FuelCell Energy, Inc. (NASDAQ:FCEL) is one of the best hydrogen stocks to buy right now. On December 1, FuelCell Energy announced the closure of a debt financing agreement with the Export-Import (EXIM) Bank of the United States. The deal provided approximately $25 million in gross proceeds before fees and reserves. According to the company, this financing is part of EXIM’s Project & Structured Finance program whose goal is to support US exporters in global natural resource and infrastructure sectors.
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Proceeds will facilitate producing and shipping fuel cell modules, along with related services for the final phase of upgrading 42 fuel cells at the Gyeonggi Green Energy site in Hwaseong Baran Industrial Complex, South Korea. This project operates as the world’s largest fuel cell park with a capacity of 59.4 megawatts. And it delivers baseload power suitable for industrial parks and data centers. This particular agreement is the third EXIM financing for FuelCell Energy related to this Korean project. Previous transactions total over $50 million.
Commenting on the deal, FuelCell Energy’s CFO, Michael Bishop, stated: “Our relationship with EXIM is a testament to the strength of our utility scale power generation technology… This repeat financing enhances our capital flexibility and enables us to accelerate our efforts to serve international markets.” On his part, company President and CEO Jason Few said that “this financing helps us meet the rising global demand for clean, reliable power from industrial parks to fast growing data center hubs…”
FuelCell Energy, Inc. (NASDAQ:FCEL) is a clean energy company. It develops, manufactures, and deploys stationary fuel cell and electrolysis platforms for the production of hydrogen. Its main products are hydrogen and electricity.
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Disclosure: None. This article is originally published at Insider Monkey.
