U.S. Navy Subbase Project Achieves Commercial Operation

Rhea-AI Summary

FuelCell Energy, Inc. (NASDAQ: FCEL) announced the completion of site construction and commencement of commercial operations at the U.S. Navy Submarine Base in Groton, Connecticut, on December 16, 2022. This project adds 7.4 megawatts to the company's generating capacity, totaling 43.7 megawatts, though it will operate at approximately 6 megawatts during its first year. The project supports the Navy's decarbonization goals and is partially financed by a $15 million tax equity transaction with East West Bank.

Positive

• Completion of construction and commencement of operations at a strategic U.S. Navy site.
• Addition of 7.4 megawatts to the total generation capacity, enhancing operational portfolio.
• Strong partnership with East West Bank for $15 million tax equity financing supports financial stability.

Negative

• Initial operational capacity set at approximately 6 megawatts, lower than total project output.

DANBURY, Conn., Dec. 19, 2022 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ: FCEL) announced the completion of site construction and commencement of commercial operations (COD) for its project on the U.S. Navy Submarine Base in Groton, Connecticut on December 16, 2022. Achieving commercial operations of this project adds 7.4 megawatts to the Company’s generation operating portfolio, bringing the total to 43.7 megawatts, although the project will operate at approximately 6 megawatts during the first year of operation.

“We are excited to announce COD of our grid resiliency and micro-grid ready clean energy project at the U.S. Navy Submarine Base, bringing cleantech innovation to our country’s most critical infrastructure,” said Jason Few, President and Chief Executive Officer, FuelCell Energy. “FuelCell Energy is proud to deliver a solution that supports the Navy’s decarbonization goals while encouraging clean energy partnerships and policies that enable the deployment of crucial grid modernization technology needed for the electrical grid in Connecticut and around the world.”

The project is financed in part through a previously announced tax equity financing transaction with East West Bank for $15 million contributed to the project over three years. This milestone partnership is East West Bank’s first fuel cell project, a testament to the value proposition of FuelCell Energy’s differentiated clean energy platforms.

About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in sustainable clean energy technologies that address some of the world’s most critical challenges around energy, safety and global urbanization. It collectively holds more than 450 fuel cell technology patents in the United States and globally. 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. The Company’s solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe.

Contact:
FuelCell Energy
FuelCell@escalatepr.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/073f1dd8-337c-42ad-b2ad-113b3c606690

FAQ

What is the significance of the FuelCell Energy project at the U.S. Navy Submarine Base?

The project enhances the U.S. Navy's energy resilience and supports decarbonization goals, contributing to clean energy initiatives.

When did FuelCell Energy commence commercial operations for the Groton project?

Commercial operations began on December 16, 2022.

How much generation capacity did FuelCell Energy add to its portfolio with this project?

FuelCell Energy added 7.4 megawatts, bringing the total to 43.7 megawatts.

What is the operational capacity of the Groton project in its first year?

The Groton project is expected to operate at approximately 6 megawatts during its first year.

How is the Groton project financed?

The project is partially financed through a $15 million tax equity transaction with East West Bank.