FuelCell Energy, ExxonMobil Extend Joint Development Agreement Through March 2024

(RTTNews) - FuelCell Energy Inc. (FCEL) said that the company and ExxonMobil Technology and Engineering Company have agreed to extend their ongoing joint development agreement through March 31, 2024.

FuelCell noted that the extension enables further development related to manufacturing scale-up and work towards advancing the carbonate fuel cell technology for point source carbon capture applications against a broader set of carbon capture opportunities including lower carbon intensity flue streams.

The extended development work will also enable continued joint marketing and sales efforts as well as performance improvement and cost optimization.

The companies will continue to work on finalization of engineering and cost elements of a potential demonstration of the technology with ExxonMobil; a final investment decision on the demonstration project is expected later this year, FuelCell said in a statement.