FuelCell Energy and CGN Sign 10 MW Repowering Agreement, Showing Market Momentum

FuelCell Energy, Inc. (NASDAQ:FCEL) is among the 11 Best Hydrogen Stocks to Invest in Now. FuelCell Energy, Inc. (NASDAQ:FCEL) has reached a seven-year agreement with South Korea’s CGN-Yulchon Generation Co., Ltd. to supply eight carbonate fuel cell modules as well as operate and maintain four existing 2.5 MW units at CGN’s Gwangyang facility. The agreement involves an extension option and adds to FuelCell Energy, Inc.’s backlog, which includes projects with Gyeonggi Green Energy and Noeul Green Energy.

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The Gwangyang location runs 1.5 GW of conventional gas turbine capacity in along with four of FuelCell Energy, Inc.’s 3000 Carbonate Fuel Cell Systems, which together generate 10 MW. The project will improve performance, prolong operational life, and help CGN achieve its decarbonization goals under South Korea’s Hydrogen Economy Roadmap.

FuelCell Energy, Inc., the only producer of utility-scale electricity and steam for applications such as district heating and industrial operations, has had a dedicated Korean service staff since 2018, supporting over 100 MW of installed capacity. Its LTSA approach improves reliability for high-demand industries like data centers by guaranteeing round-the-clock monitoring, technical assistance, and preventative maintenance. It is one of the Best Hydrogen Stocks.

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