Danbury alternative energy system maker FuelCell Energy Inc. closed Thursday on its private placement of 10.2 million units of common stock and warrants that generated $19 million.
FuelCell still isn’t publicly naming the buyer of the units that included one share of common stock and a warrant to buy an equal number of shares. The units bore a negotiated price of $1.87 each.
FuelCell shares closed Thursday a penny higher at $2.
The company is using the $17.8 million net proceeds for fund product development, expand manufacturing and for general corporate needs.
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FuelCell FuelCell’s technology converts various fuels to electricity.
