FuelCell Energy and Marubeni Enter into Agreement

June 18, 2001 by Jeff Shepard

FuelCell Energy Inc. (Danbury, CT) and Marubeni Corp. (Japan) have entered into a comprehensive strategic alliance agreement that is targeted to generate at least 45MW in Direct FuelCell (DFC) power plant orders, while providing the necessary infrastructure for successfully launching the product in Japan and Asia. Initially, Marubeni will purchase these plants directly from FuelCell Energy. As volume grows, Marubeni will design and supply increasing portions of the power plant to ensure that this product fully meets the needs of the Asian markets. Marubeni and FuelCell Energy are expected to form a joint venture for the purpose of assembling DFC modules in Asia from components produced by FuelCell Energy.

Upon signing the agreement, Marubeni will order 3MW of DFC power plants from FuelCell Energy, in addition to the 1.25MW currently on order. The two companies will also develop a balance of plant design for the Asian market. During the next two years, Marubeni is targeting orders of at least 45MW in Japan and Asia.

“This alliance agreement strengthens our relationship with Marubeni and demonstrates a clear commitment by both companies to aggressively pursue the growing opportunities for distributed power generation in Japan and Asia,” said Jerry Leitman, president and CEO of FuelCell Energy. “We’ll be getting products into the market while creating a business partnership that is committed to our joint, long-term success.”