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FuelCell Energy Closes Tax Equity Sale-Leaseback Financing for the 1.4 MW San Bernardino Fuel Cell Project with Crestmark
DANBURY, Conn., Aug. 31, 2021 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global leader in fuel cell technology with a purpose of utilizing
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"DANBURY, Conn., Aug. 31, 2021 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global leader in fuel cell technology with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy—today announced that the Company closed on a tax equity sale-leaseback financing transaction for the 1.4 megawatt SureSource 1500™ biofuels fuel cell project with the City of San Bernardino Municipal Water Department (SBMWD) in California with Crestmark Equipment Finance (“Crestmark”), a division of MetaBank®. Crestmark’s commitment totals $10.2 million through a ten-year sale-leaseback structure and further demonstrates the market’s interest in FuelCell Energy’s differentiated ability to use on-site biofuels, to eliminate flaring and deliver carbon neutral decarbonization energy platforms. “We are excited to team up again with Crestmark and add this important financing solution that enables us to recycle capital for additional clean energy and decarbonization projects and initiatives,” said Michael Bishop, Executive Vice President and Chief Financial Officer of FuelCell Energy. “This is our second sale-leaseback financing transaction executed with Crestmark and we are pleased to expand our relationship with their organization. Crestmark has a deep understanding of the quality solutions delivered by our products, including carbon neutral projects directly leveraging on-site biofuels.” “Crestmark is pleased to support FuelCell Energy and their management team in the deployment of such an important critical-use application,” commented Jon Ellis, Vice President of Alternative Energy Finance at Crestmark. “Crestmark is focused on the alternative energy market and has designed targeted funding solutions for the industry. This project, and the scalable and renewable power solution FuelCell Energy delivered, are a solid fit with our efforts in this industry.” Key project highlights include: The SureSource 1500™ platform is co-located with the SBMWD water reclamation plant and operates on the City’s anaerobic digester gas, which is treated by FuelCell Energy’s proprietary SureSource TreatmentTM system, cleanly producing 24 hours a day, 7 days a week carbon neutral renewable electricity. The San Bernardino Fuel Cell Project has contracted to sell the clean electricity from the facility ...