Danbury alternative fuel company FuelCell Energy, Inc. is excited that South Korea finalized its commitment to fuel cells, opening the door for the Connecticut company to grow in Asia.
Last week, the South Korean Ministry of Knowledge Economy finalized its previous ruling in March funding the country’s renewable portfolio standard, which calls for fuel cells operating on natural gas and renewable biogas to have a prominent role in South Korea’s energy future.
“South Korea continues to innovate and lead the global adoption of renewable energy programs as a means to improve its environment and strengthen its economy,” said R. Daniel Brdar, FuelCell chairman and CEO, in a statement. “This new RPS program, with a goal for approximately 7,000 megawatss of new and renewable power by 2022, creates a substantially larger market opportunity for fuel cell power plants.”
As the provider of the offer the highest efficiency fuel cells of any baseload generation technology, FuelCell is primed to take advantage of this new ruling.
