Danbury’s FuelCell Energy said Thursday that it will eliminate 96 positions. The company said in a U.S. Securities & Exchange Commission filing that the move was necessary to reduce costs and align its production levels with demand. FuelCell bid a number of projects into two recent state-run power procurements, none of which were selected.
The largest proposal was a 63.3-megawatt fuel-cell park in Beacon Falls, which could have brought an estimated $500 million in revenue to FuelCell, according to one analyst’s estimate.
Since Oct. 25, the company’s stock price has fallen from $5.20 to a $1.98 as of Thursday afternoon.
South Windsor’s Doosan Fuel Cell and California’s Bloom Energy also struck out in the procurements, with state officials saying they had asked for rates that were too high compared to solar and other projects.
FuelCell said the layoffs would affect its headquarters as well as its manufacturing plant in Torrington, to which the state has pledged incentives worth as much as $30 million to expand and add jobs.
By Matt Pilon for HartfordBusiness.com – Full Article