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

Core Insights - FuelCell Energy and Gyeonggi Green Energy have entered a long-term service agreement for the purchase of 42 upgraded carbonate fuel cell modules, which will replace existing modules at the Hwaseong Baran Industrial Complex, the world's largest fuel cell power platform [1][2] - The agreement is expected to generate approximately $160 million in revenue for FuelCell Energy over its term, which includes a seven-year service commitment [1][4] Company Overview - FuelCell Energy is a global leader in sustainable clean energy technologies, focusing on proprietary fuel cell technology platforms that address critical energy challenges [7] - The company aims to expand its market share in South Korea by establishing long-term service relationships and agreements [4] Industry Context - South Korea's Hydrogen Economy Roadmap aims to supply 15 gigawatts of power from fuel cells by 2040, addressing environmental issues such as fine dust and particulate matter [3] - The Hwaseong Baran Industrial Complex has a capacity of 58.8 megawatts, providing power to approximately 135,000 homes and generating about 250 billion kilocalories of hot water annually [2][8] Technological Capabilities - FuelCell Energy's carbonate and solid oxide platforms are versatile, supporting various fuels including hydrogen and biogas, and are scalable for large applications [5] - The company is involved in innovative projects, such as a biogas project in California and a carbon capture technology that captures CO2 emissions while producing electricity and hydrogen [5] Future Initiatives - FuelCell Energy plans to host current and prospective customers in Korea to showcase its clean energy offerings that align with the Hydrogen Economy Roadmap [6]