FuelCell Energy, Inc. (Nasdaq: FCEL) has taken significant strides
in its Korean market re-entry by forging relationships with
domestic clean energy electric utilities that have installed
FuelCell Energy power platforms.
The company signed a long-term service agreement
(LTSA) with Noeul Green Energy on July 27 and has also established
a memorandum of understanding (MOU) with Gyeonggi Green Energy,
both aimed at the continuation of stable fuel cell operations and
advancing eco-friendly power generation in Korea.
Noeul Green Energy and Gyeonggi Green Energy
will enjoy the same superior service FuelCell Energy has provided
Korean Southern Power Company since installing a 20-megawatt (MW)
FuelCell Energy power platform in 2018.
FuelCell Energy President and Chief Executive
Officer Jason Few said, “Through this LTSA and MOU, we are
delighted to continue building our relationships with leading
generation companies in the Seoul metropolitan area and support
their clean energy power delivery commitments in Korea.”
Few added, “Moving forward, Noeul Green Energy
and Gyeonggi Green Energy will receive best in class customer
service, and benefit from the technology advances integrated into
our next generation stack modules. We will continue to enhance our
technology, improve stack life as we have demonstrated since our
first commercial product launch in 2003, and improve system
efficiency, contributing to sustainable and efficient energy
production.”
Long-Term Service Agreement with Noeul
Green Energy
The LTSA with Noeul Green Energy marks a
significant milestone in the collaboration between the two
companies, focused on ensuring uninterrupted fuel cell operation at
the power plants, a reduction in emissions and improved service
delivery.
The site contains eight SureSource 3000
carbonate fuel cell platforms, operating at an output of 20 MW,
enough to power around 43,000 households and produce 82 billion
kcal of clean heat per year, supplying heat to around 6,500
households. Through this LTSA, the replacement of the 16 modules
and operations of the power plant over the next 14 years will be
overseen by FuelCell Energy. The Noeul Green fuel cell park,
capable of producing approximately 150 million kWh of eco-friendly
electricity annually, has been in operation since December
2016.
Noeul Green Energy CEO Ko Chang-suk stated,
“FuelCell Energy's ongoing efforts to enhance profitability for
their utility partners through initiatives like extending fuel cell
lifespan and improving energy efficiency are highly commendable,
fostering mutual benefits. Leveraging the LTSA with FuelCell
Energy, Noeul Green Energy is committed to fulfilling its original
role as an eco-friendly power plant while also exploring
possibilities for transitioning into a clean hydrogen power plant
in the future.”
Memorandum of Understanding with
Gyeonggi Green Energy
In addition to the LTSA, FuelCell Energy signed
a MOU with Gyeonggi Green Energy.
Located within the Hwaseong Balan Industrial
Complex in Korea, Gyeonggi Green Energy houses a 58.8 MW fuel cell
park, the largest fuel cell power platform operating anywhere in
the world, equipped with 21 SureSource 3000 2.8 MW fuel cell
platforms.
With the capacity to supply electricity to
approximately 135,000 households, it can generate up to 460,000 MWh
of power. It also produces approximately 250 billion kcal of
medium-temperature water for heating purposes annually, which can
be supplied to around 20,000 households.
Gyeonggi Green Energy CEO Kim Dae-young, stated,
“As a provider of fuel cell technology, FuelCell Energy is a
practical technological partner for our hydrogen fuel cell power
generation project at Gyeonggi Green Energy. We are committed to
playing a leading role and making every effort as FuelCell Energy's
representative business partner in showcasing a diverse range of
forward-looking hydrogen fuel cell technologies in Korea.”
Kim further added, “Ultimately, we aim to
welcome the era of the hydrogen economy and low-carbon society,
presenting the future landscape of South Korea's new energy
industry with eco-friendly and highly efficient decentralized
energy sources.”
About FuelCell Energy
FuelCell Energy is a global leader in
sustainable clean energy technologies that address some of the
world’s most critical challenges around energy, safety, and global
urbanization. It collectively holds more than 450 fuel cell
technology patents in the United States and globally. As a leading
global manufacturer of proprietary fuel cell technology platforms,
FuelCell Energy is uniquely positioned to serve customers worldwide
with sustainable products and solutions for businesses, utilities,
governments, and municipalities. The Company’s solutions are
designed to enable a world empowered by clean energy, enhancing the
quality of life for people around the globe.
About Noeul Green Energy
Noeul Green Energy is a special purpose
corporation (SPC) established to undertake an eco-friendly hydrogen
fuel cell power generation project in line with the government's
policies on the development and expansion of new and renewable
energy, as well as Seoul City's energy self-reliance policy.
Located within Noeul Park in Sangam-dong, Mapo-gu, Seoul, Noeul
Green Energy has constructed a fuel cell power plant with a
capacity of 20 MW (8 units of 2.5 MW each) by utilizing unused
urban infrastructure (waste treatment facilities) sites. The
commercial operation of the power plant commenced in December 2016.
Annually, the power plant generates approximately 160 million kWh,
which is roughly equivalent to the electricity consumption of
around 45,000 households for one year.
About Gyeonggi Green Energy
Gyeonggi Green Energy is an energy-focused
company affiliated with Korea Hydro & Nuclear Power. Since
2013, it has been operating the world's largest 58.8 MW MCFC
hydrogen power plant. This environmentally friendly power plant
utilizes clean fuel and liquefied natural gas (LNG) to produce and
supply electricity and heat using fuel cells. The plant's
impressive capabilities include a CO2 reduction effect of 220,000
tons and a substitution effect for crude oil imports of 120,000 TOE
(Tonne of Oil Equivalent), making it the largest of its kind
employing a single type of fuel cell (MCFC) in the world. Moreover,
Gyeonggi Green Energy aims to play a future-oriented role and make
dedicated efforts as an eco-friendly decentralized energy source in
line with Korea's domestic situation.
Media Contact: Kathleen
Blomquistkblomquist@fce.com203-546-5844
Investor Contact: Tom
Gelstontgelston@fce.com203-830-7494
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