ClearEdge Power Signs Exclusive Agreement with LS Industrial Systems to Distribute Fuel Cells in Korea
ClearEdge Power, a global provider of microCHP (combined heat and power) fuel cells systems announced an exclusive, three-year distribution agreement for the ClearEdge5 system with LS Industrial Systems, a Korea-based company focused on electric power generation, distribution and automation worldwide. The 40 million (USD) agreement will focus on the sale, distribution and service for over 800 ClearEdge5 fuel cell units in Korea.
According to the companies, after a worldwide, exhaustive review by LSIS the ClearEdge5 five kW system was chosen for its high efficiency, high temperature hybrid PEM design. The system leverages the availability of the natural gas or directed biogas infrastructure to offer buildings a source of base-load power that is created on-site. Without burning fuels as other conventional systems do, the ClearEdge5 reduces carbon emissions by more than 35% while reducing energy requirements and costs for customers. The system is self-contained and requires a minimal footprint for installation and service and is safe and quiet enough for residential or highly populated areas.
"ClearEdge Power offers available alternative energy options on a global scale that will change power generation for decades to come," said CEO and President of ClearEdge Power, Russell Ford. "We are proud to partner with LSIS where together we can offer the country of Korea a broad platform on which to build a cleaner energy environment."
"With the recent federal Korean legislation, which encourages new buildings to begin using alternative power sources such as fuel cells to reduce the carbon footprint," said Senior Executive Vice President for the Electric Power Group Jong-Woong Choe, "the ClearEdge5 is well-sized for the Korean market. The proven ClearEdge Power technology and its unique design make the proprietary fuel cell platform a foundational solution we can offer to our customers now and into the future."
LSIS, which was created from the LG Group and re-launched as the LS GROUP in 2005, will integrate the ClearEdge5 fuel cell as a clean alternative energy option for over 80% of Korea’s energy customers. The company, focused on solutions that maximize energy efficiency, applications in the automation field, and green solutions, is partnered with the Korean government to offer energy solutions and services nationwide.