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TheStreet Open House

FuelCell Energy Highlights Advances With The Development Of A 59 Megawatt Fuel Cell Park In South Korea

Stocks in this article: FCEL

DANBURY, Conn., Oct. 17, 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 announced market developments in South Korea that support expanding demand for stationary fuel cell power plants as ownership of a 58.8 megawatt (MW) fuel cell park has been finalized. This fuel cell park, which will be the world's largest, will utilize ultra-clean and efficient fuel cell power plants sold by POSCO Energy and based on designs and fuel cell components from FuelCell Energy, Inc.

A share purchase agreement executed October 16, 2012 establishes the Gyeonggi Green Energy Co. Ltd to develop and operate a 58.8 MW fuel cell park in Whasung City, Gyeonggi Province, South Korea. The ownership consortium includes the largest electric utility in South Korea, Korea Hydro & Nuclear Power Co., Ltd with 49 percent ownership, POSCO Energy with 15 percent ownership, Samchully Co., a gas distributor, with 15 percent ownership, and the remaining 21 percent will be allocated to financial investors. POSCO Energy is the sole provider of the fuel cell power plants for the project, which will consist of 21 DFC3000® power plants located in an industrial complex. POSCO Energy will lead the construction of the fuel cell park and will maintain and service the power plants under a long term service agreement. Construction is scheduled to commence in 2012.

"The renewable portfolio standard is driving demand for efficient and environmentally friendly distributed fuel cell generation as this sizable fuel cell park demonstrates," said Jung-Gon Kim, Senior Vice President, POSCO Energy. "The execution of this share purchase agreement solidifies our demand forecasts for stationary fuel cell power plants and we need to conclude our discussions with FuelCell Energy to confirm the previously announced memorandums of agreement for an additional order and local manufacturing."

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