FuelCell Energy (NASDAQ:FCEL) shares are inching upward today after the sustainable clean energy technology provider agreed to extend its ongoing joint development agreement with ExxonMobil Technology and Engineering Co. through March 31, 2024.
The extension will enable further development, joint marketing, and sales efforts for the advancement of the carbon fuel cell technology targeted at point-of-source carbon capture applications.
Furthermore, the two companies will also work on finalizing the engineering and cost aspects of a potential technology demonstration with ExxonMobil (NYSE:XOM). Importantly, a final investment decision on the project is anticipated later this year.
FCEL’s carbonate fuel cell technology can play a pivotal role in integrated carbon abatement solutions. Impressively, the jointly developed carbon capture technology has been found to be feasible for commercial usage and could help in capturing carbon dioxide emissions from industrial and commercial exhaust streams.
Overall, the Street has a consensus price target of $2.31 on FuelCell, alongside a Hold consensus rating. Despite today’s uptick, shares of the company are still down nearly 69% over the past year.
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