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FuelCell Energy wins 121.8MW order from POSCO Energy
[November 09, 2012]

FuelCell Energy wins 121.8MW order from POSCO Energy

Nov 09, 2012 (Datamonitor via COMTEX) -- FuelCell Energy, Inc., which is involved in the design, manufacture, operation and service of fuel cell power plants, has announced an order from its South Korean partner, POSCO Energy, for 121.8MW of fuel cell kits and services to be manufactured at the FuelCell Energy production facility in Torrington, Connecticut. The estimated value of the multi-year contract is approximately $181 million.

"POSCO Energy recently signed a contract to build the world's largest fuel cell park, a 58.8MW project located in South Korea," said Jung-Gon Kim, Senior vice president, POSCO Energy. "This order to FuelCell Energy for 121.8MW will help us meet demand in South Korea as well as other Asian countries." "This is the largest order ever received by FuelCell Energy and the fuel cell industry, almost tripling our product backlog and initiating our planned increase in production levels for 2013," said Chip Bottone, President and CEO, FuelCell Energy, Inc. "The extensive market acceptance in South Korea for ultra-clean and efficient fuel cell power generation is a deployment and job creation model that can and should be replicated in other regions of the world." South Korea adopted an ambitious renewable portfolio standard (RPS) in 2012 to promote clean energy, reduce carbon emissions, and develop a local green-industry to support economic growth. Utilities and project investors are developing new and renewable power projects under the RPS including the new 58.8MW fuel cell park that is in progress with construction expected to commence in 2012.

The ownership of the 58.8MW fuel cell park includes Korea Hydro & Nuclear Power Co. Ltd., Samchully Co., POSCO Energy and financial investors. The electricity will be sold to the power grid and the heat from the fuel cells will be supplied to a district heating system.

The first delivery will occur in May 2013 to ensure an uninterrupted supply of kits as deliveries under the existing 70MW order will conclude in April 2013. Each kit consists of 1.4MW of fuel cell components that are interchangeable and can be used for megawatt class fuel cell power plants or sub-megawatt plants. Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Datamonitor shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon

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