FuelCell Energy and CGN Reach 10 MW Repowering Agreement, Strengthening Market Presence

FuelCell Energy has signed a 10 MW repowering agreement with CGN-Yulchon Generation in South Korea, strengthening its presence in a market with over 100 MW of installed capacity. The seven-year deal involves supplying eight advanced fuel cell modules and comprehensive operations and maintenance services for four units at CGN's Gwangyang facility. The agreement reflects FuelCell Energy's strategic growth and position as a key player in South Korea's clean energy sector.

FuelCell Energy, Inc. (Nasdaq: FCEL) has signed a significant 10 MW repowering agreement with CGN-Yulchon Generation Co., Ltd. (CGN), a leading Independent Power Producer (IPP) in South Korea. The agreement, announced on July 30, 2025, reflects FuelCell Energy’s strategic growth and solidifies its position as a key player in South Korea's clean energy sector.

Under the terms of the agreement, FuelCell Energy will supply CGN-Yulchon with eight advanced carbonate fuel cell modules and comprehensive operations and maintenance services for four units at the utility’s Gwangyang facility. Each fuel cell unit consists of two fuel cell modules, totaling 10 MW of low carbon baseload power. The seven-year agreement includes an option for extension beyond the initial term [2].

The CGN-Yulchon facility, which operates four of FuelCell Energy’s 3000 Carbonate Fuel Cell Systems, is dedicated primarily to electric power generation, transmission, and distribution. The project aims to 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 [2].

This agreement deepens FuelCell Energy’s strategic footprint in one of Asia’s most advanced fuel cell markets. With this deal, FuelCell Energy is demonstrating clear momentum in repowering utility-scale assets and further solidifying its leadership in the region’s clean energy transformation. The company currently supports more than 100 MW of installed capacity across South Korea, with a dedicated service team operating since 2018 [2].

FuelCell Energy's 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. The company'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 [2].

References:
[1] https://vovworld.vn/en-US/news/us-announces-tariffs-on-india-brazil-south-korea-1412288.vov
[2] https://investor.fce.com/press-releases/press-release-details/2025/FuelCell-Energy-and-CGN-Reach-10-MW-Repowering-Agreement-Signaling-Market-Momentum/default.aspx