AFC Energy, the industrial fuel cell power company, 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.
The 50MWs of installed fuel cell capacity will be created across two phases with an expected revenue of approximately (US) $1bn for the joint venture over 10 years of operation.
The first phase of 5MW is set to be operational by end of 2016 (subject to permitting) with the remaining 45MW in the second phase forecast to be operational by end of 2019 (subject to permitting).
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