FuelCell Energy Inks Settlement Agreement With POSCO Energy - Quick Facts

(RTTNews) - Fuel cell technology firm FuelCell Energy, Inc. (FCEL) announced Wednesday that POSCO Energy Co., Ltd. and its subsidiary, Korea Fuel Cell Co., Ltd., have entered into a settlement agreement with FuelCell Energy.

The favorable agreement with POSCO confirms FuelCell 's exclusivity to sell its differentiated platform technology throughout Asia. Meanwhile, POSCO has the right to service the existing installed POSCO customer base , but enjoys no other rights to FuelCell Energy technology in South Korea or broader Asian markets..

Having reached an agreement, the parties are cooperating to ensure that existing customers are fully aware of the settlement and that a framework exists for POSCO to deliver module replacements per the service and support design specifications in the agreement.

The parties are also communicating to the broader market that FuelCell Energy has the exclusive right to pursue new fuel cell projects in Asia.