On Monday, FuelCell Energy (NASDAQ:FCEL) experienced a 3.1% increase in its stock price following the announcement of an extension of its joint agreement with Exxon Mobil (XOM) through 2026. The agreement focuses on the development of technology that captures CO2 emissions directly from industrial sources while generating electricity and hydrogen simultaneously.
According to FuelCell Energy, this agreement allows for the integration of elements from the jointly developed technology into existing carbon capture products currently available to customers. This integration is expected to speed up the delivery of the technology to the market while advancements in cell and module design are demonstrated at the Esso Nederland pilot project in the Netherlands.
In addition to extending their agreement, FuelCell Energy and Exxon Mobil plan to negotiate a commercial framework aimed at facilitating deployments of the carbonate fuel cell technology for carbon capture. President and CEO Jason Few expressed his excitement over reaching this key milestone, emphasizing that the technology has met or surpassed crucial technical performance standards and signaling significant commercial potential.
Overall, the partnership between FuelCell Energy and Exxon Mobil shows promise for advancing and deploying innovative technology to address carbon emissions from industrial sources.
