FuelCell Energy Doubling Factory as CEO Seeks to Turn Profit
- Expanding Connecticut factory with $30 million in state help
- Company will be profitable when sales exceed 90 megawatts
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FuelCell Energy Inc. Chief Executive Officer Chip Bottone is making his factory bigger and his systems better, part of a plan to make the money-losing manufacturer profitable.
Even though FuelCell hasn’t reported annual income since 1997, Connecticut Governor Dannel Malloy is on board. The state provided Thursday a $10 million loan to more than double the footprint of its factory, the first part of a package that may eventually reach $30 million and will help the company boost manufacturing capacity to 200 megawatts a year.