FuelCell Energy, Inc. (FCEL) closed a $25 million debt facility with the U.S. Export‑Import Bank (EXIM) on December 1 2025. The proceeds will fund the final phase of the company’s Gyeonggi Green Energy (GGE) fuel cell upgrade at Hwaseong Baran Industrial Complex in South Korea, covering additional module shipments and service support for the world’s largest fuel cell power platform.
The GGE project is a flagship contract that is expected to generate roughly $160 million in revenue over its term, including the supply of 42 carbonate fuel cell modules and a seven‑year service agreement. The modules are manufactured in FuelCell’s Torrington, Connecticut plant, underscoring the company’s commitment to U.S. production and the Export‑Import Bank’s mission to support American exports.
FuelCell’s recent financial results provide context for the financing. In the third quarter of fiscal 2025, the company reported revenue of $46.7 million, a 97% year‑over‑year increase, but also a net loss of $92.5 million driven by restructuring expenses and non‑cash impairment charges. The new debt facility strengthens the balance sheet and provides liquidity to meet the growing demand for the company’s clean, distributed power solutions while the company continues to invest in restructuring and cost‑control initiatives.
Michael Bishop, EVP and CFO, said the EXIM financing “reinforces our ability to deliver U.S.‑made fuel cell technology to a key partner in South Korea and demonstrates the continued confidence of the U.S. government in our export strategy.” Jason Few, President and CEO, added that the funding “supports U.S. priorities for exporting differentiated energy technology to allied nations and helps build more resilient, sustainable power generation systems worldwide.”
The financing highlights FuelCell’s strategic focus on high‑growth international markets and its reliance on U.S. manufacturing. South Korea’s roadmap to deploy 15 GW of fuel‑cell power by 2040 positions the country as a critical partner, and the EXIM loan enables FuelCell to capture a significant share of that market while maintaining a strong U.S. manufacturing base.
The $25 million debt facility is a positive step for FuelCell’s project execution and balance‑sheet health, but the company’s broader financial picture remains challenged by significant net losses and restructuring costs. The financing, however, signals continued confidence from both the U.S. government and the company’s management in the long‑term viability of its fuel‑cell technology and its expansion into key international markets.
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