U.S. Navy Subbase Project Achieves Commercial Operation
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.
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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.
Details
News Market Reaction – FCEL
The recorded move for FCEL in the trading session of this news was -7.12%.
Data tracked by StockTitan Argus. Session date unavailable.
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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
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
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