FuelCell Energy (FCEL) Signs $10M Fuel Stack Manufacturing Agreement
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FuelCell Energy, Inc. (NASDAQ: FCEL) today announced the signing of a Licensing Agreement allowing POSCO Power to manufacture fuel cell stack modules from cell and module components provided by FuelCell Energy. These fuel cell modules will be combined with balance-of-plant manufactured in South Korea to complete electricity-producing fuel cell power plants for sale in South Korea.
The License Agreement includes an upfront license fee of $10 million which was paid at signing as well as an ongoing royalty, initially set at 4.1% of the revenues generated by sales of the fuel cell stack modules by POSCO Power. Additionally, POSCO Power closed on its previously announced purchase of $25 million in FuelCell Energy common stock at a purchase price of $3.59 per share, the price agreed to on June 9, 2009.
Under the agreement, POSCO Power will manufacture fuel cell modules from components and cells manufactured in the U.S. by FuelCell Energy, in a new facility it intends to construct adjacent to its current fuel cell balance-of-plant operation in Pohang. FuelCell Energy will provide training for POSCO Power personnel.
FuelCell Energy is a leading manufacturer of high efficiency ultra-clean power plants using renewable and other fuels for commercial, industrial, government, and utility customers,
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