FuelCell Energy Extends Term Of Agreement With ExxonMobil For Development And Deployment Of Carbon Capture Technology

FuelCell Energy, Inc. (NASDAQ:FCEL) -- a global leader in manufacturing stationary fuel cell energy platforms for decarbonizing power, and producing hydrogen to enable a world empowered by clean energy – today announced that it has extended the term of its joint development agreement with ExxonMobil Technology and Engineering Company through December 31, 2022. The agreement will enable the companies to continue working to advance fuel cell carbon capture and storage technology closer to commercialization and to explore market applications with a focus on three areas:

1) Continue technology development to enhance understanding of fuel cell operating envelope for various carbon capture applications.

2) Complete technology readiness in support of a potential deployment of the technology in a fuel cell module demonstration for capturing carbon at an ExxonMobil facility.

3) Conduct a joint market study to define application opportunities, commercialization strategies, and identify partners for potential demonstration for industrial carbon capture applications.

“Extending the scope of our long-standing agreement is evidence of ExxonMobil and FuelCell Energy’s joint desire to accelerate commercial deployment of differentiated fuel cell carbon capture technology,” said Jason Few, CEO of FuelCell Energy. “We are excited to build on the recent achievement of a key technical milestone as we advance toward the goals of a carbon capture demonstration and, ultimately, full scale deployment. We believe carbon capture is an essential requirement toward achieving global climate objectives.”

“We are extending our agreement with FuelCell Energy to continue joint development of a novel technology that may accelerate deployment of carbon capture in industrial sectors,” said Prasanna Joshi, Vice President of ExxonMobil Technology and Engineering Company. “Carbonate fuel cell technology is part of our lower-emissions research and development portfolio as we look to identify commercially scalable technologies that can help reduce greenhouse gas emissions from vital sectors of the economy in support of a net-zero future.”