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Recently Updated and Extended Joint Development Agreement between ExxonMobil Technology and Engineering Company and FuelCell Energy Aimed at Accelerating Access to Carbonate Fuel Cell Technology for Carbon Capture
Carbonate fuel cell technology captures CO2 emissions from industrial sources, while simultaneously generating electricity and hydrogen, valuable co-products
About this update from Fuelcell Energy, Inc.
[{"type":"text","content":"Carbonate fuel cell technology captures CO2 emissions from industrial sources, while simultaneously generating electricity and hydrogen, valuable co-products that can reduce the cost of carbon capture and storage. Updated terms of agreement provide that FuelCell Energy can market its original generation of carbon capture technology in addition to a modified version of its original technology that has been enhanced with innovations from the companies’ jointly developed design. Pilot project to test jointly developed carbon capture technology proceeding at Esso Nederland BV’s Rotterdam Manufacturing Complex; project start-up expected in early 2026. DANBURY, Conn., April 08, 2024 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) and ExxonMobil Technology and Engineering Company (EMTEC) have updated and extended a joint development agreement (JDA) governing the companies’ development of unique technology that captures CO2 emissions directly from industrial sources while producing electricity and hydrogen simultaneously. As a result, access to the technology could be accelerated for commercial customers. The JDA between FuelCell Energy and EMTEC has been extended through December 31, 2026, to allow for continued development work for the technology, including support of the pilot project at the Esso Nederland BV Rotterdam Manufacturing Complex. The pilot project is co-funded by the European Union under the Emissions Trading System Innovation Fund and by the Netherlands Enterprise Agency by means of a Demonstration Energy and Climate Innovation (DEI+) grant. The agreement allows FuelCell Energy to incorporate elements of the jointly developed technology into existing carbon capture products currently being marketed to customers. This is expected to accelerate delivery of the technology to the market while the next generation cell and module design is being demonstrated in Rotterdam. The jointly developed carbon capture fuel cell technology to be demonstrated in Rotterdam features an optimized design for large scale installations. The technology, which captures carbon while simultaneously generating electricity and hydrogen, could improve the economics of carbon capture and could potentially lower the barrier to broader adoption of carbon capture in the marketplace. Jason Few, CEO and president of FuelCell Energy said, “Through t...