FuelCell in Danbury Cans CEO, Strikes Deal with Exxon

DANBURY, CT — FuelCell Energy has had a roller coaster of a week.

Shares in the Danbury-based alternative energy manufacturer traded up 47 percent Wednesday afternoon after the company announced a licensing deal with Exxon Mobil Research and Engineering company. That bit of good news followed a grim reveal to investors Tuesday that FuelCell's mounting debt offers "substantial doubt about the Company’s ability to continue to operate as a going concern."

All the moving and shaking comes after FuelCell unceremoniously terminated the employment of president and CEO Chip Bottone last week. Investors learned of the surprise firing through another SEC filing, and were predictably spooked. The company named its in-house counsel Jennifer Arasimowicz as company president, replacing Bottone.

FuelCell says the Exxon deal the oil company a non-exclusive and worldwide license to use its "patents, data, know-how, improvements, equipment designs, methods, processes... to research, develop and commercially exploit carbonate fuel cells in applications in which the fuel cells concentrate carbon dioxide from industrial and power sources."

In April, FuelCell announced it was laying off 135 workers, a move it said would save the manufacturer $11.5 million annually.

FuelCell, which trades under the symbol FCEL, closed Wednesday at 51 cents a share.