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Dec. 12, 2012: FuelCell Energy Announces Largest Order Ever Received by Company and Fuel Cell Industry

December 12, 2012
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DANBURY, Conn. — FuelCell Energy Inc. has announced an order from its South Korean partner, POSCO Energy, for 121.8 megawatts (MW) of fuel cell kits and services from its FuelCell Energy production facility in Torrington, Conn. The estimated value of the multi-year contract is approximately $181 million. POSCO Energy, the largest independent power producer in South Korea, is a subsidiary of POSCO, a leading global steel producer.

“POSCO Energy recently signed a contract to build the world’s largest fuel cell park, a 58.8 megawatt project located in South Korea,” said Jung-Gon Kim, senior vice president, POSCO Energy. “This order to FuelCell Energy for 121.8 megawatts will help us meet demand in South Korea as well as other Asian countries.”

“This is the largest order ever received by FuelCell Energy and the fuel cell industry, almost tripling our product backlog and initiating our planned increase in production levels for 2013,” said Chip Bottone, president and chief executive officer, FuelCell Energy. “The extensive market acceptance in South Korea for ultra-clean and efficient fuel cell power generation is a deployment and job creation model that can and should be replicated in other regions of the world.”

South Korea adopted an ambitious renewable portfolio standard (RPS) in 2012 to promote clean energy, reduce carbon emissions, and develop a local green-industry to support economic growth. Utilities and project investors are developing new and renewable power projects under the RPS including the new 58.8 MW fuel cell park. The electricity from this fuel cell park will be sold to the power grid and the heat from the fuel cells will be supplied to a district heating system.

The first delivery will occur in May 2013 to ensure an uninterrupted supply of fuel cell kits as deliveries under an existing 70 MW order will conclude in April 2013. Each kit consists of 1.4 MW of fuel cell components that are interchangeable and can be used for megawatt class fuel cell power plants or sub-megawatt plants.

For more information, visit www.fuelcellenergy.com.

Publication date: 12/10/2012

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