FuelCell Energy in Danbury Settles Dispute with Asian Company

DANBURY, CT — FuelCell Energy has announced it has settled an arbitration case with POSCO, the largest private energy producer in South Korea, for an unidisclosed amount.

POSCO had invested $84 million in the Danbury-based FuelCell back in 2007, acquiring the license to use some FuelCell technology in South Korea. In March 2017, FuelCell had entered into an agreement with POSCO that provided the FuelCell with certain market access rights in Asia while the companies developed market strategies to further their mutual interests. But POSCO terminated that deal, along with FuelCell's rights to sell in South Korea, in July 2018, triggering the arbitration.

According to a form 8K FuelCell filed this week with the SEC, the settlement was "amicable."

FuelCell was among the top losers of the stock market on Friday, dropping (-5.17 percent), or (-0.04 points) to $0.73 from its previous close of $0.77.