FuelCell secures $25M in repeat EXIM financing for GGE project

FuelCell (FCEL) Energy closed a new round of debt financing with the Export-Import Bank of the United States, marking a continued commitment from EXIM to support the Company’s growth ambitions to deliver utility grade power in international markets such as this collaboration with Gyeonggi Green Energy in the Republic of Korea. The transaction provides approximately $25 million in gross proceeds, and further strengthens FuelCell Energy’s ability to deliver firm, efficient, and reliable baseload power to the utility market in South Korea and other international markets. This financing was executed under EXIM’s Project & Structured Finance program, which enables U.S. exporters to compete globally in the natural resource and infrastructure sectors. The $25 million gross proceeds will fund production of fuel cell modules for the final phase of FuelCell Energy’s upgrade of the 42 fuel cells at GGE’s Hwaseong Baran Industrial Complex. South Korea leads in fuel cell technology with the world’s largest fuel cell parks, making this self-contained solution ideal for data centers globally.