FuelCell Energy has sold 5.6MW of fuel cell modules to a company in South Korea – with an aim of making production of the technology in the country cheaper in the future.
The buyer, POSCO Energy, is a partner of FuelCell Energy and is working with the company to make fuel cell technology less expensive in the country. Fuel cells have found significant support in South Korea, where several organisations are working to embrace renewable energy. Fuel cells, in particular, have managed to attract a great deal of favour because of their energy production capabilities and environmentally friendly nature. As South Korea becomes more invested in hydrogen fuel, it is becoming a very attractive market for companies like FuelCell Energy, which are looking to successfully commercialise their innovative energy systems.
The new POSCO Energy manufacturing facility in South Korea is expected to play a role in accelerating the adoption of fuel cells throughout Asia. At the facility, fuel cell components can be produced at relatively low cost, and POSCO Energy has access to a well-established global supply chain. FuelCell Energy intends to assist in further reducing the cost of fuel cell technology in order to make these energy systems more attractive to those interested in renewable energy.
The 5.6MW fuel cell component sale will bring additional capacity and help augment existing fuel cell sales that have already been made in South Korea. FuelCell Energy may soon see more attention when it comes to fuel cell sales, as the demand for these energy systems has been growing quickly throughout Asia, particularly in the transportation space where hydrogen fuel cells are being used to power a new generation of vehicles.