FuelCell Energy reaches agreement to sell technology in Asian markets
FuelCell Energy entered into a settlement agreement with POSCO Energy Co. and its subsidiary, Korea Fuel Cell Co., confirming its exclusivity in selling its technology throughout Asia.
The agreement states that all licenses previously granted to POSCO Energy are amended. POSCO has the right to service the existing installed POSCO customer base but has no other rights to FuelCell Energy technology in South Korea or broader Asian markets.
FuelCell Energy is a leading global manufacturer of proprietary fuel cell technology platforms, serving businesses, utilities, governments, and municipalities.
“We are extremely pleased to have reached a favorable agreement with POSCO which confirms our access to the Asian market for FuelCell Energy,” Jason Few, president, CEO, and chief commercial officer of FuelCell Energy, said. “This resolution unlocks a path forward and gives customers in South Korea and across Asia the ability to evaluate FuelCell Energy’s differentiated platforms against alternative offerings without concern and uncertainty surrounding the legal dispute between FuelCell Energy and POSCO. It also provides current customers of FuelCell Energy’s technology in the Korean market the ability to receive the quality of service and module stack replacements they deserve.”
Few added that South Korea, and the broader Asian marketplace, is a growing market for fuel cells.
“In South Korea, our fuel cell platform is a preferred choice for utility scale projects given its high-quality thermal attributes that support the district heating needs of the country. We also look forward to bringing our unique distributed hydrogen platforms to the Asian market as Asia looks to lead in the hydrogen transition. We are excited to engage the marketplace with the legal uncertainties removed and look forward to expanding our geographic reach throughout Asia.”
Following the agreement, the companies are cooperating to ensure that existing customers are fully aware of the settlement. The parties are also communicating to the broader market that FuelCell Energy has the exclusive right to pursue new fuel cell projects in Asia.
