FuelCell Energy and ExxonMobil Extend Joint Development Agreement Through 2026

FUELCELL ENERGY INC

Term extended to December 31, 2026, from original March 31, 2024 expiration.
Minimum annual research budget of $10 million, with cap on reimbursed costs removed.
FTE rates increased by 15% and will rise 3% annually starting March 31, 2025.
FuelCell Energy can pursue third-party carbon capture projects up to 250,000 tons CO2 per year.

item 1.01 item 9.01

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. 5 with ExxonMobil Technology and Engineering Company (effective 2024-03-31).

Action: amendment
Agreement: collaboration
Counterparty: ExxonMobil Technology and Engineering Company
Effective: 2024-03-31

Exact text from the filing

On and effective as of March 31, 2024, FuelCell Energy, Inc. (the “Company”) and ExxonMobil Technology and Engineering Company (f/k/a ExxonMobil Research and Engineering Company) (“EMTEC”) entered into Amendment No. 5 (“Amendment No. 5”) to the Joint Development Agreement between the Company and EMTEC (as amended, the “Joint Development Agreement”).

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Source: SEC EDGAR

accession 0001104659-24-043389

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