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FuelCell Energy Strengthens Presence in Korean Market and Supports Existing Installed Customer Base
Clean energy company enters agreements with Noeul Green Energy and Gyeonggi Green Energy DANBURY, Conn., July 27, 2023 (GLOBE NEWSWIRE) -- FuelCell Energy,
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Clean energy company enters agreements with Noeul Green Energy and Gyeonggi Green Energy\nDANBURY, Conn., July 27, 2023 (GLOBE NEWSWIRE) -- 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 ...