FuelCell Energy To Cut Additional 13% Of Workforce Amid Slower Clean-Energy Investments

Dow Jones11-15

By Ben Glickman

FuelCell Energy will cut an additional 13% of its workforce as part of a restructuring in response to slower investments in clean energy.

The Danbury, Conn., new-energy fuel-cell developer said that the changes would allow it to focus on commercially available technologies. The company said it would expand its molten carbonate technology, which its said could help meet increasing power demand driven by artificial intelligence data centers.

FuelCell said in a regulatory filing that it would reduce its workforce by 75 employees. Along with cuts made earlier this year, the company has laid off about 17% of employees.

The company expects the restructuring to slash operating costs by about 15% in fiscal 2025 compared with the prior year.

FuelCell said it would continue to pursue carbon capture and remained confident in the market for its solid oxide technology for electrolysis and power generation. The company said it would look to develop additional partnerships that can meet demand for electrolyzers.

The company said it expects to report cash, cash equivalents, restricted cash and equivalents and short term investments of more than $300 million as of the end of its fiscal year in October. FuelCell reports results in December.

The company expects to incur about $1.7 million to $2 million in cash costs related to the workforce cuts.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

November 15, 2024 07:59 ET (12:59 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2483787443?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-15 20:59","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2483787443","market":"other","top_or_hot":-1,"title":"FuelCell Energy To Cut Additional 13% Of Workforce Amid Slower Clean-Energy Investments","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n  By Ben Glickman \n</p>\n<pre>\n \n</pre>\n<p>\n  FuelCell Energy will cut an additional 13% of its workforce as part of a restructuring in response to slower investments in clean energy. \n</p>\n<p>\n  The Danbury, Conn., new-energy fuel-cell developer said that the changes would allow it to focus on commercially available technologies. The company said it would expand its molten carbonate technology, which its said could help meet increasing power demand driven by artificial intelligence data centers. \n</p>\n<p>\n  FuelCell said in a regulatory filing that it would reduce its workforce by 75 employees. Along with cuts made earlier this year, the company has laid off about 17% of employees. \n</p>\n<p>\n  The company expects the restructuring to slash operating costs by about 15% in fiscal 2025 compared with the prior year. \n</p>\n<p>\n  FuelCell said it would continue to pursue carbon capture and remained confident in the market for its solid oxide technology for electrolysis and power generation. The company said it would look to develop additional partnerships that can meet demand for electrolyzers. \n</p>\n<p>\n  The company said it expects to report cash, cash equivalents, restricted cash and equivalents and short term investments of more than $300 million as of the end of its fiscal year in October. FuelCell reports results in December. \n</p>\n<p>\n  The company expects to incur about $1.7 million to $2 million in cash costs related to the workforce cuts. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Ben Glickman at ben.glickman@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 15, 2024 07:59 ET (12:59 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>FuelCell Energy To Cut Additional 13% Of Workforce Amid Slower Clean-Energy Investments</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFuelCell Energy To Cut Additional 13% Of Workforce Amid Slower Clean-Energy Investments\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-15 20:59 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Ben Glickman \n\n\n \n\n\n  FuelCell Energy will cut an additional 13% of its workforce as part of a restructuring in response to slower investments in clean energy. \n\n\n  The Danbury, Conn., new-energy ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4096","symbol_name":"电气部件与设备","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2483787443","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2483787443","pubTimestamp":1731675540,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"FuelCell Energy will cut an additional 13% of its workforce as part of a restructuring in response to slower investments in clean energy.The Danbury, Conn., new-energy fuel-cell developer said that the changes would allow it to focus on commercially available technologies. The company said it would expand its molten carbonate technology, which its said could help meet increasing power demand driven by artificial intelligence data centers.FuelCell said in a regulatory filing that it would reduce its workforce by 75 employees. Along with cuts made earlier this year, the company has laid off about 17% of employees.The company expects the restructuring to slash operating costs by about 15% in fiscal 2025 compared with the prior year.FuelCell said it would continue to pursue carbon capture and remained confident in the market for its solid oxide technology for electrolysis and power generation. The company said it would look to develop additional partnerships that can meet demand for electr","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4096":"电气部件与设备","FCEL":"燃料电池能源","BK4541":"氢能源"},"translate_title":"由于清洁能源投资放缓，FuelCell Energy将额外裁员13%","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"FCEL":1},"content_text":"By Ben Glickman \n\n\n \n\n\n  FuelCell Energy will cut an additional 13% of its workforce as part of a restructuring in response to slower investments in clean energy. \n\n\n  The Danbury, Conn., new-energy fuel-cell developer said that the changes would allow it to focus on commercially available technologies. The company said it would expand its molten carbonate technology, which its said could help meet increasing power demand driven by artificial intelligence data centers. \n\n\n  FuelCell said in a regulatory filing that it would reduce its workforce by 75 employees. Along with cuts made earlier this year, the company has laid off about 17% of employees. \n\n\n  The company expects the restructuring to slash operating costs by about 15% in fiscal 2025 compared with the prior year. \n\n\n  FuelCell said it would continue to pursue carbon capture and remained confident in the market for its solid oxide technology for electrolysis and power generation. The company said it would look to develop additional partnerships that can meet demand for electrolyzers. \n\n\n  The company said it expects to report cash, cash equivalents, restricted cash and equivalents and short term investments of more than $300 million as of the end of its fiscal year in October. FuelCell reports results in December. \n\n\n  The company expects to incur about $1.7 million to $2 million in cash costs related to the workforce cuts. \n\n\n \n\n\n  Write to Ben Glickman at ben.glickman@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 15, 2024 07:59 ET (12:59 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2483787443"}