10:28 AM EDT, 10/22/2024 (MT Newswires) -- FuelCell Energy ( FCEL ) and Korea Hydro & Nuclear Power, or KHNP, said Tuesday they have signed a memorandum of understanding to jointly pursue hydrogen energy business initiatives.

The companies' collaboration will focus on the development and implementation of advanced energy solutions that use FuelCell's solid oxide electrolysis hydrogen platform and KHNP's nuclear power plants, according to the statement.

FuelCell and KHNP said the project aims to combine South Korea's clean energy sources with FuelCell's electrolyzer platform to diversify South Korea's hydrogen supply and produce lower-cost hydrogen domestically.

FuelCell Energy ( FCEL ) shares were 1.6% higher in recent trading.

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