British fuel cell company AFC Energy is set to enter into a joint venture with two Korean companies to develop a 50 Mw fuel cell plant.
AFC will own 40% of the project, in partnership with the Korean companies Samyoung (45%) and Changsin (15%).
The first phrase will see 5MW come on stream by 2016, with a second 45MW phase set for commission in 2019. The companies claim the project will generate $1billion in its first 10 years of operation.
AFC is due to sell alkaline fuel cell equipment into the joint venture, as well as give technical and operational advice on the project in Korea.
Samyoung will be in charge of the engineering work, while Changsin will supply hydrogen, land and logistics.
Earlier this year AFC Energy signed several large international contracts, including a 300Mw project in Dubai.