FuelCell Energy (NASDAQ:FCEL) shares climbed 10% on Monday after the company announced it had secured US$49 million in financing from the Export-Import Bank of the United States (EXIM) to support clean energy exports to South Korea.
EXIM’s Board of Directors approved the funding package on 23 June 2026. The financing will be released in two stages, with the first tranche expected on 30 June 2026. After fees and related costs, FuelCell Energy expects to receive approximately US$22 million in net proceeds to help deliver five 2.8-megawatt FuelCell Energy Blocks to Gyeonggi Green Energy in South Korea.
A second tranche is expected to be disbursed in October 2026, subject to the completion of customary closing conditions.
Financing Supports International Expansion
The funding has been arranged through EXIM’s loan guarantee programme in partnership with the Private Export Funding Corporation and follows similar EXIM-backed financing agreements completed by FuelCell Energy in 2024 and 2025.
“EXIM’s approval validates the strength of this project, our partnership with Gyeonggi Green Energy, FuelCell Energy’s business plan, and our ability to deliver distributed utility-scale clean power globally,” said Michael Bishop, FuelCell Energy’s Chief Financial Officer.
FuelCell Energy manufactures its fuel cell systems at its facility in Torrington, Connecticut, with approximately 90% of the product content sourced within the United States.
Analyst Upgrade Adds to Positive Momentum
The financing announcement follows a recent upgrade from B. Riley analyst Ryan Pfingst, who raised FuelCell Energy to Buy from Neutral while increasing his price target to US$32.00 from US$13.00.
Commenting on the upgrade, Pfingst said: “We’re upgrading FuelCell Energy (FCEL, PT from $13 to $32) from Neutral to Buy after the company announced an agreement for up to 380 MW of power deployment for data centers.”
FuelCell Energy shares closed at US$24.00 on Friday before Monday’s rally.