DANBURY, Conn., Oct. 22, 2024 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) and Korea Hydro & Nuclear Power Co., Ltd (KHNP) announced that the two companies have agreed to jointly pursue hydrogen energy business initiatives and have signed a memorandum of understanding (MOU) outlining the possibilities.
The cooperative approach will focus on the development and implementation of advanced energy solutions using FuelCell Energy's solid oxide electrolysis hydrogen platform and KHNP's nuclear power plants within the scope of relevant laws and regulations. This initiative will combine South Korea's domestic clean energy sources with FuelCell Energy's electrolyzer platform that uniquely uses electricity and thermal energy sources to produce lower cost, domestic clean hydrogen, and diversify South Korea's hydrogen supply beyond imported fuels.
KHNP operates a diverse range of electric generating power plants in South Korea, including nuclear, hydroelectric, renewable energy, and fuel cells.
FuelCell Energy, a U.S. company with more than 100 megawatts installed and operating in South Korea, will bring its extensive experience and expertise to the partnership. The Danbury, Conn.-based company has developed highly efficient cutting-edge hydrogen solutions, including solid oxide electrolysis fuel cell technology.
FuelCell Energy's solid oxide electrolyzer cell produces hydrogen at nearly 90% electrical efficiency without excess heat and can reach 100% efficiency when using excess heat. FuelCell Energy's solid oxide electrolyzer takes in electricity and cold water and produces dry hydrogen at high efficiency. Although, external heat is never needed if it is added as an input FuelCell Energy's electrolyzer platform converts water and electricity at 100% efficiency.
Hydrogen produced from electrolysis can be stored long term and transported, allowing zero carbon stored hydrogen energy from wind, solar, hydro, and nuclear to be available on demand. The electrolyzer can also be used to develop e-Fuel for the transport sector and to produce ammonia for fertilizer. See how the solid oxide electrolyzer works here.
"We are excited to partner with FuelCell Energy to explore new opportunities in the path of energy transition through hydrogen initiatives," said Kong, Young-gon, Vice President of Hydrogen & Smart Business Department of KHNP. "This collaboration aligns with our commitment to innovation and sustainability, and we look forward to working together to develop advanced energy solutions that will benefit both our companies and the communities we serve."
Jason Few, President & CEO of FuelCell Energy, added, "By combining our expertise with KHNP's extensive experience in the energy sector and their country-critical power generation fleet, we are well-positioned to drive innovation and create sustainable energy solutions. We look forward to the positive impact our collaboration will have on the industry and South Korea."
The relationship between FuelCell Energy and KHNP is expected to foster the development of new technologies and solutions that will enhance energy efficiency and sustainability. Both companies are committed to leveraging their strengths to achieve these goals and contribute to a more sustainable future.
About Korea Hydro & Nuclear Power Co., Ltd.
Korea Hydro & Nuclear Power Co., Ltd. (KHNP) is the largest electric power company in South Korea and generates approximately 31.56% (Dec. 31, 2023 / The Monthly Report on Major Electric Power Statistics) of the total electric power generated in Korea with the mission of supplying electric power in a stable manner to enrich the lives of people and to contribute to the growth of the national economy' as its driving force.
About FuelCell Energy
FuelCell Energy, Inc. is a global leader in sustainable energy technologies that address some of the world's most critical challenges around energy, safety, and global urbanization. It collectively holds 531 fuel cell technology patents in the United States and globally. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers, including businesses, utilities, governments, and municipalities with sustainable products and solutions. The company's solutions are designed to enable a world empowered by sustainable energy, enhancing the quality of life for people around the globe. Learn more at fuelcellenergy.com
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Source: FuelCell Energy