FCEL - FuelCell Energy and Gyeonggi Green Energy Announce Agreement for Purchase of Fuel Cell Modules and Service Agreement for World's Largest Fuel Cell Power Platform | Benzinga
DANBURY, Conn. and HWASEONG-SI, Korea, May 28, 2024 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (NASDAQ:FCEL) and Gyeonggi Green Energy Co., Ltd. (GGE), today announced that pursuant to a long term service agreement GGE has agreed to purchase 42 1.4-megawatt upgraded carbonate fuel cell modules from FuelCell Energy to replace existing fuel cell modules at the Hwaseong Baran Industrial Complex fuel cell power platform, the world's largest fuel cell power platform, located in Hwaseong-si.
The agreement, which constitutes a significant milestone for supplying clean baseload power to the Korean market, also includes a new seven-year service agreement pursuant to which FuelCell Energy will service the fuel cell modules. Under the terms of the agreement, the Company expects to receive approximately $160 million of revenue over the term of the agreement.
The Hwaseong Baran Industrial Complex fuel cell power platform, which was established in 2013 with FuelCell Energy's design and technology, has the capacity to produce 58.8 megawatts of electricity from 42 fuel cell modules that can provide power to about 135,000 homes and generate about 250 billion kilocalories of hot water for heating approximately 20,000 homes annually.
FuelCell Energy in South Korea
In 2019, Korea announced its Hydrogen Economy Roadmap, which includes a goal to supply 15 gigawatts of power from fuel cells by 2040. Emission-free fuel cells support the country's efforts to mitigate a national problem of fine dust or particulate matter in the atmosphere from transport exhaust fumes, industry, and the jet stream.
Through this agreement, GGE joins Noeul Green Energy Co., Ltd. and Korea Southern Power Company Ltd. in receiving superior service from FuelCell Energy, whose technology is deployed across South Korea producing more than 100 megawatts of clean electricity without combusting fuel.
FuelCell Energy President and CEO Jason Few commented, "Our new agreement with GGE reinforces our commitment to providing clean, efficient, and reliable energy solutions to the Korean ...