AFC to Install Fuel Cells in Second South Korea Deal This Week

AFC Energy Plc, a fuel-cell maker backed by Russian billionaire Roman Abramovich, agreed to install its units for South Korean power-plant owner Daniel Inc. in a deal that may be worth $15 million.

AFC will install an initial 1-megawatt fuel cell unit and receive a $1.25 million deposit upon signing the formal contract, the Surrey, U.K.-based company said today in an e-mailed statement. The contract will include an option for a 3-megawatt system at a second site that would take potential sales to about $15 million, it said.

The deal is AFC’s second in South Korea this week. The company on July 14 said it agreed to install its units for Chang Shin Chemical Co. The nation wants to get 11 percent of its energy from renewables by 2030 and requires electricity suppliers to obtain a minimum percentage of clean energy each year, starting at 2 percent in 2012 and increasing to 10 percent in 2022.

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