Danbury-based FuelCell Energy is set to close a public stock offering Thursday that will raise about $245.4 million to help expand manufacturing capacity at its Torrington plant. The offering was priced at $21 per share and expanded to 12.3 million shares after underwriters Citigroup and Barclays exercised their option to purchase an additional 1.6 million […]
Danbury-based FuelCell Energy is set to close a public stock offering Thursday that will raise about $245.4 million to help expand manufacturing capacity at its Torrington plant.
The offering was priced at $21 per share and expanded to 12.3 million shares after underwriters Citigroup and Barclays exercised their option to purchase an additional 1.6 million shares, according to a Securities & Exchange Commission filing.
The financing will support the up-to-$275 million
Torrington expansion FuelCell announced in June. The company raised its annual production target for the plant to 500 megawatts from 350 megawatts and said the project will take about 24 months to complete.
FuelCell has said the expansion is driven by its data center pipeline, which grew to 4 gigawatts by the end of its second fiscal quarter from 1.5 gigawatts earlier in the year.
FuelCell’s share price has climbed sharply in recent months. After trading below $6 a year ago, the stock was changing hands above $24 Thursday morning, up more than 330% over the past 12 months. Shares topped $30 late last month after the company announced its first data center agreement.
The deal with Fit Energy USA LP, a Boca Raton, Florida-based energy infrastructure company,
calls for an initial 30-megawatt delivery this year, with the potential to expand to 380 megawatts.
