FuelCell Energy (FCEL) Announces $58M Order From POSCO Power, Also $25M Stock Investment
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FuelCell Energy, Inc. (Nasdaq: FCEL) announced that POSCO Power, South Korea's leading independent power producer, ordered 30.8 megawatts (MW) of FuelCell Energy Direct FuelCell(r) (DFC(r)) modules and components. The order represents an estimated sales value to the Company of $58 million and calls for delivery during 2010 and early 2011.
POSCO Power and FuelCell Energy also signed a Memorandum of Agreement whereby the parties agree to pursue a licensing agreement to allow POSCO Power to assemble FuelCell Energy cell and module components into stack modules for sale in South Korea. As part of the transaction, POSCO Power will purchase $25 million in FuelCell Energy common stock at $3.59 per share (the 10-day average FuelCell Energy stock closing price through June 8, 2009) once the licensing agreement is finalized.
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