Summary by Futu AI
FuelCell Energy, Inc. has entered into Amendment No. 5 to its Joint Development Agreement with ExxonMobil Technology and Engineering Company (EMTEC), effective March 31, 2024. This amendment extends the agreement, originally set for two years starting October 31, 2019, until December 31, 2026, to further develop and commercialize improved carbonate fuel cells for reducing carbon dioxide emissions. The partnership, which has seen the term and research cost cap extended through previous amendments, now includes an expected annual budget of at least $10 million for research, subject to EMTEC's approval. FuelCell Energy will continue to be the exclusive manufacturer for Generation 2 Technology fuel cell modules in pioneer commercial deployments. The amendment also grants the company a worldwide, nonexclusive, royalty-free license to EMTEC's Generation 1 and 2 Technologies, and...Show More