FuelCell Repays $6.57M PPP Note

Clean energy manufacturing company FuelCell Energy Inc FCEL has repaid the entirety of a $6.57-million Paycheck Protection Program (PPP) CARES Act claim made last year.

The PPP is a Small Business Administration-backed loan program that helps small businesses keep their workforce employed amid the coronavirus pandemic.

Last summer, the Financial Times reported that FuelCell had been under investigation by the SEC for accepting PPP funds. 

FuelCell then stated the SEC request for information was voluntary and that it was fully cooperating with the federal agencies inquiries.

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The original funding round distributed by the PPP program from which FuelCell received funding allotted around $350 billion to help small businesses keep their doors open and pay employees.

FuelCell Energy designs manufactures, sells, installs, operates, and services fuel cell products that efficiently convert chemical energy in fuels into electricity through a series of chemical reactions.

According to FuelCell, its systems are catered to meet the needs of customers across several industries, including utility companies, municipalities, universities, government entities and a variety of industrial and commercial enterprises.

Shares of FuelCell were trading 0.23% higher at $25.82. The stock has a 52-week high of $29.44 and a 52-week low of $1.

Photo courtesy of FuelCell.