Benzinga | Dec 27, 2021 08:05AM EST

FuelCell Energy Reaches Favorable Settlement Agreement With POSCO Energy

FuelCell Energy, Inc. (NASDAQ:FCEL) -- a global leader in fuel cell technology with a purpose of utilizing its proprietary, state-of-the-art fuel cell platforms to enable a world empowered by clean energy -- today announced that POSCO Energy Co., Ltd. and its subsidiary, Korea Fuel Cell Co., Ltd., (collectively "POSCO") have entered into a settlement agreement (the "Agreement") with FuelCell Energy.

Pursuant to the Agreement:

2 FuelCell Energy confirms its exclusivity to sell its differentiated platform technology throughout Asia;

4 All licenses previously granted to POSCO Energy are amended such that POSCO 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; and

6 All claims between the parties are fully and finally settled with the exception of two small claims being negotiated by the parties that have no impact on market access.