FuelCell Energy and Gyeonggi Green Energy Announce Agreement for Purchase of Fuel Cell Modules and Service Agreement for World's Largest Fuel Cell Power Platform

Core Insights - FuelCell Energy, Inc. has entered a long-term service agreement with Gyeonggi Green Energy Co., Ltd. to supply 42 upgraded 1.4-megawatt carbonate fuel cell modules, expecting approximately $160 million in revenue over the agreement's term [1][3][4] - The Hwaseong Baran Industrial Complex, the world's largest fuel cell power platform, has a capacity of 58.8 megawatts, providing power to around 135,000 homes and generating about 250 billion kilocalories of hot water annually [2][8] - The agreement supports South Korea's Hydrogen Economy Roadmap, which aims to supply 15 gigawatts of power from fuel cells by 2040, addressing environmental issues such as fine dust pollution [3][4] Company Overview - FuelCell Energy is a global leader in sustainable clean energy technologies, focusing on proprietary fuel cell technology platforms that serve various customers, including businesses and governments [7] - The company is expanding its market share in Korea by establishing long-term service relationships and agreements, contributing to the country's clean energy targets [4][5] - FuelCell Energy's carbonate and solid oxide platforms are versatile, supporting power generation and combined heat and power applications, and are fuel flexible, utilizing various fuels including hydrogen and biogas [5][6] Environmental Impact - The Hwaseong Baran Industrial Complex has a CO2 reduction effect of approximately 220,000 tons and a substitution effect for crude oil imports of about 120,000 tonnes of oil equivalent [8] - FuelCell Energy's technology is deployed across South Korea, producing over 100 megawatts of clean electricity without combustion, aligning with the country's environmental goals [3][4]