Green hydrogen technology firm secures $600 million multi-currency debt facility, boosting global expansion capacity despite high debt and cash burn.
A leading green hydrogen and clean power technology company based in California has strengthened its financial flexibility by securing a substantial debt financing arrangement valued at $600 million. The company, known for manufacturing solid-oxide electrolysers and fuel cell systems, confirmed that the financing takes the form of a multi-currency revolving credit facility designed to support its worldwide business activities and long-term growth plans.
The financing package has been arranged with Wells Fargo, one of the largest banking institutions in the United States. Under the terms of the agreement, the company will be able to draw down funds as required and deploy the capital across a wide range of corporate needs. These include financing day-to-day working capital requirements, funding capital expenditure programs, supporting approved acquisitions, and meeting other general corporate purposes associated with running and expanding a global clean energy business.
One of the key features of the facility is its flexibility in terms of currency. The company can access funds in multiple denominations, including US dollars, Japanese yen, and British pounds. This structure is expected to significantly ease financing for international operations and overseas projects, reducing exposure to foreign exchange risk and improving cash management efficiency. The ability to borrow in local or project-relevant currencies is particularly useful for the firm’s expansion outside the United States, including activities in South Korea, where it already has a distribution and commercial partnership in place with SK Ecoplant. Despite this, the company has not provided specific details on which projects or regions will be prioritized for funding under the new facility.
The financing comes at a time when the company is already carrying a sizeable debt burden. Its existing debt stands at approximately $1.1 billion, resulting in interest expenses of around $14 million per quarter during the third quarter of 2025. While this level of leverage underscores the capital-intensive nature of fuel cell and hydrogen technologies, it also highlights the importance of maintaining sufficient liquidity and access to credit markets to sustain operations and future investments.
Cash flow trends further illustrate this challenge. As of the end of September 2025, the company reported cash reserves of roughly $525 million. This represents a significant decline from the $803 million it held at the end of 2024, implying an average monthly cash burn rate of about $31 million over the course of the year. Such figures suggest that while revenues and commercial traction are improving, substantial expenditures on manufacturing, research and development, and project deployment continue to weigh on near-term cash balances.
Despite these pressures, the company has shown early signs of financial stabilization. Earlier in 2025, it recorded an operating profit of $7.8 million, marking a turnaround after three consecutive quarters of operating losses. This improvement indicates progress toward profitability, supported by stronger sales and more disciplined cost management.
Adding to its growth narrative, the firm also entered into a landmark agreement earlier this year with global asset manager Brookfield. The deal, valued at up to $5 billion, focuses on supplying fuel cell systems to power energy-intensive artificial intelligence data centres. However, uncertainty remains over whether these systems will be hydrogen-powered or configured to operate on fossil-based gas, a distinction that has implications for both emissions performance and the company’s green hydrogen positioning.
Overall, the new $600 million credit facility provides valuable financial headroom, reinforcing the company’s ability to pursue global opportunities while navigating the challenges of high capital requirements and evolving clean energy markets.
