Cost cutting at Danbury alternative power provider FuelCell Energy Inc. overcame a drop in revenues to narrow its second-quarter loss.
For three months ended April 30, FuelCell lost $9.1 million, or 6 cents a fully diluted share, down from $29.7 million, or 24 cents a share, lost the same quarter last year.
Second-quarter revenues fell to $22.1 million from $26.7 million a year ago.
FuelCell recently announced Wednesday growing demand for its products in Asia.
Seoul City, South Korea announced plans to install 230 megawatts worth of fuel cells on its parks and buildings, and launched a separate 60-megawatt fuel cell park in the city.
The 60-megawatt fuel cell park will be developed in conjunction with Posco Energy of South Korea as well as partners Korea Hydro Nuclear Power Co. and Smachully Gas Co. In early May, Posco invested $30 million in FuelCell by buying 20 million shares of its stock.
Posco also is developing a 8.4 megawatt fuel cell park in Samcheok City, South Korea that will use FuelCell’s products.
FuelCell also is preparing to deploy fuel cell power plants in the European market via its German unit, FuelCell Energy Solutions GmbH, officials said.