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The funding will help the company modernize the electric grid and provide a path to decarbonization, says President and CEO Jason Few.
The award will be used to support the design and manufacture a hydrogen-producing platform for use in the nuclear energy industry.
As for personal protective equipment (PPE), the governor said that while the wait continues for federal supplies to arrive, "We're not gonna sit around and wait for the cavalry to come in." Lamont said the state is "vetting lots of different options, offers" for PPE, "some of which seem a little shady, frankly."
A deal with ExxonMobil is worth up to $60 million; the Danbury firm has also entered an 8-year, $200 million strategic corporate loan facility with Orion Energy Partners.
Its board said the move was made in the wake of "the company’s successful restructuring, including the right-sizing of the business, implementation of cost control measures, and pay off of substantial corporate debt.”
Jason Few is the president of Sustayn LLC, a Houston-headquartered cloud-based software waste and recycling optimization company.
The two companies’ relationship dates back to 2007, when POSCO Energy invested $84 million in FuelCell and acquired the license for its MCFC technology in South Korea.
Drax Power Station is the largest single-site renewable power generator in the U.K.
Nasdaq has threatened to delist FuelCell Energy if its stock price fails to reach $1 and stay there for 10 consecutive days by May 28.
The swooning company's stock stood at 99 cents on Oct. 16 and closed last night at 28 cents; it has until May 28 to attain and hold at $1 or risk delisting from the Nasdaq.
The Danbury firm's stock is still under Nasdaq scrutiny; it has until May 28 to return to the $1 threshold.
Not only has the Danbury company been involved with a number of notable deals of late, but one of it senior executives has been named to Gov.-elect Ned Lamont's transition team.
FuelCell said the transaction is expected to add annual revenue in excess of $15 million per year.
The fuel cell project in Derby is expected to drive local economic development and environmental improvement through state sales tax and the local property taxes generated.
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