Articles
FuelCell Energy Closes $61.1 Million Public Offering
April 20, 2000
FuelCell Energy closed its public offering of 1,300,000 shares of its common stock April 19, at $47 per share for gross proceeds of $61.1 million. FuelCell Energy intends to use the net proceeds for immediate expansion of the company's Torrington manufacturing capacity to support commercialization activities and for general corporate purposes, including research and development, field trial support and working capital.
Merrill Lynch & Co. acted as the managing underwriter for the offering. Co-managers included CIBC World Markets, FAC/Equities and Lazard Freres & Co. Copies of the prospectus are available from the offices of Merrill Lynch & Co., World Financial Center, New York, New York 10281.
FuelCell Energy, based in Danbury, CN, develops carbonate fuel cell technology for stationary power generation. The company designed and is planning to commercialize its Direct FuelCell power plants.
Edited by April C. Murelio
editor@poweronline.com
