FuelCell Energy Inc.
FuelCell Energy Extends Joint Development Agreement with EMTEC
Summary
On March 31, 2024, FuelCell Energy, Inc. and ExxonMobil Technology and Engineering Company (EMTEC) amended their Joint Development Agreement for a third time. The amendment extends the term of the agreement to December 31, 2026, with provisions for commercial deployments and carbon capture projects using Generation 1 and 2 Technology. The amendment also removes the cap on research costs and increases the hourly rates for the Company's engineers, scientists, and employees. This strategic partnership aims to enhance the development and commercialization of improved carbonate fuel cells for carbon capture.
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About FuelCell Energy Inc.
FuelCell Energy Inc. designs, manufactures, operates, and services fuel cell power plants. These power plants utilize a proprietary technology that converts lower carbon fuels like natural gas and biogas into electricity and heat via an electrochemical process, rather than traditional combustion methods. This process results in more efficient energy conversion with minimal emissions, making it an attractive solution for businesses and municipalities aiming to reduce their carbon footprints. FuelCell Energy's power solutions are predominantly used in commercial and industrial buildings, data centers, and utility projects, serving diverse sectors including utilities, manufacturing, and healthcare. The company is headquartered in Danbury, Connecticut, and plays a crucial role in the shift towards cleaner energy sources by offering scalable and distributed power generation products. Through its efforts, FuelCell Energy contributes significantly to the renewable energy landscape by providing continuous, reliable low-carbon power solutions.
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