ExxonMobil, FuelCell Energy Expand Agreement for Carbon Capture Technology
November 06 2019 - 8:00AM
ExxonMobil and FuelCell Energy, Inc. said today they have signed a
new, two-year expanded joint-development agreement to further
enhance carbonate fuel cell technology for the purpose of capturing
carbon dioxide from industrial facilities.
The agreement, worth up to $60 million, will focus efforts on
optimizing the core technology, overall process integration and
large-scale deployment of carbon capture solutions. ExxonMobil is
exploring options to conduct a pilot test of next-generation fuel
cell carbon capture solution at one of its operating
sites.
“ExxonMobil is working to advance carbon capture technologies
while reducing costs and enhancing scalability,” said Vijay Swarup,
vice president of research and development for ExxonMobil Research
and Engineering Company. “This expanded agreement with FuelCell
Energy will enable further progress on this unique carbon capture
solution that has the potential to achieve meaningful reductions of
carbon dioxide emissions from industrial operations.”
FuelCell Energy’s proprietary technology uses carbonate fuel
cells to efficiently capture and concentrate carbon dioxide streams
from large industrial sources. Combustion exhaust is directed to
the fuel cell, which produces power while capturing and
concentrating carbon dioxide for permanent storage.
The modular design enables the technology to be deployed at a
wide range of locations, which could lead to a more cost-efficient
path for large-scale deployment of carbon capture and
sequestration.
“Today’s announcement underscores our leadership position in
fuel cell technology,” said Jason Few, president and chief
executive officer of FuelCell Energy. “We are excited to continue
to work with ExxonMobil to tackle one of the biggest challenges
that exists today. We have a great opportunity to scale and
commercialize our unique carbon capture solution, one that captures
about 90 percent of carbon dioxide from various exhaust streams,
while generating additional power, unlike traditional carbon
capture technologies which consume significant power."
“FuelCell Energy has always been proud of our technology and our
role in reshaping the environmental impact of industry and
electrical generation. This is another giant step forward towards
the large-scale deployment of this much needed technology.”
ExxonMobil and FuelCell Energy began working together in 2016
with a focus on better understanding the fundamental science behind
carbonate fuel cells and how to increase efficiency in separating
and concentrating carbon dioxide from the exhaust of natural
gas-fueled power generation. The new and expanded agreement will
prioritize the optimization of the core carbon capture technology
for integration into large-scale industrial facilities such as
refineries and chemical plants.
ExxonMobil engineers and scientists have researched, developed
and applied technologies that could play a role in the widespread
deployment of carbon capture and storage for more than 30 years.
The company has a working interest in approximately one-fifth of
the world’s total carbon capture capacity, and has captured about 7
million tonnes per year of carbon dioxide. ExxonMobil has captured
more carbon dioxide than any other company.
About ExxonMobilExxonMobil, the largest
publicly traded international oil and gas company, uses technology
and innovation to help meet the world’s growing energy needs.
ExxonMobil holds an industry-leading inventory of resources, is one
of the largest refiners and marketers of petroleum products, and
its chemical company is one of the largest in the world. For more
information, visit www.exxonmobil.com or follow us on Twitter
at www.twitter.com/exxonmobil.
About FuelCell Energy, Inc.FuelCell Energy,
Inc. (NASDAQ: FCEL) delivers efficient, affordable and clean
solutions for the supply, recovery and storage of energy. We
design, manufacture, undertake project development of, install,
operate and maintain megawatt-scale fuel cell systems, serving
utilities and industrial and large municipal power users with
solutions that include both utility-scale and on-site power
generation, carbon capture, local hydrogen production for
transportation and industry, and long duration energy
storage. With SureSource™ installations on three continents
and millions of megawatt hours of ultra-clean power produced,
FuelCell Energy is a global leader in designing, manufacturing,
installing, operating and maintaining environmentally
responsible fuel cell power solutions. Visit us online at
www.fuelcellenergy.com and follow us on Twitter
@FuelCell_Energy.
Cautionary Statement: Statements of future events or conditions
in this release are forward-looking statements. Actual future
results, including project plans and timing and the impact and
results of new technologies, including efficiency gains and
emission reductions, could vary depending on the outcome of further
research and testing; the development and competitiveness of
alternative technologies; the ability to scale pilot projects on a
cost-effective basis; political and regulatory developments; and
other factors discussed in this release and under the heading
“Factors Affecting Future Results” on the Investors page of
ExxonMobil’s website at exxonmobil.com.
CONTACT: ExxonMobil Media Relations,
972-940-6007FuelCell Energy Investor Relations, 203-830-7494
Source: FuelCell Energy
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