FuelCell Energy wins module service deal with Korea’s Gyeonggi Green Energy
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FuelCell Energy (NASDAQ:FCEL) +8.8% in Tuesday’s trading after saying it entered into a service agreement with South Korea’s Gyeonggi Green Energy to buy 42 1.4-MW upgraded carbonate fuel cell modules from the company to replace existing modules at the Hwaseong Baran Industrial Complex fuel cell power platform.
FuelCell (FCEL) said it expects to receive ~$160M of revenue over the term of the agreement, which also includes a new seven-year service agreement in which it will service the fuel cell modules.
The Hwaseong Baran complex fuel cell power platform, which FuelCell (FCEL) said was established in 2013 with its design and technology, has the capacity to produce 58.8 MW of electricity from 42 fuel cell modules that can provide power to ~135K homes.
“It’s a privilege to support the world’s largest fuel cell power platform and contribute to Korea’s Hydrogen Economy Roadmap, setting a global standard for low to zero carbon power generation,” FuelCell Energy (FCEL) President and CEO Jason Few said.