FuelCell Energy Inc. Provides Revenue Guidance for the Third and Fourth Quarters of 2015
Jun 9 15
FuelCell Energy Inc. provided revenue guidance for the third and fourth quarters of 2015. The company projected average quarterly revenue of $38 million to $48 million for the third and fourth quarters of 2015. The increase in the second half reflects the expected conversion of inventory into product revenue and increasing service revenue.
FuelCell Energy Inc. Reports Consolidated Unaudited Earnings Results for the Second and Six Months Ended April 30, 2015
Jun 8 15
FuelCell Energy Inc. reported consolidated unaudited earnings results for the second and six months ended April 30, 2015. For the quarter, the company reported total revenues of $28,600,000 compared with $38,274,000 for the same period last year. Loss from operations was $8,793,000 compared with $8,773,000 for the same period last year. Loss before provision for income taxes was $9,942,000 compared with $15,971,000 for the same period last year. Net loss attributable to the company was $9,894,000 or $0.04 diluted per share compared with $15,843,000 or $0.07 diluted per share for the same period last year. Capital spending was $1.7 million. EBITDA was $7,709,000 compared with $7,467,000 for the same period last year.
For the six, the company reported total revenues of $70,270,000 compared with $82,708,000 for the same period last year. Loss from operations was $13,923,000 compared with $16,343,000 for the same period last year. Loss before provision for income taxes was $14,056,000 compared with $26,676,000 for the same period last year. Net loss attributable to the company was $13,960,000 or $0.05 diluted per share compared with $26,447,000 or $0.13 diluted per share for the same period last year.
FuelCell Energy Inc. Announces Innovative Solution for Clean, Renewable and Affordable Hydrogen for Transportation and Industry
May 27 15
FuelCell Energy Inc. announced affordable on-site generation of high purity hydrogen for transportation and industrial applications using commercial fuel cell power plants. A megawatt-scale FuelCell Energy hydrogen delivery system can generate more than 1,200 kilograms of hydrogen per day, suitable for larger industrial applications or adequate to power a fleet of more than 1,500 fuel cell cars while also producing two megawatts of ultra-clean electricity. The hydrogen and power is generated in a low carbon manner when operating on natural gas, or is carbon neutral when utilizing renewable biogas as the fuel source. Transportation applications: The company power plants support hydrogen fueling for fuel cell vehicles, illustrated by a three year demonstration project in California that converted renewable biogas from wastewater into high purity 100% renewable hydrogen for transportation. This fuel cell solution provides renewable hydrogen for transportation that is generated in a zero carbon manner, emitting water vapor and virtually absent of the pollutants that cause smog, generate acid rain and can exacerbate asthma. The emerging transportation market has the potential to significantly increase hydrogen demand as vehicle manufacturers introduce hydrogen fuel cell vehicles and these vehicles need a fueling infrastructure. In addition, there is a growing fleet of fuel cell powered fork lift trucks which represent additional market potential for distributed hydrogen. Estimates for global shipments by 2017 for vehicle and material handling systems will exceed 300,000 units. The hydrogen required by these vehicles would be enough to support a market of about $30 billion of fuel cell hydrogen delivery systems, plus service opportunities. The ability of the company solution to utilize on-site renewable biogas offers an attractive opportunity to affordably and cleanly provide 100% renewable transportation fuel. Industrial applications: Industrial users of hydrogen, including metal processors, glass makers, operators of large material handling equipment fleets and petrochemical applications, can benefit from environmentally friendly and affordable on-site hydrogen generation. FuelCell Energy is demonstrating these advanced manufacturing capabilities at its North American manufacturing facility with a stationary Direct FuelCell® (DFC®) power plant that converts clean natural gas into power and heat for the manufacturing process and hydrogen that will be used as an oxidation preventative in the manufacturing ovens, replacing purchased hydrogen. In addition, the fuel cells power an electric vehicle charging station located on-site. Industrial demand for hydrogen is substantial with more than 9 million kilograms per day produced and distributed to end userspercperc. As an indication of the market potential, if only 10% of this industrial demand was met with fuel cell based hydrogen delivery systems, it would represent an addressable market for fuel cell plants of approximately $5 billion in the USA, plus Services opportunities. Global markets add another 40% to 50% to the market size. The hydrogen delivery system operating at the FuelCell Energy manufacturing facility is meeting approximately 30% of the electricity needs of the operation and will minimize the need for delivered hydrogen, reducing transportation-related pollutant emissions. The co-generation replaces heat produced by a combustion-based boiler, avoiding heating fuel costs and eliminating the associated pollutants. The production cost of the hydrogen from megawatt-scale fuel cell plants is cost-competitive versus delivered hydrogen for industrial users and compared to the cost of gasoline for transportation uses. Pricing will depend on the location of the installation, value of the electricity produced and cost of fuel for the fuel cell power plant. The Federal Investment Tax Credit further supports the cost competitiveness of this on-site generation solution. In addition, on-site hydrogen generation provides a societal benefit by avoiding the emissions and traffic congestion from the delivery of hydrogen via diesel truck. Compared to existing centralized generation of hydrogen, a 2 megawatt FuelCell Energy hydrogen delivery system is estimated to eliminate approximately 1,600 tons of carbon dioxide (CO2) emissions annually. These systems can also operate on renewable biogas, increasing the amount of avoided CO2 to 4,000 tons per year. Low carbon power generation by the on-site fuel cells further reduces the carbon footprint of the system compared to the electric grid and generating heat avoids the use of combustion-based boilers.