World's Largest Fuel Cell Power Park to Be Built in South Korea

---

Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--POSCO Energy (PE) (Seoul, South Korea) will lead the construction of the largest fuel cell park in the world at Whasung City, Gyeonggi province in South Korea.

The fuel cell park will install ultra-clean and efficient cell power sold by PE and based on designs and fuel cell components from FuelCell Energy Incorporated (NASDAQ:FCEL) (Danbury, Connecticut). The 58.8 megawatts (MW) of ultra-clean energy generated and supplied to the power grid will assist the partners with compliance under the South Korean Renewable Portfolio Standard. The heat generated by the fuel cell power units will be supplied to a district heating system for local use.

Last week, a share purchase agreement was completed that established Gyeonggi Green Energy Company Limited, which will develop and operate the park. The ownership consortium includes South Korea's largest power utility, Korea Hydro and Nuclear Power (49%), POSCO Energy (15%) and gas distributor Samchully Company (15%), with the balance to be distributed to investors.

PE is the sole provider of the fuel cell plants for the project, which will consist of 21 DFC3000 units. PE will lead the construction of the park and will maintain and service them under a long-term service agreement. Construction is scheduled to start this year.

"Development of this 58.8 MW fuel cell park illustrates how our plants can be used to support the power grid as the combination of near-zero pollutants, modest land-use needs and the quiet operating nature of these stationary plants facilitates their sitting in urban locations. Projects such as this support demand for the 120-MW order that we are finalizing with PE, and we expect to conclude an agreement in 2012," said Chip Bottone, CEO of FuelCell Energy.

Direct FuelCells (DFC) combine a fuel such as natural gas or renewable biogas gas with oxygen from the ambient air to efficiently produce ultra-clean electricity and usable quality heat through an electrochemical process. DFC power plants emit virtually no pollutants due to the absence of combustion.

Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle™, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.