Doosan Fuel Cell America, Inc. Establishes Strategic Alliance with Wells Fargo to Grow Fuel Cell Business

SOUTH WINDSOR, Conn., June 29, 2017 /PRNewswire/ -- Doosan Fuel Cell America, Inc. ("Doosan"), a subsidiary of Doosan Corporation focused on the manufacture and sale of clean, efficient and reliable fuel cells, has established a strategic alliance with Wells Fargo Vendor Financial Services ("Wells Fargo") to expand its business in the US.  Under this new alliance, Doosan will supply fuel cells to Doosan Energy Solutions America, Inc., a newly formed Doosan company focused on providing innovative energy products, to sell on-site electricity below market rate to commercial, industrial and municipal customers.  This program, Doosan Energy Services (DES), provides customers guaranteed savings along with the benefits of clean energy through a power purchase agreement with Doosan Energy Solutions America, where the customers only pay for the electricity produced, not any upfront or on-going costs related to fuel, installation, or service.  Jeff Chung, President and CEO of Doosan Fuel Cell America, welcomed the new program, commenting, "We are providing an innovative, clean, hassle-free, and resilient power solution that offers guaranteed savings to customers."  Jim Kelly, Business Leader at Wells Fargo Vendor Financial Services notes, "We have a very strong relationship with Doosan. Collectively we were able to structure a program that meets their needs and position Doosan Fuel Cell America to grow their business. We look forward to continuing to expand our relationship with Doosan in the future."

About Doosan Fuel Cell America, Inc.

Doosan Fuel Cell America, Inc. ("Doosan") is a subsidiary of Doosan Corporation, a South Korea-based industrial company founded in 1896 that has current operations in 38 countries.  Headquartered in South Windsor, Connecticut, Doosan designs, engineers and manufactures fuel cells for commercial and industrial applications.

About Wells Fargo Equipment Finance

Wells Fargo Equipment Finance provides competitive fixed- and floating-rate loans and leases covering a full range of commercial equipment for businesses nationwide as well as floor planning and inventory financing, and vendor programs in selected industries in the United States and Canada. Wells Fargo Equipment Finance is a leading bank affiliated equipment leasing and finance business in North America by asset portfolio and annual originations, with more than 315,000 customers, and 2,500 team members. Wells Fargo Equipment Finance is the trade name of the equipment finance businesses of Wells Fargo Bank, N.A. and its subsidiaries. Canadian business is transacted by Wells Fargo Equipment Finance Company.

SOURCE Doosan Fuel Cell America, Inc.