Upcoming AWS Coverage on Eversource Energy Post-Earnings Results

LONDON, UK / ACCESSWIRE / December 2, 2016 / Active Wall St. blog coverage looks at the headline from Clean Power Company FuelCell Energy ??? Inc. ??(NASDAQ: FCEL) as the company announced on December 01, 2016, that its plans for corporate restructuring with the aim to reduce costs and align production levels to current demands. As part of the restructuring, it aims to reduce 17% of its total workforce. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.

One of FuelCell Energy's competitors within the Diversified Utilities space, Eversource Energy (NYSE: ES), reported on November 01, 2016, its third quarter 2016 results. AWS will be initiating a research report on Eversource Energy in the coming days.

Today, AWS is promoting its blog coverage on FCEL; touching on ES. Get all of our free blog coverage and more by clicking on the links below:

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Commenting on the development Chip Bottone, President and CEO of FuelCell Energy, said:

"We are streamlining our business and cost structure as we reduce our production levels to meet the backlog we have today while positioning FuelCell for long-term success. Our employees are our most valued assets so the decision to reduce our workforce was not made lightly."

Key highlights of the corporate restructuring plan

FuelCell plans to implement a wide range of cost-cutting measures including reducing materials spending. The cost-cutting initiative also includes the reduction in its workforce by 17%. A total of 96 positions will be axed and are spread across its production facilities in Torrington, Connecticut, its corporate offices in Danbury, and at a few remote locations. FuelCell will incur a cost of $3 million towards this exercise and more than 50% of this cost will be paid in cash towards severance pay. FuelCell will save approximately $6 million annually as a direct result of the job cuts.

FuelCell has reduced its production rate to 25 megawatts from the earlier 50 megawatts. The lowering of the production rate is taking into consideration possible delays in the order flows in the future. FuelCell feels that this is a temporary situation and the production levels can be modified (increased or decreased) after revaluation of future trend in its order flows.

FuelCell is awaiting decision from New York, where it has submitted a proposal for a utility-scale fuel cell only project. The decision from New York is expected in the H1 2017. It also plans to go ahead and develop and complete utility-scale fuel cell projects in Connecticut. FuelCell will manufacture the fuel cells needed to run the Beacon Falls Energy Park in Connecticut. When completed, the park will be the largest fuel cell facility in the world, according to Beacon Falls Energy Park officials.

In early November 2016, FuelCell completed the construction and commercial operation of a 5.6 megawatt fuel cell project located on the Pfizer 160 acre research and development facility in Groton, Connecticut.

FuelCell anticipates favorable changes in legislations and regulations in the states of New York and California which will help in getting more orders for the future. The outlook for orders from the European markets is positive and FuelCell has already received a second utility order from this region. On November 10, 2016, the German unit of FuelCell ? FuelCell Energy Solutions GmbH merged with E.ON Connecting Energies GmbH to take advantage of the opportunities in the European markets. E.ON and FuelCell Energy Solutions jointly installed a 1.4 megawatts capacity fuel cell power plant at FRIATEC AG in Mannheim which started operation in September 2016. Canadian oil sands operators have shown interest in developing utility-owned coal/gas-fired power plants. These interests will add to FuelCell's future order pipeline.

Stock Performance

At the closing bell, on Thursday, December 01, 2016, FuelCell Energy's stock slumped 11.11%, ending the trading session at $2.00. A total volume of 1.72 million shares were traded at the end of the day, which was higher than the 3-month average volume of 628.72 thousand shares. The stock currently has a market cap of $67.06 million.

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SOURCE: Active Wall Street