Abramovich-Backed AFC Agrees $1 Billion Korean Fuel Cell Venture
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AFC Energy Plc, a U.K. fuel-cell maker backed by Russian billionaire Roman Abramovich, leaped the most since 2009 after it agreed to work with two South Korean companies on a deal worth as much as $1 billion over 10 years.
The project development agreement with Samyoung Corp. and Chang Shin Chemical Co. initially will involve the installation of 50 megawatts of fuel cells in Daesan, South Korea, AFC said Tuesday in an e-mailed statement. Negotiations on further projects will start immediately.