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February 14, 2016 8:54 AM ET

Electrical Equipment

Company Overview of Doosan Fuel Cell America, Inc.

Company Overview

Doosan Fuel Cell America, Inc. designs, engineers, and manufactures stationary fuel cells for commercial and industrial applications. It offers Doosan PureCell system, an energy solution for generating clean electricity and heat through an electrochemical process with no combustion or moving parts, and natural gas. The company also provides multi-fuel cell installations for data centers, industrial facilities, and microgrids, as well as single fuel cell applications for commercial buildings. It also offers project development, installation, remote monitoring and control, equipment services, and financial solutions in partnership with finance providers. The company’s products have application...

195 Governor’s Highway

South Windsor, CT 06074

United States

Founded in 2003

Phone:

860-727-2200

Key Executives for Doosan Fuel Cell America, Inc.

Chief Executive Officer and President
Co-Founder and Chairman
Age: 57
Chief Financial Officer
Chief Operating Officer
Compensation as of Fiscal Year 2015.

Doosan Fuel Cell America, Inc. Key Developments

Samsung C&T Corp. and Korea Hydro & Nuclear Power Partner with Doosan Fuel Cell to Develop Massive Clean Energy Project

Samsung C&T Corp. and Korea Hydro & Nuclear Power have partnered with Doosan Fuel Cell to develop a massive clean energy project that can power as many as 71,500 Korean homes. Doosan will manufacture and ship 70 fuel cells that will produce 30.8 megawatts (MW) of clean energy and heat, Samsung will serve as the engineering, procurement and construction contractor, and KHNP will provide the power to a new residential complex in Busan. (KHNP, Korea's utility, and Busan, Korea's second city, will share ownership of the fuel cells.) All utility companies in South Korea must adhere to a renewable portfolio standard (similar to government mandates in 29 U.S. states), which establish regulations for clean energy integration throughout the country. As such, there is a growing acceptance of fuel cells, which produce power through an electrochemical reaction between hydrogen and oxygen with no combustion and near-zero air emissions. Korean utilities are finding that fuel cells are a low land-use, high-energy option compared to traditional renewable solutions, including wind and solar. Doosan will begin shipping PureCell® Model 400 power plants this year and complete the delivery of 70 units by August 2016. When these fuel cells go live by February 2017, Doosan, which already has six projects (35 active fuel cells) in Korea, will be responsible for 105 fuel cells that generate 45 MW of electricity throughout the country.

Motion for Asset Sale Approved for ClearEdge Power, Inc.

The US Bankruptcy Court gave an order approving the sale of substantially all the assets of ClearEdge Power, Inc on July 18, 2014. The debtor has been authorized to sell substantially all its assets to Doosan Corporation, the stalking horse bidder for a purchase price of $47.89 million in cash. The debtor’s assets include Assumed Contracts, licenses, permits and governmental authorizations required to operate the business.

Bidding Procedure Approved for ClearEdge Power, Inc.

The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of ClearEdge Power, Inc. on July 1, 2014. The Court approved the asset purchase agreement between the debtor and Doosan Corporation, the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $47.89 million in cash. The debtor’s assets include Assumed Contracts, licenses, permits and governmental authorizations required to operate the business. The debtor has scheduled an auction on July 9, 2014. At the auction, the subsequent bids would be in increments of $0.1 million. The stalking horse bidder would be entitled to an expense reimbursement of $1.5 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for July 11, 2014.

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