FuelCell Energy, Inc. (Nasdaq: FCEL) announced that the Export-Import Bank of the United States (EXIM) approved a $49 million financing package on June 23, 2026, to support the export of fuel cell technology to South Korea.

The financing will be disbursed in two tranches. The first, expected on June 30, 2026, will provide net proceeds of approximately $22 million after fees and expenses, supporting the delivery of five 2.8-megawatt FuelCell Energy Blocks to Gyeonggi Green Energy (GGE) in South Korea. A second tranche is expected in October 2026, subject to customary closing conditions.

EXIM structured the financing under its loan guarantee program in partnership with the Private Export Funding Corporation (PEFCO). The arrangement follows prior EXIM-supported financing completed by FuelCell Energy in 2024 and 2025.

Michael Bishop, FuelCell Energy's Chief Financial Officer, said the financing "adds non-dilutive capital to support growth and provides added flexibility as we invest in scaling manufacturing capacity, pursuing strategic opportunities in global power markets."

FuelCell Energy manufactures its fuel cell technology in Torrington, Connecticut. The company stated that approximately 90% of the content in its FuelCell Energy Blocks is sourced from the United States.

GGE's site has nearly 60 megawatts of installed fuel cell capacity, which FuelCell Energy described as among the largest fuel cell installations in the world.