FuelCell Energy extends JDA with ExxonMobil; research funding cap raised to $60M

FUELCELL ENERGY INC

Amendment No. 3 extends Joint Development Agreement term to August 31, 2023 (was December 31, 2022).
EMTEC increases maximum research cost reimbursement from $50 million to $60 million.
Work continues on Rotterdam carbon-capture demo, Generation 2 module prototype, and manufacturing scale-up.
Under prior letter, FuelCell may invest $5M in Rotterdam project or discount module purchase if project proceeds.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

FUELCELL ENERGY INC amended Amendment No. 3 to the Joint Development Agreement with ExxonMobil Technology and Engineering Company valued at increase the maximum amount of research costs to be reimbursed by EMTEC from $50,000,000 to $60,000, (effective 2022-12-01).

Action: amendment
Agreement: collaboration
Counterparty: ExxonMobil Technology and Engineering Company
Value: increase the maximum amount of research costs to be reimbursed by EMTEC from $50,000,000 to $60,000,
Effective: 2022-12-01

Exact text from the filing

On December 19, 2022, FuelCell Energy, Inc. (the “Company”) and ExxonMobil Technology and Engineering Company (f/k/a ExxonMobil Research and Engineering Company) (“EMTEC”) entered into Amendment No. 3 to the Joint Development Agreement between the Company and EMTEC (“Amendment No. 3”), effective as of December 1, 2022.

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Source: SEC EDGAR

accession 0001104659-22-128304

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