FuelCell Energy and CGN Reach 10 MW Repowering Agreement, Signaling Market Momentum
FuelCell Energy (NASDAQ: FCEL) has signed a significant agreement with CGN-Yulchon Generation, a leading South Korean Independent Power Producer. The deal includes the supply of eight advanced carbonate fuel cell modules and maintenance services for four fuel cell units at CGN's Gwangyang facility.
The seven-year agreement covers operations and maintenance services for the 10MW installation, with each of the four units producing 2.5 megawatts of low-carbon baseload power. The project aims to enhance performance and extend operational life of installed units, supporting South Korea's Hydrogen Economy Roadmap.
This agreement strengthens FCEL's presence in South Korea, where it currently supports over 100 megawatts of installed capacity and operates a dedicated service team since 2018.
FuelCell Energy (NASDAQ: FCEL) ha firmato un accordo importante con CGN-Yulchon Generation, un principale produttore indipendente di energia della Corea del Sud. L'accordo prevede la fornitura di otto moduli avanzati di celle a combustibile a carbonato e servizi di manutenzione per quattro unità di celle a combustibile presso l'impianto di Gwangyang di CGN.
Il contratto di sette anni include servizi di operazioni e manutenzione per l'installazione da 10 MW, con ciascuna delle quattro unità che produce 2,5 megawatt di energia di base a basse emissioni di carbonio. Il progetto mira a migliorare le prestazioni e prolungare la vita operativa delle unità installate, supportando la Roadmap per l'Economia dell'Idrogeno della Corea del Sud.
Questo accordo rafforza la presenza di FCEL in Corea del Sud, dove attualmente sostiene una capacità installata di oltre 100 megawatt e gestisce un team di assistenza dedicato dal 2018.
FuelCell Energy (NASDAQ: FCEL) ha firmado un acuerdo significativo con CGN-Yulchon Generation, un destacado productor independiente de energía de Corea del Sur. El acuerdo incluye el suministro de ocho módulos avanzados de pilas de combustible de carbonato y servicios de mantenimiento para cuatro unidades de pilas de combustible en la planta de Gwangyang de CGN.
El acuerdo de siete años cubre operaciones y servicios de mantenimiento para la instalación de 10 MW, con cada una de las cuatro unidades produciendo 2.5 megavatios de energía base baja en carbono. El proyecto busca mejorar el rendimiento y extender la vida operativa de las unidades instaladas, apoyando la Hoja de Ruta de la Economía del Hidrógeno de Corea del Sur.
Este acuerdo fortalece la presencia de FCEL en Corea del Sur, donde actualmente respalda una capacidad instalada de más de 100 megavatios y opera un equipo de servicio dedicado desde 2018.
FuelCell Energy (NASDAQ: FCEL)는 한국의 선도적인 독립 발전 사업자인 CGN-Yulchon Generation과 중요한 계약을 체결했습니다. 이번 계약에는 CGN의 광양 시설에 설치될 8개의 첨단 탄산염 연료전지 모듈 공급과 4개 연료전지 유닛에 대한 유지보수 서비스가 포함되어 있습니다.
7년 계약은 10MW 설치물에 대한 운영 및 유지보수 서비스를 포함하며, 각 4개 유닛은 2.5메가와트의 저탄소 기저 전력을 생산합니다. 이 프로젝트는 설치된 유닛의 성능 향상과 운영 수명 연장을 목표로 하며, 한국의 수소 경제 로드맵을 지원합니다.
이번 계약은 2018년부터 전담 서비스 팀을 운영하며 현재 100메가와트 이상의 설치 용량을 지원하고 있는 FCEL의 한국 내 입지를 강화합니다.
FuelCell Energy (NASDAQ : FCEL) a signé un accord important avec CGN-Yulchon Generation, un producteur indépendant d'électricité de premier plan en Corée du Sud. L'accord comprend la fourniture de huit modules avancés de piles à combustible au carbonate ainsi que des services de maintenance pour quatre unités de piles à combustible sur le site de Gwangyang de CGN.
Le contrat de sept ans couvre les opérations et la maintenance de l'installation de 10 MW, chaque unité produisant 2,5 mégawatts d'électricité de base à faible teneur en carbone. Le projet vise à améliorer les performances et à prolonger la durée de vie opérationnelle des unités installées, soutenant ainsi la feuille de route de l'économie de l'hydrogène en Corée du Sud.
Cet accord renforce la présence de FCEL en Corée du Sud, où il soutient actuellement une capacité installée de plus de 100 mégawatts et dispose d'une équipe de service dédiée depuis 2018.
FuelCell Energy (NASDAQ: FCEL) hat eine bedeutende Vereinbarung mit CGN-Yulchon Generation, einem führenden unabhängigen Energieerzeuger in Südkorea, unterzeichnet. Der Vertrag umfasst die Lieferung von acht fortschrittlichen Carbonat-Brennstoffzellenmodulen sowie Wartungsdienstleistungen für vier Brennstoffzellen-Einheiten im Gwangyang-Werk von CGN.
Die siebenjährige Vereinbarung beinhaltet Betriebs- und Wartungsleistungen für die 10-MW-Anlage, wobei jede der vier Einheiten 2,5 Megawatt kohlenstoffarme Grundlastleistung erzeugt. Das Projekt zielt darauf ab, die Leistung zu verbessern und die Lebensdauer der installierten Einheiten zu verlängern, um den Wasserstoff-Wirtschaftsplan Südkoreas zu unterstützen.
Diese Vereinbarung stärkt die Präsenz von FCEL in Südkorea, wo das Unternehmen derzeit über 100 Megawatt installierte Kapazität unterstützt und seit 2018 ein eigenes Serviceteam betreibt.
- Secured new 7-year agreement with option for extension
- Strengthens position in South Korean market with third major utility contract
- Maintains over 100MW of installed capacity in South Korea
- Only provider delivering utility-scale power and steam in the region
- None.
Insights
FuelCell Energy's repowering deal with CGN strengthens revenue pipeline and solidifies Asian market position in the lucrative utility-scale clean power segment.
FuelCell Energy's new agreement with South Korean power producer CGN-Yulchon represents significant business momentum in one of Asia's most developed fuel cell markets. The deal involves supplying eight advanced carbonate fuel cell modules and comprehensive maintenance services for an existing 10MW installation at CGN's Gwangyang facility. This seven-year agreement with extension options provides FuelCell Energy with predictable long-term revenue while helping CGN meet South Korea's aggressive decarbonization targets.
The repowering project will enhance performance and extend operational life of CGN's existing fuel cell assets, which currently operate alongside 1.5GW of conventional gas turbine capacity. This approach demonstrates how fuel cells can complement traditional power generation within existing utility infrastructure while reducing carbon intensity. The deal adds to FuelCell Energy's growing backlog alongside similar agreements with Gyeonggi Green Energy and Noeul Green Energy.
This contract reinforces FuelCell Energy's unique position as a provider of utility-scale power and steam generation solutions that deliver reliable baseload power - a critical differentiator as South Korea pursues its Hydrogen Economy Roadmap. With over 100 megawatts of installed capacity across South Korea and a local service team established since 2018, FuelCell Energy has built significant operational expertise in this strategic market. The emphasis on baseload power capability positions the company to potentially capture growing demand from data centers and other high-load applications requiring consistent, clean energy.
CGN to purchase eight fuel cells and maintenance services from FuelCell Energy
DANBURY, Conn., July 30, 2025 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) and CGN-Yulchon Generation Co., Ltd. (CGN), a leading Independent Power Producer (IPP) in South Korea, have signed an agreement for the purchase of fuel cells and maintenance services. The agreement with another major generation company underscores FuelCell Energy’s position as a utility-scale electric power producer.
Under the terms of the agreement, FuelCell Energy will provide CGN-Yulchon with eight of its advanced carbonate fuel cell modules and comprehensive operations and maintenance services for four fuel cell units at the utility’s Yulchon’s Gwangyang facility. Each fuel cell unit consists of two fuel cell modules. The seven-year agreement includes an option for extension beyond the initial seven-year term.
The CGN-Yulchon facility, dedicated primarily to electric power generation, transmission and distribution, operates four of FuelCell Energy’s 3000 Carbonate Fuel Cell Systems, each producing 2.5 megawatts of low carbon baseload power, alongside 1.5GW of conventional gas turbine capacity. The project will enhance the performance and extend the operational life of the four installed units, aligning with CGN’s decarbonization goals and South Korea’s Hydrogen Economy Roadmap.
The agreement deepens FuelCell Energy’s strategic footprint in one of Asia’s most advanced fuel cell markets. With the CGN agreement now in backlog—alongside Gyeonggi Green Energy and Noeul Green Energy— FuelCell Energy is demonstrating clear momentum in repowering utility-scale assets and further solidifying its leadership in the region’s clean energy transformation.
FuelCell Energy is the only fuel cell provider delivering utility-scale power and steam, with applications in district heating and industrial processes. This technology offers a proven scalable, clean energy platform that helps to secure electric grids and support the surging demand for power to fuel data center growth.
“This agreement reflects our continued momentum in the Korean market and our ability to deliver reliable, high-performance fuel cell solutions that meet the evolving needs of our partners,” said Jason Few, President and CEO of FuelCell Energy. “We are proud to support CGN-Yulchon’s critical baseload power operations and to contribute to Korea’s ambitious clean energy and electrification agenda.”
He added, “FuelCell Energy’s technology is at the vanguard of meeting the world’s growing need for electricity by providing high-efficiency, low-emission baseload power.”
FuelCell Energy’s business in Korea validates its position as the only fuel cell provider delivering utility-scale power and steam, with applications in district heating and industrial processes.
The company has operated a dedicated service team in Korea since 2018 and currently supports more than 100 megawatts of installed capacity across the country. The company’s LTSA model includes 24/7 monitoring, on-site technical support, and preventative maintenance, ensuring optimal performance and uptime for its customers. This proven, scalable platform gives data center developers and other high-demand energy users confidence in a clean energy solution that’s already operating—some for nearly a decade.
About FuelCell Energy
FuelCell Energy, Inc. provides clean, reliable future-ready solutions that allow customers to access power faster and manage their emissions while keeping their operations running. Our efficient, scalable, and fuel-flexible systems—running on natural gas, biofuels, or hydrogen—provide steady baseload, grid-independent electricity worldwide. With more than 55 years of expertise and nearly 200 modules deployed, we help customers achieve their immediate and future energy goals. Learn more at www.fuelcellenergy.com.
Contact:
FuelCell Energy Investor Relations
ir@fce.com
FuelCell Energy Media Relations
kblomquist@fce.com
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