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May 30, 2024

Danbury’s FuelCell Energy sells fuel cell modules to South Korean company in $160M deal

Contributed The Hwaseong Baran Industrial Complex fuel cell power platform in South Korea.
By Andrew Larson

Danbury-based FuelCell Energy Inc. has sold 42 upgraded carbonate fuel cell modules, each capable of producing 1.4 megawatts, to South Korean energy company Gyeonggi Green Energy Co. for use on the world’s largest fuel cell power platform.

FuelCell Energy will receive about $160 million in revenue over the course of a long-term agreement with Gyeonggi, which includes servicing the fuel cell modules.

The fuel cell platform in South Korea, called the Hwaseong Baran Industrial Complex, can produce 58.8 megawatts of electricity from 42 fuel cell modules – enough to power about 135,000 homes.

Fuel cells generate hot water as a byproduct, and the facility generates hot water to heat about 20,000 homes annually.

FuelCell Energy produces more than 100 megawatts of electricity across South Korea and has partnered with other energy companies in that region.

FuelCell Energy said it is working to grow its market share in South Korea by focusing on generating new long-term service relationships.

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