Stock Groups

FuelCell Energy Fails to Sustain Momentum On Back of POSCO Energy Settlement -Breaking

by Mike Robinson

[ad_1]

© Reuters.

Sam Boughedda 

Investing.com — Although Monday’s session is open, the average opening rate for Monday was over 6% FuelCell Energy Inc (NASDAQ:), has been retraced, and is now at 1%. This is despite the fact that the company reached an agreement with POSCO and Korea Fuel Cell.

POSCO claimed a breach in contract regarding FuelCell’s Asian access. 

FuelCell — who described the settlement as “favorable” — said the agreement confirms its exclusivity to sell its differentiated platform technology throughout Asia, including South Korea. 

All licenses that were previously granted to POSCO have been amended to allow it to continue to serve its installed customers. 

All claims are settled between the parties, with the exception of 2 claims that were negotiated and have no effect on market access.A firm order will be placed for at least 20 SureSource replacement modules in the settlement to support existing South Korean projects that are ongoing during 2022.

FuelCell shares rose to $29.44 in February despite the dispute between them. However, this was before the beginning of a steady decline in its stock prices that will see it drop by 42% in 2021.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are provided by market makers and are therefore not necessarily accurate. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.

[ad_2]