FuelCell Energy and ExxonMobil Extend Joint Development Agreement

FuelCell Energy and ExxonMobil Technology and Engineering have announced an extension of their joint development agreement, now set to run through March 31, 2024. This partnership aims to further advance the development of carbonate fuel cell technology for carbon capture applications. The extension provides an opportunity to focus on manufacturing scale-up and explore various carbon capture opportunities, including those with lower carbon intensity flue streams.

Building on Success

Despite FuelCell Energy's shares experiencing a 66% drop in the past year, the extension of this agreement signifies the confidence both companies have in the potential of this project. The continued development work will not only focus on engineering and cost elements but also allow for joint marketing and sales efforts. Moreover, performance improvement and cost optimization will be key areas of focus during this extended agreement period.

Future Prospects

FuelCell Energy and ExxonMobil Technology and Engineering are currently working towards finalizing the engineering and cost details for a potential technology demonstration with ExxonMobil. A final investment decision on this demonstration project is expected later this year. The collaborative efforts between these two entities highlight their commitment to advancing clean energy solutions and decarbonization technologies.