FuelCell Energy settles market access with Posco Energy
FuelCell Energy has now gained access to sell products in the Asian market, including South Korea.
FuelCell Energy, Inc. (a fuel cell technology company) has signed an agreement with Posco Energy Co., Ltd. and its subsidiary, Korea Fuel Cell Co., Ltd, which has settled most of its claims regarding market access.
Under the agreement, FuelCell Energy confirms its exclusivity to sell its differentiated platform technology throughout Asia. Moreover, all licenses previously granted to Posco Energy are amended such that Posco has the right to service the existing installed Posco customer base but has no other rights to FuelCell Energy technology in South Korea or broader Asian markets.
The agreement provides a firm order for a minimum of 20 SureSource replacement modules to service existing South Korean operating projects in 2022.
Jason Few, CEO of FuelCell Energy, said, “This resolution unlocks a path forward and gives customers in South Korea and across Asia the ability to evaluate FuelCell Energy’s differentiated platforms against alternative offerings without concern and uncertainty surrounding the legal dispute between FuelCell Energy and Posco.”
Previously, FuelCell Energy announced that it closed on a tax equity financing transaction with Franklin Park for the 7.4 MW fuel cell project located in Yaphank, Long Island, in New York, US. Franklin Park’s tax equity commitment totals $12.7 million following the recent declaration of mechanical completion of the Project.
Last month, FuelCell Energy signed a six-month extension with ExxonMobil to continue collaboration on carbonate fuel cell technology to capture carbon dioxide from industrial facilities and power generation.