FuelCell (FCEL), POSCO Expand Partnership; POSCO to Invest $30M in FuelCell
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FuelCell Energy, Inc. (Nasdaq: FCEL) announced the signing of Memorandums of Understanding (MOU) outlining a series of strategic initiatives with its South Korean partner, POSCO Energy (formally POSCO Power). These include a 120 megawatt (MW) multi-year order commitment, acceleration of deliveries under the existing 70 MW order, and a license commitment which provides for the manufacturing of Direct FuelCell® (DFC®) components in South Korea by October 2014.
Under the terms of the MOU, POSCO Energy will purchase 20,000,000 shares of FCEL common stock at a price of $1.50 per share for proceeds of $30 million. Proceeds will be used for general corporate purposes. The transaction is expected to close in April 2012.
Under the terms of the MOU, POSCO Energy will purchase 20,000,000 shares of FCEL common stock at a price of $1.50 per share for proceeds of $30 million. Proceeds will be used for general corporate purposes. The transaction is expected to close in April 2012.
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