FuelCell Energy, the Connecticut-based manufacturer of fuel cell technology, and South Korea’s Gyeonggi Green Energy Co. have entered a long term service agreement in which GGE agrees to purchase 42 1.4-megawatt upgraded carbonate fuel cell modules to replace existing fuel cell modules at the Hwaseong Baran Industrial Complex fuel cell power platform in Hwaseong-si, according to a news release.
The agreement, which constitutes a significant milestone for supplying clean baseload power to the Korean market, also includes a new seven-year service agreement pursuant to which FuelCell Energy will service the fuel cell modules. Under the terms of the agreement, the company expects to receive approximately $160m of revenue over the term of the agreement.
The Hwaseong Baran Industrial Complex fuel cell power platform, which was established in 2013 with FuelCell Energy’s design and technology, has the capacity to produce 58.8 megawatts of electricity from 42 fuel cell modules that can provide power to about 135,000 homes and generate about 250 billion kilocalories of hot water for heating approximately 20,000 homes annually.
In 2019, Korea announced its Hydrogen Economy Roadmap, which includes a goal to supply 15 gigawatts of power from fuel cells by 2040. Emission-free fuel cells support the country’s efforts to mitigate a national problem of fine dust or particulate matter in the atmosphere from transport exhaust fumes, industry, and the jet stream.
Through this agreement, GGE joins Noeul Green Energy Co., Ltd. and Korea Southern Power Company Ltd. in receiving superior service from FuelCell Energy, whose technology is deployed across South Korea producing more than 100 megawatts of clean electricity without combusting fuel.
