FuelCell Energy has raised approximately $177m to advance its business growth goals within the hydrogen and fuel cell market.
In a recent announcement, the Connecticut-based company said it’s dedicated to growing its platform and sales pipeline of opportunities in South Korean and Asian Markets, something that the new capital will push forward.
FuelCell Energy is also continuing to advance its projects in other geographies, such as thre development of its tri-generation hydrogen technology platform located at the Port of Long Beach, California, to serve the hydrogen-powered Toyota vehicles at the site.
Jason Few, CEO and President of FuelCell Energy said, “We are very pleased with the success of our capital raising efforts and the strong investor demand for our common stock. With this additional financing, FuelCell Energy is well-positioned to advance our business growth goals, including developing projects and growing our presence in South Korea.”
“We have significantly strengthened the company’s balance sheet and increased our financial flexibility. Importantly, FuelCell Energy is enhancing our global operations and leadership in clean tech energy while fulfilling our commitments to our customers and remaining focused on delivering value for our shareholders.”