FuelCell Energy (NASDAQ:FCEL) shares advanced 10% on Monday after the Export-Import Bank of the United States (EXIM) Board approved a $49 million financing package to support the company’s clean energy exports to South Korea.
EXIM signed off on the financing on June 23, 2026, with a plan to disburse the funds in two installments. The first tranche is expected to be released on June 30, 2026, and after financing fees and expenses will provide FuelCell Energy with approximately $22 million in net proceeds. Those proceeds are earmarked to support the delivery of five 2.8-megawatt FuelCell Energy Blocks to Gyeonggi Green Energy in South Korea. A second tranche is anticipated in October 2026, contingent on standard closing conditions.
The financing was arranged under EXIM’s loan guarantee program and facilitated by Private Export Funding Corporation. According to company disclosures, this new package follows EXIM-supported financings that FuelCell Energy completed in 2024 and 2025, indicating a continuing financing relationship between the parties.
FuelCell Energy’s Chief Financial Officer, Michael Bishop, characterized EXIM’s approval as confirmation of the project’s viability and of the company’s capacity to deliver distributed, utility-scale clean power internationally, saying, "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."
The company manufactures its fuel cell technology in Torrington, Connecticut, and reports that roughly 90% of the content is sourced from the United States. The immediate financing proceeds are intended to underwrite the export and delivery of the specified power blocks to the South Korean purchaser.
Separately, analyst activity has reflected the recent commercial developments. Ryan Pfingst of B.Riley upgraded FuelCell Energy from Neutral to Buy and raised his price target to $32.00 from $13.00. In his commentary, Pfingst noted the upgrade followed the company’s announcement of an agreement for up to 380 MW of power deployment for data centers.
Market data included with the company’s filings shows FuelCell Energy shares closed at $24.00 on Friday prior to Monday’s intraday move.
Key near-term items for investors include the expected June 30 disbursement, the October tranche subject to closing conditions, and the company’s execution of the delivery to Gyeonggi Green Energy. The financing structure relies on EXIM guarantees and an arrangement with Private Export Funding Corporation, and follows prior EXIM dealings in 2024 and 2025.