FuelCell Energy, ExxonMobil Extend Joint-Development Agreement for Carbon Capture Technology
November 02 2021 - 8:00AM
FuelCell Energy, Inc. (Nasdaq: FCEL) -- a
global leader in fuel cell technology with a purpose of utilizing
its proprietary, state-of-the-art fuel cell platforms to enable a
world empowered by clean energy—has signed a six-month extension
with ExxonMobil to continue collaboration on carbonate fuel cell
technology for the purpose of capturing carbon dioxide from
industrial facilities and power generation.
The agreement will now continue until April 30, 2022. The
parties are discussing an ExxonMobil pilot in Rotterdam, the
Netherlands, as well as potentially additional ExxonMobil or
third-party locations, to deploy FuelCell Energy’s carbonate fuel
cell platform to capture carbon dioxide emissions. A decision on
the Rotterdam project is expected in 2022, dependent on achieving
technical milestones over the next six months. In addition to pilot
project deployments, FuelCell Energy and ExxonMobil are discussing
the next phase of carbon capture development.
“FuelCell Energy and ExxonMobil continue to advance our joint
research and FuelCell Energy technology that is targeted to tackle
one of the largest environmental challenges of today, CO2 emissions
from power generation and industrial exhaust streams,” said Jason
Few, president and chief executive officer of FuelCell Energy.
“Together, we have a great opportunity to scale and commercialize
our unique carbon capture solution, one that captures carbon
dioxide from various exhaust streams, while generating additional
power, unlike traditional carbon capture technologies, which
consume significant power. We are encouraged by our results in
testing capture of CO2, and the efficiencies and performance that
our fuel cell stacks are able to achieve. We look forward to
continuing our work with ExxonMobil on advancing the first pilot
test of this platform solution.”
“ExxonMobil is working to develop breakthrough solutions in
carbon capture, hydrogen and biofuels and identify commercially
viable technologies the world will need to achieve the goals of the
Paris Agreement,” said Vijay Swarup, vice president of research and
development for ExxonMobil Research and Engineering Company. “We
are pleased to continue working with FuelCell Energy to further
advance this unique high efficiency carbon capture solution.”
FuelCell Energy’s proprietary technology uses carbonate fuel
cells to efficiently capture and concentrate carbon dioxide streams
from 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 deployment of carbon
capture and sequestration.
About FuelCell Energy
FuelCell 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 Language
This news release contains forward-looking
statements within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include, without limitation, statements with respect to
the Company’s anticipated financial results and statements
regarding the Company’s plans and expectations regarding the
continuing development, commercialization and financing of its fuel
cell technology and its business plans and strategies. 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, changes to projected deliveries and order flow,
changes to production rate and product costs, general risks
associated with product development, manufacturing, changes in the
regulatory environment, customer strategies, ability to access
certain markets, unanticipated manufacturing issues that impact
power plant performance, changes in critical accounting policies,
access to and ability to raise capital and attract financing,
potential volatility of energy prices, rapid technological change,
competition, the Company’s ability to successfully implement its
new business strategies and achieve its goals, the Company’s
ability to achieve its sales plans and cost reduction targets,
changes by the U.S. Small Business Administration or other
governmental authorities to, or with respect to the implementation
or interpretation of, the Coronavirus Aid, Relief, and Economic
Security Act, the Paycheck Protection Program or related
administrative matters, and concerns with, threats of, or the
consequences of, pandemics, contagious diseases or health
epidemics, including the novel coronavirus, and resulting supply
chain disruptions, shifts in clean energy demand, impacts to
customers’ capital budgets and investment plans, impacts to the
Company’s project schedules, impacts to the Company’s ability to
service existing projects, and impacts on the demand for the
Company’s products, as well as other risks set forth in the
Company’s filings with the Securities and Exchange Commission. The
forward-looking statements contained herein speak only as of the
date of this press release. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any such statement 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.com203.205.2491Source: FuelCell
Energy
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