FCEL stock is moving higher in the morning session on Wednesday after FuelCell Energy Inc (NASDAQ:FCEL) said that it had completed its engagement with Huron at the end of October.
Over the course of the past year or so, global fuel cell power company FuelCell Energy has managed to turn its business around quite effectively, and on Tuesday, the company made a significant announcement. The company has managed to restructure various aspects of its business over the past few months, and one of the big factors in the endeavor was its engagement with Huron.
Late Tuesday, FuelCell announced that Huron’s services were no longer necessary, as the partnership had been successful. The company went on to add that the last day of the engagement was on October 31, 2019. The company published a press release to make the announcement.
FuelCell had engaged Huron back on June 2 this year in order to help the company with the vast restructuring process that it had undertaken. Huron had worked closely with the company in cutting down the company’s workforce to an appropriate size, installed effective cost control measures, and also helped FuelCell in paying off large amounts of debt.
Once the news broke, FCEL stock rallied by as much as 45%, and it is a clear indication that success of this partnership was welcomed by the market.
It goes without saying that the association between FuelCell and Huron was a fruitful one, and the company said as much in its press release. The Chief Executive Officer of FuelCell Energy, Jason Few, stated, “Huron engaged at a difficult time in the Company’s history and has completed its role successfully positioning FuelCell Energy in a much stronger position just four months after the initial engagement.”
That is definitely a glowing endorsement of the sort of work that had been done by Huron over the course of the past few months, and it is clear that FuelCell Energy now looks in much better shape than it was before. The news seemed to imply that the company’s restructuring process is over for the time being, and it is now on a sound footing.
FCEL stock has lost almost 95% so far this year. Will things turn around from here?
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