POSCO Energy seeks partnership in fuel cell business amid losses
SEOUL, Aug. 16 (Yonhap) -- POSCO Energy, a private electricity provider, said Thursday it is seeking a business partnership in its nonprofitable fuel cell business.
The company, an energy unit of steelmaker POSCO, has posted 330 billion won (US$292 million) in accumulated losses in the fuel cell business it began in 2007, a company spokesman said over the phone.
"That's why the company is looking for financial institutions or manufacturers as investors in the potential business. We do not have a plan to sell it after forming a joint venture with a company as reported in some local media," he said.
POSCO Energy has maintained its business partnership with FuelCell Energy Inc. (FCE), one of the world's leading fuel cell power companies, as it needs to cooperate with FCE in fuel cell related core technology, the representative said.
The POSCO unit, which also operates solar and wind power plants, sells electricity to the state-run Korea Electric Power Corp.
