<SEC-DOCUMENT>0001193125-16-688381.txt : 20160923
<SEC-HEADER>0001193125-16-688381.hdr.sgml : 20160923
<ACCEPTANCE-DATETIME>20160823121432
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-16-688381
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160823

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FUELCELL ENERGY INC
		CENTRAL INDEX KEY:			0000886128
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				060853042
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3 GREAT PASTURE RD
		CITY:			DANBURY
		STATE:			CT
		ZIP:			06813
		BUSINESS PHONE:		2038256000

	MAIL ADDRESS:	
		STREET 1:		3 GREAT PASTURE ROAD
		CITY:			DANBURY
		STATE:			CT
		ZIP:			06813

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ENERGY RESEARCH CORP /NY/
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
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<TYPE>CORRESP
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<TITLE>Correspondence</TITLE>
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August&nbsp;23, 2016 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Martin James </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Assistant Chief Accountant </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">450 Fifth
Street, N.W. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FuelCell Energy, Inc.</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form 10-K
for the Fiscal Year Ended October&nbsp;31, 2015</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Filed January&nbsp;8, 2016</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>File No.&nbsp;1-14204</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;James: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This
correspondence is in response to your letter dated August&nbsp;16, 2016, to Michael Bishop, Senior Vice-President and Chief Financial Officer of FuelCell Energy, Inc. (&#147;<U>FuelCell</U>&#148;, &#147;<U>FCE</U>&#148; or the
&#147;<U>Company</U>&#148;). For the Staff&#146;s reference, we have included, in this response letter, the original Staff comment in italics which is followed by FuelCell&#146;s response. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Form 10-K for the fiscal year ended October&nbsp;31, 2015 </U></I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations </U></I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Results of Operations </U></I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I><U>Product Sales, page
47 </U></I></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"><I>We note the disclosure that revenues declined due to decreased sales of fuel cell kits to POSCO and power plant revenue partially offset by an increase in engineering and construction services. In future filings
please also disclose the underlying reasons for items that impact revenue. For example, explain why POSCO purchased fewer fuel cell kits in fiscal year 2015 compared to fiscal year 2014. Refer to Item&nbsp;303 of Regulation S-K and Section III.B.1.
of SEC Release 33&#150;8350. We further note, in this regard, public statements by management, such as in earnings calls, that you are transitioning away from selling kits to POSCO in favor of a royalty-based arrangement. If this change will
materially impact your business or results of operations, please note your disclosure obligations pursuant to Item&nbsp;303(a)(3)(ii) of Regulation S-K. </I></TD></TR></TABLE> <P STYLE="font-size:96pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">FuelCell Energy, Inc.</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; "><I>phone</I></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">203&nbsp;825.6000</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">3 Great Pasture Road</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; "><I>fax</I></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">203&nbsp;825.6100</FONT></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; "><FONT STYLE="white-space:nowrap">Danbury,&nbsp;CT&nbsp;06813-1305</FONT></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-family:Arial Narrow; "><I>www</I>.fuelcellenergy.com</FONT></TD>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr. James </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 23, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>FuelCell Response: </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We acknowledge the regulations and guidance identified by the Staff and the Company understands its responsibility to provide disclosure on known trends and
uncertainties impacting our financial statements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Staff has highlighted elements relating to our business relationship with POSCO Energy for
disclosure considerations. As further background, the Company has disclosed the transition of the relationship with its partner, POSCO Energy, in multiple filings since 2012. The Company entered into an expanded cell license agreement in 2012 which
enabled POSCO to manufacture cell technology in Korea, and POSCO built a planned factory which is now on line. For instance, the Company included disclosure to this end in Item&nbsp;1 Business of the Form 10-K that the multi-year kit order with
POSCO concludes at the end of 2016. Both the multi-year kit order and license agreement have been filed as material agreements as exhibits 10.72 and 10.73 of the Form 10-K. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As requested by the Staff, the Company plans to expand its disclosure in the Management Discussion and Analysis (MD&amp;A), Results of Operations Section in
future filings to address the underlying reasons for items impacting revenue in accordance with Item&nbsp;303 of Regulation S-K and Section III.B.1. of SEC Release 33&#150;8350, disclosure within the MD&amp;A. In particular, we anticipate that this
disclosure will discuss the transition of the South Korean business from kit sales to a royalty based model along with other important business trends, such as management&#146;s plans for megawatt and multi-megawatt turnkey projects in the United
States and Europe. In all events, we will plan to disclose the impact of these trends on our revenues, income and financial statements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company
believes that it has addressed the Staff&#146;s comments. FuelCell acknowledges the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company is responsible for the adequacy and accuracy of the disclosure in the filing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>/s/ Michael S. Bishop </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Michael S. Bishop </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sr. Vice President&nbsp;&amp; CFO </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Arthur A. Bottone, President&nbsp;&amp; CEO, FuelCell Energy, Inc.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Richard Krantz, Partner, Robinson&nbsp;&amp; Cole</P></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
