FuelCell Energy Increases Common Shares

Company positioning itself for future growth, stock splits, acquisitions.

Published: 21-Nov-2000

DANBURY, Conn.--(BUSINESS WIRE)--Nov. 21, 2000--FuelCell Energy, Inc. (NASDAQ:FCEL) received approval at a Special Shareholders Meeting today to increase the number of authorized shares of common stock from 20,000,000 to 150,000,000. Reasons for the increase are to make additional shares available for future issuances for cash, as share dividends and stock splits, for acquisitions of property or stock of other corporations, upon the exercise of stock options, and for other corporate purposes. The Company has made no decision to issue additional shares at this time. Accordingly, the increase in authorized shares will not presently result in any dilution for currently outstanding shares.

About FuelCell Energy, Inc.

FuelCell Energy, Inc. -- www.fce.com -- is a world-recognized leader for development and commercialization of high efficiency fuel cells for electric power generation. The Company's Direct FuelCell(R) technology eliminates external fuel processing to extract hydrogen from a hydrocarbon fuel. This results in a product whose cost, combined with high efficiency, simplicity and reliability, results in product advantages for stationary power generation. FuelCell Energy is based in Danbury, Conn. The Company has been developing DFC technology for stationary power plants with the U.S. Department of Energy through the National Energy Technology Laboratory, whose advanced fuel cell research program is focused on developing a new generation of high performance fuel cells that can generate clean electricity at power stations or in distributed locations near the customer, including hospitals, schools, data centers and other commercial and industrial applications.

This press release contains forward-looking statements, including statements regarding the Company's plans and expectations regarding the development and commercialization of its fuel cell technology. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, the risk that commercial field trials of the Company's products will not occur when anticipated, general risks associated with product development, manufacturing, changes in the utility regulatory environment, potential volatility of energy prices, rapid technological change, and competition, as well as other risks set forth in the Company's filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.

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