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South Korean firm Posco Energy sued US-based FuelCell Energy for 922 billion-won in damages due to the latter's unilateral cancellation of their license contract in the fuel cell business.
Posco Energy, a wholly-owned energy unit of South Korean steelmaker Posco, filed the suit with the International Court of Arbitration of the International Chamber of Commerce in London and Singapore.
Three months earlier, FuelCell Energy had filed a complaint Posco Energy and its wholly-owned fuel cell business unit Korea Fuel Cell with the ICC in London and Singapore for 229 billion won due to a violation of their business contract.
Posco Energy's license deal with FuelCell Energy, which was signed in 2007, gave it exclusive rights to sell the US firm's fuel cell products in Asia until 2023.
FuelCell Energy is also required to consult with Posco Energy if it intends to independently do business in South Korea and other Asian markets.
The US firm now seeks to enter the South Korean market, where there is an increasing demand for fuel cells due to the government's push for hydrogen fuel cell vehicles and hydrogen-based energy consumption.
Posco Energy has invested $84 million in FuelCell Energy.
