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Shareholders' Equity
 9 Months Ended
Jul. 31, 2011
Shareholders' Equity [Abstract]  
Shareholders' Equity
Note 11. Shareholders’ Equity
Registered Direct Offering
On January 13, 2011 we sold an aggregate of 10,160,428 units at a negotiated price of $1.87 per unit, with each unit consisting of (i) one share of FuelCell Energy, Inc. common stock, par value $0.0001 per share (“Common Stock”) and (ii) one warrant to purchase 1.0 share of Common Stock, in a registered direct offering for gross proceeds of $19.0 million. The net proceeds from the sale of the units, after deducting the placement agent fees and other estimated offering expenses, was approximately $17.8 million. We have used and intend to use the proceeds from this offering for product development, project financing, expansion of manufacturing capacity, and general corporate purposes. The warrants have an exercise price of $2.29 per share and are exercisable beginning on the date that is six months and one day after the closing date and will expire twenty one months after issuance.
FuelCell Energy also has the right, subject to certain conditions, to require the investor to purchase up to 10.0 million additional shares approximately nine months after the initial closing date of the transaction. The sale price for the additional shares will be based on a fixed ten percent discount to a volume weighted average price (“VWAP”) measurement at the time FuelCell Energy exercises the option. FuelCell Energy cannot require the investor to purchase more than $20 million of additional shares.
Common Stock Sales
The Company may sell common stock on the open market from time to time to raise funds in order to pay obligations related to the Company’s outstanding Series 1 and Series B preferred shares. During the nine months ended July 31, 2011, we sold 2,519,000 shares of the Company’s common stock on the open market and raised approximately $4.7 million, net of fees.
Changes in shareholders’ (deficit) equity
Changes in shareholders’ equity were as follows for the nine months ended July 31, 2011:
                         
    Total              
    Shareholders’     Noncontrolling     Total  
    (Deficit) Equity     interest     (Deficit) Equity  
 
                       
Balance at October 31, 2010
  $ 8,350     $ (663 )   $ 7,687  
Sale of Common Stock and related fees
    22,440       —       22,440  
Share-based compensation
    2,049       —       2,049  
Common stock issued in settlement of prior year bonus obligation
    707       —       707  
Stock issued under benefit plans, net of taxes paid upon vesting of restricted stock awards
    (46 )     —       (46 )
Preferred dividends — Series B
    (2,400 )     —       (2,400 )
FuelCell Ltd. (adjustment from Series 1 modification)
    (8,987 )     —       (8,987 )
Effect of foreign currency translation
    4       —       4  
Net loss
    (38,648 )     (197 )     (38,845 )
 
                 
 
                       
Balance at July 31, 2011
  $ (16,531 )   $ (860 )   $ (17,391 )