FuelCell Energy and POSCO Energy Announce Strategic Agreement

FuelCell Energy (NASDAQ:FCEL) signed a memorandum of understanding with POSCO Energy to use an existing FuelCell Energy subsidiary to expand its Asian market opportunities.
As quoted in the press release:

Under this agreement, FuelCell Energy will immediately commence marketing the entire suite of SureSource™ solutions in Korea as well as the broader Asian markets for the supply, recovery and storage of energy. POSCO Energy will continue to service the existing installed base of fuel cell plants in South Korea and will commit to a specified level of module purchases from FuelCell Energy to supplement its own local manufacturing for servicing their existing fleet. Definitive agreements are expected to be finalized by fall 2017 subject to completion of due diligence, regulatory approvals, and customary closing conditions.

Click here for the full press release.