These two transactions come with one of the first direct motion agreements that monetizes the Investment Tax Credits (“ITC”) and Hydrogen Production Tax Credits (“PTC H2”) permitted through the Hydrogen Reduction Act. 2022 Inflation and come with direct tax credits. motion agreement and a tax equity partnership for total net proceeds of $34. 2 million, giving FuelCell Energy the monetary flexibility to further refine its blank power generation and engage in collaborations and transition projects blank energy around the world.
Working Together to Support Clean Energy Innovation
“We’re at a critical point on the path to an energy transition, and it’s especially vital to take advantage of the long-term recurring cash flows from those projects through tax-sharing investments from corporations like Franklin Park and Group 1001. This allows us a steady speed of investment in innovation and commercialization efforts and signals strong market interest in our clean and sustainable energy solutions,” said Jason Few. Array, President and CEO of FuelCell Energy.
Richard Moore, Executive Vice President of 1001 Group, added, “Our partnership with Fuel Cell and Franklin Park is another example of how the 1001 Group is using its resources and capital to bring innovative, technology-driven responses to our communities. “Look forward to continuing the progress of this mission. “
About FuelCell Energy in Long Beach, California and Derby, Connecticut
Long Beach, California
FuelCell Energy and Toyota Motor North America, Inc. recently announced the finishing touch of the first-of-its-kind “Tri-gen system” at Toyota’s Port of Long Beach operations. The Tri-gen system, owned and operated through FuelCell Energy, produces renewable electricity. , renewable hydrogen and water from directed biogas. FuelCell Energy has contracted Toyota to source Tri-gen’s products under a 20-year acquisition agreement. Tri-gen enables Toyota Long Beach to be the company’s first port vehicle processing facility in the world, powered by 100 percent renewable energy generated on-site.
2. The FuelCell Energy Tri-gen formulation can also produce up to 1,270 kg/day of hydrogen, which will meet TLS Long Beach’s fuel desires for its Mirai light cell electric vehicle (FCEV), while also supplying hydrogen to the heavy vehicle on site. -Hydrogen refueling station service for TLS logistics, drayage operations and other FCEV heavy advertising automobiles in the port.
3. Tri-gen’s hydrogen production process can co-produce up to 1,400 gallons of water per day to be used through TLS Long Beach for car washing on cars entering the port prior to delivery to the customer. This will reduce the use of limited local water materials to a portion of one million gallons per year.
Group 1001 and Franklin Park purchased the ITCs from a subsidiary of FuelCell Energy that owns Tri-gen, generating approximately $6. 3 million in revenue for FuelCell Energy earned through the company in October 2023. Under this gracious agreement, FuelCell Energy will also sell the H2 PTCs generated over a 10-year period to investors.
Derby, Connecticut
While fuel mobiles carry out a variety of functions, such as hydrogen creation or carbon capture, in Derthrough they are used to supply Class I renewable energy at competitive prices under 20-year forced procurement agreements with Eversource and United Illuminating. In Connecticut, a Class I renewable energy source is explained by law as electrical energy generated from wind, geothermal, or mobile fuel energy.
Group 1001 and Franklin Park’s tax equity financing commitments for these projects will result in approximately $27.9 million of net proceeds to FuelCell Energy of which approximately $7.3 million of net proceeds were received by the company in October 2023 with the balance expected in the first fiscal quarter of 2024.
About FuelCell Energy FuelCell Energy, Inc. (NASDAQ: FCEL): FuelCell Energy is a global leader in sustainable, blank energy technologies that address some of the world’s most critical energy, security, and global urbanization challenges. Collectively, it holds more than 450 patents on mobile fuel generation in the U. S. In the U. S. and around the world. As the world’s leading manufacturer of proprietary mobile fuel generation platforms, FuelCell Energy is uniquely placed to serve consumers around the world with sustainable products and answers for businesses, utilities, governments and municipalities. The company’s responses are designed to enable a global improvement in the quality of life for others around the world.
About Franklin Park Franklin Park develops, owns, and manages infrastructure assets. Franklin Park has a diverse portfolio, including renewable and conventional electricity generation, electric distribution, rail and road transport, and supply chain logistics. Franklin Park provides a full suite of capital for renewable energy development companies, including corporate equity, pre-NTP project development capital, tax equity and project acquisitions. Additional details can be found at www.frpark.com.
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