FuelCell Energy Reaches Favorable Settlement Agreement with POSCO Energy
27 Dezembro 2021 - 10:00AM
FuelCell Energy, Inc. (Nasdaq: FCEL) -- a global
leader in fuel cell technology with a purpose of utilizing its
proprietary, state-of-the-art fuel cell platforms to enable a world
empowered by clean energy — today announced that POSCO Energy Co.,
Ltd. and its subsidiary, Korea Fuel Cell Co., Ltd., (collectively
“POSCO”) have entered into a settlement agreement (the “Agreement”)
with FuelCell Energy.
Pursuant to the Agreement:
- FuelCell Energy confirms its
exclusivity to sell its differentiated platform technology
throughout Asia;
- All licenses previously granted to
POSCO Energy are amended such that POSCO has the right to service
the existing installed POSCO customer base, but enjoys no other
rights to FuelCell Energy technology in South Korea or broader
Asian markets; and
- All claims between the parties are
fully and finally settled with the exception of two small claims
being negotiated by the parties that have no impact on market
access.
“We are extremely pleased to have reached a
favorable agreement with POSCO which confirms our access to the
Asian market for FuelCell Energy,” said Jason Few, President, Chief
Executive Officer and Chief Commercial Officer of FuelCell
Energy. “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. It also provides current
customers of FuelCell Energy’s technology in the Korean market the
ability to receive the quality of service and module stack
replacements they deserve. In addition, it provides a clear path
for FuelCell Energy to once again serve a growing market for fuels
cells and support the growing energy transition within South Korea
as well as the broader Asian marketplace. In South Korea, our fuel
cell platform is a preferred choice for utility scale projects
given its high-quality thermal attributes that support the district
heating needs of the country. We also look forward to bringing our
unique distributed hydrogen platforms to the Asian market as Asia
looks to lead in the hydrogen transition. We are excited to engage
the marketplace with the legal uncertainties removed and look
forward to expanding our geographic reach throughout Asia.”
Having reached an agreement, the parties are
cooperating to ensure that existing customers are fully aware of
the settlement and that a framework exists for POSCO to deliver
module replacements per the service and support design
specifications in the agreement. The parties are also communicating
to the broader market that FuelCell Energy has the exclusive right
to pursue new fuel cell projects in Asia.
About FuelCell Energy
FuelCell Energy, Inc. (NASDAQ: FCEL) FuelCell
Energy is a global leader in sustainable clean energy technologies
that address some of the world’s most critical challenges around
energy, safety and global urbanization. As a leading global
manufacturer of proprietary fuel cell technology platforms,
FuelCell Energy is uniquely positioned to serve customers worldwide
with sustainable products and solutions for businesses, utilities,
governments and municipalities. Our solutions are designed to
enable a world empowered by clean energy, enhancing the quality of
life for people around the globe. We target large-scale power users
with our megawatt-class installations globally, and currently offer
sub-megawatt solutions for smaller power consumers in Europe. To
provide a frame of reference, one megawatt is adequate to
continually power approximately 1,000 average sized U.S. homes. We
develop turn-key distributed power generation solutions and operate
and provide comprehensive service for the life of the power plant.
Our fuel cell solution is a clean, efficient alternative to
traditional combustion-based power generation, and is complementary
to an energy mix consisting of intermittent sources of energy, such
as solar and wind turbines. Our customer base includes utility
companies, municipalities, universities, hospitals, government
entities/military bases and a variety of industrial and commercial
enterprises. Our leading geographic markets are currently the
United States and South Korea, and we are pursuing opportunities in
other countries around the world. FuelCell Energy, based in
Connecticut, was founded in 1969.
SureSource, SureSource 1500, SureSource 3000,
SureSource 4000, SureSource Recovery, SureSource Capture,
SureSource Hydrogen, SureSource Storage, SureSource Service,
SureSource Treatment, SureSource Capital, FuelCell Energy, and
FuelCell Energy logo are all trademarks of FuelCell Energy,
Inc.
Contact:
FuelCell Energy,
Inc.ir@fce.com203.205.2491
Source: FuelCell Energy
FuelCell Energy (NASDAQ:FCEL)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
FuelCell Energy (NASDAQ:FCEL)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024