FuelCell Energy (FCEL) said Friday that it is restructuring its operations in the US, Canada, and Germany to help reduce costs by about 15% in the fiscal year 2025 compared with the previous year.
The company intends to cut its workforce by 17% and reduce spending on product development and overhead.
The company said the restructuring will also focus on expanding its Connecticut-manufactured molten carbonate technology and developing partnerships for multi-megawatt electrolyzer projects.
FuelCell Energy said the plan will not affect existing customers or its manufacturing capabilities in Connecticut, and the company will add resources for its expanding South Korean market.
It added that it would incur restructuring charges in Q4 and Q1 2025.
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