Ramp to a 70 megawatt Run-Rate on Track for May 1 st completion
Expect second fiscal quarter revenues in the range of $38 - $40 million
Demand for Efficient and Ultra-Clean Stationary Fuel Cells Drives Job Creation in Connecticut
DANBURY, Conn., April 18, 2013 (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, today provided an update on its previously announced plans to ramp to a 70 megawatt (MW) annual run-rate and the job creation resulting from the demand for its highly efficient and environmentally friendly stationary fuel cell power plants. "We are pleased with the progress in ramping our production rate by 25 percent and expect to be at a 70 megawatt annualized run-rate by May 1, 2013," said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. "The ramp of the business and hiring is directly related to demand in Connecticut such as a 14.9 megawatt fuel cell park in Bridgeport as well as overseas demand and a strong project pipeline." As a result of the increased run-rate and execution on the business plan, the Company expects to report revenues for its second fiscal quarter ended April 30, 2013 in the range of $38 to $40 million. This compares favorably to total revenues of $36.4 million reported for the quarter ended January 31, 2013 and $24.2 million reported for the quarter ended April 30, 2012. FuelCell Energy now employs more than 240 workers at its Danbury headquarters and research and development facility and 295 at its Torrington production facility. In the past six months, employment at the Torrington site has increased by more than 20 percent. Including Connecticut, the Company's total global employment now exceeds 600 full time employees. FuelCell Energy has been headquartered in Connecticut since 1969.