FuelCell shares almost double on news of expanded carbon capture deal with Exxon
ExxonMobil and FuelCell Energy sign joint-development agreement
Clean energy company stock further boosted by $200 million loan facility with Orion Energy
ExxonMobil and FuelCell Energy, Inc. have signed a new, two-year expanded joint-development agreement to further enhance carbonate fuel cell technology for the purpose of capturing carbon dioxide from industrial facilities.
FuelCell shares nearly double on news of expanded carbon capture manage Exxon
Clean energy company stock any boosted by $200 million loan facility with Orion Energy
Shares of microcap FuelCell Energy INC. rallied concerning ninety two weekday, once the corporate aforesaid it’s increasing a partnership with Exxon Mobil business firm. on developing carbon capture technology.
The deal is price up to $60 million and can target FuelCell’s FCEL, +86.41% proprietary technology, that uses carbonate fuel cells to capture and concentrate greenhouse gas streams from giant industrial sources.
The two partners began to figure along on carbon capture in 2016 with associate initial project at associate Alabama power station that aimed to create “clean” coal and gas reasonable. The Southern Co. SO, +0.72% Barry power station was the location of that project that aimed to capture up to ninetieth of the greenhouse gas emissions that create coal and gas high-powered plans thus damaging to the surroundings.
Exxon XOM, -1.29% is currently about to conduct a pilot check of next-generation cell carbon capture technology at one in every of its operational sites.
“We have a good chance to scale and commercialize our distinctive carbon capture resolution, one that captures concerning ninety p.c of greenhouse gas from numerous exhaust streams, whereas generating extra power, in contrast to ancient carbon capture technologies that consume important power,” FuelCell Chief govt Jason Few aforesaid in an exceedingly statement.
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Separately, FuelCell aforesaid it's affected a brand new, eight-year $200 million strategic loan facility with Orion Energy Partners. the corporate can use the funds to support comes that area unit a part of its $2 billion backlog.
An initial $80 million draw are going to be accustomed fund construction and engineering prices associated with comes at the Tulare BioMAT project in Golden State, the Bolthouse Farms power project for mythologist Soup Co. CPB, +0.92% and also the CMEEC U.S. base cell plant in Connecticut.
As a part of the agreement, Orion can receive warrants to get up to twenty million shares of the company’s stock.
FuelCell shares, commerce at fifty one cents, have fallen ninety two in 2019, whereas the S&P five hundred SPX, -0.02% has gained twenty third and also the Dow-Jones Industrial Average Industrial Average has climbed eighteen.
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