Exxon, FuelCell Expand Agreement on Carbon Capture

By Michael Dabaie

Exxon Mobil Corp. (XOM) and FuelCell Energy Inc. (FCEL) said they expanded their agreement for carbon-capture technology.

The companies said they signed two-year expanded joint-development agreement for carbonate fuel cell technology to capture carbon dioxide from industrial facilities.

The agreement, worth up to $60 million, will focus on optimizing the core technology, overall process integration and large-scale deployment of carbon capture. Exxon said it is exploring options to conduct a pilot test at one of its operating sites.

FuelCell Energy shares rose 43% premarket, to 38.2 cents.

Exxon and FuelCell began working together in 2016, focusing on carbonate fuel cells.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

November 06, 2019 08:41 ET (13:41 GMT)

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