Danbury-based FuelCell Energy Inc. has raised about $135.5 million from selling more than 15 million shares of its common stock, according to a recent federal filing.
Between Sept. 15 and Nov. 6, the company sold 15,380,413 shares at an average price of $8.99, generating gross proceeds of approximately $138.3 million. After commissions and fees, net proceeds totaled about $135.5 million, the U.S. Securities and Exchange Commission filing shows.
The filing did not specify how the funds will be used.
FuelCell Energy develops fuel cell systems that generate electricity and heat through an electrochemical process that produces fewer emissions than traditional combustion-based power. Its technology is also used to produce hydrogen and capture carbon dioxide for industrial and utility customers.
The company, which has yet to turn a profit, has faced financial challenges in recent years. In June, FuelCell announced it was cutting 22% of its workforce — reducing its headcount to about 426 employees — as part of a plan to trim operating expenses by 30% in response to “slower-than-expected market investments in clean energy.”
At the time, FuelCell said it would recalibrate production at its Torrington manufacturing facility to match contracted demand and defer certain compensation and benefits. The company has since shifted its focus toward its carbonate fuel-cell platform, which uses natural gas and biofuels, while scaling back research on solid oxide power-generation technology.
Despite nearly doubling its fiscal third-quarter revenue, FuelCell reported a $92.5 million loss during the three-month period that ended July 31.