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

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 removes the cap on reimbursable research costs. Additionally, the hourly rates for FuelCell Energy's employees will increase by 15% over the original rates, with a further 3% annual increase starting March 31, 2025. The company also retains the right to service continuing obligations for projects initiated during the agreement's term post-expiration. This development follows a binding purchase order received from Esso Nederland B.V. for a pilot carbon capture project at the Esso Rotterdam Manufacturing Complex, and a license agreement from June 2019 allowing EMTEC to use the company's patents and technology for carbonate fuel cell development.