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Sunday, April 18, 2021

SureSource Fuel Cell Power; the Story of FuelCell Energy Inc (NASDAQ: FCEL)

FuelCell Energy Inc (NASDAQ: FCEL) is making a powerful move up the charts in recent weeks skyrocketing of its $2 base and emerging as a volume leader in small cap thanks to growing interest in the burgeoning hydrogen economy. There is a lot to get excited about on FuelCell  as the Company recently secured $8 million from the US Department of Energy to be used for the solid oxide electrolyss technology. Recently Paul Coster an analyst at JP Morgan Chase upgraded his opinion of the stock giving it a major buy rating due to near term catalysts including “major products with Toyota and Exon.” JP Morgan also predicts FuelCell is profitable by 2022 by turning its projected $1.3 million in project backlogs into revenues.

Fuel Cell is a fast growing sector as hydrogen demand increases at a rapid rate with the current global fuel cell market estimated to be worth $170 billion. Large oil Companies such as BP are also ramping up their hydrogen investments. Currently hydrogen supplies less than 5% of the World’s energy but some estimates suggest if may represent up to 25% of the Worlds energy by 2050 representing a $2.5 trillion market opportunity.

FuelCell Energy Inc (NASDAQ: FCEL) based in Connecticut began selling stationary fuel cell power plants commercially in 2003. The Company is now a global leader in sustainable clean energy technologies that address some of the world’s most critical challenges around energy, safety and global urbanization. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for businesses, utilities, governments and municipalities. The Company’s solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe. FuelCell targets large-scale power users with our megawatt-class installations globally, and currently offer sub-megawatt solutions for smaller power consumers in Europe. FuelCell customer base includes utility companies, municipalities, universities, hospitals, government entities/military bases and a variety of industrial and commercial enterprises. The Company’s leading geographic markets are currently the United States and South Korea, and it is pursuing opportunities in other countries around the world. SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Capital, FuelCell Energy, and FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.

With more than 9.5 million megawatt hours of clean electricity produced, FuelCell Energy is now a global leader in delivering environmentally-responsible distributed baseload power solutions through its proprietary, molten-carbonate fuel cell technology. FuelCell core fuel cell products offer clean, highly efficient and affordable power generation for customers, including the sub-megawatt SureSource 250 TM and SureSource 400 TM in Europe, and the 1.4 MW SureSource 1500TM, the 2.8 MW SureSource 3000TM, and the 3.7 MW SureSource 4000TM globally.  The plants are scalable for multi-megawatt utility applications, microgrid applications, distributed hydrogen, or on-site CHP generation for a broad range of applications.  FuelCell’s proprietary carbonate fuel cell technology generates electricity directly from a fuel, such as natural gas or Renewable Biogas, by reforming the fuel inside the fuel cell to produce hydrogen. This internal, proprietary “one-step” reforming process results in a simpler, more efficient, and cost-effective energy conversion system compared with external reforming fuel cells.

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FCEL

The Company’s fuel cell solution is a clean, efficient alternative to traditional combustion-based power generation and is complementary to an energy mix consisting of intermittent sources of energy, such as solar and wind turbines. FuelCell systems answer the needs of diverse customers across several markets, including utility companies, municipalities, universities, hospitals, government entities and a variety of industrial and commercial enterprises.  The Company provides solutions for various applications, including utility-scale distributed generation, on-site power generation and combined heat and power, with the differentiating ability to do so utilizing multiple sources of fuel including natural gas, Renewable Biogas (i.e., landfill gas, anaerobic digester gas), propane and various blends of such fuels. Our multi-fuel source capability is significantly enhanced by our proprietary gas-clean-up skid.

Fiscal year 2019 was one of transformation for FuelCell Energy. The Company restructured its management team and its operations in ways that are intended to support its growth and achieve profitability and sustainability goals. Recently the Company closed on a new $200 million credit facility with Orion Energy Partners, executed a new Joint Development Agreement with ExxonMobil Research and Engineering Company (“EMRE”), with anticipated revenues of up to $60 million and restructed its business to realize annualized operating savings of approximately $15 million.

On December 4 FuelCell announced completion of the previously announced underwritten public offering of 39,696,320 shares of its common stock, including the underwriters’ exercise, in full, of their option to purchase an additional 5,177,781 shares of common stock from the Company. The offering consists of 25,000,000 shares sold by the Company and 14,696,320 shares sold by certain selling stockholders, resulting in aggregate gross proceeds of $162.5 million to the Company and $95.5 million to the selling stockholders, before deducting the underwriters’ discounts and offering expenses. J.P. Morgan Securities LLC is acting as sole book-running manager. Barclays Capital Inc., Canaccord Genuity LLC, Cowen and Company LLC, Loop Capital Markets LLC, Oppenheimer & Co. Inc., Craig-Hallum Capital Group LLC, and Tuohy Brothers Investment Research, Inc. acted as co-managers for the offering.

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Currently making a powerful move up the charts FCEL is an exciting story developing in small caps; FuelCell is a global leader in delivering environmentally-responsible distributed baseload power solutions through its proprietary, molten-carbonate fuel cell technology. FuelCell core fuel cell products offer clean, highly efficient and affordable power generation for customers, including the sub-megawatt SureSource 250 TM and SureSource 400 TM in Europe, and the 1.4 MW SureSource 1500TM, the 2.8 MW SureSource 3000TM, and the 3.7 MW SureSource 4000TM globally.  The Company recently secured $8 million from the US Department of Energy to be used for the solid oxide electrolyss technology. Recently Paul Coster an analyst at JP Morgqn Chase upgraded his opinion of the stock giving it a major buy rating due to near term catalysts including “major products with Toyota and exon. JP Morgan also predicts FuelCell is profitable by 2022 by turning its projected $1.3 million in project backlogs into revenues. Fuel Cell is a fast growing sector as hydrogen demand increases at a rapid rate with the current global fuel cell market estimated to be worth $170 billion. Large oil Companies such as Dutch Shell and BP are also ramping up their hydrogen investments.  Currently hydrogen supplies less than 5% of the Worlds energy but some estimates suggest if may represent up to 25% of the Worlds energy by 2050 representing a $2.5 trillion market opportunity. We will be updating on FCEL when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with FCEL.

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Disclosure: we hold no position in FCEL either long or short and we have not been compensated for this article.

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