FUELCELL ENERGY, INC. (NASDAQ:FCEL) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
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Entry into a Material Definitive |
In November 2015, the Company closed on a definitive Assistance
Agreement with the State of Connecticut and received a
disbursement of $10 million to be used for the first phase of the
expansion project. In conjunction with this financing, the
Company entered into a $10 million Promissory Note and related
security agreements securing the loan with equipment liens and a
mortgage on its Danbury, Connecticut location. to the terms of
the loan, payment of principal is deferred for the first four
years. Interest is payable beginning the month following this
closing.
The first phase of the project has commenced to expand the
existing 65,000 square foot manufacturing facility in Torrington,
CT by approximately 102,000 square feet for a total size of
167,000 square feet. Initially, this additional space will be
used to enhance and streamline logistics functions through
consolidation of satellite warehouse locations and provide the
space needed to reconfigure the existing production process to
improve manufacturing efficiencies and realize cost savings. This
phase is expected to be completed in 2017. The Company will be
eligible for up to $5 million in forgiveness of the loan if the
Company creates 165 full-time positions and retains 538 full-time
positions, for two consecutive years as measured on October 28,
2017 (Phase 1 Target Date).
In April 2017, the Company entered into the First Amendment of
the Assistance Agreement (the Amendment). The State of
Connecticut Office of the Attorney General approved the Amendment
on April17, 2017. This Amendment extends the Phase1 Target Date
by two years to October 28, 2019.
| Item9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
|
Exhibit No. |
Description | |
| 10.1 |
First Amendment to Assistance Agreement, dated as of April 3, 2017, and approved by the State of Connecticut, Office of the Attorney General on April17, 2017 |
About FUELCELL ENERGY, INC. (NASDAQ:FCEL)
FuelCell Energy, Inc. is an integrated fuel cell company. The Company designs, manufactures, sells, installs, operates and services stationary fuel cell power plants for distributed power generation. The Company’s segment is fuel cell power plant production and research. The Company’s power plants provide on-site power and utility grid support. The Company’s plants operate in approximately 50 locations on approximately three continents and generate approximately four billion kilowatt hours (kWh) of electricity. The Company’s fuel cell products, Direct FuelCell (DFC) power plants offer power generation for customers, including approximately 2.8 megawatts DFC3000, approximately 1.4 megawatts DFC1500 and approximately 300 kilowatts DFC300 plus derivations of the DFC product for specific applications. The Company offers project development; engineering procurement and construction (EPC) services operations and maintenance, and project finance. FUELCELL ENERGY, INC. (NASDAQ:FCEL) Recent Trading Information
FUELCELL ENERGY, INC. (NASDAQ:FCEL) closed its last trading session down -0.05 at 1.50 with 688,442 shares trading hands.