, Inc. are all
registered trademarks of FuelCell Energy, Inc. DFC-ERG is a registered
trademark jointly owned by Enbridge, Inc. and FuelCell Energy, Inc.
CONTACT: FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
FuelCell Energy Logo
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