POSCO Power orders 25.6 MW of fuel-cell power

FuelCell Energy, Inc. (Danbury, Conn.; www.fuelcellenergy.com) has announced that POSCO Power (www.poscopower.co.kr), South Korea’s leading independent power producer, has ordered 25.6 MW of FuelCell Energy power plants and fuel cell modules. The order more than doubles FuelCell Energy’s product backlog and represents nearly $70 million of sales scheduled for delivery in 2009. In a market that imports 90% of its fuel, the Korean Ministry of Knowledge Economy is a strong proponent of Korean energy independence. In 2006, the Korean government created a renewable energy program designed to encourage the installation of clean energy generation like fuel cells. In addition, the government required that the power first be exported to the grid, favoring the installation of larger power generation systems, with the intent to provide clean, reliable and more economical electricity. Backed by the country’s commitment to energy independence and green power, POSCO Power signed a 10-year manufacturing and distribution agreement with FuelCell Energy in February, 2007. With this order, POSCO Power has ordered 38.2 MW of FuelCell Energy products to date. DFC power plants meet South Korea’s goals for clean air based on high…