Dallas, Texas 02/24/2014 (FINANCIALSTRENDS) – The $295 million market capped diversified utilities and solar power equipment manufacturer FuelCell Energy Inc (NASDAQ:FCEL) has disclosed that one of its most ambitious projects of developing the globes “largest fuel cell park” in South Korea has reached fruition and is all set to be commissioned later this month. The formal opening of the operations happened on 20th February.
The project marketed as “Gyeonggi Green Energy” based out of Hwaseong City has the production capacity of a total of 59 megawatts and is built by FuelCell Energy Inc (NASDAQ:FCEL) using its fuel cell technology. This alternate and clean energy project is expected to contribute continuous energy to the central power grid, which fuels the heating system of the Hwaseong district. The firm disclosed that the fuel cells manufactured as per its patented technologies, develop electricity by combusting hydro-carbon based natural fuel in tandem with oxygen. The process produces heat in a usable format, which can be “accessed via an electro chemical process”. Investors of FuelCell Energy Inc (NASDAQ:FCEL) should also note that the firm is setting up an additional facility which has the capacity to power 19.6 megawatts of power which will be supplied to Seoul City.
FuelCell Energy Inc (NASDAQ:FCEL) has in the last week of January reported that it had generated close to $29.4 million by offering close to 25 million shares of common stock to fund its expanding operations which would in turn help the firm position itself as one of the largest service providers for setting up fuel cell parks across the globe. At that time, FuelCell Energy Inc (NASDAQ:FCEL) , President and Chief Executive Officer Chip Bottone has been quoted to have said that, “We are well positioned to execute on our 2014 growth plan which includes closing over 30 megawatts of new orders and bidding on large scale projects in our existing markets.”