(Bloomberg) -- FuelCell Energy Inc. has named a new chief executive officer as the nearly insolvent clean-tech company pushes to reverse its fortunes.
Jason Few, a FuelCell board member, will take over the Danbury, Connecticut-based company on Aug. 26, according to a statement Tuesday. “In his past experience as a president and CEO, Few has developed strategic plans to capture growth” and led “a billion-dollar turnaround,” the company said. Fuel Cell fired its previous CEO in June.
- Few’s appointment comes as FuelCell ’s shares have plunged 98% in the last year, leaving it with a market value of $37 million. It hired restructuring officers in June and warned investors of substantial doubt that it can continue as a going-concern.
- Founded in 1969, Danbury, Connecticut-based FuelCell was a pioneer in commercializing devices that generate electricity through an electro-chemical process. But the technology has failed to compete with wind and solar.
- FuelCell hasn’t recorded an annual profit since 1997.
- FuelCell shares sank as much as 9.3% to 33 cents a share.
- Link to company statement
- Exxon Throws Troubled Clean-Tech Company a $10 Million Lifeline
- FuelCell Energy Fires CEO Bottone as Market Value Crashes
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