Monday, December 05, 2022 2:29:17 PM
Posco Settlement important details. 14 more modules ordered by December 31, or! A solution to service existing customers (141MW) by 12/31/22 or!
The Settlement Agreement further provides that, in order to service its existing customers under the Existing LTSAs, KFC will place a firm, non-cancelable order for twelve SureSource 3000 modules within two weeks after the date of the Settlement Agreement and an additional firm, non-cancelable order for eight SureSource 3000 modules on or before June 30, 2022, all at a price of $3.0 million per module. In addition, KFC agrees to use commercially reasonable efforts to order fourteen additional SureSource 3000 modules by December 31, 2022, at a price of $3.0 million per module if ordered by such date. If KFC materially breaches the Settlement Agreement by failing to make timely and full payment for the modules for which KFC is required to place orders under the Settlement Agreement and does not cure such material breach within fifteen days of notice of such breach by the Company, the License Agreements and the Right to Service License granted to PE Group will be terminated. If the Company materially breaches the Settlement Agreement by failing to supply the modules for which KFC is required to place orders under the Settlement Agreement, as long as KFC has made the payment for such modules and has otherwise satisfied its contractual obligations for those modules and such material breach is not cured within sixty days after notice from PE Group, PE Group will have the right to terminate the Settlement Agreement. With respect to any other alleged breach, material or otherwise, of the Settlement Agreement, the parties’ exclusive remedy consists solely of general damages.
Pursuant to the Settlement Agreement, with respect to new modules to be supplied by the Company and deployed by PE Group to its existing customers, the Company will provide its standard warranty against module defects until the earlier of eighteen months from the date of shipment or twelve months from the date of installation. As part of the global settlement of the disputes among the parties and subject to the qualifications set forth in the Settlement Agreement, the Company will reimburse PE Group for any annual output penalty amount paid by PE Group to its customers pursuant to Existing LTSAs (whether such Existing LTSA is extended or renewed), caused by a shortfall or defect in the new modules for a period of up to seven years. The maximum annual reimbursement obligation with regard to any PE Group customer for any new module provided by the Company will not exceed an amount equal to 7.5% per year of the module purchase price. The Company will not be required to reimburse PE Group for any penalty paid by PE Group under the Existing LTSAs that is not caused by a shortfall or defect in the modules to be supplied by the Company including, without limitation, any shortfall or defect caused by a site-related problem, a problem with the balance of plant, or other components of the project.
Although the Company has the exclusive and unrestricted right under the Settlement Agreement to perform, pursue, and otherwise conduct its business in relation to new fuel cell projects (including new projects with PE Group’s existing customers) in Korea and Asia, the parties have agreed that, except as further provided in the Settlement Agreement with respect to PE Group’s existing customers Noeul Green Energy and Godeok Green Energy, the Company will not engage in discussions with PE Group’s existing customers regarding Existing LTSAs without PE Group’s consent. The parties have further agreed that if PE Group cannot enter into an agreement with its existing customers to extend or renew Existing LTSAs by December 31, 2022, PE Group will cooperate with the Company so that the Company may discuss and, at the Company’s sole discretion, enter into an extension of an Existing LTSA, a new LTSA to replace an Existing LTSA, or a module sales agreement with PE Group’s existing customers; provided that (i) should the Company enter into such an arrangement with a PE Group existing customer, and (ii) the Company is required to provide replacement modules to such existing customer under such arrangement, and (iii) PE Group has not already deployed all or some the modules that PE Group ordered under Settlement Agreement, the Company will purchase the number of required replacement modules from PE Group at a price of $3.0 million per module (to the extent such modules are available and have not yet been deployed). The purchase of such replacement modules by the Company is contingent upon the modules being in proper condition as determined by inspection process to be agreed by the parties. Any modules purchased by the Company from PE Group under these terms will be included as part of the firm orders KFC is required to make pursuant to the Settlement Agreement.
With respect to operations and maintenance agreements, the Settlement Agreement provides that KFC will have the right of first refusal on providing operation and maintenance services on commercially reasonable terms for new LTSAs entered into by the Company in Korea for a period of the first to occur of either twenty-four months after the date of the Settlement Agreement or until such time as the Company engages a third party capable of providing such services in Korea. If KFC and the Company agree that KFC should provide operation and maintenance services pursuant to the right of first refusal, KFC and the Company will enter into one or more operation and maintenance agreements that reflect commercially reasonable terms and conditions as agreed by KFC and the Company at that time.
Facts for those not aware which are specific to FCE, regarding projects, MOUs, alliances or partnerships in just the past 12 months!!
SNAM "Flagship project" December 2021 Expected in Q2/2023
https://www.reuters.com/business/energy/snam-build-hydrogen-ready-fuel-cell-italys-torino-airport-2021-12-29/
Canadian project Feb 2022
https://www.google.com/url?sa=t&source=web&rct=j&url=https://investor.fce.com/press-releases/press-release-details/2022/Fuelcell-Energy-Project-Identified-for-Funding-From-Canadas-Clean-Resource-Innovation-Network-to-Design-Pilot-for-Clean-Carbon-Capture/default.aspx&ved=2ahUKEwigtfSVgOP7AhXHFlkFHUEHA6gQFnoECC0QAQ&usg=AOvVaw3fDaUwm_XMci3wNlWSXToJ
May 2022, XOM JDA extension
July
https://www.environmentalleader.com/2022/07/fuelcell-energy-tunur-partnership-increases-green-hydrogen-production/
August, Navajo Nation project
https://www.linkedin.com/posts/chuck-strand-74300119_navajonation-hydrogen-hydrogeneconomy-activity-6965035524629688320-JaTH?utm_source=share&utm_medium=member_android
September interview with Toyota and fuel cell energy. Discussion with both acknowledging they have already engaged in discussions of future projects together and this project should be commercially operational this year 2022
https://gateway.on24.com/wcc/eh/3047076/lp/3881175/qa-with-award-winner-fuelcell-energy
November 14th
https://cleantechnica.com/2022/11/14/nuclear-power-plants-scale-down-to-pump-out-sustainable-h2/
November, DOE nuclear project in Ukraine, 2nd DOE award since 2020
https://www.ctinsider.com/business/article/Danbury-based-fuel-cell-company-signs-Ukraine-deal-17586754.php
November Exxon Mobil announces commitment two huge investment from low carbon solutions including carbon capture.
https://www.cnbc.com/2022/11/19/a-big-new-exxon-mobil-climate-deal-that-got-assist-from-joe-biden.html?__source=androidappshare
December nuclear project with NuScale and Shell global
https://www.world-nuclear-news.org/Articles/Collaborators-to-develop-SMR-based-hydrogen-produc?feed=feed
Updates by January Conference call, likely 1/10 or 1/12/23
Groton (by 12/6/22)
Posco (by 1/6/23)
ExxonMobil (by 1/6/23)
Toyota (by 1/12/23)
Revenue expect highest Q and year in 6 years. Any 1 could The announced sooner and I actually expect Toyota to be the sooner of all but Groton!!! Tick tock!
There's actually so much stuff going on I'm certain I forgot a couple of things. But those are all factual developments people consistently overlook, Bears and Bulls alike. I hear no new contracts no new contracts no new contracts. SNAM is expected in Q2 23.
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