FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in delivering
clean, innovative and affordable fuel cell solutions for the
supply, recovery and storage of energy, today announced the
appointment of Jason Few as its new President and Chief Executive
Officer, effective as of August 26, 2019. Few joined the FuelCell
Energy Board of Directors in November 2018. Few, along with the
Company’s executive leadership team, will be responsible for the
revitalization and advancement of FuelCell Energy, including its
ongoing restructuring efforts, its efforts to enhance commercial
activity, and its efforts to improve operational effectiveness.
Few has over 30 years of experience increasing
enterprise value for global Fortune 500 companies, as well as
privately held technology, telecommunication, and energy firms. In
his past experience as a President and CEO, Few has developed
strategic plans to capture growth, architected a billion-dollar
turnaround, divested non-core assets, built and developed
leadership teams, deleveraged balance sheets, invested in new
capabilities, reinvigorated the brand and strengthened customer
relationships. Through his work on public, private and nonprofit
boards, he brings deep corporate governance experience, capital
allocation discipline, and the ability to ensure strategic
alignment.
Commenting on his appointment, Few said, “It is a
privilege to be asked by the Board to lead FuelCell Energy through
its continued transformation. FuelCell Energy is well positioned to
fully participate in the global clean energy future. FuelCell
Energy has a fantastic business, a talented team and market leading
clean energy technology.” Few, age 53, previously served as
President of Sustayn Analytics, a data visualization and analytics
company focused on the waste and recycling industries. James H.
England, Chairman of the FuelCell Energy Board, added, “Jason has
been an important contributor during his time on the Board of
Directors, significantly bolstering our efforts to strengthen the
Company and put FuelCell Energy in a position to deliver on its $2
billion backlog. Speaking on behalf of the entire Board of
Directors, we are pleased to have Jason’s commercial and leadership
experiences driving the Company forward and are excited to work
with Jason as the President and Chief Executive Officer.”
Few added, “During the balance of the calendar
year, our team will be focused on executing in a number of critical
strategic areas. At the highest level, we certainly want to
reinvigorate our customer relationships and the FuelCell Energy
brand and to promote fuel cells as a solution going forward in the
global clean energy space. More tactically, domestically, we are
focusing on reinvigorating our sales efforts, including a renewed
focus on behind-the-meter opportunities. We recently discussed our
relaunch of our sub-megawatt solution in Europe, and this is
expected to be part of a broader effort to re-engage the
international markets, including Asia and Europe. We also plan to
continue to develop fuel cell technology for major advanced
technology initiatives, especially in the area of carbon capture,
collaborating with third parties on funded programs. We also intend
to instill a culture based around lean principles, focus on
operational effectiveness, maintain our focus on fiscal discipline,
and continue to work to optimize our capital structure. Lastly, we
plan to make FuelCell Energy a vibrant place to work, one where our
team members can take pride in what they accomplish and grow
professionally. Collectively, these will build the foundation of a
stronger, more successful FuelCell Energy going forward.”
Few will continue to serve on the board of FuelCell
Energy as a non-independent director. The FuelCell Energy Board is
currently evaluating its composition given Mr. Few’s appointment,
and expects to expand its membership in the coming months. He also
serves on the boards of Marathon Oil Corporation (MRO), Memorial
Hermann Health System, and the American Heart Association.
Jennifer Arasimowicz will remain in her role as
General Counsel, Corporate Secretary, Executive Vice President, and
Chief Commercial Officer, and, along with the Company’s Executive
Vice President, Treasurer, and Chief Financial Officer, Michael
Bishop, the Company’s Executive Vice President and Chief Operating
Officer, Michael Lisowski, and the Company’s Executive Vice
President and Chief Technology Officer, Anthony Leo, will report
directly to Mr. Few. The roles of Chief Restructuring Officer, held
by Laura Marcero, and Deputy Chief Restructuring Officer, held by
Lee Sweigart, will remain, and, effective as of August 26, 2019,
they will report to both the Board of Directors and Mr. Few, as
Chief Executive Officer of the Company.
Cautionary Language This
news release contains forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, including, without limitation, statements with
respect to the Company’s anticipated financial results, statements
regarding the Company’s plans and expectations regarding the
continuing development, commercialization and financing of its fuel
cell technology, and statements regarding the Company’s strategic
focuses and business plans. All forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those projected. Factors that could cause
such a difference include, without limitation, changes to projected
deliveries and order flow, changes to production rate and product
costs, general risks associated with product development,
manufacturing, changes in the regulatory environment, customer
strategies, unanticipated manufacturing issues that impact power
plant performance, changes in critical accounting policies,
potential volatility of energy prices, rapid technological change,
competition, and the Company’s ability to achieve its sales plans,
business and strategic plans, refinancing and restructuring plans,
and cost reduction targets, as well as other risks set forth in the
Company’s filings with the Securities and Exchange Commission. The
forward-looking statements contained herein speak only as of the
date of this press release. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any such statement to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which any such statement is based.
About FuelCell EnergyFuelCell
Energy, Inc. (NASDAQ: FCEL) delivers efficient, affordable and
clean solutions for the supply, recovery and storage of energy. We
design, manufacture, undertake project development of, install,
operate and maintain megawatt-scale fuel cell systems, serving
utilities and industrial and large municipal power users with
solutions that include both utility-scale and on-site power
generation, carbon capture, local hydrogen production for
transportation and industry, and long duration energy storage. With
SureSource™ installations on three continents and millions of
megawatt hours of ultra-clean power produced, FuelCell Energy is a
global leader in designing, manufacturing, installing, operating
and maintaining environmentally responsible fuel cell power
solutions. Visit us online at www.fuelcellenergy.com and follow us
on Twitter @FuelCell_Energy.
SureSource, SureSource 1500, SureSource 3000,
SureSource 4000, SureSource Recovery, SureSource Capture,
SureSource Hydrogen, SureSource Storage, SureSource Service,
SureSource Capital, FuelCell Energy, and FuelCell Energy logo are
all trademarks of FuelCell Energy, Inc.
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FuelCell Energy203.205.2491ir@fce.comSource: FuelCell
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