Danbury-based fuel cell manufacturer FuelCell Energy Inc. announced Monday it has agreed to settle most claims connected to litigation involving a South Korean former partner firm over its access to Asian markets.
In a statement, FuelCell officials said the company’s new deal with POSCO Energy Co. Ltd. and its subsidiary, Korea Fuel Cell, confirms its ability to sell its differentiated platform technology throughout Asia.
Financial terms were not disclosed.
POSCO had previously marketed and serviced FuelCell products in South Korea, but FuelCell later sued POSCO for $200 million, alleging a breach of their contract. POSCO subsequently countersued for $800 million.
As part of the agreement announced Monday, POSCO will be able to continue servicing its existing customer base, but it will have no other rights to FuelCell technology in South Korea or Asia generally.
“This resolution unlocks a path forward and gives customers in South Korea and across Asia the ability to evaluate FuelCell Energy’s differentiated platforms against alternative offerings without concern and uncertainty surrounding the legal dispute between FuelCell Energy and POSCO,” said Jason Few, FuelCell’s president, CEO and chief commercial officer. “It also provides current customers of FuelCell Energy’s technology in the Korean market the ability to receive the quality of service and module stack replacements they deserve.”
