DANBURY, Conn. - March 25, 2020 (Investorideas.com Newswire) Hydrogen / Fuel Cell Stock News Bites - FuelCell Energy, Inc. (Nasdaq: FCEL), a global leader in fuel cell technology focused on utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy, provided an update on the performance achievements of the 20 megawatt Korean Southern Power Company (KOSPO) fuel cell park built in Incheon, South Korea. This installation was commissioned on June 30, 2018. The fuel cell park, owned by KOSPO, consists of eight SureSource 3000™ power plant platforms manufactured by FuelCell Energy that produce electricity and thermal energy to support a district heating system adjacent to the existing 1.8 gigawatt Shin-Incheon combined cycle power plant. FuelCell Energy operates and maintains the plants under a long-term service agreement and continues to exceed all contracted output requirements, achieving average availability of 99% and average capacity factor of 97%. For comparison, the average capacity factor for other clean power generation technologies are as follows:
FuelCell Energy Platform Solution Versus Other Utility Scale Solutions
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a2c2efcd-366a-41d6-bd56-9e7406b84aa9
"We continue to be very pleased with the performance of the 20 megawatt fuel cell park," said Jason Few, President and Chief Executive Officer, FuelCell Energy, Inc. "We continue to consistently exceed the power and heat output requirements of the contract since the commercial operation date, having produced electrical output in excess of our contractual requirements by approximately 16%, equal to about two months of added output. This platform, and its combined heat and power ('CHP') application, illuminates one of the differentiating capabilities of our carbonate fuel cell technology, solving for utility scale clean power and district heating and cooling needs of the South Korean market. This FuelCell Energy developed project demonstrates the reliability and value our platforms deliver around the world."
Korea Southern Power Company, a wholly owned subsidiary of Korea Electric Power Company (KEPCO), operates 9.1 gigawatts of gas and coal-fired power plants, supplying electricity to commercial and residential customers in South Korea. KOSPO also undertakes power plant development engineering in Asia, the Middle East and South America.
Fuel cells are extremely capable of addressing the energy, environmental and economic goals of South Korea. High population density with limited land requires highly efficient, quiet, and affordable power that can be located near population centers where the power is used. FuelCell Energy's fuel cell platforms' virtual lack of criteria pollutants and low carbon footprint combined with affordable economics, low noise, and minimal space needs make our solutions well suited for adoption by South Korean utilities and independent power producers. With high availability and capacity factors, the SureSource platforms make meaningful contributions to Renewable Portfolio Standard targets.
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