JAPAN • FUEL CELLS Marubeni and FuelCell Energy have announced a strategic alliance aimed at launching the latter’s Direct FuelCell in Asia and generating at least 45MW of orders over the next two years.
Initially Marubeni intends to purchase plants sold in Asia from FuelCell Energy. However as sales volumes grow, Marubeni intends to design and supply increasing portions of the power plants itself. The companies have said also that they expect to form a joint venture to assemble fuel cell modules in Asia from components manufactured in the USA.
Marubeni, which is targeting the distributed generation market in Asia, will invest an initial $10 million in FuelCell Energy. In return FuelCell Energy will grant Marubeni 950 000 warrants which will vest over the next two years, based on order targets. Under the terms of the alliance agreement it will also order 3MW of power plants from FuelCell Energy, adding to 1.25MW currently on order. The companies plan to develop a plant design for the Asian market.
In the longer term, Marubeni is expected to invest $30 million in FuelCell Energy, with the design and sourcing of increasing portions in Asia and the establishing of the proposed joint venture.
