FuelCell Energy in Korean strategy initiative

FuelCell Energy, Inc. (Nasdaq:FCEL) has announced the signing of Memorandums of Understanding (MOU) outlining a series of strategic initiatives with its South Korean partner, POSCO Energy (formally POSCO Power).

These include a 120 MW multi-year order commitment, acceleration of deliveries under the existing 70 MW order, and a license commitment which provides for the manufacturing of Direct FuelCellà‚® (DFCà‚®) components in South Korea by October 2014.

“We are experiencing increasing demand for ultra-clean baseload fuel cell power plants from electric utilities and independent power producers under the South Korean Renewable Portfolio Standard and we are projecting significant demand from the commercial building market in South Korea as well as exports to other Asian countries,” said Soung-Sik Cho, President and CEO, POSCO Energy.

“We are investing in increased capacity to meet this forecasted demand as the capacity of the existing FuelCell Energy production facility in the USA is not sufficient to meet our mutual global demand forecasts.”

The expanded license agreement will provide for the manufacture of Direct FuelCell components in Korea in a facility owned by POSCO Energy.

Fuel cells can achieve up to 90 per cent efficiency when configured to use the high quality heat generated by the power plant in a combined heat & power (CHP) mode.

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