FuelCell Energy To Cut 17% Of Workforce, Stock Up In Pre-Market

(RTTNews) - FuelCell Energy, Inc. (FCEL), Friday announced a global restructuring of its operations in the U.S., Canada, and Germany, including reduction of 17 percent of its workforce.

The company assured that the workforce reduction will not impact its carbonate manufacturing capabilities at Torrington, Connecticut, facility.

The restructuring plan also aims to reduce operating costs by 15 percent in 2025, realign resources toward advancing the company's core technologies, expand Connecticut-manufactured molten carbonate technology, and reduce spending on product development, overhead and other costs.

The workforce reduction-related non-recurring accounting charges are expected to occur in the fourth quarter of fiscal year 2024 and the first quarter of fiscal year 2025.

During the pre-market hours, FuelCell's stock is climbing 20.97 percent, to $8.48 on the Nasdaq.