After warning investors of a possible bankruptcy, FuelCell Energy announced Thursday a $200 million lifeline in the form of a new credit agreement, allowing it to payoff existing holders of debt and fund projects at the U.S. Navy’s submarine base in Groton and for the Long Island Power Authority, among others.
FuelCell is based in Danbury and manufactures in Torrington power plants that use a chemical process to extract electricity from hydrogen, with no harmful emissions. The company installed board member Jason Few as CEO in August, a few months after letting go his predecessor Chip Bottone.
Few lined up the financing from Orion Energy Partners, a New York City lender which focuses on mid-sized companies.
Alex.Soule@scni.com; 203-842-2545; @casoulman