UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Securities Exchange Act of 1934
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Item 8.01. Other Events.
In support of the relationship between FuelCell Energy, Inc. (the “Company”) and ExxonMobil Technology and Engineering Company (f/k/a ExxonMobil Research and Engineering Company) (“EMTEC”) under the Joint Development Agreement dated November 5, 2019 and amended on October 29, 2021, April 29, 2022, December 19, 2022 and August 25, 2023 (the “JDA”), on January 31, 2024, the Company received a binding purchase order from Esso Nederland B.V. (“Esso”), an affiliate of Exxon Mobil Corporation (“ExxonMobil”) and EMTEC, for fuel cell modules as well as engineering, procurement, fabrication, testing and delivery services required for the construction and implementation of the modular point source carbon capture pilot plant at the Esso Rotterdam Manufacturing Complex. This purchase order provides the funding required by the Company to complete the manufacturing, engineering and other work to support the pilot project through start-up at the project site.
This pilot project will be a full-scale commercial prototype of the modules expected to be used in large scale systems for industrial and commercial point source carbon capture applications. The modular design of this system enables the technology to be deployed at a wide range of locations, operate at high efficiency, and we believe will advance business goals at hard to decarbonize industrial and commercial applications. The modules to be used in this commercial demonstration project will use carbonate fuel cells to efficiently capture and concentrate carbon dioxide streams. In this pilot project, combustion exhaust from an external source, a flue stream, will be directed to the fuel cell, which will electrochemically react fuel and air to produce power, while capturing and concentrating carbon dioxide for utilization or permanent storage. ExxonMobil has previously announced its intent to transport captured CO2 from this project via the Porthos project for permanent storage under the North Sea.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or the Company’s future performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements with respect to the Company’s plans and expectations regarding the continuing development and commercialization of its carbon capture technology, the Company’s expectations regarding the construction of a pilot project and the funding required for such project, the markets in which the Company expects to operate, the expected demand for the Company’s technology and products, and the expected capabilities of and uses for the Company’s technology and products. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, the risks set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2023. The forward-looking statements contained herein speak only as of the date of this Current Report on Form 8-K. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FUELCELL ENERGY, INC. | ||
Date: February 6, 2024 | By: | /s/ Michael S. Bishop |
Michael S. Bishop | ||
Executive Vice President, Chief Financial Officer, and Treasurer | ||
Document and Entity Information |
Jan. 31, 2024 |
|---|---|
| Cover [Abstract] | |
| Entity Registrant Name | FUELCELL ENERGY, INC. |
| Entity Central Index Key | 0000886128 |
| Document Type | 8-K |
| Document Period End Date | Jan. 31, 2024 |
| Amendment Flag | false |
| Entity Emerging Growth Company | false |
| Entity File Number | 1-14204 |
| Entity Incorporation, State or Country Code | DE |
| Entity Tax Identification Number | 06-0853042 |
| Entity Address, Address Line One | 3 Great Pasture Road |
| Entity Address, City or Town | Danbury |
| Entity Address, State or Province | CT |
| Entity Address, Postal Zip Code | 06810 |
| City Area Code | 203 |
| Local Phone Number | 825-6000 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common Stock, $0.0001 par value per share |
| Security Exchange Name | NASDAQ |
| Trading Symbol | FCEL |