New York, NY, - March 12 , 2012 – (Investorideas.com renewable energy/green newswire) Investorideas.com, a leader in renewable energy stock research for independent investors, issues an investor alert for, FuelCell Energy, Inc. (NasdaqGM :FCEL) , trading up at $1.71 , up 0.21(14.00%) on over 4.9 Million shares .
The Company reported its first quarter results ending January 31, 2012 along with its business highlights, as well as announcing it has entered into an MOU with its South Korean partner, POSCO Energy for a 120 Megawatt multi-yea order commitment. POSCO Energy will also buy 20,000,000 shares of FuelCell Energy at $1.50 per share for proceeds of $30 million.
FuelCell Energy (NasdaqGM: FCEL) reported total revenues for the first quarter of 2012 of $31.3 million compared to $28.1 million in the same period last year. Product sales and revenues in the first quarter increased 15 percent to $29.6 million compared to $25.8 million in the prior year quarter, due to increasing demand for Direct FuelCell(R) (DFC(R)) power plants, components and installation services. First quarter product revenue included $20.9 million of power plants and fuel cell kits, $5.3 million of power plant component sales and installation services, and $3.4 million of service and power purchase agreements. Product sales and service backlog totaled $184.1 million as of January 31, 2012 compared to $156.9 million as of January 31, 2011. Product sales backlog was $107.9 million and $78.9 million as of January 31, 2012 and 2011, respectively. Service agreement backlog was $76.2 million and $78.0 million as of January 31, 2012 and 2011, respectively. Backlog does not include the 120 MW POSCO Energy announcement or service agreement with Southern California Edison received subsequent to quarter end.
Direct FuelCell(R) power plants are generating ultra-clean, efficient and reliable power at more than 50 locations worldwide. With over 180 megawatts of power generation capacity installed or in backlog, FuelCell Energy is a global leader in providing ultra-clean baseload distributed generation to utilities, industrial operations, universities, municipal water treatment facilities, government installations and other customers around the world. The Company's power plants have generated over one billion kWh of power using a variety of fuels including renewable biogas from wastewater treatment and food processing, as well as clean natural gas. For more information please visit our website at www.fuelcellenergy.com
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