DANBURY, Conn., Oct. 22 FuelCell Energy (NASDAQ:FCEL) said Tuesday it has signed a memorandum of understanding with Korea Hydro & Nuclear Power Co. (KHNP) to jointly explore hydrogen energy projects in South Korea. Pre-market FuelCell shares jumped 2.7% higher after the announcement.
By combining FuelCell’s solid oxide electrolysis hydrogen technology with KHNP’s large network of power plants, which includes nuclear, hydroelectric, renewable energy and fuel cells, the collaboration seeks to utilize both effectively. The companies want to focus on creating and using innovative energy solutions that increase efficiency and sustainability.
The companies said: “This cooperative approach offers an opportunity to create new technologies and solutions that can significantly improve energy efficiency.” The alliance highlights FuelCell’s commitment to grow its renewable energy portfolio in Asia and expand its footprint in global hydrogen markets. Through its diverse energy infrastructure, South Korea’s largest energy supplier, KHNP, is expected to play an important role in supporting these projects.
This article first appeared on GuruFocus.
