State aids FuelCell Energy manufacturing plant growth with $20 million in loans, tax credits

Economic Indicators Associated Press

Connecticut is helping FuelCell Energy Inc. expand its Torrington manufacturing facility with $20 million in loans and tax credits.

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FuelCell expects the project will add as many as 325 jobs in the next four years to its Connecticut workforce of 538 employees. The Danbury-based company manufacturers fuel cell power plants.

The state Department of Economic and Community Development will lend $10 million at 2 percent interest for 15 years for each phase of the project as FuelCell reaches employment and revenue targets.

FuelCell will be eligible for $5 million in loan forgiveness on the first level of funding if it creates 165 full-time jobs and will qualify for another $5 million in forgiveness if it creates 160 full-time jobs.

The expansion project also may claim up to $10 million in tax credits.