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Stock Market & Financial Investment News

News Breaks
July 31, 2014
08:46 EDTNRG, FCELFuelCell announces strategic financing agreement with NRG Energy
FuelCell Energy (FCEL) announced a broadening and deepening of the existing relationship with NRG Energy (NRG) including a $35M investment in FuelCell Energy common stock by NRG Energy and the establishment of a new $40M revolving construction and term loan facility by NRG Energy for FuelCell Energy to use for project development. NRG Energy now owns approximately 17M shares of the company's common stock, or 6%, including 2.4M shares owned prior to this transaction. In addition to the common stock investment, NRG Energy has extended a $40M revolving construction and term financing facility for the purpose of accelerating project development by FuelCell Energy and its subsidiaries. The company's project finance subsidiaries may draw on the facility to finance the construction of projects through the commercial operating date, or COD, of the power plants. The company has the option to continue the financing term for each project after COD for a maximum term of five years per project. The interest rate is 8.5% per annum for construction-period financing and 8% thereafter.
News For FCEL;NRG From The Last 14 Days
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October 29, 2014
16:49 EDTFCELFuelCell announces manufacturing expansion to reduce costs
FuelCell Energy announced a two stage expansion project to improve manufacturing and logistics efficiencies and position the company for continued global growth. The existing manufacturing facility in Torrington, Connecticut, will be expanded in the first stage and production equipment will be added in the second stage. The State of Connecticut has extended a financial package through the Department of Economic and Community Development for both stages, including $20M of low interest long-term loans and up to $10M of tax credits, predicated on certain terms and conditions, including the forgiveness of 50% of the loan principal if certain job retention and job creation targets are reached. The first stage involves the expansion of the existing 65,000 square foot manufacturing facility by 90,000 square feet for a total size of 155,000 square feet. Initially, this additional space will be used to enhance and streamline logistics functions and provide the space needed to reconfigure the existing production process to improve manufacturing efficiencies and realize cost savings. The company expects to enter into a long term lease of up to 15 years as part of this expansion. The cost of the first stage construction is expected to be funded by a mix of private capital and State financial support. Construction is expected to be completed by early 2016. Additionally, plans for the second stage include the installation of a megawatt scale tri-generation fuel cell plant to power and heat the facility as well as provide hydrogen for the manufacturing process of the fuel cell components, and the creation of advanced technology testing and prototype manufacturing. In addition, the final stage of the fuel cell module manufacturing will be relocated to the Torrington facility from its current location at the Danbury, Connecticut headquarters, which will reduce logistics costs.
08:24 EDTNRGThe Atlantic Live to hold a forum
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October 23, 2014
18:34 EDTNRGEaton contracted to provide MGM Resorts with power management solutions
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09:15 EDTNRGNRG Energy and MGM Resorts to install convention center solar array
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