DANBURY, Connecticut, December 15, 2021 (GLOBE NEWSWIRE) – FuelCell Energy, Inc. (Nasdaq: FCEL) – a global leader in fuel cell technology with the aim of using its proprietary state-of-the-art fuel cell platforms to enable a clean energy world – today announced that the Company has entered into a tax equity financing transaction with Franklin Park for the 7.4 megawatt (âMWâ) fuel cell project located in Yaphank, Long Island, New York (the âProjectâ). Franklin Park’s tax fairness commitment stands at $ 12.7 million following the recent declaration of mechanical completion of the project.
âWe are delighted to partner with Franklin Park, a new tax equity financing partner for FuelCell Energy, with a significant financing solution that allows the company to effectively monetize the investment tax credit associated with this project. Said Michael Bishop, executive vice president and chief financial officer of FuelCell Energy. âIt is important to note that this efficient financing allows FuelCell Energy to retain most of the long-term recurring cash flow from this project, and creates a structure that will facilitate additional capital opportunities that should bring more cash to the company. Company and improve the overall return on equity for this project. “
The Company continues to advance the project after mechanical completion and expects commercial operation to commence before the end of December 2021. Following commercial operation, the Company expects to add debt financing to leverage to complete the capital structure of the project.
“This multi-year tax fairness commitment to FuelCell Energy, which also encompasses a potential second project slated for completion in 2022, represents the fourth tax fairness developer commitment for Franklin Park,” said Kevin Lapidus, director of Franklin Park investments. âWe look forward to continuing to expand our equity tax footprint. “
Raj Mehta, Director of Franklin Park, added, âFranklin Park is delighted to partner with FuelCell Energy on this fuel cell project that will provide the clean, resilient electricity needed in downtown Long Island.
âThe project is a landmark project for FuelCell Energy, our first fuel cell deployment in New York City, enabling electrical resiliency and necessary clean baseload power delivered directly to the point of use, thereby reducing the above risk. soil associated with transmission lines, âsaid Jason Few, President and CEO, FuelCell Energy. “This funding demonstrates the market’s continued interest in funding the company’s distributed sustainable energy platforms, and in this case, helping communities like Long Island achieve grid resilience, decarbonization goals and improve air quality without significant land use. â
About Franklin Park
Franklin Park develops, owns and manages infrastructure assets. Franklin Park has a diverse portfolio, including renewable and conventional power generation, power distribution, rail and road transportation, and supply chain logistics. Franklin Park provides a full range of capital to renewable energy development companies, including equity, pre-NTP project development capital, tax equity, and project acquisitions. Further details are available at www.frpark.com.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in clean, sustainable energy technologies that address some of the world’s most critical energy, security and urbanization challenges. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers worldwide with sustainable products and solutions for businesses, utilities, governments and municipalities. Our solutions are designed to enable a world powered by clean energy, improving the quality of life for people around the world. We are targeting large-scale electricity users with our megawatt class facilities around the world and currently offer sub-megawatt solutions for small electricity consumers in Europe. To provide a frame of reference, one megawatt is sufficient to continuously power approximately 1,000 mid-size US homes. We develop turnkey distributed power generation solutions and operate and provide full service throughout the life of the power plant. Our fuel cell solution is a clean and efficient alternative to traditional combustion-based electricity generation, and is complementary to an energy mix made up of intermittent energy sources, such as wind turbines and solar. Our customer base includes utility companies, municipalities, universities, hospitals, government entities / military bases and a variety of industrial and commercial companies. Our main geographic markets are currently the United States and South Korea, and we are looking for opportunities in other countries around the world. Connecticut-based FuelCell Energy was founded in 1969.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000, SureSource Recovery, SureSource Capture, SureSource Hydrogen, SureSource Storage, SureSource Service, SureSource Treatment, SureSource Capital, FuelCell Energy and the FuelCell Energy logo are all trademarks of FuelCell Energy, Inc.
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the anticipated financial results of the Company and statements regarding the plans of the company. and expectations regarding the continued development, commercialization and financing of its fuel cell technology and its business plans and strategies. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected. Factors that could cause such a difference include, but are not limited to, changes in projected shipments and order flow, changes in production rate and product costs, general risks associated with product development, manufacturing, changes in regulatory environment, customer strategies, ability to access certain markets, unforeseen manufacturing issues that impact power plant performance, changes in critical accounting policies, access and ability to raise capital and attract financing, potential volatility of energy prices, rapid technological change, competition, ability of the Company to successfully implement its new business strategies and achieve its objectives, the ability of the Company to achieve its sales plans and cost reduction targets, the changes made by the US Small Business Administration or other governmental authorities at, or with respect to the implementation or interpretation of, the aid, relief and economic security of the Coronavirus Act, the paycheck protection program or relat Administrative issues and concerns regarding threats or consequences of pandemics, contagious diseases or health epidemics, including the novel coronavirus, and resulting supply chain disruptions, changes in energy demand own, impacts on investment budgets and client investment plans, impacts on Company project schedules, impacts on Company’s ability to serve existing projects and impacts on demand for the Company’s products, as well as other risks set out in documents filed by the Company with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or commitment to publicly post any update or revision to such statement to reflect any change in the expectations of the Company or any change in the events, conditions or circumstances upon which such statement is based.
FuelCell Energy, Inc.
Source: Fuel cell energy