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Wells Fargo VFS Forms Strategic Alliance with Doosan Fuel Cell America

June 30, 2017, 07:13 AM
Filed Under: Vendor Finance News

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."

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