FuelCell Energy stock surged 8% in premarket trading after FuelCell Energy reached favorable settlement agreement with POSCO Energy.
FuelCell Energy, Inc. (Nasdaq: FCEL)-- a global leader in fuel cell technology with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy — today announced that POSCO Energy Co., Ltd. and its subsidiary, Korea Fuel Cell Co., Ltd., (collectively “POSCO”) have entered into a settlement agreement (the “Agreement”) with FuelCell Energy.
Pursuant to the Agreement:
FuelCell Energy confirms its exclusivity to sell its differentiated platform technology throughout Asia;
All licenses previously granted to POSCO Energy are amended such that POSCO has the right to service the existing installed POSCO customer base, but enjoys no other rights to FuelCell Energy technology in South Korea or broader Asian markets; and
All claims between the parties are fully and finally settled with the exception of two small claims being negotiated by the parties that have no impact on market access.
“We are extremely pleased to have reached a favorable agreement with POSCO which confirms our access to the Asian market for FuelCell Energy,” said Jason Few, President, Chief Executive Officer and Chief Commercial Officer of FuelCell Energy. “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. In addition, it provides a clear path for FuelCell Energy to once again serve a growing market for fuels cells and support the growing energy transition within South Korea as well as the broader Asian marketplace. 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.”
Having reached an agreement, the parties are cooperating to ensure that existing customers are fully aware of the settlement and that a framework exists for POSCO to deliver module replacements per the service and support design specifications in the agreement. The parties are also communicating to the broader market that FuelCell Energy has the exclusive right to pursue new fuel cell projects in Asia.
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