January 30, 2015
Danbury State Representatives David Arconti and Bob Godfrey are pleased to announce that the State Bond Commission is expected approved a $10 million loan to FuelCell Energy, Inc., to assist in the expansion of operations in Danbury and Torrington.
The expansion, which will be implemented in two phases with a $10 million loan for each phase, will retain 538 jobs and create up to 325 new jobs within five years. The first phase loan will be provided at an interest rate of 2% for fifteen years with principal deferred for four years with the potential of a $5 million loan forgiveness if the company retains and creates 703 jobs plus meets other criteria.
“I am happy that this funding has been slated for approval for this local company,” Rep. Godfrey said. “Investing in local businesses is always a wise decision that helps us strengthen the foundation of our economy and at the same time provide area jobs.”
In the future, when phase two begins, a second loan will include similar terms as the first phase as long as it creates 863 jobs and meets specific revenue criteria.
“Fuel cells and other green technology is poised for growth and seeing so many jobs opening up in this exciting field is promising news for our economy,” said Danbury Rep. Bob Godfrey, (D-110). “FuelCell products are a cornerstone of green businesses looking to save money on their energy costs and hire more employees.”
FuelCell Energy, Inc., is an integrated fuel cell company that designs, manufactures, installs, operates and services stationary fuel cell power plants. They provide ultra-clean, efficient and reliable baseload distributed generation for electric utilities, commercial and industrial companies, universities, municipalities, government entities and other customers around the world.