FuelCell Energy, Inc. (FCEL) stock soared 6.22% in the after-hours trading session at the price of $7.85 despite no fundamental reason. FCEL is a leading sustainable clean energy platform that produces proprietary fuel cell technology. It serves consumers with sustainable products and solutions for companies, monopolies, and governments.
FCEL Praised the Senate Bill 155
On 27th September 2021, FCEL endorsed the signing of Senate Bill 155 by California Governor Gavin Newsom. The approved bill proposes a two-year expansion of the Fuel Cell Net Energy Metering program, Fuel Cell NEM. This bill signifies an enormous investment in mitigating the impacts of climate change in California through environmental security, intense heat alleviation, wildfire prevention, and coastal rehabilitation.
Newsom’s emergency announcement in July indicated that California needs all possible tools to guarantee that California’s electrical grid remains resilient from intense heat and supply detentions. Prolonging the Fuel Cell NEM plan will provide California consumers an assurance that deploying clean and reliable baseload alternative energy sources is in the best interest of the state and compatible with the state’s environmental protection goals.
Management Comments
Chief Executive Officer, Jason Few, remarked that the Fuel Cell NEM program enables enterprises to invest their private capital in clean and reliable energy technology. It will lessen their power consumption and reduce their environmental footprint by overcoming Scope 1, 2, and 3 emissions. Meanwhile, the state benefits from managing and generating new jobs, overcoming greenhouse gas emissions, and measuring air pollutants without direct incentives. He thanked Governor Newsom and the California Legislature for promoting energy and climate policy that assists the state’s objective for clean energy investments, reliable baseload power, job production, and environmental security.
FCEL Announced Third Quarter of Fiscal 2021 Results
On 14th September 2021, FCEL announced its financial results for the third quarter ended 31st July 2021 and reported corporate updates.
Financial Highlights
FCEL reported revenue of approximately $26.8 million for the third quarter ended 31st July 2021. It represents a gain of 43% over the previous year’s third quarter ended 31st July 2020. For the third fiscal quarter of 2021, net loss was $(12.0) million. Net loss was $(15.3) million in the third fiscal quarter of the previous year. The net loss per share attributable to stockholders was $(0.04) for the third quarter ended 31st July 2021. The net loss attributable to stockholders was $(0.07) for the third quarter ended 31st July 2020.
