The Export-Import Bank of the United States (EXIM) recently finalized a transaction under its Project & Structured Finance Program to support Connecticut-based exporter FuelCell Energy Inc.
The transaction is a loan guarantee of almost $10 million that will support the financing of fuel cell modules that will replace existing fuel cell modules at the Hwaseong Baran Industrial Complex in South Korea, the world's largest fuel cell platform. The upgraded molten-carbonate fuel cell modules will replace existing units at the complex, supplying baseload power to the Korean market. Fuel cells are a chemical-based process for producing electricity which convert hydrogen and concentrated forms of hydrogen, such as methane, into electricity with only water and carbon dioxide as its byproducts.
“This transaction further underscores EXIM’s dedication to supporting environmentally beneficial exports as outlined in our charter,” said EXIM President and Chair Reta Jo Lewis. “In addition to being at the forefront of the global energy transition, I am pleased that we can continue advancing our mission to support domestic jobs by advancing U.S. exports.
The fuel cell modules will be made at FuelCell Energy’s factory utilizing U.S. sourced materials and suppliers for a majority of production.
Founded in 1969, FuelCell Energy is a global leader in delivering environmentally responsible energy platform solutions through its proprietary fuel cell technology. Focused on advancing sustainable clean energy technologies, FuelCell works to provide its global customer base with products to address critical challenges around energy access, affordability, safety and environmental stewardship.
"We want to thank Chair Reta Jo Lewis and the U.S. EXIM Bank for their partnership and support of exporting U.S. clean energy technology around the world. With EXIM financing support we can accelerate our efforts to enable a world to be powered by clean energy,” said Jason Few, President and CEO of FuelCell Energy.
“Our small businesses really need what EXIM provides,” said Connecticut Governor Ned Lamont. “These businesses need an on-ramp to the rest of the world and EXIM is absolutely invaluable as we try to figure out how to grow and expand.”
