FuelCell Energy Announces Pricing of $33.5 Million Convertible Preferred Stock Transaction

9/5/17

DANBURY, Conn., Sept. 05, 2017 (GLOBE NEWSWIRE) -- 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, announced today that it has priced an underwritten offering of 33,500 shares of convertible preferred stock (the “Preferred”) with a stated value of $1,000 per share. The Preferred carries a 0.0% dividend and is convertible into common shares at $1.84 per common share. Each share of Preferred is being sold at a price of $895.52 for gross proceeds of $30.0 million.

“This financing further strengthens our balance sheet, supporting utility scale projects such as the recently announced 20 megawatt utility project in South Korea and the 40 megawatt utility award for Long Island, New York,” said Chip Bottone, President and Chief Executive Officer, FuelCell Energy.

FuelCell Energy intends to use the net proceeds from this offering for working capital, project financing, and general corporate purposes. The offering is expected to close on or about September 8, 2017, subject to the satisfaction of customary closing conditions.

Oppenheimer & Co. Inc. is acting as the sole underwriter for the offering.

About FuelCell Energy

FuelCell Energy (NASDAQ:FCEL) delivers efficient, affordable and clean solutions for the supply, recovery and storage of energy. We design, manufacture, undertake project development, install, operate and maintain megawatt-scale fuel cell systems, serving utilities, 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 with environmentally responsible power solutions. Visit us online at www.fuelcellenergy.com and follow us on Twitter @FuelCell_Energy.

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