FuelCell Energy and CGN Team Up for a Green Future
FuelCell Energy, Inc. (Nasdaq: FCEL), a leader in fuel cell technology, has entered into an exciting agreement with CGN-Yulchon Generation Co., Ltd., a prominent Independent Power Producer in South Korea. This partnership signifies a major move towards enhancing clean energy production using advanced fuel cell systems. With this agreement, FuelCell Energy strengthens its position in the electric power generation sector and underlines its commitment to driving the clean energy transition.
Details of the Agreement with CGN-Yulchon
In the recent deal, FuelCell Energy will supply CGN-Yulchon with eight state-of-the-art carbonate fuel cell modules alongside maintenance services for four power units located at the Gwangyang facility. Each of these fuel cell units is comprised of two modules, ensuring high-efficiency output. The agreement spans seven years, with an option for extension, highlighting a long-term commitment to clean energy.
Innovative Technology Supporting Decarbonization
The facility will leverage FuelCell Energy's 3000 Carbonate Fuel Cell Systems, which generate 2.5 megawatts of low carbon baseload power per unit. Each unit will work in tandem with an existing 1.5GW conventional gas turbine capacity, providing a robust solution for power generation while contributing to CGN’s decarbonization objectives and South Korea’s Hydrogen Economy Roadmap.
Strengthening Market Position in Asia
This agreement not only showcases FuelCell Energy’s innovative technology but also solidifies the company’s strategic presence in one of the most advanced fuel cell markets in Asia. Paired with projects like Gyeonggi Green Energy and Noeul Green Energy, this latest contract illustrates the ongoing momentum FuelCell Energy has in rejuvenating utility-scale assets. The company is becoming a key player in the region's clean energy transformation.
A Unique Offer in the Energy Market
FuelCell Energy stands out in the energy sector as a unique provider of utility-scale power and steam solutions. Its systems provide significant benefits for district heating and industrial processes. As demand for power surges, particularly for data center operations, FuelCell Energy’s scalable, clean energy platform becomes increasingly vital for ensuring grid stability and reliability.
Comments from Leadership
Jason Few, President and CEO of FuelCell Energy, expressed enthusiasm about the agreement, stating, “This collaboration illustrates our ongoing momentum in the Korean market and our capability to deliver reliable fuel cell solutions.” He further added, “Our technology stands at the forefront of addressing the global demand for electricity with high-efficiency and low-emission baseload power.”
Proven Track Record and Local Expertise
Since establishing a dedicated service team in Korea back in 2018, FuelCell Energy has successfully supported over 100 megawatts of installed fuel cell capacity nationwide. Their Long-Term Service Agreement (LTSA) model ensures continuous monitoring, technical support, and maintenance—critical for maintaining operational excellence.
This established presence gives confidence to data center developers and other high-demand users, as they increasingly turn to reliable clean energy solutions already in operation for many years.
About FuelCell Energy
FuelCell Energy, Inc. is committed to providing clean and dependable energy solutions that empower customers to manage power demands while minimizing emissions. Their innovative, scalable systems operate on natural gas, biofuels, or hydrogen, delivering uninterrupted baseload electricity across the globe. With a legacy spanning over 55 years and nearly 200 fully-deployed modules, FuelCell Energy is dedicated to helping customers achieve their energy aspirations. To find out more, visit www.fuelcellenergy.com.
Contact:
FuelCell Energy Investor Relations
ir@fce.com
FuelCell Energy Media Relations
kblomquist@fce.com
Frequently Asked Questions
What is the significance of the agreement between FuelCell Energy and CGN?
This agreement enhances FuelCell Energy's initiatives focused on clean energy production and decarbonization in Asia.
How will the fuel cells be utilized at the Gwangyang facility?
The fuel cells will provide reliable baseload power alongside existing conventional gas turbine systems, supporting the facility’s energy needs.
What are some benefits of FuelCell Energy's technology?
FuelCell Energy offers a clean, efficient power solution that meets the demand for sustainable electricity, perfect for various industrial applications.
How does the LTSA model benefit customers?
The LTSA model includes monitoring and technical support, ensuring optimal performance and reliability for energy users.
What is FuelCell Energy’s role in the global energy market?
FuelCell Energy is a key player in advancing clean energy solutions, supporting clients in achieving their energy goals while reducing emissions.
