POSCO Power Orders 25.6 MW of fuel cell modules
25-APR-2008
South Korean independent power producer POSCO Power has ordered 25.6 MW of FuelCell Energy®, Inc. power plants and fuel cell modules.
The order more than doubles FuelCell Energy's product backlog and represents nearly $70 million of sales scheduled for delivery in 2009.
The order calls for FuelCell Energy to initially ship complete power plants while POSCO completes the construction of its own 50 MW fuel cell balance of plant manufacturing facility, expected in the second half of 2008. By mid-2009, all balance of plant manufacturing for the Korean market will be switched to POSCO and FuelCell Energy will supply its proprietary fuel cell module to the company.
The two also signed a Master Service agreement covering all POSCO installations to jointly provide service for customers in Korean market.
POSCO Power signed a 10-year manufacturing and distribution agreement with FuelCell Energy in February 2007 and with this order, POSCO has ordered 38.2 MW of FuelCell Energy products to date.
'South Korea is a world-leading market for renewable energy and our company is committed to producing green energy and being the leading alternative energy equipment supplier,' said Mr. Seung-Woo Lee, President and CEO of POSCO Power, who added: 'The demand for clean energy continues to grow and we expect DFC fuel cells will continue to generate substantial orders from our customer base, both utilities and independent power producers.'
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