FuelCell Energy Inc. of the United States and trading house Marubeni Corp. have agreed to form a comprehensive strategic alliance in the fuel-cell business, the U.S. company said Monday.
Under the agreement, the companies aim to generate at least 45 megawatts through the U.S. company's Direct FuelCell power plants, while providing the necessary infrastructure to successfully introduce the product in Japan and other parts of Asia, FuelCell said in a statement.
Under the deal, Marubeni will make an initial $10 million investment in FuelCell and increase its orders for the U.S. firm's DFC power plants.
In turn, FuelCell will grant 950,000 warrants to Marubeni, which will vest over the next two years if Marubeni reaches certain order targets for DFC power plants, the U.S. firm said.
Marubeni is expected to invest an additional $30 million in FuelCell over the term of the agreement, the U.S. firm added.
The two companies also plan to form a joint venture to assemble DFC modules in Asia from components provided by FuelCell, the U.S. company said.