U.S. markets close in 1 hour 30 minutes
  • S&P 500

    4,365.20
    -77.91 (-1.75%)
     
  • Dow 30

    34,381.84
    -487.53 (-1.40%)
     
  • Nasdaq

    14,609.35
    -360.62 (-2.41%)
     
  • Russell 2000

    2,235.04
    -45.96 (-2.01%)
     
  • Crude Oil

    75.17
    -0.28 (-0.37%)
     
  • Gold

    1,735.00
    -17.00 (-0.97%)
     
  • Silver

    22.44
    -0.25 (-1.12%)
     
  • EUR/USD

    1.1681
    -0.0021 (-0.18%)
     
  • 10-Yr Bond

    1.5290
    +0.0450 (+3.03%)
     
  • GBP/USD

    1.3530
    -0.0174 (-1.27%)
     
  • USD/JPY

    111.5510
    +0.5730 (+0.52%)
     
  • BTC-USD

    41,504.60
    -1,684.28 (-3.90%)
     
  • CMC Crypto 200

    1,022.13
    -35.02 (-3.31%)
     
  • FTSE 100

    7,028.10
    -35.30 (-0.50%)
     
  • Nikkei 225

    30,183.96
    -56.10 (-0.19%)
     

FuelCell Energy Closes $15M Tax Equity Financing For 7.4 MW US Navy Submarine Base Fuel Cell Project

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • FuelCell Energy Inc (NASDAQ: FCEL) closed on a tax equity financing transaction with East West Bank for the 7.4 megawatts fuel cell project located on the U.S. Navy Submarine Base in Groton, CT. East West Bank's tax equity commitment totals $15 million.

  • "This efficient financing enables FuelCell Energy to retain most of this project's long-term, recurring cash flow, and creates a structure that will facilitate additional capital opportunities that are expected to further return cash to the Company and enhance overall return on equity for this project," commented Michael Bishop, Executive Vice President and Chief Financial Officer of FuelCell Energy.

  • FuelCell continues to advance the project through mechanical completion and expects the commercial operation to commence before the end of September 2021.

  • FuelCell Energy installed 7.4 MW of SureSource power platforms at the U.S. Navy Submarine Base in Groton, CT, to provide a long-term power supply to an existing electrical substation.

  • Price Action: FCEL shares closed higher by 14.06% at $7.22 on the last check on Monday.

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.