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FuelCell Energy Closes Tax Equity Financings with Group 1001 and Franklin Park for Tri-gen Project and Derby, Connecticut, Fuel Cell Park
Clean energy company is leading the way in tax credit financing. DANBURY, Conn., Dec. 14, 2023 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) has
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Clean energy company is leading the way in tax credit financing.\nDANBURY, Conn., Dec. 14, 2023 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) has again demonstrated that it is leading the way in tax credit financing through its announcement today that it closed on transactions with Franklin Park and Group 1001 Insurance Holdings, LLC (“Group 1001”) for two of its clean energy projects—the Tri-gen platform in Long Beach, California, and the new fuel cell park in Derby, Connecticut. These two transactions include one of the first direct transfer agreements that monetizes both the Investment Tax Credits (“ITCs”) and Hydrogen Production Tax Credits (“H2 PTCs\") enabled by the Inflation Reduction Act of 2022 and include a tax credit direct transfer agreement and a tax equity partnership totaling net proceeds of $34.2 million. These give FuelCell Energy the financial flexibility to further refine its clean energy technology and to participate in clean energy collaborations and transition projects around the world. Working Together to Support Clean Energy Innovation “We are at a critical point on the path towards an energy transition, and it is particularly important to leverage these projects’ long-term, recurring cash flow through tax equity investments from firms like Franklin Park and Group 1001. This allows us to maintain a steady pace of investment in innovation and commercialization efforts and signals that our sustainable clean energy solutions are attracting strong interest from the market,’’ said FuelCell Energy’s President and CEO Jason Few. Barrett Gold, Vice President from Franklin Park, commented, “Franklin Park, through implementing innovative financing solutions, is proud to play a role in supporting FuelCell Energy’s continued leadership in the green energy industry, including its exciting, first-in-the world Tri-gen project that Toyota is using to power its port operations with electricity, create hydrogen and produce water.” Group 1001 Executive Vice President Richard Moore added, “Our partnership with Fuel Cell and Franklin Park is another example of how Group 1001 is using its resources and capital to bring innovative and technology-driven solutions to improve our communities. We look forward to continued progress with this mission.” About FuelCell Energy’s Long Beach, California, and Derby, Connecticut ...