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United States. Securities and Exchange Commission

FuelCell Energy Receives Binding Purchase Order from ExxonMobil Affiliate

Strategic Insights

— 2 min read

FuelCell Energy, a leading developer of hydrogen fuel cell power solutions, has received a binding purchase order from ESSO Nederland B.V., an affiliate of ExxonMobil Corporation, for long-lead fuel cell stack module equipment and tooling. This order is a significant step in the development of a potential commercial demonstration project for modular point source carbon capture at an ExxonMobil facility. The proposed project, if undertaken, would utilize carbonate fuel cells to efficiently capture and concentrate carbon dioxide streams, and would be a full-scale prototype of the modules expected to be used in large-scale systems for industrial and commercial point source carbon capture applications.

Key Takeaways:

  • FuelCell Energy has received a binding purchase order from ESSO Nederland B.V. for long-lead fuel cell stack module equipment and tooling.
  • The purchase order advances critical-path equipment procurement and module engineering work necessary to maintain the desired demonstration project schedule.
  • The proposed commercial demonstration project, if undertaken, is expected to be a full-scale prototype of the modules expected to be used in large-scale systems for industrial and commercial point source carbon capture applications.
  • The modules will use carbonate fuel cells to efficiently capture and concentrate carbon dioxide streams.
  • The ability to capture and concentrate carbon dioxide streams will enable 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.
  • FuelCell Energy believes that this purchase order represents an important step in its relationship with ExxonMobil and its affiliates.
  • The Company has had a Joint Development Agreement with ExxonMobil since November 5, 2019, which has been amended several times.

Statistics:

  • The proposed commercial demonstration project is expected to utilize carbonate fuel cells to efficiently capture and concentrate carbon dioxide streams.
  • The modules expected to be used in the commercial demonstration project will operate at high efficiency and can be deployed at a wide range of locations.
  • The purchase order for long-lead fuel cell stack module equipment and tooling was received by FuelCell Energy on April 28, 2023.
  • FuelCell Energy has been developing its carbon capture technology under a Joint Development Agreement with ExxonMobil since November 5, 2019.
  • The Agreement has been amended several times, most recently on December 19, 2022.

Sources:

  • UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): April 28, 2023 FUELCELL ENERGY, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 1-14204 06-0853042 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

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