FuelCell Energy Announces Debt Financing For Its Naval Submarine Base Microgrid-Ready Project
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FuelCell Energy, Inc. (NASDAQ:FCEL) has secured a project debt financing deal for its Connecticut Municipal Electric Energy Cooperative (CMEEC) fuel cell microgrid-ready project at the Naval Submarine Base New London. The financing includes $12 million from Liberty Bank and Amalgamated Bank with a seven-year term, and $8 million from the Connecticut Green Bank with a 20-year term. The funds will be used to retire a $3 million corporate credit facility with Connecticut Green Bank, fund project reserves, and pay transaction fees.
August 24, 2023 | 8:21 pm
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FuelCell Energy has secured significant financing for its microgrid-ready project, which could boost its financial stability and support its growth initiatives.
The secured financing will provide FuelCell Energy with the necessary funds to retire existing debt, fund project reserves, and cover transaction fees. This could improve the company's financial health and support its growth initiatives, potentially leading to a positive impact on its stock price in the short term.
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