FuelCell Energy Inc (FCEL)

[fsulevine]

It is being amended. The current agreement allowed for them to use our technology and we helped them build a manufacturing plant. We were to receive 3% of their gross sales from fuel cells for 15 years, with a mutual option to extend the agreement another 5 years after that. However, POSCO (the parent company of POSCO Energy), which is the largest steel producer in South Korea (3rd largest in the world), has decided to move away from the fuel cell production industry and focus on other things apparently. They supposedly have over 400 MW of backlog they are committed to and none of us are sure exactly what is being done. We will find out when this amended agreement becomes official and released. They might still produce stuff over there, but FCEL has been granted access to start selling in Asia again (which we had turned over to POSCO in the initial agreement). They might just return to assembling the fuel cells over there after FCEL manufactures them here. We should know more sometime in mid-October, if not before then.