Federal Electricity Commission of the State of Mexico CFE Shows Trust in GenCell by Acquiring More Units of GenCell's Backup Power Solution, Worth Approximately $4.5 Million
GenCell Energy, a leading provider of Hydrogen2PowerTM and Ammonia2PowerTM solutions, has received a significant repeat order from its local partner in Mexico for the Federal Electricity Commission of the State of Mexico (CFE). The CFE has expanded its deployment of GenCell’s long-duration hydrogen backup power systems in the State of Mexico, reflecting trust in GenCell's technology and solutions for power reliability.
The additional tender, valued at approximately $4.5 million, is for the supply and delivery of multiple additional GenCell systems and services. The order includes support services for the warranty period stipulated in the additional tender. The Federal Electricity Commission of the State of Mexico (CFE) held another tender to purchase additional backup power equipment and selected GenCell's local partner in Mexico as the winner.
The local partner will deploy and maintain the GenCell systems, which will be used to provide backup power to CFE substations. The Company, GenCell, intends to deliver the Systems to its local partner in Mexico before the end of the calendar year 2023.
The value of the order is a testament to the exceptional performance and results delivered by GenCell's products over the past two years. GenCell Energy's solutions have been successfully deployed at numerous substations across Mexico, and the CFE has expressed satisfaction with the GenCell backup power systems.
The tender also grants CFE the right within the first six months of 2024 to increase the number of units in the order by up to double the current amount. GenCell believes that this transaction may help the company expand its operations with new clients in the utilities markets.
The winning of the additional tender by its local partner is an indication of CFE's satisfaction with the GenCell backup power systems. GenCell is confident that this deal is a significant vote of confidence in its technology and solutions for power reliability.
The local partner will use the GenCell systems in the energy sector, specifically to provide backup power to CFE substations, leveraging ammonia as a fuel source for GenCell's Ammonia2PowerTM solutions. The company, GenCell Energy, anticipates that this repeat order from the Federal Electricity Commission of the State of Mexico (CFE) will contribute to its growth in the industry, particularly in finance, as the $4.5 million value from the tender signifies positive returns.
