FuelCell Energy Inc (FCEL)

[XenaLives]

FCEL didn't go public until 1992 -

It has always gotten funding from the military.

History
In 1969, the company was founded as Energy Research Corporation (ERC) by early fuel cell pioneers Bernard Baker and Martin Klein, who are both chemical engineers with professional knowledge in advanced battery technologies. From the 1970s to 1990s, with sponsorship from U.S. military and other utility companies, the company extended to low-temperature fuel cell area and high-temperature carbonate fuel systems, which proved to have greater potential in commercial applications. It completed its IPO in 1992 and was renamed as FuelCell Energy, Inc. It spun off its battery division, Evercel in 1999. FuelCell Energy began expanding globally in 2007 through a partnership with POSCO Energy, targeting markets in Southeast Asia, particularly South Korea, but the company announced the termination of the partnership in 2020.

In 2012, the company’s European facility was established with German-based FuelCell Energy Solutions, GmbH.[9] In the same year, it completed joint venture with Fraunhofer IKTS and acquired Versa Power Systems, Inc.[10]

The company is involved in a joint venture with Toyota to develop a facility at Long Beach, California.[11]

The company has been tapped by the Office of Naval Research to provide assistance on the Large Displacement Unmanned Undersea Vehicle (LDUUV) program. The LDUUV is a large unmanned submersible with a planned 70 day plus endurance that would allow the LDUUV to be based at a pier like a traditional submarine instead of requiring a dedicated launch and recovery platform.[1

https://en.wikipedia.org/wiki/FuelCell_Energy