By Ben Glickman
FuelCell Energy will cut an additional 13% of its workforce as part of a restructuring in response to slower investments in clean energy.
The Danbury, Conn., new-energy fuel-cell developer said that the changes would allow it to focus on commercially available technologies. The company said it would expand its molten carbonate technology, which its said could help meet increasing power demand driven by artificial intelligence data centers.
FuelCell said in a regulatory filing that it would reduce its workforce by 75 employees. Along with cuts made earlier this year, the company has laid off about 17% of employees.
The company expects the restructuring to slash operating costs by about 15% in fiscal 2025 compared with the prior year.
FuelCell said it would continue to pursue carbon capture and remained confident in the market for its solid oxide technology for electrolysis and power generation. The company said it would look to develop additional partnerships that can meet demand for electrolyzers.
The company said it expects to report cash, cash equivalents, restricted cash and equivalents and short term investments of more than $300 million as of the end of its fiscal year in October. FuelCell reports results in December.
The company expects to incur about $1.7 million to $2 million in cash costs related to the workforce cuts.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
November 15, 2024 07:59 ET (12:59 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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