Danbury-based FuelCell Energy has secured $25 million in financing from the Export-Import Bank of the United States to expand its fuel cell project in South Korea, building on previous financing deals between the two entities.
The debt financing, announced last week, will fund production of 42 fuel cell modules at Gyeonggi Green Energy’s Hwaseong Baran Industrial Complex, according to the company.
Each fuel cell unit is rated at 1.4 megawatts, adding a total capacity of 58.8 megawatts to the facility, which is the largest fuel cell park in the world, the company has said.
FuelCell Energy will manufacture the units at its Torrington factory, using primarily U.S.-sourced materials and suppliers, the company said.
Jason Few, FuelCell Energy’s president and CEO, said the financing advances U.S. priorities by exporting American energy technology to allied nations.
In a separate deal, EXIM in November provided $9.4 million in net financing for the same project.
FuelCell Energy also raised $135.5 million in November through stock sales, selling more than 15 million shares between mid-September and early November.
The company has faced financial challenges, cutting 22% of its workforce in June as part of a plan to trim operating expenses by 30% in response to slower-than-expected market investments in clean energy.
Despite nearly doubling its fiscal third-quarter revenue, the company reported a $92.5 million loss during the three-month period that ended July 31.
The Nasdaq-listed company has deployed nearly 200 fuel cell units worldwide, which run on natural gas, biofuels or hydrogen to provide baseload electricity.
