FuelCell Energy (NASDAQ:FCEL) news for Thursday includes a capital news update boosting FCEL stock higher.
According to a FuelCell Energy news release, the company has raised $177.35 million in gross proceeds from June 2020 and October 2020. This was raised via multiple offerings of FCEL stock. That includes both market and underwritten offerings.
FuelCell Energy notes that the $177.35 million in gross proceeds doesn’t take into account for sales commissions, underwriting discounts and offering expenses. The company says it plans to use the funds to further its business goals.
Jason Few, president and CEO of FuelCell Energy, said the following about the news.
“We are very pleased with the success of our capital raising efforts and the strong investor demand for our common stock. With this additional financing, FuelCell Energy is well-positioned to advance our business growth goals, including developing projects and growing our presence in South Korea. We have significantly strengthened the Company’s balance sheet and increased our financial flexibility. Importantly, FuelCell Energy is enhancing our global operations and leadership in clean tech energy while fulfilling our commitments to our customers and remaining focused on delivering value for our shareholders.”
As its name implies, FuelCell Energy is a company that focuses on the development of fuel cell technology. The company has been focusing on expanding its business of late. That includes bringing its offerings to South Korea and other Asia markets.
FCEL stock was up 10.4% as of Thursday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.