Fuel cell power plant developer FuelCell Energy, Inc (NASDAQ:FCEL) has a powerful ally in its corner in the form of Exxon Mobil Corporation (NYSE:XOM).
The oil & gas titan, valued at more than $364bn, has signed an agreement with FuelCell Energy, valued at $160mln or so, to work jointly on advancing a novel application of carbonate fuel cells for power plant carbon dioxide capture.
The technology could substantially reduce costs and lead to a more economical pathway toward large-scale application globally, the pair said.
“Advancing economic and sustainable technologies to capture carbon dioxide from large emitters such as power plants is an important part of ExxonMobil’s suite of research into lower-emissions solutions to mitigate the risk of climate change,” said Vijay Swarup, vice president for research and development at ExxonMobil Research & Engineering Company.
“Our scientists saw the potential for this exciting technology for use at natural gas power plants to enhance the viability of carbon capture and sequestration while at the same time generating additional electricity,” he added.
Chip Bottone, president and chief executive officer of FuelCell Energy, chipped in: “Carbon capture with carbonate fuel cells is a potential game-changer for affordably and efficiently concentrating carbon dioxide for large-scale gas and coal-fired power plants.”
Two years of comprehensive laboratory tests have demonstrated that the unique integration of two existing technologies – carbonate fuel cells and natural gas-fired power generation – captures carbon dioxide more efficiently than existing scrubber conventional capture technology, FuelCell Energy said.
The potential breakthrough comes from an increase in electrical output using the fuel cells, which generate power, compared to a nearly equivalent decrease in electricity using conventional technology.