FuelCell Energy Inc. (NASDAQ: FCEL), is a global leader in fuel cell technology to enable the world empowered by clean energy, has announced that the company has received a favorable court ruling in a case filed in the Court of Chancery in Delaware by POSCO Energy Co., Ltd.
Posco Energy Submission was not proper: As per the releases posted by the company, it is stated that the court issued a post-trial ruling on July 9, 2021, stating Posco Energy’s submission and demanding to inspect the book of the company and its records, lacks a purpose. It was the seventh legal action initiated by Posco Energy in the last nine months for the same reason. However, the company stated the filing of the complaint by Posco Energy was not proper.
Landmark Victory: As per the company, the court ruling in favor of the company acts as a landmark victory for FuelCell Energy, as it’s very rare that a Court (Delaware) has denied or canceled plaint request to inspect the corporation books and records. The denial was due to improper purpose or a failure by the company to defend its claim.
Following the ruling, the management stated that FuelCell Energy has the highest ethical standards in publishing its books, maintaining all the records, and complying with the law and regulators. The company is also expected to be engaged with South Korea and broaden its services in other nations. In addition, FuelCell is expected to continue to work in an area of energy transformation to provide cleaner energy.
FuelCell Energy address some of the most critical challenges around energy in the global market. The management believes that the company is well-positioned to serves its customer globally and provide a solution for all the industries. The company’s service is empowered by clean energy, aims to enhance the quality of life of the people globally. The company is currently present in the United States and South Korea and exploring opportunities in other countries globally.