Danbury’s FuelCell Energy says it stands to benefit from South Korea’s passage of minimums for the portion of the Asian nation’s electricity supply derived from clean, renewable sources.
Korea’s lawmakers have adopted a requirement for 4 percent clean energy generation by 2015 and 10 percent by 2022, FuelCell said Wednesday. Only about 1 percent of South Korea’s power is from renewable sources.
FuelCell and its Korean partner, Posco Power, signed a deal last year to supply customers with power generators built in that country using FuelCell components. The generators can be fueled either by natural gas or biogas, a byproduct of wastewater treatment.
The renewable energy mandate is expected to push South Korean utility companies’ project development plans into high gear.
“With our successful track record in Korea, and our strong relationship with our partner Posco Power, we are confident that this new policy will help drive our international market growth,” Ben Toby, FuelCell’s vice president of global business development, said in a statement.
