By Chris Wack

FuelCell Energy and ExxonMobil Technology and Engineering have agreed to extend their ongoing joint development agreement through March 31, 2024.

FuelCell Energy shares were up 5% to $1.45, and are down 66% in the past 12 months.

The extension enables further development related to manufacturing scale-up and work toward advancing the carbonate fuel cell technology for point source carbon capture applications against a broader set of carbon capture opportunities including lower carbon intensity flue streams.

The extended development work also will enable continued joint marketing and sales efforts as well as performance improvement and cost optimization.

FuelCell Energy and ExxonMobil Technology and Engineering will continue to work on finalization of engineering and cost elements of a potential demonstration of the technology with ExxonMobil. A final investment decision on the demonstration project is expected later this year.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

August 28, 2023 10:56 ET (14:56 GMT)

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