FuelCell Energy (NASDAQ: FCEL) is set to have an exciting week ahead after a strong performance on Monday, where the company’s stock surged nearly 7% higher. This increase was fueled by a new financing deal that has investors buzzing.
The company announced that it has secured a $13 million debt financing deal with two local lenders for two of its fuel cell projects. Liberty Bank will provide $6.5 million through a senior credit facility, while Connecticut Green Bank will provide $3 million in a subordinated facility, with an additional $3.5 million credit facility. These funds will be used for the development of a 14-megawatt fuel cell park and a 2.8-megawatt fuel cell project in Derby, Connecticut.
FuelCell’s CFO, Michael Bishop, highlighted the efficiency and cost-effectiveness of the financing, emphasizing the banks’ confidence in the long-term performance of the company’s fuel cell platforms.
While FuelCell Energy’s stock may be on the rise, it’s worth noting that the Motley Fool Stock Advisor analyst team did not include it in their list of the 10 best stocks for investors to buy now. However, the Stock Advisor service has a track record of success, outperforming the S&P 500 since 2002.
Investors are eagerly watching FuelCell Energy as it continues to make strides in the renewable energy sector. With new funds incoming and promising projects in the works, the company’s stock could be one to watch in the coming days.
