FuelCell Energy Announces 70 Megawatt Order From POSCO Power and $9 Million Charge to Second Quarter 2011 Earnings
Multi-Year Order Supports Demand for Ultra-Clean and Efficient Fuel Cell Power Plants to Meet South Korean Renewable Portfolio StandardLimited Fleet Repair and Upgrade Program to Result in Charge to Second Quarter 2011 Earnings
DANBURY, Conn. — FuelCell Energy, Inc. (Nasdaq:FCEL), a leading manufacturer of ultra-clean, efficient and reliable power plants, today announced a two-year order for 70 megawatts (MW) of fuel cell kits from POSCO Power. The total value of the order and other commitments for services is estimated to be at least $129 million with delivery of fuel cell kits beginning in October 2011 and occurring monthly through October 2013. Payment terms include a down payment and progress payments during the term of the contract, with approximately 40 percent of the contract value received by October, 2011. POSCO Power is an independent power producer in South Korea and subsidiary of POSCO, a global steel producer.（続く）