Benzinga | Jul 12, 2021 08:03AM EDT

FuelCell Energy Receives Favorable Court Case Ruling In Court Of Chancery In Delaware Versus Posco Energy; Court Denied Posco's Demand To Inspect Co.'s Books And Records

FuelCell Energy, Inc. (NASDAQ:FCEL) -- a global leader in fuel cell technology with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy-- announced today that it has received a favorable ruling in a court case filed in the Court of Chancery in Delaware by POSCO Energy Co., Ltd. (POSCO Energy). On July 9, 2021, the Court issued a post-trial ruling denying POSCO Energy's summary statutory demand to inspect the Company's books and records because POSCO Energy lacks a proper purpose. The Court held that the totality of the circumstances, including the fact this was the seventh legal action POSCO Energy initiated against the Company within the span of nine months, confirmed that POSCO Energy's purpose in initiating the books and records demand and filing the complaint was not proper.

"The Court's decision represents a landmark victory for FuelCell Energy, as it is one of the few times that a Delaware court has denied a party's request to inspect a corporation's books and records based on an improper purpose defense," commented Jason Few, President and Chief Executive Officer, FuelCell Energy.

Mr. Few continued, "We are proud of FuelCell Energy's track record of commitment to the highest ethical standards, and compliance with the law. Commercially, we are excited to be engaged with the South Korean and broader Asian marketplace. FuelCell Energy looks forward to continuing its work in enabling the region's energy transformation to a cleaner future."