FuelCell Energy, Inc. has announced the execution of a series of strategic initiatives with its South Korean partner, POSCO Energy, to expand the market for stationary fuel cell power plants in Asia The agreement includes a license agreement for POSCO Energy to manufacture Direct FuelCell® (DFC®) power plants in South Korea and sell throughout Asia. FuelCell Energy, Inc. is a global leader in the design, manufacture, operation and service of ultra-clean, efficient and reliable fuel cell power plants. POSCO Energy is Korea’s largest independent power producer and is a subsidiary of POSCO, a leading global steel producer.
“With growing demand in South Korea and strong interest in Asian markets for ultra-clean distributed power generation, manufacturing in South Korea is necessary to meet customer expectations of lead times and costs,” said Senior Vice President, POSCO Energy, Jung-Gon Kim in a press release. “Local manufacturing is a cornerstone of our growth plans in South Korea and we will continue to work closely with FuelCell Energy to develop other Asian markets.”
The Cell Technology Transfer and License Agreement provides POSCO Energy the rights to manufacture carbonate fuel cell components in South Korea based on DFC technology and grants commercial rights to Asian markets.
“This license agreement enables our partnership to expand global market growth while leveraging our respective capital and local production capacity,” said President and Chief Executive Officer, FuelCell Energy, Inc., Chip Bottone. “POSCO Energy will manufacture in South Korea for the South Korean market and export markets in Asia.”