FuelCell Energy / Exxon
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Exxon Mobil Corp, which has been fighting accusations it misled investors and the public for years about the risks of climate change, said on Thursday it will expand a research project with FuelCell Energy Inc that aims to cut the cost of collecting carbon emissions from power plants.
The companies hope to use fuel cells, rather than exhaust scrubbers, the industry standard, to capture emissions from natural gas-fired plants and at the same time generate electricity. Scrubbers typically consume power as they filter carbon.
Exxon has announced several alternative energy projects in recent years. The company says the projects have nothing to do with recent public outcry over its climate change disclosures, but are part of research into carbon sequestration and alternative fuels.
Effective as of June 11, 2019, FuelCell Energy, Inc. (the “Company”) entered into a License Agreement (“License Agreement”) with ExxonMobil
Research and Engineering Company (“EMRE”), pursuant to which the Company has agreed, subject to the terms of the License Agreement, to grant EMRE and its
affiliates a non-exclusive, worldwide, fully paid, perpetual, irrevocable, non-transferrable license and right to use the Company’s patents, data, know-how,
improvements, equipment designs, methods, processes and the like to the extent it is useful to research, develop, and commercially exploit carbonate fuel cells in
applications in which the fuel cells concentrate carbon dioxide from industrial and power sources and for any other purpose attendant thereto or associated
therewith. Such right and license is sublicensable to third parties performing work for or with EMRE or its affiliates, but shall not otherwise be sublicensable. Upon
the payment by EMRE to the Company of $10.0 million, which is expected to occur within 15 days, EMRE and its affiliates will be fully vested in the rights and
licenses granted in the License Agreement.
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