FuelCell Energy & Oando Sign MOU For Large-Scale Green Hydrogen And Low-Carbon Energy Production In Africa
Portfolio Pulse from Benzinga Newsdesk
FuelCell Energy, Inc. (NASDAQ:FCEL) and Oando Clean Energy Limited (OCEL) have signed a memorandum of understanding (MOU) to develop a 5 to 15-Megawatt power plant in Africa. The agreement includes the potential use of FuelCell Energy's fuel cell, electrolyzer, and carbon capture technologies. This collaboration is part of OCEL's initiative to strengthen electricity access in African markets via low-carbon renewable energy sources, starting in Nigeria. The Nigerian government aims to increase the share of renewable electricity to 30% by 2030 and achieve net zero emissions by 2060.
October 16, 2023 | 12:26 pm
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FuelCell Energy's partnership with Oando Clean Energy Limited to develop a power plant in Africa could potentially increase the company's market presence and revenue. The use of FuelCell's technologies in this project could also enhance its reputation as a provider of renewable energy solutions.
The partnership with Oando Clean Energy Limited opens up a new market for FuelCell Energy in Africa, which could potentially increase its revenue. The use of FuelCell's technologies in this project could also enhance its reputation as a provider of renewable energy solutions, attracting more customers and investors.
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