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News Breaks
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October 28, 2009
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| 06:34 EDT |  | FCEL |
| theflyonthewall.com: | FuelCell Energy and POSCO Power sign license agreement | | FuelCell Energy announced the signing of a Licensing Agreement allowing POSCO Power to manufacture fuel cell stack modules from cell and module components provided by FuelCell Energy. These fuel cell modules will be combined with balance-of-plant manufactured in South Korea to complete electricity-producing fuel cell power plants for sale in South Korea. The License Agreement includes an upfront license fee of $10M which was paid at signing as well as an ongoing royalty, initially set at 4.1% of the revenues generated by sales of the fuel cell stack modules by POSCO Power. Additionally, POSCO Power closed on its previously announced purchase of $25M in FuelCell Energy common stock at a purchase price of $3.59 per share, the price agreed to on June 9, 2009. :theflyonthewall.com |
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