FuelCell Energy Inc. (FCEL) shares surged 6.30% to trade at $6.24 in pre-market on Wednesday, December 29, 2021, at last check. Yesterday, FCEL’s stock lost 6.83% to close Tuesday’s session at $5.87. FCEL shares have fallen 49.16% over the last 12 months, and they have moved down 2.98% in the past week. Over the past three months, the stock has lost 18.36%, while over the past six months, it has declined 35.49%.
Let’s discuss its recent news and developments.
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FCEL latest news
FuelCell Energy (FCEL), will release its fourth quarter and fiscal year 2021 results before the Stock Market opens on Wednesday, December 29, 2021.
The settlement with POSCO Energy
On December 27, 2021, FuelCell Energy, Inc. (FCEL) announced that POSCO Energy Co., Ltd. and its subsidiary, Korea Fuel Cell Co., Ltd., entered into a settlement agreement with FuelCell Energy.
According to the settlement, FuelCell will sell its differentiated platform technology throughout Asia. All licenses previously granted to POSCO Energy are amended such that POSCO has the right to service the existing installed POSCO customer base, but enjoys no other rights to FuelCell Energy technology in South Korea or broader Asian markets. All claims between the parties are fully and finally settled except for two small claims being negotiated by the parties.
FCEL corporate update
On December 17, 2021, FuelCell Energy, Inc. (FCEL) Board appointed Joshua Dolger as the Company’s Executive Vice President, General Counsel, and Corporate Secretary. Josh has been serving as interim General Counsel and Corporate Secretary since June 2021.
FCEL closed tax equity financing transaction
On December 15, 2021, FuelCell Energy, Inc. (FCEL) closed on a tax equity financing transaction with Franklin Park for the 7.4 megawatts fuel cell project located in Yaphank, Long Island, in New York. Franklin Park’s tax equity commitment totals $12.7 million following the recent declaration of mechanical completion of the Project.
The Company expects the commercial operation to commence before the end of December 2021. Following the commercial operation, FuelCell expects to add back-leverage debt financing to complete the project’s capital structure.
Well, the company is going to announce its financial results soon today that could be the reason behind its pre-market surge on Wednesday. Let’s see how it performs after the release of financial figures.