FuelCell Energy Inc.
FuelCell Energy Announces Long-Term Service Agreement with G yeonggi Green Energy
Summary
On May 28, 2024, FuelCell Energy, Inc. entered into a long-term service agreement with G yeonggi Green Energy Co., Ltd. for the GGE Platform in Hwaseong-si, Korea. The agreement includes the replacement of 42 1.4-MW carbonate fuel cell modules and the provision of long-term operations and maintenance services. The total value of the agreement is $159,644,000 USD, with payments to be made over time. The service obligations will commence in phases starting in fall 2024 and will continue for seven years from the date of commissioning of each replacement fuel cell module.
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About FuelCell Energy Inc.
FuelCell Energy Inc. designs, manufactures, operates, and services fuel cell power plants. These power plants utilize a proprietary technology that converts lower carbon fuels like natural gas and biogas into electricity and heat via an electrochemical process, rather than traditional combustion methods. This process results in more efficient energy conversion with minimal emissions, making it an attractive solution for businesses and municipalities aiming to reduce their carbon footprints. FuelCell Energy's power solutions are predominantly used in commercial and industrial buildings, data centers, and utility projects, serving diverse sectors including utilities, manufacturing, and healthcare. The company is headquartered in Danbury, Connecticut, and plays a crucial role in the shift towards cleaner energy sources by offering scalable and distributed power generation products. Through its efforts, FuelCell Energy contributes significantly to the renewable energy landscape by providing continuous, reliable low-carbon power solutions.
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