$200 Million Strategic Corporate Loan Facility Positions FuelCell for Future Success; Initial $80 Million Draw Completed; $1...
November 25 2019 - 8:45AM
Today, FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in
delivering clean, innovative and affordable energy solutions,
announced it has completed the initial $80 million draw, of a $200
million facility from Orion Energy Partners. The draw will
primarily support execution of certain projects within the
Company’s $2 billion project backlog. The balance of the
facility, $120 million, will be available over the next 18 months
to invest in strategic growth, providing working capital as needed.
Specifically, this corporate and construction finance facility
with Orion Energy will be deployed towards current construction and
engineering costs associated with inflight projects, including the
CMEEC U.S. Navy Base fuel cell plant and final construction costs
associated with the Tulare BioMAT project, which will be
commercially operable in mid-December. The facility will also be
used for future growth, including commencing the construction of
the first of three FuelCell projects with LIPA.
“Our investment in FuelCell has been grounded in an extensive
due diligence process,” said Gerrit Nicholas, Co-Founder and
Managing Partner of Orion Energy Partners. “Over the past several
weeks, we have gone deeper on the Company’s business strategy,
operating plans, various projects and extensive, $2 billion
backlog. Coming out of this review, we are optimistic about
FuelCell’s future and look forward to our continued close
partnership as FuelCell Energy’s strategic transformation takes
hold.”
“Orion Energy is an excellent partner,” noted Jason Few,
President, Chief Executive Officer and Chief Commercial Officer of
FuelCell Energy. “Validated by Orion Energy Partner’s confidence,
commitment and this $200 million facility, we have laid the
financial foundation to continue our strategic transformation and
deliver on our project commitments and environmental benefits.
We are firmly focused on the future and execution. To that
end, I would like to congratulate the FuelCell team that is working
to complete the Tulare BioMAT project. The delivery of the 2.8
megawatt plant running on biogas in the city of Tulare is a
critical milestone for our organization, delivering power and
significant environmental benefits to the city of Tulare; we have
honored our commitments and continue to demonstrate to our global
client base and key partners, that we are on a path to restore this
great Company to industry leadership.”
As a reminder, the Company will host a conference call on
Tuesday, January 14, 2020 to review its financial
performance. In addition, senior leadership will unveil the
pillars of its transformation strategy under the direction of its
newly appointed CEO, Jason Few. Conference call details will
be provided later.
Cautionary Language This news release
contains forward-looking statements within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995, including, without limitation, statements with respect to
the Company’s anticipated financial results, statements regarding
the Company’s plans and expectations regarding the continuing
development, commercialization and financing of its fuel cell
technology, and statements regarding the Company’s strategic
focuses and business plans. All forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those projected. Factors that could cause
such a difference include, without limitation, changes to projected
deliveries and order flow, changes to production rate and product
costs, general risks associated with product development,
manufacturing, changes in the regulatory environment, customer
strategies, unanticipated manufacturing issues that impact power
plant performance, changes in critical accounting policies,
potential volatility of energy prices, rapid technological change,
competition, and the Company’s ability to achieve its sales plans,
business and strategic plans, refinancing and restructuring plans,
and cost reduction targets, as well as other risks set forth in the
Company’s filings 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 undertaking to release publicly any updates or
revisions to any such statement to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which any such statement is based.
About FuelCell EnergyFuelCell Energy, Inc.
(NASDAQ: FCEL) delivers efficient, affordable and clean solutions
for the supply, recovery and storage of energy. We design,
manufacture, undertake project development of, install, operate and
maintain megawatt-scale fuel cell systems, serving utilities and
industrial and large municipal power users with solutions that
include both utility-scale and on-site power generation, carbon
capture, local hydrogen production for transportation and industry,
and long duration energy storage. With SureSource™
installations on three continents and millions of megawatt hours of
ultra-clean power produced, FuelCell Energy is a global leader in
designing, manufacturing, installing, operating and
maintaining environmentally responsible fuel cell power
solutions. Visit us online at www.fuelcellenergy.com and
follow us on Twitter @FuelCell_Energy.
About Orion Energy
PartnersOrion Energy Partners is a credit-oriented private
equity firm with over $1 billion of investable capital. Orion
Energy is focused on providing creative capital solutions to
middle-market energy infrastructure businesses across North America
and select international markets with a focus on downstream,
midstream, conventional electric power, renewable energy and
storage, asset-heavy energy services and other energy subsectors.
Its management has substantial experience leading successful energy
companies and energy infrastructure investments. The firm was
founded in 2015 and has offices in New York and Houston. For more
information on Orion Energy Partners, please visit
www.OrionEnergyPartners.com.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000,
SureSource Recovery, SureSource Capture, SureSource Hydrogen,
SureSource Storage, SureSource Service, SureSource Capital,
FuelCell Energy, and FuelCell Energy logo are all trademarks of
FuelCell Energy, Inc.
Contact: |
Tom GelstonSenior Vice President, Finance and Investor
RelationsFuelCell Energy(203)830-7494tgelston@fce.com
Source: FuelCell Energy |
FuelCell Energy (NASDAQ:FCEL)
Historical Stock Chart
From Aug 2024 to Sep 2024
FuelCell Energy (NASDAQ:FCEL)
Historical Stock Chart
From Sep 2023 to Sep 2024