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FuelCell Energy Strengthens Presence in Korean Market and Supports Existing Installed Customer Base

DANBURY, Conn., July 27, 2023 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) has taken significant strides in its Korean market re-entry by forging relationships with domestic clean energy electric utilities that have installed FuelCell Energy power platforms.

The company signed a long-term service agreement (LTSA) with Noeul Green Energy on July 27 and has also established a memorandum of understanding (MOU) with Gyeonggi Green Energy, both aimed at the continuation of stable fuel cell operations and advancing eco-friendly power generation in Korea.

Noeul Green Energy and Gyeonggi Green Energy will enjoy the same superior service FuelCell Energy has provided Korean Southern Power Company since installing a 20-megawatt (MW) FuelCell Energy power platform in 2018.

FuelCell Energy President and Chief Executive Officer Jason Few said, “Through this LTSA and MOU, we are delighted to continue building our relationships with leading generation companies in the Seoul metropolitan area and support their clean energy power delivery commitments in Korea.”

Few added, “Moving forward, Noeul Green Energy and Gyeonggi Green Energy will receive best in class customer service, and benefit from the technology advances integrated into our next generation stack modules. We will continue to enhance our technology, improve stack life as we have demonstrated since our first commercial product launch in 2003, and improve system efficiency, contributing to sustainable and efficient energy production.”

Long-Term Service Agreement with Noeul Green Energy

The LTSA with Noeul Green Energy marks a significant milestone in the collaboration between the two companies, focused on ensuring uninterrupted fuel cell operation at the power plants, a reduction in emissions and improved service delivery.

The site contains eight SureSource 3000 carbonate fuel cell platforms, operating at an output of 20 MW, enough to power around 43,000 households and produce 82 billion kcal of clean heat per year, supplying heat to around 6,500 households. Through this LTSA, the replacement of the 16 modules and operations of the power plant over the next 14 years will be overseen by FuelCell Energy. The Noeul Green fuel cell park, capable of producing approximately 150 million kWh of eco-friendly electricity annually, has been in operation since December 2016.

Noeul Green Energy CEO Ko Chang-suk stated, “FuelCell Energy's ongoing efforts to enhance profitability for their utility partners through initiatives like extending fuel cell lifespan and improving energy efficiency are highly commendable, fostering mutual benefits. Leveraging the LTSA with FuelCell Energy, Noeul Green Energy is committed to fulfilling its original role as an eco-friendly power plant while also exploring possibilities for transitioning into a clean hydrogen power plant in the future.”

Memorandum of Understanding with Gyeonggi Green Energy

In addition to the LTSA, FuelCell Energy signed a MOU with Gyeonggi Green Energy.

Located within the Hwaseong Balan Industrial Complex in Korea, Gyeonggi Green Energy houses a 58.8 MW fuel cell park, the largest fuel cell power platform operating anywhere in the world, equipped with 21 SureSource 3000 2.8 MW fuel cell platforms.

With the capacity to supply electricity to approximately 135,000 households, it can generate up to 460,000 MWh of power. It also produces approximately 250 billion kcal of medium-temperature water for heating purposes annually, which can be supplied to around 20,000 households.

Gyeonggi Green Energy CEO Kim Dae-young, stated, “As a provider of fuel cell technology, FuelCell Energy is a practical technological partner for our hydrogen fuel cell power generation project at Gyeonggi Green Energy. We are committed to playing a leading role and making every effort as FuelCell Energy's representative business partner in showcasing a diverse range of forward-looking hydrogen fuel cell technologies in Korea.”

Kim further added, “Ultimately, we aim to welcome the era of the hydrogen economy and low-carbon society, presenting the future landscape of South Korea's new energy industry with eco-friendly and highly efficient decentralized energy sources.”

About FuelCell Energy

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. It collectively holds more than 450 fuel cell technology patents in the United States and globally. 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. The Company’s solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe.

About Noeul Green Energy

Noeul Green Energy is a special purpose corporation (SPC) established to undertake an eco-friendly hydrogen fuel cell power generation project in line with the government's policies on the development and expansion of new and renewable energy, as well as Seoul City's energy self-reliance policy. Located within Noeul Park in Sangam-dong, Mapo-gu, Seoul, Noeul Green Energy has constructed a fuel cell power plant with a capacity of 20 MW (8 units of 2.5 MW each) by utilizing unused urban infrastructure (waste treatment facilities) sites. The commercial operation of the power plant commenced in December 2016. Annually, the power plant generates approximately 160 million kWh, which is roughly equivalent to the electricity consumption of around 45,000 households for one year.

About Gyeonggi Green Energy

Gyeonggi Green Energy is an energy-focused company affiliated with Korea Hydro & Nuclear Power. Since 2013, it has been operating the world's largest 58.8 MW MCFC hydrogen power plant. This environmentally friendly power plant utilizes clean fuel and liquefied natural gas (LNG) to produce and supply electricity and heat using fuel cells. The plant's impressive capabilities include a CO2 reduction effect of 220,000 tons and a substitution effect for crude oil imports of 120,000 TOE (Tonne of Oil Equivalent), making it the largest of its kind employing a single type of fuel cell (MCFC) in the world. Moreover, Gyeonggi Green Energy aims to play a future-oriented role and make dedicated efforts as an eco-friendly decentralized energy source in line with Korea's domestic situation.

Media Contact: Kathleen Blomquist

Investor Contact: Tom Gelston

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