Exxon Mobil Corporation (XOM) explores for and produces crude oil and natural gas in the United States, Canada/South America, Europe, Africa, Asia, and Australia/Oceania. It also manufactures and markets commodity petrochemicals, including olefins, aromatics, polyethylene, and polypropylene plastics, and specialty products; and transports and sells crude oil, natural gas, and petroleum products.
Reportedly, ExxonMobil (XOM) and FuelCell Energy, Inc. (FCEL) have entered into a $60 million two-year expanded joint-development agreement to boost carbonate fuel cell technology for prioritizing, capturing and optimizing carbon-dioxide from industrial facilities. ExxonMobil and FuelCell Energy started working together in 2016 focusing on how to increase efficiency in separating and concentrating carbon dioxide from exhaust steams.
Vijay Swarup, vice president of research and development for ExxonMobil Research and Engineering Company stated “ExxonMobil is working to advance carbon capture technologies while reducing costs and enhancing scalability. This expanded agreement with FuelCell Energy will enable further progress on this unique carbon capture solution that has the potential to achieve meaningful reductions of carbon dioxide emissions from industrial operations.”
“We are excited to continue to work with ExxonMobil to tackle one of the biggest challenges that exist today. We have a great opportunity to scale and commercialize our unique carbon capture solution, one that captures about 90 percent of carbon dioxide from various exhaust streams, while generating additional power, unlike traditional carbon capture technologies that consume significant power”, stated Jason Few, president and chief executive officer of FuelCell Energy.
FuelCell Energy’s technology allows efficient capture and concentration of carbon dioxide stream from large industrial sources with the help of carbonate fuel cells. Its modular design allows technology to be set-up at a wide range of locations for carbon capture and sequestration. ExxonMobil along with its team of engineers has been working for more than 30 years for carbon capture and storage and has captured about 7 million tonnes per year of carbon dioxide.
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