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<title>FuelCell Inc. 8K</title>



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<p class=MsoNormal align=center style='text-align:center'>UNITED STATES<br>
SECURITIES AND
EXCHANGE COMMISSION<br>
Washington, D.C. 20549</p>



<p class=MsoNormal align=center style='text-align:center'>FORM 8-K</p>



<p class=MsoNormal align=center style='text-align:center'>CURRENT REPORT<br>
Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934</p>



<p class=MsoNormal align=center style='text-align:center'>Date of Report (Date
of earliest event reported):&nbsp; November 3, 2003</p>



<p class=MsoNormal align=center style='text-align:center'>FUELCELL ENERGY, INC.<br>
-----------------------------------------------------------<br>
(Exact name of registrant as specified in its charter)</p>



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 <tr>
  <td width=298 style='width:223.5pt;padding:0in 0in 0in 0in'>
  <p class=MsoNormal align=center style='text-align:center'>Delaware</p>
  </td>
  <td width=236 style='width:177.0pt;padding:0in 0in 0in 0in'>
  <p class=MsoNormal align=center style='text-align:center'>1-14204</p>
  </td>
  <td width=223 style='width:167.25pt;padding:0in 0in 0in 0in'>
  <p class=MsoNormal align=center style='text-align:center'>06-0853042</p>
  </td>
 </tr>
 <tr>
  <td width=298 style='width:223.5pt;padding:0in 0in 0in 0in'>
  <p class=MsoNormal align=center style='text-align:center'>(State or other
  jurisdiction&nbsp;<br>
  of incorporation)</p>
  </td>
  <td width=236 style='width:177.0pt;padding:0in 0in 0in 0in'>
  <p class=MsoNormal align=center style='text-align:center'>(Commission <br>
  File Number)</p>
  </td>
  <td width=223 style='width:167.25pt;padding:0in 0in 0in 0in'>
  <p class=MsoNormal align=center style='text-align:center'>(IRS Employer <br>
  Identification No.)</p>
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 <tr>
  <td width=298 style='width:223.5pt;padding:0in 0in 0in 0in'>

  </td>
  <td width=236 style='width:177.0pt;padding:0in 0in 0in 0in'>

  &nbsp;

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<p class=MsoNormal align=center style='text-align:center'>3 Great Pasture Road,
 Danbury, Connecticut&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 06813<br>
--------------------------------------------------------------------------------------<br>
(Address of principal executive
offices)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(Zip Code)</p>





<p class=MsoNormal align=center style='margin-left:.25in;text-align:center;
text-indent:-.25in'>(203) 825-6000<br>
---------------------------------------------------------------<br>
(Registrant's telephone number, including area code)</p>





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text-indent:-.25in'>&nbsp;</p>





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text-indent:-.25in'>&nbsp;</p>





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text-indent:-.25in'>&nbsp;</p>





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text-indent:-.25in'>&nbsp;</p>





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text-indent:-.25in'>&nbsp;</p>





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text-indent:-.25in'>&nbsp;</p>



<hr color="#000080"><br clear=all
style='page-break-before:always'>


<p class=MsoNormal style='text-indent:37.05pt'>FuelCell Energy, Inc. is filing
this Current Report on Form 8-K to summarize the acquisition of Global Thermoelectric
Inc. that was consummated on November 3, 2003.&nbsp; In addition, FuelCell is
including an audit report in accordance with U.S. generally accepted auditing
standards of the Global Thermoelectric Inc. financial statements as of and for
the year ended December 31, 2002.</p>





<p class=MsoNormal>ITEM 2.&nbsp;&nbsp; Acquisition or Disposition of Assets </p>



<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'>On August 4, 2003, FuelCell Energy, Inc., a Delaware corporation (&quot;FuelCell&quot;),
entered into a combination agreement (the &quot;Combination Agreement&quot;) with Global
Thermoelectric Inc., a Canadian corporation (&quot;Global&quot;) providing for the
combination (the &quot;Combination&quot;) of FuelCell and Global pursuant to a Plan of
Arrangement (the &quot;Plan of Arrangement&quot;) to be submitted for approval by the
Court of Queen's Bench of Alberta, Canada.&nbsp; The terms of the Combination
Agreement were determined through arm's length negotiation between the parties.</p>



<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in;page-break-after:avoid'>On October 6, 2003, FuelCell filed a definitive
Proxy Statement (the &quot;Proxy Statement&quot;) with the Commission on Schedule 14A relating
to the Combination.&nbsp; On October 31, 2003, the Plan of Arrangement was approved by
the stockholders of FuelCell at a special meeting held for that purpose.&nbsp; On October 31, 2003, the Plan of Arrangement was also approved by the stockholders of Global
and by the Court of Queen's Bench of Alberta, Canada.&nbsp; On November 3, 2003, the Combination transaction closed.</p>



<p class=LetterBody style='text-indent:
..5in;page-break-after:avoid'>Upon closing of the Combination:</p>



<ul>
  <li>



<p style='margin-right:0in;margin-left:0.25in;
page-break-after:avoid'>all Global common shareholders ceased to be shareholders of
Global;</p>



  </li>
  <li>



<p style='margin-right:0in;margin-left:0.25in;
'>each Global common shareholder who was a resident of Canada
received, at the shareholder's election, either .279 exchangeable shares or
..279 shares of FuelCell common stock, par value .0001 per share, for each
Global common share held by that shareholder at the effective time of the Combination;</p>



  </li>
  <li>



<p style='margin-right:0in;margin-left:0.25in;
'>each Global common shareholder who was not a resident of Canada
received .279 shares of FuelCell common stock for each Global common share held
by that shareholder at the effective time of the Combination; </p>



  </li>
  <li>



<p style='margin-right:0in;margin-left:0.25in;
'>each outstanding option to purchase Global common shares under
the Global Thermoelectric Inc. Amended Incentive Stock Option Plan was assumed
by FuelCell and now represents an option to purchase FuelCell common stock in
accordance with the option's terms based upon the exchange ratio used in the Combination
(.279 shares of FuelCell common stock for each Global common share);</p>



  </li>
  <li>



<p style='margin-right:0in;margin-left:0.25in;
'>each share of Global Series 2 Preferred Stock remained
outstanding as a preferred share of Global, as a consolidated subsidiary of
FuelCell, and FuelCell assumed the obligation to issue its common stock upon conversion
thereof; and</p>



  </li>
  <li>



<p style='margin-right:0in;margin-left:0.25in;
'><a name="_Toc48497035">Global became a consolidated subsidiary of FuelCell.</a></p>

  </li>
</ul>



<p style='margin-right:0in;margin-left:0.25in;
'>&nbsp;</p>



<p style='margin-right:0in;margin-left:0.25in;
'>&nbsp;</p>



<p style='margin-right:0in;' align="center">2</p>

<hr color="#000080">
<p><br clear=all
style='page-break-before:always'>


</p>

<p style='text-indent:.5in; margin-left:0in; margin-right:0in'>The exchangeable
shares (the &quot;Exchangeable Shares&quot;) issued in the Combination are structured to
be the economic equivalent of FuelCell common stock, and were issued by FCE
Canada Inc., an indirect wholly-owned Canadian subsidiary of FuelCell (&quot;ExchangeCo&quot;).&nbsp;
FuelCell indirectly owns all of the outstanding voting shares of ExchangeCo.&nbsp; The
holders of Exchangeable Shares have the following principal rights:</p>



<ul>
  <li>



<p style='margin-right:0in;margin-left:0.25in;
'>the right to exchange the Exchangeable Shares for shares of FuelCell
common stock on a one-for-one basis at any time;</p>



  </li>
  <li>



<p style='margin-right:0in;margin-left:0.25in;
'>the right to receive dividends, if any, on a per share equivalent
basis, in amounts (or property in the case of non-cash dividends) which are the
same, and which are payable at the same time, as dividends declared on FuelCell
common stock;</p>



  </li>
  <li>



<p style='margin-right:0in;margin-left:0.25in;
'>the right to vote, indirectly through a trust arrangement, on a
per share equivalent basis, at all stockholder meetings at which holders of
shares of FuelCell common stock are entitled to vote; and</p>



  </li>
  <li>



<p style='margin-right:0in;margin-left:0.25in;
'>the right to participate, on a pro rata basis with the holders of
FuelCell common stock, in the distribution of assets of FuelCell through the
mandatory exchange of Exchangeable Shares for shares of FuelCell common stock.</p>



  </li>
</ul>



<p style='margin:0in;margin-bottom:.0001pt;text-indent:.5in'>The Exchangeable Shares,
in effect, have no separate economic or voting rights in respect of ExchangeCo
(other than limited class voting rights under the Business Corporations Act
(Alberta) and the right to vote on any change in the fundamental terms of the Exchangeable
Shares themselves, in which cases, the Exchangeable Shares may be subject to
automatic redemption).&nbsp; The Exchangeable Shares were issued in the Combination
to generally enable Canadian Global common shareholders to defer recognition of
gain or loss on their Global common shares for Canadian federal income tax
purposes for as long as they hold Exchangeable Shares.</p>



<p class=MsoBodyTextIndent3 style="text-indent: 0.5in">The number of shares of FuelCell common stock that
may be issued upon the conversion of the Series 2 Preferred Shares depends upon
when the Series 2 Preferred Shares are converted and, in the case of
conversions occurring after July 31, 2020, the Canadian to U.S. dollar exchange
rate and the market price of FuelCell's common stock at the time of conversion.</p>



<p class=MsoBodyTextIndent3 style="text-indent: 0.5in">The Series 2 Preferred Shares may be converted into
shares of FuelCell common stock at the following &quot;conversion prices&quot;: (i)
Cdn.$110.97 per share of FuelCell common stock until July 31, 2005; (ii) Cdn.$
120.22 per share of FuelCell common stock after July 31, 2005 until July 31,
2010; (iii) Cdn.$129.46 per share of FuelCell common stock after July 31, 2010
until July 31, 2015; (iv) Cdn.$138.71 per share of FuelCell common stock after
July 31, 2015 until July 31, 2020; or (v) at any time after July 31, 2020, the
price equal to 95% of the then current market price (converted to Cdn.$ at the
time of such calculation) of shares of FuelCell common stock at the time of
conversion.&nbsp; The foregoing &quot;conversion prices&quot; are subject to adjustment as
provided in Global's articles for certain subsequent events.</p>



<p class=MsoBodyTextIndent3 align="center">3</p>



<hr color="#000080">
<p><br clear=all
style='page-break-before:always'>


</p>



<p class=MsoBodyTextIndent3 style="text-indent: 0.5in">&nbsp;</p>



<p class=ListBull1 align=left style='margin-left:0in;text-align:left;
text-indent:.5in'>The following examples
illustrate the number of shares of FuelCell common stock that FuelCell will be required to issue to the holders of the
Series 2 Preferred Shares if and when the holders exercise their conversion
rights pursuant to the terms of the Series 2 Preferred Shares.&nbsp; The following
examples assume that all accrued dividends on the Series 2 Preferred Shares will
have been paid through the time of the conversion and, in the case of
conversions occurring after July 31, 2020, that the exchange rate for Canadian dollars is
Cdn.$1.4048 to U.S.$1.00 at the time of the conversion:</p>

<ul>
  <li>

<p class=ListBull1 align=left style='margin-left:0.25in;text-align:left;
'>if the Series 2 Preferred Shares
convert prior to July 31, 2005, FuelCell would be required to issue approximately
225,286 shares of its common stock;</p>

  </li>
  <li>

<p class=ListBull1 align=left style='margin-left:0.25in;text-align:left;
'>if the Series 2 Preferred Shares
convert after July 31, 2005, but prior to July 31, 2010, FuelCell
would be required to issue approximately 207,952 shares of its common stock;</p>

  </li>
  <li>

<p class=ListBull1 align=left style='margin-left:0.25in;text-align:left;
'>if the Series 2 Preferred Shares
convert after July 31, 2010, but prior to July 31, 2015, FuelCell
would be required to issue approximately 193,110 shares of its common stock;</p>

  </li>
  <li>

<p class=ListBull1 align=left style='margin-left:0.25in;text-align:left;
'>if the Series 2 Preferred Shares
convert after July 31, 2015, but prior to July 31, 2020, FuelCell would be
required to issue approximately 180,232 shares of its common stock; and</p>

  </li>
  <li>

<p class=ListBull1 align=left style='margin-left:0.25in;text-align:left;
'>if the Series 2 Preferred Shares
convert any time after July 31, 2020, assuming FuelCell's common stock price is U.S.$
14.74 at the time of conversion, FuelCell would
be required to issue approximately 1,270,880 shares of its common stock.</p>

  </li>
</ul>

<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'>In summary, a total of approximately 8,150,000 FuelCell common shares and
exchangeable shares were issued in the Combination.&nbsp; Also in connection with
the Combination, FuelCell assumed Global employee options, which were converted
into options to purchase approximately 357,000 FuelCell common shares.&nbsp; In
addition, assuming the exchange rate for Canadian dollars is Cdn.$1.4048 to
U.S.$1.00 and that FuelCell's common stock price is U.S.$14.74 at the time of
conversion, FuelCell assumed the obligation to issue between approximately 180,232
and 1,270,880 FuelCell common shares upon conversion of the Global Series 2
Preferred Shares, depending on when the Global Series 2 Preferred Shares are
converted.</p>



<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'>The foregoing description of the Combination does not purport to be complete
and is qualified in its entirety by reference to the Combination Agreement
attached as Exhibit 2.1 to this Current Report on Form 8-K.&nbsp; </p>

<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'>Global is engaged in the development of natural gas and propane
compatible solid oxide fuel cell products intended for residential, small
commercial and light industrial markets.&nbsp; FuelCell plans to continue the
development of Global's solid oxide fuel cell technology to a point where it
can be commercialized and provide increased breadth to FuelCell's range of distributed
generation products.&nbsp; Global also manufactures and distributes thermoelectric
stationary power generators for use in remote industrial power markets.&nbsp; On April 20, 2 004, FuelCell announced its intention to sell Global's thermoelectric
generator business.&nbsp; </p>



<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;'>&nbsp;</p>



<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in' align="center">4</p>



<hr color="#000080">
<p><br clear=all
style='page-break-before:always'>


</p>

<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'>&nbsp;</p>



<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'>On November 4, 2004, FuelCell entered into a three-year distribution
agreement with Enbridge Inc. (&quot;Enbridge&quot;).&nbsp; Enbridge holds all of the
outstanding Global Series 2 Preferred Shares.&nbsp; The Agreement provides for
Enbridge to distribute FuelCell's Direct Fuel Cell&reg; and solid oxide fuel cell products
in Canada.&nbsp; As part of the agreement, Enbridge received warrants to purchase
500,000 shares of FuelCell common stock.&nbsp; The warrants become exercisable on a
graduated scale based on order flow generated by Enbridge.&nbsp; The full quantity
of the warrants will vest with order commitments for 20 megawatts of FuelCell Direct
Fuel Cell&reg; power plants.&nbsp; The exercise prices of the warrants range from $14.65
to $19.04 per share.&nbsp; The warrants expire in November 2006.&nbsp; In connection with
the Combination, Enbridge received the right to nominate one member to
FuelCell's Board of Directors.&nbsp; Enbridge nominated George K. Petty, a Director
of Enbridge.&nbsp; Mr. Petty is now a member of FuelCell's Board of Directors.&nbsp; </p>



<p class=MsoNormal>ITEM 7.&nbsp;&nbsp; Financial Statements and Exhibits</p>



<p class=MsoNormal>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial statements of businesses acquired.</p>



<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit report of PricewaterhouseCoopers LLP, dated February 11 , 2003, relating to the consolidated balance sheet of Global Thermoelectric
Inc. as at December 31, 2002, and the consolidated statements of operations and
accumulated deficit and cash flows for the year then ended (attached as Exhibit
99.1).</p>



<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated balance sheet of Global Thermoelectric Inc. as
at December 31, 2002 (incorporated by reference to page I-22 of Annex I to the
Definitive Proxy Statement of FuelCell Energy, Inc. filed with the Commission
on Schedule 14A on October 6, 2003).</p>



<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'>(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated statement of operations and accumulated deficit of
Global Thermoelectric Inc. for the year ended December 31, 2002 (incorporated by reference to page I-23 of Annex I to the Definitive Proxy Statement of
FuelCell Energy, Inc. filed with the Commission on Schedule 14A on October 6, 2003).</p>



<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated statement of cash flows of Global Thermoelectric
Inc. for the year ended December 31, 2002 (incorporated by reference to page
I-24 of Annex I to the Definitive Proxy Statement of FuelCell Energy, Inc.
filed with the Commission on Schedule 14A on October 6, 2003).</p>



<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'>(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to consolidated financial statements of Global
Thermoelectric Inc. (incorporated by reference to pages I-25 through I-42 of
Annex I to the Definitive Proxy Statement of FuelCell Energy, Inc. filed with
the Commission on Schedule 14A on October 6, 2003).</p>



<p class=MsoNormal>&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pro forma financial information.</p>



<p class=MsoNormal>&nbsp;</p>



<p class=MsoNormal align="center">5</p>



<hr color="#000080">
<p><br clear=all
style='page-break-before:always'>


</p>



<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt;text-indent:
..5in'>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaudited pro forma condensed combined financial statements
of FuelCell Energy, Inc. and Global Thermoelectric Inc. as of July 31, 2003
(incorporated by reference to pages 110 through 119 of the Definitive Proxy
Statement of FuelCell Energy, Inc. filed with the Commission on Schedule 14A on
 October 6, 2003).*</p>



<p class=LetterBody style='margin-bottom:0in;margin-bottom:.0001pt'>*The
Compilation Report of KPMG LLP, dated September 30, 2003, on the above pro forma
financial statements of FuelCell Energy, Inc. and Global Thermoelectric Inc. appearing
on page 110 of the Definitive Proxy Statement of FuelCell Energy, Inc. filed
with the Commission on Schedule 14A on October 6, 2003 is not incorporated by
reference herein.</p>



<p class=MsoNormal>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:.5in;
margin-bottom:.0001pt'><u>Exhibit Number</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Description</u></p>



<p class=MsoNormal style='margin-left:2.0in;text-indent:-1.5in'>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combination
Agreement, dated as of August 4, 2003, by and between FuelCell Energy, Inc. and
Global Thermoelectric Inc. (incorporated by reference to Exhibit 99.1 to the
Current Report on Form 8-K of FuelCell Energy, Inc. filed with the Commission
on August 5, 2003).</p>



<p style='margin-right:0in;margin-left:2.0in;
text-indent:-1.5in'>23.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent
of PricewaterhouseCoopers LLP </p>



<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:2.0in;
margin-bottom:.0001pt;text-indent:-1.5in'>99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit
report of PricewaterhouseCoopers LLP </p>



<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:2.0in;
margin-bottom:.0001pt;text-indent:-1.5in'>&nbsp;</p>



<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:2.0in;
margin-bottom:.0001pt;text-indent:-1.5in'>&nbsp;</p>



<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:2.0in;
margin-bottom:.0001pt;text-indent:-1.5in'>&nbsp;</p>



<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:2.0in;
margin-bottom:.0001pt;text-indent:-1.5in'>&nbsp;</p>



<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:2.0in;
margin-bottom:.0001pt;text-indent:-1.5in'>&nbsp;</p>



<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:2.0in;
margin-bottom:.0001pt;text-indent:-1.5in'>&nbsp;</p>



<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:2.0in;
margin-bottom:.0001pt;text-indent:-1.5in'>&nbsp;</p>



<p style='margin-right:0in;'>&nbsp;</p>



<p style='margin-right:0in;'>&nbsp;</p>



<p style='margin-right:0in;'>&nbsp;</p>



<p style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:2.0in;
margin-bottom:.0001pt;text-indent:-1.5in' align="center">6</p>



<hr color="#000080"><br clear=all
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<p class=MsoNormal align=center style='text-align:center'>SIGNATURES</p>



<p class=MsoNormal style='text-indent:.5in'>Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.</p>



<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=700
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 <tr>
  <td width=381 style='width:286.05pt;padding:0in 0in 0in 0in'>
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
  </td>
  <td width=319 style='width:238.95pt;padding:0in 0in 0in 0in'>
  <p class=MsoNormal>FUELCELL ENERGY, INC.</p>
  </td>
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  <td width=381 style='width:286.05pt;padding:0in 0in 0in 0in'>

  </td>
  <td width=319 style='width:238.95pt;padding:0in 0in 0in 0in'>
  <p class=MsoNormal>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p>
  </td>
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  <td width=381 style='width:286.05pt;padding:0in 0in 0in 0in'>
  <p class=MsoNormal>Date:&nbsp;&nbsp; May 14, 2004</p>
  </td>
  <td width=319 style='width:238.95pt;padding:0in 0in 0in 0in'>
  <p class=MsoNormal>By:&nbsp;&nbsp;<u>/s/ Joseph G. Mahler </u></p>
  </td>
 </tr>
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  <td style='padding:0in 0in 0in 0in'>

  </td>
  <td width=319 style='width:238.95pt;padding:0in 0in 0in 0in'>
  <p class=MsoNormal>Joseph G. Mahler</p>
  </td>
 </tr>
 <tr>
  <td width=381 style='width:286.05pt;padding:0in 0in 0in 0in'>

  </td>
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  <p class=MsoNormal>Senior Vice President, Chief Financial<br>
  Officer, Corporate Secretary and Treasurer</p>
  </td>
 </tr>
</table>



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<p align=center style='margin:0in;margin-bottom:.0001pt;text-align:center'>EXHIBIT
INDEX</p>

<p style='margin:0in;margin-bottom:.0001pt'><u>Exhibit Number</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Description</u></p>



<p class=MsoNormal style='margin-left:1.5in;text-indent:-1.5in'>2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combination
Agreement, dated as of August 4, 2003, by and between FuelCell Energy, Inc. and
Global Thermoelectric Inc. (incorporated by reference to Exhibit 99.1 to the
Current Report on Form 8-K of FuelCell Energy, Inc. filed with the Commission
on August 5, 2003).</p>



<p style='margin-left:0in; margin-right:0in'>23.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent
of PricewaterhouseCoopers LLP </p>



<p style='margin:0in;margin-bottom:.0001pt'>99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit
report of PricewaterhouseCoopers LLP</p>



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<p style='margin:0in;margin-bottom:.0001pt' align="center">8</p>

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{"company-data": {"conformed-name": "FUELCELL ENERGY INC", "cik": "0000886128", "assigned-sic": "3690", "irs-number": "060853042", "state-of-incorporation": "DE", "fiscal-year-end": "1031"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14204", "film-number": "04807939"}, "business-address": {"street1": "3 GREAT PASTURE RD", "city": "DANBURY", "state": "CT", "zip": "06813", "phone": "2038256000"}, "mail-address": {"street1": "3 GREAT PASTURE ROAD", "city": "DANBURY", "state": "CT", "zip": "06813"}, "former-company": {"former-conformed-name": "ENERGY RESEARCH CORP /NY/", "date-changed": "19930328"}}
FuelCell Inc. 8K
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date
of earliest event reported):  November 3, 2003
FUELCELL ENERGY, INC.
-----------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware
1-14204
06-0853042
(State or other
  jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
3 Great Pasture Road,
 Danbury, Connecticut                           
 06813
--------------------------------------------------------------------------------------
(Address of principal executive
offices)                                 
(Zip Code)
(203) 825-6000
---------------------------------------------------------------
(Registrant's telephone number, including area code)
FuelCell Energy, Inc. is filing
this Current Report on Form 8-K to summarize the acquisition of Global Thermoelectric
Inc. that was consummated on November 3, 2003.  In addition, FuelCell is
including an audit report in accordance with U.S. generally accepted auditing
standards of the Global Thermoelectric Inc. financial statements as of and for
the year ended December 31, 2002.
ITEM 2.   Acquisition or Disposition of Assets
On August 4, 2003, FuelCell Energy, Inc., a Delaware corporation ("FuelCell"),
entered into a combination agreement (the "Combination Agreement") with Global
Thermoelectric Inc., a Canadian corporation ("Global") providing for the
combination (the "Combination") of FuelCell and Global pursuant to a Plan of
Arrangement (the "Plan of Arrangement") to be submitted for approval by the
Court of Queen's Bench of Alberta, Canada.  The terms of the Combination
Agreement were determined through arm's length negotiation between the parties.
On October 6, 2003, FuelCell filed a definitive
Proxy Statement (the "Proxy Statement") with the Commission on Schedule 14A relating
to the Combination.  On October 31, 2003, the Plan of Arrangement was approved by
the stockholders of FuelCell at a special meeting held for that purpose.  On October 31, 2003, the Plan of Arrangement was also approved by the stockholders of Global
and by the Court of Queen's Bench of Alberta, Canada.  On November 3, 2003, the Combination transaction closed.
Upon closing of the Combination:
all Global common shareholders ceased to be shareholders of
Global;
each Global common shareholder who was a resident of Canada
received, at the shareholder's election, either .279 exchangeable shares or
..279 shares of FuelCell common stock, par value .0001 per share, for each
Global common share held by that shareholder at the effective time of the Combination;
each Global common shareholder who was not a resident of Canada
received .279 shares of FuelCell common stock for each Global common share held
by that shareholder at the effective time of the Combination;
each outstanding option to purchase Global common shares under
the Global Thermoelectric Inc. Amended Incentive Stock Option Plan was assumed
by FuelCell and now represents an option to purchase FuelCell common stock in
accordance with the option's terms based upon the exchange ratio used in the Combination
(.279 shares of FuelCell common stock for each Global common share);
each share of Global Series 2 Preferred Stock remained
outstanding as a preferred share of Global, as a consolidated subsidiary of
FuelCell, and FuelCell assumed the obligation to issue its common stock upon conversion
thereof; and
Global became a consolidated subsidiary of FuelCell.
2
The exchangeable
shares (the "Exchangeable Shares") issued in the Combination are structured to
be the economic equivalent of FuelCell common stock, and were issued by FCE
Canada Inc., an indirect wholly-owned Canadian subsidiary of FuelCell ("ExchangeCo"). 
FuelCell indirectly owns all of the outstanding voting shares of ExchangeCo.  The
holders of Exchangeable Shares have the following principal rights:
the right to exchange the Exchangeable Shares for shares of FuelCell
common stock on a one-for-one basis at any time;
the right to receive dividends, if any, on a per share equivalent
basis, in amounts (or property in the case of non-cash dividends) which are the
same, and which are payable at the same time, as dividends declared on FuelCell
common stock;
the right to vote, indirectly through a trust arrangement, on a
per share equivalent basis, at all stockholder meetings at which holders of
shares of FuelCell common stock are entitled to vote; and
the right to participate, on a pro rata basis with the holders of
FuelCell common stock, in the distribution of assets of FuelCell through the
mandatory exchange of Exchangeable Shares for shares of FuelCell common stock.
The Exchangeable Shares,
in effect, have no separate economic or voting rights in respect of ExchangeCo
(other than limited class voting rights under the Business Corporations Act
(Alberta) and the right to vote on any change in the fundamental terms of the Exchangeable
Shares themselves, in which cases, the Exchangeable Shares may be subject to
automatic redemption).  The Exchangeable Shares were issued in the Combination
to generally enable Canadian Global common shareholders to defer recognition of
gain or loss on their Global common shares for Canadian federal income tax
purposes for as long as they hold Exchangeable Shares.
The number of shares of FuelCell common stock that
may be issued upon the conversion of the Series 2 Preferred Shares depends upon
when the Series 2 Preferred Shares are converted and, in the case of
conversions occurring after July 31, 2020, the Canadian to U.S. dollar exchange
rate and the market price of FuelCell's common stock at the time of conversion.
The Series 2 Preferred Shares may be converted into
shares of FuelCell common stock at the following "conversion prices": (i)
Cdn.$110.97 per share of FuelCell common stock until July 31, 2005; (ii) Cdn.$
120.22 per share of FuelCell common stock after July 31, 2005 until July 31,
2010; (iii) Cdn.$129.46 per share of FuelCell common stock after July 31, 2010
until July 31, 2015; (iv) Cdn.$138.71 per share of FuelCell common stock after
July 31, 2015 until July 31, 2020; or (v) at any time after July 31, 2020, the
price equal to 95% of the then current market price (converted to Cdn.$ at the
time of such calculation) of shares of FuelCell common stock at the time of
conversion.  The foregoing "conversion prices" are subject to adjustment as
provided in Global's articles for certain subsequent events.
3
The following examples
illustrate the number of shares of FuelCell common stock that FuelCell will be required to issue to the holders of the
Series 2 Preferred Shares if and when the holders exercise their conversion
rights pursuant to the terms of the Series 2 Preferred Shares.  The following
examples assume that all accrued dividends on the Series 2 Preferred Shares will
have been paid through the time of the conversion and, in the case of
conversions occurring after July 31, 2020, that the exchange rate for Canadian dollars is
Cdn.$1.4048 to U.S.$1.00 at the time of the conversion:
if the Series 2 Preferred Shares
convert prior to July 31, 2005, FuelCell would be required to issue approximately
225,286 shares of its common stock;
if the Series 2 Preferred Shares
convert after July 31, 2005, but prior to July 31, 2010, FuelCell
would be required to issue approximately 207,952 shares of its common stock;
if the Series 2 Preferred Shares
convert after July 31, 2010, but prior to July 31, 2015, FuelCell
would be required to issue approximately 193,110 shares of its common stock;
if the Series 2 Preferred Shares
convert after July 31, 2015, but prior to July 31, 2020, FuelCell would be
required to issue approximately 180,232 shares of its common stock; and
if the Series 2 Preferred Shares
convert any time after July 31, 2020, assuming FuelCell's common stock price is U.S.$
14.74 at the time of conversion, FuelCell would
be required to issue approximately 1,270,880 shares of its common stock.
In summary, a total of approximately 8,150,000 FuelCell common shares and
exchangeable shares were issued in the Combination.  Also in connection with
the Combination, FuelCell assumed Global employee options, which were converted
into options to purchase approximately 357,000 FuelCell common shares.  In
addition, assuming the exchange rate for Canadian dollars is Cdn.$1.4048 to
U.S.$1.00 and that FuelCell's common stock price is U.S.$14.74 at the time of
conversion, FuelCell assumed the obligation to issue between approximately 180,232
and 1,270,880 FuelCell common shares upon conversion of the Global Series 2
Preferred Shares, depending on when the Global Series 2 Preferred Shares are
converted.
The foregoing description of the Combination does not purport to be complete
and is qualified in its entirety by reference to the Combination Agreement
attached as Exhibit 2.1 to this Current Report on Form 8-K.
Global is engaged in the development of natural gas and propane
compatible solid oxide fuel cell products intended for residential, small
commercial and light industrial markets.  FuelCell plans to continue the
development of Global's solid oxide fuel cell technology to a point where it
can be commercialized and provide increased breadth to FuelCell's range of distributed
generation products.  Global also manufactures and distributes thermoelectric
stationary power generators for use in remote industrial power markets.  On April 20, 2 004, FuelCell announced its intention to sell Global's thermoelectric
generator business.
4
On November 4, 2004, FuelCell entered into a three-year distribution
agreement with Enbridge Inc. ("Enbridge").  Enbridge holds all of the
outstanding Global Series 2 Preferred Shares.  The Agreement provides for
Enbridge to distribute FuelCell's Direct Fuel Cell® and solid oxide fuel cell products
in Canada.  As part of the agreement, Enbridge received warrants to purchase
500,000 shares of FuelCell common stock.  The warrants become exercisable on a
graduated scale based on order flow generated by Enbridge.  The full quantity
of the warrants will vest with order commitments for 20 megawatts of FuelCell Direct
Fuel Cell® power plants.  The exercise prices of the warrants range from $14.65
to $19.04 per share.  The warrants expire in November 2006.  In connection with
the Combination, Enbridge received the right to nominate one member to
FuelCell's Board of Directors.  Enbridge nominated George K. Petty, a Director
of Enbridge.  Mr. Petty is now a member of FuelCell's Board of Directors.
ITEM 7.   Financial Statements and Exhibits
(a)        Financial statements of businesses acquired.
(i)         Audit report of PricewaterhouseCoopers LLP, dated February 11 , 2003, relating to the consolidated balance sheet of Global Thermoelectric
Inc. as at December 31, 2002, and the consolidated statements of operations and
accumulated deficit and cash flows for the year then ended (attached as Exhibit
99.1).
(ii)        Consolidated balance sheet of Global Thermoelectric Inc. as
at December 31, 2002 (incorporated by reference to page I-22 of Annex I to the
Definitive Proxy Statement of FuelCell Energy, Inc. filed with the Commission
on Schedule 14A on October 6, 2003).
(iii)       Consolidated statement of operations and accumulated deficit of
Global Thermoelectric Inc. for the year ended December 31, 2002 (incorporated by reference to page I-23 of Annex I to the Definitive Proxy Statement of
FuelCell Energy, Inc. filed with the Commission on Schedule 14A on October 6, 2003).
(iv)       Consolidated statement of cash flows of Global Thermoelectric
Inc. for the year ended December 31, 2002 (incorporated by reference to page
I-24 of Annex I to the Definitive Proxy Statement of FuelCell Energy, Inc.
filed with the Commission on Schedule 14A on October 6, 2003).
(v)        Notes to consolidated financial statements of Global
Thermoelectric Inc. (incorporated by reference to pages I-25 through I-42 of
Annex I to the Definitive Proxy Statement of FuelCell Energy, Inc. filed with
the Commission on Schedule 14A on October 6, 2003).
(b)       Pro forma financial information.
5
(i)         Unaudited pro forma condensed combined financial statements
of FuelCell Energy, Inc. and Global Thermoelectric Inc. as of July 31, 2003
(incorporated by reference to pages 110 through 119 of the Definitive Proxy
Statement of FuelCell Energy, Inc. filed with the Commission on Schedule 14A on
 October 6, 2003).*
*The
Compilation Report of KPMG LLP, dated September 30, 2003, on the above pro forma
financial statements of FuelCell Energy, Inc. and Global Thermoelectric Inc. appearing
on page 110 of the Definitive Proxy Statement of FuelCell Energy, Inc. filed
with the Commission on Schedule 14A on October 6, 2003 is not incorporated by
reference herein.
(c)        Exhibits.
Exhibit Number
Description
2.1                               Combination
Agreement, dated as of August 4, 2003, by and between FuelCell Energy, Inc. and
Global Thermoelectric Inc. (incorporated by reference to Exhibit 99.1 to the
Current Report on Form 8-K of FuelCell Energy, Inc. filed with the Commission
on August 5, 2003).
23.1                             Consent
of PricewaterhouseCoopers LLP
99.1                             Audit
report of PricewaterhouseCoopers LLP
6
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
FUELCELL ENERGY, INC.
Date:   May 14, 2004
By:
/s/ Joseph G. Mahler
Joseph G. Mahler
Senior Vice President, Chief Financial
Officer, Corporate Secretary and Treasurer
7
EXHIBIT
INDEX
Exhibit Number
Description
2.1                               Combination
Agreement, dated as of August 4, 2003, by and between FuelCell Energy, Inc. and
Global Thermoelectric Inc. (incorporated by reference to Exhibit 99.1 to the
Current Report on Form 8-K of FuelCell Energy, Inc. filed with the Commission
on August 5, 2003).
23.1                             Consent
of PricewaterhouseCoopers LLP
99.1                             Audit
report of PricewaterhouseCoopers LLP
8