The company sealed a contract with U.S.-based Fuel Cell Energy for licensing cell manufacturing technology…secured original technology.
It plans to build a 70MW cell plant in Pohang by investing 100 billion won by 2015.
In 5 years after it initiated fuel cell business, POSCO Energy realized independence in fuel cell technology.
POSCO Energy (CEO: Oh Chang-kwan) said on November 13 that it has concluded an agreement with U.S.-based Fuel Cell Energy for licensing technology of manufacturing cells, core component of fuel cells. A cell is a key component of fuel cells that generates electric power and heat through electrical and chemical reaction by combining hydrogen with oxygen.
Through the contract, POSCO Energy will obtain original technology of fuel cell power generation system, and it will construct a cell plant in a space of 6,300 pyeongs in the fuel cell complex in Pohang, Gyeongsangbuk-do, to produce cells equivalent to 70MW a year. The company will invest about 100 billion won in building the cell plant.
Having begun to provide fuel cell service since 2007, POSCO Energy developed balance of plant (BOP), a facility of supplying fuel and converting to electric power, and the stack, a facility of generating electric power, consecutively.
In relation to this, the company built a plant of fuel cells in Pohang with annual capacity of 100MW, and it produces 2.8㎿ and 1.4㎿ fuel cells for power generation and 300㎾ and 100㎾ cells for buildings.
President Oh Chang-kwan of the company said, “Development of the cell, the core original technology of fuel cells, is very significant in that it established an independent business foundation, freeing from dependence on overseas technologies. The company will emerge as a global leader in low carbon and green growth by gearing up reduction in costs, fostering component and substance companies, creating new jobs and early development of next generation technologies.”
Demand for fuel cells is increasing as an urban green energy because it provides higher efficiency, more eco-friendly and occupies narrower space than current power generation technologies.
Having already installed and is operating fuel cells with total capacity of 53MW in 20 regions across the country, POSCO Energy plans to construct a 60MW fuel cell power generation complex, the world’s largest capacity, in Hwaseong, Gyeonggi-do. In addition, thanks to adoption of the renewable portfolio standard (RPS) and implementation of comprehensive plan for removing one nuclear power plant by the Seoul city government, the fuel cell market in Korea is expected to be further expanded.
Based on development of fuel cell, POSCO Energy will expedite development of overseas markets. Starting with constructing a 300kW fuel cell power plant in Jakarta, Indonesia in February 2013, the company will expand market to other Southeast Asian countries, the Middle East and Japan.