FUELCELL ENERGY AND KOREAN-BASED POSCO ENERGY ANNOUNCE STRATEGIC AGREEMENT TO GLOBALIZE THE STATIONARY FUEL CELL MARKET

• FuelCell Energy to commence market activities for Asian market development offering entire portfolio of SureSource^™ solutions
• POSCO Energy to support existing South Korean fuel cell installations and operate local manufacturing facility
• Parties expect to finalize detailed definitive agreements by fall 2017

DANBURY, Conn., March 22 (Bernama-GLOBE NEWSWIRE) -- FuelCell Energy, Inc.  (Nasdaq:FCEL), a global leader in delivering clean, innovative and affordable fuel cell solutions for the supply, recovery and storage of energy, today announced a memorandum of understanding with partner POSCO Energy to use an existing FuelCell Energy subsidiary to directly develop the Asian fuel cell business for the purpose of expanding Asian market opportunities.  Under this agreement, FuelCell Energy will immediately commence marketing the entire suite of SureSource^™ solutions in Korea as well as the broader Asian markets for the supply, recovery and storage of energy.  POSCO Energy will continue to service the existing installed base of fuel cell plants in South Korea and will commit to a specified level of module purchases from FuelCell Energy to supplement its own local manufacturing for servicing their existing fleet.  Definitive agreements are expected to be finalized by fall 2017 subject to completion of due diligence, regulatory approvals, and customary closing conditions.

 

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