Business
Significant On-Site Progress on CMEEC / U.S. Naval Submarine Base Project Connecticut Green Bank Provides Additional Financing
Construction on the Fuel Cell Micro-Grid Project for the Connecticut Municipal Electric Energy Cooperative (CMEEC) on the U.S. Naval Submarine Base in Groton
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Construction on the Fuel Cell Micro-Grid Project for the Connecticut Municipal Electric Energy Cooperative (CMEEC) on the U.S. Naval Submarine Base in Groton is on TrackSignificant On-Site Work Completed with Power Plant Deliveries Commencing Liquidity Profile Enhanced with $3 Million Loan DANBURY, Conn., Dec. 20, 2019 (GLOBE NEWSWIRE) -- December 20, 2019- - Today, FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in delivering clean, innovative and affordable molten-carbonate fuel cell solutions, outlined the significant construction progress it has made to-date, the expected delivery schedule and the current financing approach for the CMEEC Fuel Cell Micro-Grid Project on the U.S. Naval Submarine Base in Groton including:\n CMEEC Fuel Cell Micro-Grid Project located on the U.S. Naval Submarine Base, Groton, CT: Announced in May 2017, this project includes the installation and commissioning of two FuelCell Energy SureSource 4000 power plants which will provide 7.4 megawatts of continuous power generation. FuelCell Energy has now completed significant site work on the base, including excavation, wiring and pouring of the concrete pads for siting the fuel cell plants. The delivery of the fuel cell modules and balance of plant will begin during the first week of January 2020, with the first plant expected to be commissioned in the spring of 2020. Additional Liquidity: Supported by the strength of the CMEEC project, Connecticut Green Bank has agreed to an incremental $3 million corporate loan. Upon the commercial operation date of the CMEEC project, the loan is expected to be converted into a project company term loan and secured by the consistent cash flow generation of the CMEEC project. “FuelCell has pivoted to executing on our future, we are focused on executing our core business, exceeding customer expectations, and delivering on and adding to our significant project backlog, including this mission critical project for CMEEC and the U.S. Naval Submarine Base in Groton,” noted Jason Few, President and Chief Executive Officer of FuelCell Energy. “We have also taken this opportunity to continue our earlier improvements to our corporate liquidity profile, which creates an additional working capital lever. I would like to thank CMEEC for its partnership on this critical energy solution for the U.S. Navy Submarine Base, and the...