FuelCell Energy Inc. (NASDAQ:FCEL) said Thursday that it commissioned a slew of projects in the fiscal second quarter and continued to develop 62.3 megawatt (MW) worth of projects in its portfolio.
The Danbury, Connecticut-based company said commissioning was completed in June 2018 for the 20 MW Korean utility project owned by the Korea Southern Power Company.
“We are pleased with the execution of our strategy on a number of fronts,” said FuelCell Energy CEO Chip Bottone.
“We completed delivery and commissioning of the 20 MW Korean utility project a full two months before our contractual target date and completed a sale of the now fully operational 2.8 MW Tulare project to NRG Yield,” he added.
FuelCell also submitted multiple bids in Connecticut with decisions expected in the near team.
“We remain laser-focused on the key areas for our success: Execution of our backlog, growth of our generation portfolio assets, winning new business and advancing the big opportunities of carbon capture, hydrogen production and long-duration storage solutions,” said Bottone.
FuelCell Energy recently won a $1.5 million research grant from the Department of Energy. The company designs, manufactures, and sells ultra-clean, highly efficient stationary fuel cell power plants for distributed power generation.
Fuel cells take energy like natural gas or hydrogen, combine that with air, and make electricity. It’s all done via an electrochemical process, which doesn’t burn fuel, making the process cleaner than conventional methods.
Before Thursday's open, the company reported a fiscal second-quarter loss of US$0.23 per share on revenue of US$20.8mln. This was larger than the consensus estimates for a loss of US$0.17 per share on revenue of US$20.4mln. Revenue grew 2% on a year-over-year basis.
Shares of the fuel cell power company fell 6.77% to US$1.79 on Thursday.