13 March, 2015AFC signs milestone 50MW deal with Samyoung and Changshin for the commercial deployment of fuel cell technology in South Korea
AFC Energy plc (AFC.L), the industrial fuel cell power company and the coordinator of ALKAMMONIA and POWER-UP projects, is pleased to announce that it has signed a formal Project Development Agreement (“PDA”) with two South Korean partners: Samyoung Corporation (“Samyoung”) and Changshin Chemical Co. (“Changshin”) for the deployment of an initial 50MW of fuel cell generation capacity in Daesan, Korea.
Highlights
- 50MW of installed fuel cell capacity across two phases
- Expected revenue of approx. US$1bn for the joint venture over 10 years of operation
- First phase of 5MW to be operational by end of 2016 (subject to permitting)
- Second phase of 45MW forecast to be operational by end of 2019 (subject to permitting)
- Joint venture between the three companies with indicative participating equity interests of: AFC Energy (40%); Samyoung (45%); Changshin (15%)
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