FuelCell announces global restructuring, to reduce workforce by 17%

FuelCell (FCEL) Energy announced a global restructuring of its operations in the U.S., Canada, and Germany that aims to significantly reduce operating costs, realign resources toward advancing the company’s core technologies, and protect the company’s competitive position amid slower-than-expected investments in clean energy. The restructuring will allow FuelCell Energy to prioritize commercially available technologies to reflect changing market opportunities with an updated strategic plan. The plan involves further expanding the company’s Connecticut-manufactured molten carbonate technology to offer distributed power solutions. As a result of these changes, FuelCell Energy expects to reduce operating costs by approximately 15% in fiscal year 2025, compared with fiscal year 2024. These measures include a 17% reduction in FuelCell Energy’s workforce, including workforce reduction actions taken in September 2024, as well as reduced spending on product development, overhead and other costs.