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FuelCell Energy Reports Q1 Results

FuelCell Energy, Inc. (NasdaqGM:FCEL), a manufacturer of stationary fuel cell power plants, announced results for its 2007 first fiscal quarter ended January 31, 2007. Revenues rose to $6.8 million from $5.9 million in Q1 06; research and development contract revenue was $1.9 million compared to $2.9 million. Product backlog, including long-term service agreements, increased to $36.7 million, compared to $24.5 million for Q1 2006, primarily from orders for megawatt-class products and service contracts. R. Daniel Brdar, FuelCell Energy’s CEO said, “Over the last several months we have made significant measurable progress toward our goal of increasing our penetration in repeatable and multi-megawatt markets. We closed the strategic alliance with POSCO Power, a leader in independent power generation, which not only significantly improves our strategic position in Asia through a 10-year manufacturing and distribution agreement in South Korea with an experienced producer and developer of power plants, but also brings FuelCell Energy a key strategic investor through an investment of $29 million. As important, we continue to achieve our cost-out objectives and prepare the Company to execute a higher volume of orders.’ The net loss to common shareholders for the first quarter was $20.0 million or $0.38 per basic and diluted […]

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Los Angeles to Fast Track Green Buildings, Construction Projects

The Los Angeles Department of Water and Power (LADWP) Board of Commissioners have adopted a policy to only build “green” – new LADWP construction projects will meet a minimum of a LEED Silver Standard, as certified by the U.S. Green Building Council They also approved a policy which will expedite water and electrical connections for buildings that meet LEED standards. Said LADWP Commission President David Nahai, “The LADWP wants to tangibly demonstrate that it means business. Not only will the LADWP give priority to buildings and construction that will be “green,” but we also will ensure that department resources are mobilized to support these projects.” The LADWP will work in concert with the Los Angeles Department of Building and Safety to shepherd a project through the necessary steps to completion. Builders and developers can take advantage of the LADWP Green Building Incentive that offers up to $250,000 in financial incentives to assist a building in becoming more green and meeting LEED standards. The LADWP also has additional energy efficiency programs, such as the Commercial Lighting Program and the Solar Incentive and Green Power Programs that can assist a project in earning points towards LEED certification. The LADWP will also work […]

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