Benzinga | Aug 9, 2021 06:21PM EDT

FuelCell Energy Closes $15M Tax Equity Financing For 7.4 MW US Navy Submarine Base Fuel Cell Project

* FuelCell Energy Inc (NASDAQ:FCEL) closed on a tax equity financing transaction with East West Bank for the 7.4 megawatts fuel cell project located on the U.S. Navy Submarine Base in Groton, CT. East West Bank's tax equity commitment totals $15 million.

* "This efficient financing enables FuelCell Energy to retain most of this project's long-term, recurring cash flow, and creates a structure that will facilitate additional capital opportunities that are expected to further return cash to the Company and enhance overall return on equity for this project," commented Michael Bishop, Executive Vice President and Chief Financial Officer of FuelCell Energy.

* FuelCell continues to advance the project through mechanical completion and expects the commercial operation to commence before the end of September 2021.

* FuelCell Energy installed 7.4 MW of SureSource power platforms at the U.S. Navy Submarine Base in Groton, CT, to provide a long-term power supply to an existing electrical substation.

* Price Action: FCEL shares closed higher by 14.06% at $7.22 on the last check on Monday.