Summary by Futu AI
On May 28, 2024, FuelCell Energy, Inc. announced the signing of a long-term service agreement (LTSA) with Gyeonggi Green Energy Co., Ltd. (GGE) for the maintenance and service of GGE's 58.8 megawatt fuel cell power platform in Hwaseong-si, Korea. The agreement includes the purchase of 42 replacement 1.4-MW carbonate fuel cell modules by GGE from FuelCell Energy, along with the provision of balance of plant replacement components and long-term operations and maintenance services. The contract, valued at $159,644,000 USD, also entails performance guarantees by FuelCell Energy for power generation, fuel consumption, water consumption, and heat production of each plant. The service obligations will begin as the replacement modules are commissioned, with the first six expected in fall 2024, followed by 30 more throughout 2025, and the final six in the first half of 2026. Each plant's LTSA term will last seven years from the commissioning of its replacement modules.