FuelCell Energy Takes Step Toward Commercializing Carbon Capture Technology with ExxonMobil
May 01 2023 - 7:00AM
FuelCell Energy, Inc. (Nasdaq: FCEL) has received an order
from ExxonMobil for long-lead fuel cell stack module equipment and
engineering support required to implement a potential demonstration
of modular point source carbon capture at an ExxonMobil facility.
While ExxonMobil has not yet made a final investment decision, this
order advances critical-path equipment procurement and module
engineering work. The commercial demonstration project is
anticipated to be a full scale prototype of the modules used in
large-scale systems for industrial and commercial point source
carbon capture applications.
“FuelCell Energy continues to gain confidence in achieving large
scale commercialization of FuelCell Energy’s carbonate technology
for industrial and commercial point source carbon capture. We
believe that this technology will address one of the largest
environmental challenges of today, CO2 emissions from
industrial and commercial exhaust streams and power generation,”
said Jason Few, President and Chief Executive Officer of FuelCell
Energy. “We see market demand across various commercial and
industrial segments to scale and commercialize our unique carbon
capture solution, which captures carbon dioxide from various
exhaust streams, while generating additional power and hydrogen. We
believe our carbon capture solution is the only solution that can
capture carbon while producing electricity and hydrogen at the same
time. Traditional amine solutions penalize power output by 20-35%
of total power production,” added Few.
The modules will use carbonate fuel cells to efficiently capture
and concentrate carbon dioxide streams. Combustion exhaust from an
external source, like a flue stream, will be directed to the fuel
cell, which electrochemically reacts fuel and air to produce power,
while capturing and concentrating carbon dioxide for utilization or
permanent storage. The modular design enables the technology to be
deployed at a wide range of locations, operate at high efficiency,
and advance business goals at hard-to-decarbonize industrial and
commercial applications.
About FuelCell EnergyFuelCell Energy, Inc.
(NASDAQ: FCEL): FuelCell Energy is a global leader in sustainable
clean energy technologies that address some of the world’s most
critical challenges around energy, safety and global urbanization.
It collectively holds more than 450 fuel cell technology patents in
the United States and globally. As a leading global manufacturer of
proprietary fuel cell technology platforms, FuelCell Energy is
uniquely positioned to serve customers worldwide with sustainable
products and solutions for businesses, utilities, governments and
municipalities. The Company’s solutions are designed to enable a
world empowered by clean energy, enhancing the quality of life for
people around the globe.
Contact:Betsy
Schaefer914.318.3072bschaefer@fce.com
Cautionary Note Regarding Forward-Looking
Statements
This release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 regarding future events or the
Company’s future performance that involve certain contingencies and
uncertainties. The forward-looking statements include, without
limitation, statements with respect to the Company’s plans and
expectations regarding the continuing development and
commercialization of its carbon capture technology, the Company’s
expectations regarding a potential commercial demonstration
project, the markets in which the Company expects to operate, the
expected demand for the Company’s technology and products, and the
expected capabilities of the Company’s technology and products.
These forward-looking statements are not guarantees of future
performance, and all forward-looking statements are subject to
risks and uncertainties that could cause actual results to differ
materially from those projected. Factors that could cause such a
difference include, without limitation, the risks set forth in the
Company’s filings with the Securities and Exchange Commission,
including the Company’s Annual Report on Form 10-K for the fiscal
year ended October 31, 2022. The forward-looking statements
contained herein speak only as of the date of this release. The
Company expressly disclaims any obligation or undertaking to
release publicly any updates or revisions to any such statement
contained herein to reflect any change in the Company’s
expectations or any change in events, conditions or circumstances
on which any such statement is based.
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