FCEL FuelCell Energy Inc

FuelCell Energy, Inc., (Nasdaq: FCEL) held a pivotal event in Seoul on June 28, 2024, reinforcing and demonstrating the company's commitment to the Korean market and highlighting how its two differentiated carbonate and solid oxide platforms enable the energy transition to sustainable energy in a smart and practical way.

The event, titled "Accelerating Korea’s Energy Transition with Advanced Fuel Cell Solutions," showcased FuelCell Energy's cutting-edge technology and strategic vision for the nation’s energy future. The gathering was attended by leaders of the Korean energy industry and FuelCell Energy executives, including the company’s new General Manager for Korea, YoungKyoo Peter Han.

FuelCell Energy executives and experts, Mark Feasel and Anthony Leo, delivered a presentation on fuel cell technology’s critical utility for the energy transition. CEO Andy Kim of Gyeonggi Green Energy and CEO Chang Suk Ko of Nouel Green Energy, two of FuelCell Energy’s customers, also addressed the group to provide their perspective on FuelCell Energy’s fuel cell technology platforms and how they support the needs of their businesses and commitment toward decarbonization.

FuelCell Energy President and CEO Jason Few said, “We were extremely pleased with the interest and reception from our energy industry counterparts in Korea and look forward to growing our market there following 20 years of supplying carbonate fuel cells to our generation, commercial and industrial company partners in the Asia region.”

Few added, “During our event with industry leaders, the FuelCell Energy team answered questions about our targeted set of sustainable energy solutions. We also outlined advancements that we have made to our carbonate fuel cell, including carbon capture capabilities, and we introduced our second electrochemical platform--solid oxide--that we believe will play a vital role in Korea’s transition to hydrogen, particularly as it relates to utilizing hydrogen as a fuel for power generation and converting zero carbon energy from nuclear and other renewable sources to clean hydrogen.”

Right now, FuelCell Energy’s technology is deployed across South Korea producing more than 100 megawatts of sustainable electricity without combusting fuel. The company recently announced that GGE is purchasing 42 of FuelCell Energy’s 1.4-megawatt upgraded carbonate fuel cells to replace existing modules at the Hwaseong Baran Industrial Complex fuel cell power platform, the world’s largest single site fuel cell power platform, located in Hwaseong-si.

FuelCell Energy's commitment to providing clean, efficient, and reliable energy solutions aligns with Korea's Hydrogen Economy Roadmap, which aims to supply 15 gigawatts of power from fuel cells by 2040.

Industry Interest in FuelCell EnergyMedia coverage of the FuelCell Energy June 28 event highlighted the company’s role in contributing to Korea's clean energy development and its interest in making new partnerships across the country, as well as the company’s energy solutions.

• U.S. FuelCell Energy to Make a Major Entry into the South Korean Fuel Cell Market
• FuelCell Energy Knocks on the Korean Market with Carbon Capture Capable Fuel Cells
• FCE: “Proud to Contribute to South Korea’s Clean Energy Development…Expanding Partnerships”
• FuelCell Energy to Partner in South Korea’s ‘Net Zero’ Efforts

Fuel Cell Solutions

FuelCell Energy’s carbonate and solid oxide power generation platforms were included in the day’s presentation, along with its Tri-gen distributed hydrogen and power generation platform that powers Toyota Motor North America’s largest port facility in North America with electricity, hydrogen and water fueled by directed biogas from California landfills. Additionally, FuelCell Energy’s carbon capture technology that captures CO2 emissions directly while producing electricity and hydrogen simultaneously and electrolysis powered by solid oxide fuel cells that can supply hydrogen with up to 100% efficiency were covered in depth that day.

For more information on FuelCell Energy and its initiatives in South Korea, please refer to the detailed event materials and media coverage.

About FuelCell EnergyFuelCell Energy, Inc. is a global leader in sustainable energy technologies that address some of the world’s most critical challenges around energy, safety, and global urbanization. It collectively holds 531 fuel cell technology patents in the United States and globally. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers including businesses, utilities, governments, and municipalities with sustainable products and solutions. The company’s solutions are designed to enable a world empowered by sustainable energy, enhancing the quality of life for people around the globe. Learn more at fuelcellenergy.com

Press Contact

FuelCell Energy Kathleen Blomquist kblomquist@fce.com

Investor Relations Contact

FuelCell Energy Tom Gelston tgelston@fce.com