FuelCell Energy and CGN-Yulchon Generation Co. Sign 10 MW Repowering Agreement for Low-Carbon Power Generation

FuelCell Energy and CGN-Yulchon Generation Co. have signed a 10 MW repowering agreement for the purchase of fuel cells and maintenance services. The agreement will enhance the performance and extend the operational life of four installed units, aligning with CGN's decarbonization goals and South Korea's Hydrogen Economy Roadmap. The seven-year agreement includes an option for extension beyond the initial term.

FuelCell Energy, Inc. (Nasdaq: FCEL) and CGN-Yulchon Generation Co., Ltd. (CGN), a leading Independent Power Producer (IPP) in South Korea, have signed a significant agreement for the purchase of fuel cells and maintenance services. The deal, announced on July 30, 2025, is expected to enhance the performance and extend the operational life of four installed units at CGN's Gwangyang facility, aligning with CGN's decarbonization goals and South Korea's Hydrogen Economy Roadmap [2].

Under the terms of the agreement, FuelCell Energy will provide CGN-Yulchon with eight advanced carbonate fuel cell modules and comprehensive operations and maintenance services for four fuel cell units. Each fuel cell unit consists of two fuel cell modules, producing 2.5 megawatts of low-carbon baseload power. The seven-year agreement includes an option for extension beyond the initial term [1][2].

The CGN-Yulchon facility, dedicated primarily to electric power generation, transmission, and distribution, currently operates four of FuelCell Energy’s 3000 Carbonate Fuel Cell Systems alongside 1.5GW of conventional gas turbine capacity. The repowering project aims to improve the performance and extend the operational life of these existing units, contributing to South Korea's decarbonization efforts [1][2].

This agreement marks a significant milestone for FuelCell Energy, which is the only fuel cell provider delivering utility-scale power and steam, with applications in district heating and industrial processes. The company's technology offers a proven scalable, clean energy platform that helps secure electric grids and supports the growing demand for power, particularly for data centers [1][2].

The deal also underscores FuelCell Energy’s strategic footprint in one of Asia's most advanced fuel cell markets. With the CGN agreement now in backlog—alongside similar agreements with Gyeonggi Green Energy and Noeul Green Energy—FuelCell Energy is demonstrating clear momentum in repowering utility-scale assets and solidifying its leadership in the region’s clean energy transformation [1][2].

References:
[1] FuelCell Energy Investor Relations. (2025). FuelCell Energy and CGN-Yulchon Generation Co. Sign 10 MW Repowering Agreement. investor.fce.com
[2] Globe Newswire. (2025). FuelCell Energy and CGN-Yulchon Generation Co. Sign 10 MW Repowering Agreement. globenewswire.com