FuelCell Energy, Inc. (Nasdaq: FCEL), today announced that POSCO Power, South Korea’s leading independent power producer, has ordered 25.6 MW of FuelCell Energy power plants and fuel cell modules. FuelCell Energy is a manufacturer of high-efficiency, ultra-clean power plants using renewable fuels and other energy sources for commercial, industrial and utility customers. This order more than doubles FuelCell Energy’s product backlog and represents nearly $70 million of sales projected for delivery in 2009. POSCO Power signed a 10-year manufacturing and distribution agreement with FuelCell Energy in early 2007. Posco Power has now ordered 38.2 MW of FuelCell Energy products to date.
“South Korea is a world-leading market for renewable energy and our company is committed to producing green energy and being the leading alternative energy equipment supplier,” said Mr. Seung-Woo Lee, President and CEO of POSCO Power. “We have been researching the problem of rising greenhouse gas emissions for several years and we are convinced that fuel cells are a critical part of the solution with their 24/7, efficient, and ultra-clean operation. The demand for clean energy continues to grow and we expect DFC fuel cells will continue to generate substantial orders from our customer base, both utilities and independent power producers.”
FuelCell Energy has partnerships with major power plant developers, trading companies and power companies around the world. The company is generating power at over 40 locations worldwide. The majority of Korea’s fuel is imported and FuelCell Energy is confident that South Korea will be one of the stronger markets as the demand for clean energy continues to grow.
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