FuelCell Energy Reinstates Its Focus On Green Future, Extends Deal With Exxon Mobil

In a move that underscores its commitment to environmental sustainability, FuelCell Energy Inc FCEL extended its joint venture deal with Exxon Mobil Corp XOM through March 31, 2024.

The joint development agreement, initially aimed to advance carbonate fuel cell technology for carbon capture applications, will now focus on more expansive opportunities, including lower carbon intensity flue streams.

FuelCell Energy and EMTEC will continue to focus on the finalization of engineering and cost elements of a potential demonstration of the technology with XOM. 

The companies expect a final investment decision on the demonstration project later this year.

"The focus on solutions for industrial businesses to reduce their emissions continues to grow, and we are excited about the promise of this technology to capture CO2 emissions from industrial and commercial exhaust streams. We are confident that the carbonate fuel cell technology can play a key role as part of integrated carbon abatement solutions, which include carbon utilization and sequestration. We are committed as a company to help reduce carbon emissions worldwide," said Jason Few, CEO and president of FuelCell Energy.

On July 27, FuelCell Energy announced the company had signed a long-term service agreement (LTSA) with Noeul Green Energy and has also established a memorandum of understanding (MOU) with Gyeonggi Green Energy. The agreements are focused on continuing stable fuel cell operations and advancing eco-friendly power generation in Korea.

Price Action: FCEL shares are trading higher by 7.84% at $1.49 on the last check Monday.