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Investing.com -- FuelCell Energy Inc (NASDAQ:FCEL) stock dropped 4.3% Monday after the company announced it had closed a new debt financing deal with the Export-Import Bank of the United States (EXIM).
The transaction provides approximately $25 million in gross proceeds before fees and reserves, aimed at supporting the company’s international expansion efforts, particularly in South Korea. The financing was executed under EXIM’s Project & Structured Finance program to help U.S. exporters compete globally.
According to the company, the funds will support the next phase of FuelCell Energy ’s project with Gyeonggi Green Energy (GGE) in South Korea, including additional module shipments and service. The financing will specifically fund production of fuel cell modules for the final phase of upgrading 42 fuel cells at GGE’s Hwaseong Baran Industrial Complex.
"Our relationship with EXIM is a testament to the strength of our utility scale power generation technology and our shared commitment to expanding the global reach of American-made energy solutions," said Michael Bishop, EVP and CFO of FuelCell Energy.
The company emphasized that all fuel cell modules are manufactured in the United States at its Torrington, Connecticut factory, utilizing primarily U.S.-sourced materials and suppliers.
This financing builds on FuelCell Energy’s previous debt transactions with EXIM and is intended to strengthen the company’s ability to deliver baseload power to utility markets in South Korea and other international locations.
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