Item 8.01.Other Events.
Update - U.S. Navy Submarine Base in Groton, Connecticut
On December 29, 2021 in its Annual Report on Form 10-K, FuelCell Energy, Inc.
(the "Company") disclosed that the process of commissioning the 7.4 megawatt
platform at the U.S. Navy Submarine Base in Groton, Connecticut was underway
following a temporary suspension due to a needed repair. During the resumed
commissioning process, the Company observed operating parameter data from one of
the two fuel cell platforms installed at the project site that indicated a
mechanical component was not performing according to engineered specifications.
The Company recently determined that component should be removed from the
project site to facilitate the necessary repair and upgrade. As of the date of
this Current Report on Form 8-K, the Company is in the process of performing the
necessary repairs and upgrades to the mechanical component. Upon completion of
the repair and upgrade work and reinstallation of the mechanical component at
the project site, the Company will restart the process of commissioning the
project.
The Company also previously disclosed that if commercial operations were delayed
beyond February 15, 2022, an extension would be required from the Navy. On
February 15, 2022, an extension was received from the Navy extending the date by
which commercial operations are to be achieved to May 15, 2022.
In addition, as previously disclosed, in August 2021, the Company closed on a
tax equity financing transaction with East West Bancorp, Inc. ("East West Bank")
for this project. East West Bank's tax equity commitment totals $15 million. In
connection with the initial closing, the Company was able to draw down $3.0
million. The Company is eligible to draw the remaining amount of the commitment,
approximately $12 million, once the Groton project achieves commercial
operation. Under the extension previously granted by East West Bank, the project
had a required commercial operation deadline of February 15, 2022. On February
17, 2022, East West Bank granted an extension of the commercial operation
deadline to May 15, 2022.
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FUELCELL ENERGY, INC. 
