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November 5, 2012

CT FuelCell's Korean partner antes $207M in deals

Photo/PABLO ROBLES Parts of fuel cells at the FuelCell Energy manufacturing facility in Torrington go through a quality inspection.

Danbury clean energy manufacturer FuelCell Energy, Inc. announced Monday it sold manufacturing and commercial rights to its fuel cells for $26 million to South Korean partner Posco Energy.

The license deal gives the South Korean power-systems manufacturer the rights to make fuel cells in South Korea, then market those products throughout Asia.

Posco then will pay a 3 percent royalty to FuelCell for every fuel cell sold in the next 15 years. The two sides can extend the license agreement by five years if they both agree, FuelCell said.

Separately, FuelCell announced Monday the completion of a previously announced $181 million contract with Posco for 122 megawatts of fuel cell kits and services to be manufactured at FuelCell's facilities in Torrington.

The companies disclosed in August they were close to signing the deal that they finalized Monday.

The order more than triples FuelCell's product backlog, and the company can increase production to perhaps be profitable for the first time in its history, said Chip Bottone, FuelCell president and chief executive officer.

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