FuelCell Energy Refinances Loan Facility with Hercules Capital
April 02 2018 - 8:00AM
FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in
delivering clean, innovative and affordable fuel cell solutions for
the supply, recovery and storage of energy, today announced that it
entered into an amendment to refinance of its existing credit
facility with Hercules Capital, Inc. (NYSE:HTGC). The amendment
increases the facility amount to $25 million, extends the maturity
date until 2020, as well as provides for an interest only period
and other term modifications.
“We are pleased to have the continued support and confidence of
Hercules,” said Michael Bishop, Senior Vice President and Chief
Financial Officer, FuelCell Energy, Inc. “The availability of this
increased credit facility, as well as the interest-only period,
provides important flexibility in our long-term financing plan as
FuelCell Energy executes on our significant order backlog and
project awards.”
"Hercules is pleased to expand its financing partnership with
FuelCell Energy," said Scott Bluestein, Chief Investment
Officer at Hercules Capital. "This investment in FuelCell Energy is
another example of our ability to finance growth oriented
sustainable and renewable energy companies at various stages of
development."
FuelCell Energy previously entered into a $20 million term loan
and security agreement with Hercules Capital in April 2016. The
Company began making amortization payments under the loan and
security agreement in October 2017. As a result of the refinancing,
FuelCell Energy will access new funding of approximately $13
million to bring the outstanding balance to $25 million. The
loan has a term of between 24 and 30 months, contingent upon the
Company achieving certain performance milestones, and payments
under the loan are interest-only for the initial 12-month period,
followed by equal monthly installments of principal and interest
thereafter until the end of the term. The interest-only period may
be extended up to 21 months contingent upon FuelCell Energy
achieving certain milestones. Further information with respect to
the debt financing agreement with Hercules will be contained on a
Current Report on Form 8-K to be filed by FuelCell Energy with the
Securities and Exchange Commission.
About FuelCell EnergyFuelCell Energy, Inc.
delivers efficient, affordable and clean solutions for the supply,
recovery and storage of energy. We design, manufacture,
undertake project development of, install, operate and maintain
megawatt-scale fuel cell systems, serving utilities and industrial
and large municipal power users with solutions that include both
utility-scale and on-site power generation, carbon capture, local
hydrogen production for transportation and industry, and long
duration energy storage. With SureSource™ installations on
three continents and millions of megawatt hours of ultra-clean
power produced, FuelCell Energy is a global leader in designing,
manufacturing, installing, operating and
maintaining environmentally responsible fuel cell power
solutions. Visit us online at www.fuelcellenergy.com and
follow us on Twitter @FuelCell_Energy.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000,
SureSource Recovery, SureSource Capture, SureSource Hydrogen,
SureSource Storage, SureSource Service, SureSource Capital,
FuelCell Energy, and FuelCell Energy logo are all trademarks of
FuelCell Energy, Inc.
Cautionary Language This news release
contains forward-looking statements within the meaning of the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995, including, without limitation, statements with respect to
the Company’s anticipated financial results and statements
regarding the Company’s plans and expectations regarding the
continuing development, commercialization and financing of its fuel
cell technology and business plans. All forward-looking statements
are subject to risks and uncertainties that could cause actual
results to differ materially from those projected. Factors that
could cause such a difference include, without limitation, changes
to projected deliveries and order flow, changes to production rate
and product costs, general risks associated with product
development, manufacturing, changes in the regulatory environment,
customer strategies, unanticipated manufacturing issues that impact
power plant performance, changes in critical accounting policies,
potential volatility of energy prices, rapid technological change,
competition, and the Company’s ability to achieve its sales plans
and cost reduction targets, as well as other risks set forth in the
Company’s filings with the Securities and Exchange Commission. The
forward-looking statements contained herein speak only as of the
date of this press release. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any such statement to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which any such statement is
based.Contact:FuelCell
Energy203.205.2491ir@fce.com
Source: FuelCell Energy
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