FuelCell Energy Extends Term of Agreement with ExxonMobil for Development and Deployment of Carbon Capture Technology
May 05 2022 - 8:00AM
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.”
About FuelCell EnergyFuelCell Energy, Inc.
(NASDAQ: FCEL): FuelCell Energy is a global leader in sustainable
clean energy technologies that address some of the world’s most
critical challenges around energy, safety and global urbanization.
As a leading global manufacturer of proprietary fuel cell
technology platforms, FuelCell Energy is uniquely positioned to
serve customers worldwide with sustainable products and solutions
for businesses, utilities, governments and municipalities. Our
solutions are designed to enable a world empowered by clean energy,
enhancing the quality of life for people around the globe. We
target large-scale power users with our megawatt-class
installations globally, and currently offer sub-megawatt solutions
for smaller power consumers in Europe. To provide a frame of
reference, one megawatt is adequate to continually power
approximately 1,000 average sized U.S. homes. We develop turn-key
distributed power generation solutions and operate and provide
comprehensive service for the life of the power plant. Our fuel
cell solution is a clean, efficient alternative to traditional
combustion-based power generation, and is complementary to an
energy mix consisting of intermittent sources of energy, such as
solar and wind turbines. Our customer base includes utility
companies, municipalities, universities, hospitals, government
entities/military bases and a variety of industrial and commercial
enterprises. Our leading geographic markets are currently the
United States and South Korea, and we are pursuing opportunities in
other countries around the world. FuelCell Energy, based in
Connecticut, was founded in 1969.
SureSource, SureSource 1500, SureSource 3000,
SureSource 4000, SureSource Recovery, SureSource Capture,
SureSource Hydrogen, SureSource Storage, SureSource Service,
SureSource Treatment, SureSource Capital, FuelCell Energy, and
FuelCell Energy logo are all trademarks of FuelCell Energy,
Inc.
Cautionary Note Regarding Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 regarding future events or the
Company’s future performance that involve certain contingencies and
uncertainties. The forward-looking statements include, without
limitation, the Company’s plans and expectations regarding the
continuing development and commercialization of its carbon capture
technology. These forward-looking statements are not guarantees of
future performance, and all forward-looking statements are subject
to risks and uncertainties that could cause actual results to
differ materially from those projected. Factors that could cause
such a difference include, without limitation, the risks set forth
in the Company’s filings with the Securities and Exchange
Commission, including the Company’s Annual Report on Form 10-K for
the fiscal year ended October 31, 2021. The forward-looking
statements contained herein speak only as of the date of this
release. The Company expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
such statement contained herein to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which any such statement is based.
Contact:FuelCell
Energy, Inc.ir@fce.com203.205.2491
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