FuelCell Energy, Inc. (NasdaqNM:FCEL) announced that its Korean strategic alliance distribution partner POSCO has formed a partnership with one of the country’s six electric utilities to market and sell fuel cell products for grid support applications. POSCO will install and operate a 250-kilowatt Direct FuelCell (DFC) power plant from FuelCell Energy at the Bundang plant of Korea-South East Power (KOSEP), located in Gyeonggi province, South Korea. The companies also have agreed to co-develop and market fuel cells.
KOSEP is a subsidiary of KEPCO, which formerly was the Korean national power company until six subsidiary companies were spun off as part of the country’s deregulation of its electric power industry. KOSEP’s gross generating capacity last year was 37 terawatt hours of electricity, or 10.2 percent of the country’s overall generating capacity.
KOSEP’s parent company, KEPCO, is the largest among nine energy suppliers to have signed an agreement with Korea’s Ministry of Commerce, Industry and Energy committing them to develop new energy sources. The nine firms jointly have agreed to invest a combined 1.1 trillion won (approximately $983 million) in developing new energy resources over the next three years.
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