FuelCell Energy Announces End of Engagement with Huron Based on Progress
05 Novembre 2019 - 10:05PM
FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in
delivering clean, innovative and affordable fuel cell solutions for
the supply, recovery and storage of energy, today announced that
based on the progress made by the Company, the Board ended the
engagement with Huron and the restructuring services being provided
effective October 31, 2019. Beginning on June 2, 2019, Huron
provided various services related to the Company’s restructuring
and contingency planning initiatives. The Board’s decision was
based on the outcome of many actions undertaken by Huron at the
direction of the Board that led to the Company’s successful
restructuring, including the right sizing of the business,
implementation of cost control measures, and pay off of substantial
corporate debt.
“Huron did an exceptional job on behalf of FuelCell
throughout the restructuring and their efforts toward our stronger
future is appreciated," said Jason Few, President and Chief
Executive Officer, FuelCell Energy, Inc. "Huron engaged at a
difficult time in the Company’s history and has completed its role
successfully positioning FuelCell Energy in a much stronger
position just four months after the initial engagement.”
The Company will continue delivering world class
differentiated clean continuous power, the work of revitalizing
FuelCell Energy, its overall operational effectiveness, enhanced
commercial activity, geographic expansion and improving financial
results.
Cautionary LanguageThis news
release contains forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, including, without limitation, statements with
respect to the Company’s anticipated financial results and
statements regarding the Company’s plans and expectations regarding
the continuing development, commercialization and financing of its
fuel cell technology and business plans. All forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those projected. Factors
that could cause such a difference include, without limitation,
changes to projected deliveries and order flow, changes to
production rate and product costs, general risks associated with
product development, manufacturing, changes in the regulatory
environment, customer strategies, unanticipated manufacturing
issues that impact power plant performance, changes in critical
accounting policies, potential volatility of energy prices, rapid
technological change, competition, and the Company’s ability to
achieve its sales plans and cost reduction targets, as well as
other risks set forth in the Company’s filings with the Securities
and Exchange Commission. The forward-looking statements contained
herein speak only as of the date of this press release. The Company
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any such statement to reflect
any change in the Company’s expectations or any change in events,
conditions or circumstances on which any such statement is
based.
About FuelCell EnergyFuelCell
Energy, Inc. (NASDAQ: FCEL) delivers efficient, affordable and
clean solutions for the supply, recovery and storage of energy. We
design, manufacture, undertake project development of, install,
operate and maintain megawatt-scale fuel cell systems, serving
utilities and industrial and large municipal power users with
solutions that include both utility-scale and on-site power
generation, carbon capture, local hydrogen production for
transportation and industry, and long duration energy storage. With
SureSource™ installations on three continents and millions of
megawatt hours of ultra-clean power produced, FuelCell Energy is a
global leader in designing, manufacturing, installing, operating
and maintaining environmentally responsible fuel cell power
solutions. Visit us online at www.fuelcellenergy.com and follow us
on Twitter @FuelCell_Energy.
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.
Contact:FuelCell
Energy203.205.2491ir@fce.com
Source: FuelCell Energy
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