FuelCell Energy and Gyeonggi Green Energy Announce Agreement for Purchase of Fuel Cell Modules and Service Agreement for World’s Largest Fuel Cell Power Platform

DANBURY, Conn. and HWASEONG-SI, Korea, May 28, 2024 (GLOBE NEWSWIRE) — FuelCell Energy, Inc. (Nasdaq: FCEL) and Gyeonggi Green Energy Co., Ltd. (GGE), today announced that pursuant to a long term service agreement GGE has agreed to purchase 42 1.4-megawatt upgraded carbonate fuel cell modules from FuelCell Energy to replace existing fuel cell modules at the Hwaseong Baran Industrial Complex fuel cell power platform, the world’s largest fuel cell power platform, located in Hwaseong-si.

The agreement, which constitutes a significant milestone for supplying clean baseload power to the Korean market, also includes a new seven-year service agreement pursuant to which FuelCell Energy will service the fuel cell modules. Under the terms of the agreement, the Company expects to receive approximately $160 million of revenue over the term of the agreement.

The Hwaseong Baran Industrial Complex fuel cell power platform, which was established in 2013 with FuelCell Energy’s design and technology, has the capacity to produce 58.8 megawatts of electricity from 42 fuel cell modules that can provide power to about 135,000 homes and generate about 250 billion kilocalories of hot water for heating approximately 20,000 homes annually.

FuelCell Energy in South Korea

In 2019, Korea announced its Hydrogen Economy Roadmap, which includes a goal to supply 15 gigawatts of power from fuel cells by 2040. Emission-free fuel cells support the country’s efforts to mitigate a national problem of fine dust or particulate matter in the atmosphere from transport exhaust fumes, industry, and the jet stream.

Through this agreement, GGE joins Noeul Green Energy Co., Ltd. and Korea Southern Power Company Ltd. in receiving superior service from FuelCell Energy, whose technology is deployed across South Korea producing more than 100 megawatts of clean electricity without combusting fuel.

FuelCell Energy President and CEO Jason Few commented, “Our new agreement with GGE reinforces our commitment to providing clean, efficient, and reliable energy solutions to the Korean market. Our collaboration with GGE is a testament to our shared vision for a sustainable future and our dedication to innovation and excellence in the energy sector.”

Few added, “It’s a privilege to support the world’s largest fuel cell power platform and contribute to Korea’s Hydrogen Economy Roadmap, setting a global standard for low to zero carbon power generation, and we look forward to bringing additional platforms to the country, such as our co-located power generation fueled by biogas and our highly efficient and powerful solid oxide fuel cells delivering power and electrolysis.”

GGE CEO Kim Dae Young commented, “We are proud to play a role in Korea’s efforts to create a cleaner environment for our citizens. By working with FuelCell Energy, we are ensuring that we can continue to offer Korea clean baseload power for hundreds of thousands of households.”

FuelCell Energy’s Versatile Clean Energy Solutions

FuelCell Energy is working to grow its market share in Korea by focusing on generating new long term service relationships and negotiating and executing long term service agreements. The company’s range of clean energy solutions can contribute to the Korean clean energy targets by providing products that reduce carbon emissions from power generation and produce hydrogen based on two electrochemical platforms: carbonate and solid oxide.

• Power Generation: Carbonate and solid oxide platforms support power generation and combined heat and power applications, and are fuel flexible using a variety of fuels including hydrogen, hydrogen and natural gas blends, biogas, renewable natural gas, and natural gas. For example, the company announced recently a new biogas project at a California wastewater treatment plant where carbonate fuel cell technology will convert gas from wastewater into electricity on site. The fuel cells utilized in these platforms react fuel electrochemically without combustion. FuelCell Energy’s platforms are also scalable, and the company has deployed the largest fuel cell parks in the world. Servicing GGE’s 58.8 MW carbonate power platform will further demonstrate FuelCell Energy’s ability to support large scale applications including the large-scale power and cooling needs of data centers.
• Distributed Hydrogen and Power Generation: FuelCell Energy’s recently unveiled Tri-gen system, commissioned by Toyota Motor North America and operated and serviced by FuelCell Energy, is fueled by directed biogas from California and is powering the automotive company’s largest port facility in North America.
• Carbon Capture: FuelCell Energy’s carbonate fuel cells are behind the only carbon capture technology on the market that can capture CO₂ emissions directly while producing electricity and hydrogen simultaneously. FuelCell Energy is working with ExxonMobil on the next generation of this technology for use in large industrial settings.
• Electrolysis: The company’s solid oxide fuel cells power our electrolyzer that can supply hydrogen with up to 100% efficiency.

In June, the company will host current and prospective customers in Korea to highlight the breadth of its clean energy offerings that can help to support the goals of the Hydrogen Economy Roadmap.

About FuelCell Energy
FuelCell Energy, Inc. 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. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers including businesses, utilities, governments, and municipalities with sustainable products and solutions. The company’s solutions are designed to enable a world empowered by clean energy, enhancing the quality of life for people around the globe. Learn more at fuelcellenergy.com.

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 megawatts carbonate fuel cell power platform. This environmentally friendly power platform utilizes clean fuel and liquefied natural gas to produce and supply electricity and heat using fuel cells. The platform’s impressive capabilities include a CO₂ reduction effect of approximately 220,000 tons and a substitution effect for crude oil imports of approximately 120,000 TOE (tonnes 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.

Press Contact
FuelCell Energy
Kathleen Blomquist
kblomquist@fce.com

Investor Relations Contact
FuelCell Energy
Tom Gelston
tgelston@fce.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5834c178-815e-4cb4-89da-df3b6f5cfcd4