This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

FuelCell Energy Provides Update Regarding Contract Negotiations With South Korean Partner

Stocks in this article: FCEL

DANBURY, Conn., Aug. 24, 2012 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in the design, manufacture and service of ultra-clean, efficient and reliable fuel cell power plants, today provided an update on negotiations with POSCO Energy regarding a 120 megawatt (MW) multi-year order and a cell licensing agreement. Active negotiations are continuing for both the order and the licensing agreement as the parties work to reach mutually agreeable terms. FuelCell Energy and POSCO Energy expect to conclude negotiations and execute agreements for the 120 MW order and the cell licensing agreement within 2012.

"Our demand forecasts support the need for incremental local production capacity in South Korea to meet demand from the Renewable Portfolio Standard and other markets," said Jung-Gon Kim, Senior Vice President, POSCO Energy. "Our efforts are focused on expanding the market as fuel cells provide continuous power efficiently and cleanly and are well suited for meeting the growing power demands of South Korea."

"The market for ultra-clean baseload distributed generation in South Korea is strong and expanding and we have the right partner in POSCO Energy to capture the market opportunity," said Chip Bottone, President and Chief Executive Officer, FuelCell Energy, Inc. "We are working with POSCO Energy to address the wide range of considerations involved with licensing cell manufacturing including the integration with our mutual infrastructure and resources as we progress toward closure of these agreements."

The existing 70 MW order was accelerated in May 2012 to meet growing demand for ultra-clean, efficient and reliable fuel cell power plants. Under the revised terms, 4.2 MW of fuel cell kits are being delivered monthly, concluding in April 2013.

South Korea's 'green growth' energy strategy is designed to stimulate economic growth and job creation while increasing demand for clean and low carbon power generation, spurring fuel cell adoption. Under the Renewable Portfolio Standard that took effect at the beginning of 2012, electric utilities and independent power producers with more than 500 MW of generating capacity must install qualifying technologies such as stationary fuel cells or buy renewable energy credits to meet the mandates of the program and avoid penalties. Ultra-clean and highly efficient fuel cells are an ideal clean energy solution for South Korea due to the need to import fuel for generating electricity, poor wind and solar profiles of the Korean Peninsula, and high urban population densities that support the need for distributed power generation.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs