ExxonMobil and FuelCell Energy Renews their Carbon Capture Contract for Third Time in a Row
ExxonMobil and FuelCell Energy will continue to collaborate on the engineering and financial aspects of the technology's potential; a final investment decision on the demonstration project is anticipated later this year.
August 30, 2023. By EI News Network
Renewed through 31st March 2024, the extended work will look at joint marketing and sales efforts, as well as performance improvement and cost optimisation of the developed technology.
Jason Few, President and CEO of FuelCell Energy, stated that the technology can support businesses to offset emissions by capturing CO2 emissions from industrial and commercial exhaust gases.
He added, “We are confident that the carbonate fuel cell technology can play a key role as part of integrated carbon abatement solutions, which include carbon utilisation and sequestration.”
ExxonMobil and FuelCell Energy will continue to collaborate on the engineering and financial aspects of the technology's potential; a final investment decision on the demonstration project is anticipated later this year.
Carbonate fuel cells are effective in concentrating and capturing CO2 from outside sources. The technology's design enables its usage in a variety of applications, provides high-efficiency operation, and permits organizations in industrial and commercial sectors that are challenging to decarbonize.
ExxonMobil and FuelCell Energy initially agreed to work together to develop carbonate fuel cell technology for use in CO2 capture plants in 2016. The goal of this collaboration was to significantly lower prices and pave the way for a more affordable path to a large-scale worldwide application.
The partnership was later extended by the signing of a two-year enhanced joint development agreement in 2019.
The alliance extended its collaborative development agreement in 2021 to keep working together on fuel cell and carbon capture technology.
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