FuelCell Energy Announces 20 Megawatt Fuel Cell Project with Korea Southern Power Company
September 05 2017 - 8:00AM
FuelCell Energy, Inc. (Nasdaq:FCEL), a global leader in
delivering clean, innovative and affordable fuel cell solutions for
the supply, recovery and storage of energy, today announced a 20
megawatt fuel cell project with Korea Southern Power Company
(KOSPO). The SureSource 3000™ power plants will cleanly
produce electricity and thermal energy to support a district
heating system. Construction is expected to begin in 2017 and
the facility operational in 2018, illustrating the relatively rapid
deployment of fuel cell parks. Hanyang Industrial Development
Company (HYD), a leading global construction company, will provide
the engineering, procurement and construction services for the
project.
FuelCell Energy is selling the 20 megawatts of fuel cell power
plants and expects to operate and maintain the installation under a
20 year service agreement. Shipments will begin during the
Company’s fourth quarter of 2017 and conclude in early fiscal year
2018. Product revenue will begin to be recognized in the
Company’s fourth quarter of 2017 with Product revenue recognition
continuing into fiscal year 2018.
“We are focused on providing reliable and clean energy to our
customers. The clean and predictable power generation profile of
fuel cells is consistent with meeting our objectives,” said Ui Seob
Shin, Director New Business Development Office, Korea Southern
Power Company.
“We are pleased to be working with FuelCell Energy and KOSPO on
this important project. Fuel Cell power plants have high power
density that do not use much land and we expect to install these
fairly quickly, which is somewhat unique for megawatt-scale power
generation,” said Young Jin Park, Executive Director
Infra-Structure Division, Hanyang Industrial Development
Company.
“This is the first fuel cell project for KOSPO and we are
pleased that the value proposition of our SureSource solutions
meets the exacting needs of KOSPO, one of Korea’s largest
utilities,” said Chip Bottone, President and Chief Executive
Officer, FuelCell Energy. “Our multi megawatt, scalable
easy-to-site clean energy solutions are well-suited for
utility-scale applications such as this project.”
The fuel cell plants will be installed adjacent to the existing
1.8 gigawatt Sinincheon combined cycle power plant that is owned by
KOSPO and located in Incheon, South Korea.
Fuel cells are addressing the energy, environmental and economic
goals of Korea. High population density with limited land
requires highly efficient and affordable power that can be located
near where the power is used. The virtual lack of criteria
pollutants and low carbon footprint of fuel cells combined with
affordable economics and minimal space needs have led to
significant fuel cell adoption by Korean utilities and independent
power producers. With high availability and capacity factors, fuel
cell power plants make meaningful contributions to Renewable
Portfolio Standard targets.
Korea Southern Power Company, a wholly owned subsidiary of Korea
Electric Power Company (KEPCO), operates 9.1 gigawatts of gas and
coal-fired power plants, supplying electricity to commercial and
residential customers in South Korea. Government-owned, KOSPO
also undertakes power plant development engineering in Asia, the
Middle East and South America.
Hanyang Industrial Development Company (HYD), founded in 1962,
is a global construction company based in South Korea.
About FuelCell EnergyFuelCell Energy
(NASDAQ:FCEL) delivers efficient, affordable and clean solutions
for the supply, recovery and storage of energy. We design,
manufacture, undertake project development, install, operate and
maintain megawatt-scale fuel cell systems, serving utilities,
industrial and large municipal power users with solutions that
include both utility-scale and on-site power generation, carbon
capture, local hydrogen production for transportation and industry,
and long duration energy storage. With SureSource™
installations on three continents and millions of megawatt hours of
ultra-clean power produced, FuelCell Energy is a global leader with
environmentally responsible power solutions. Visit us online
at www.fuelcellenergy.com and follow us on Twitter
@FuelCell_Energy.
SureSource, SureSource 1500, SureSource 3000, SureSource 4000,
SureSource Recovery, SureSource Capture, SureSource Hydrogen,
SureSource Storage, SureSource Service, SureSource Capital,
FuelCell Energy, and FuelCell Energy logo are all trademarks of
FuelCell Energy, Inc.
Source: FuelCell Energy
Contact:
FuelCell Energy, Inc.
Kurt Goddard, Vice President Investor Relations
203-830-7494
ir@fce.com
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