FuelCell Energy Granted US$200M Loan from Orion Energy Partners

FuelCell Energy (NASDAQ:FCEL), cleantech company secured a US$200 million corporate loan facility from New York-based Orion Energy Partners. As part of the agreement, Orion Energy will be granted warrants for 20 million shares of FuelCell. A total of 8 million warrants will be based off of FuelCell’s October 30 share price of US$0.24, while the remaining are valued at a premium to this price.

As quoted in the press release:

“We are pleased to close the new Facility with Orion Energy Partners.  This successful transaction underscores the confidence Orion Energy Partners has in FuelCell based on its deep understanding of our business and our strategy, as well as the importance of the role our proprietary fuel cell technology plays in delivering a clean energy future,” noted Jason Few, President and Chief Executive Officer of FuelCell Energy.  “With this partnership, we have strengthened our balance sheet and have the funding we need to complete construction of several projects in process, continue to execute on our $2 billion backlog and project awards while driving new sales growth, all of which will generate strong cash flow.”

“We are pleased to announce this new partnership with FuelCell Energy, and look forward to supporting their continued growth as a world leader for reliable, low carbon, base-load distributed power generation,” said Gerrit Nicholas, Co-Founder and Managing Partner of Orion Energy Partners. “This investment is a perfect example of Orion Energy’s focus on providing our partners with flexible, creative capital solutions, while meeting our commitments to environmentally sustainable energy businesses and practices.”

Click here to read the full press release.