FuelCell Energy extends JDA with ExxonMobil to March 2024; research funding cap raised to $67M

FUELCELL ENERGY INC

Amendment No. 4 extends Joint Development Agreement term to March 31, 2024.
EMTEC research cost reimbursement cap increased from $60M to $67M.
Work continues on Gen 2 fuel cell module for carbon capture; Rotterdam demonstration FID expected later 2023.
Joint marketing and sales efforts to inform new business framework beyond current JDA structure.
ExxonMobil affiliate placed binding purchase order for long-lead equipment; FuelCell committed $2.5M investment.

Key facts

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

FUELCELL ENERGY INC amended Amendment No. 4 with ExxonMobil Technology and Engineering Company valued at increase the maximum amount of research costs to be reimbursed by EMTEC from $60,000,000 to $67,000, (effective 2023-08-31).

Action: amendment
Agreement: collaboration
Counterparty: ExxonMobil Technology and Engineering Company
Value: increase the maximum amount of research costs to be reimbursed by EMTEC from $60,000,000 to $67,000,
Effective: 2023-08-31

Exact text from the filing

In Amendment No. 4, the Company and EMTEC agreed to further extend the term such that it will end on March 31, 2024 (unless terminated earlier) and to further increase the maximum amount of research costs to be reimbursed by EMTEC from $60,000,000 to $67,000,000.

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Source: SEC EDGAR

accession 0001558370-23-015279

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