Benzinga | Dec 27, 2021 09:55AM EST

FuelCell Energy Enters Settlement Agreement With POSCO Energy

* FuelCell Energy Inc (NASDAQ:FCEL) has entered into a settlement agreement with POSCO Energy Co., Ltd., and its subsidiary Korea Fuel Cell Co., Ltd. The financial terms were not disclosed.

* The agreement settles all claims between the parties except for two small claims being negotiated that have no impact on market access.

* The agreement confirms FuelCell Energy's access to sell products in the Asian market, including South Korea; it also provides for a firm order for a minimum of 20 SureSource replacement modules to service existing South Korean operating projects during the calendar year 2022.

* All licenses previously granted to POSCO Energy are amended. POSCO now has the right to service the existing installed POSCO customer base but enjoys no other rights to FuelCell Energy technology in South Korea or broader Asian markets.

* Price Action: FCEL shares are trading higher by 1.24% at $6.54 during the market session on Monday.