'DANBURY, Conn., Oct. 06, 2020 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ:FCEL) ("FuelCell Energy" or the "Company") yesterday became aware of claims made by an apparent short seller about the Company that are misleading and contain factual inaccuracies. FuelCell Energy emphatically denies these claims related to its disclosures with respect to the LIPA 2 and LIPA 3 power project awards.
These awards are not, and never have been, part of FuelCell Energy's backlog, and have no impact on the Company's 2022 financial goals, including revenue growth and adjusted EBITDA. As FuelCell Energy has consistently reported, its LIPA Yaphank project, currently under construction and for which there is a signed power purchase agreement, is included in the backlog and 2022 revenue projections.
The Company does not believe the New York Climate Leadership and Community Protection Act (CLCPA) should negate the LIPA 2 and LIPA 3 awards and is disputing this contention by LIPA. The Company believes these projects should move forward and it has continued to pursue them in good faith, including advancing the interconnect application process. However, there can be no assurances that any project awards, including these project awards, will result in executed power purchase agreements. When FuelCell Energy has material information to disclose as required by the rules and regulations of the Securities and Exchange Commission, the Company does so.'