FuelCell Energy Secures Project Financing from Export-Import Bank for Fuel Cell Projects with Gyeonggi Green Energy

Company to receive approximately $9.4 million in debt financing; FuelCell Energy to pursue additional financing to support the working capital needs of this transaction

Financing to support purchase agreement for forty-two 1.4-megawatt upgraded carbonate fuel cell modules to replace existing units at GGE's Hwaseong Baran Industrial Complex

DANBURY, Conn., Nov. 01, 2024 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ:FCEL) today announced that it has closed on a project debt financing transaction with the Export-Import Bank of the United States (EXIM) for the company's fuel cell projects with Gyeonggi Green Energy (GGE). This financing is part of EXIM's Project & Structured Finance program, which helps U.S. exporters compete globally in the natural resource and infrastructure sectors.

"Our partnership with EXIM enhances our capital flexibility and supports our commitment to providing clean, efficient, and reliable energy solutions to the Korean market and around the world," said Michael Bishop, EVP and CFO of FuelCell Energy. "We continue to see an opportunity to grow fuel cell adoption in international markets. We're excited to have EXIM's backing as we look to expand our global customer base while supporting American-made technology."

"We want to thank Chair Reta Jo Lewis and the U.S. EXIM Bank for their partnership and support of exporting U.S. clean energy technology around the world," said Jason Few, President and CEO of FuelCell Energy. "With EXIM financing support we can accelerate our efforts to enable a world powered by clean energy."

"This transaction further underscores EXIM's dedication to supporting environmentally beneficial exports as outlined in our charter," said EXIM ...