UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 8.01. Other Events.
On March 8, 2024, FuelCell Energy, Inc. (the “Company”) received written notice from ExxonMobil Technology and Engineering Company (“EMTEC”), pursuant to the Joint Development Agreement, dated November 5, 2019 and amended on October 29, 2021, April 29, 2022, December 19, 2022 and August 25, 2023, between EMTEC and the Company (the “JDA”). The notice issued pursuant to Paragraph 8.02(b), 1) iii of the JDA, indicates EMTEC’s intent to negotiate a subsequent or follow-on commercial agreement with the Company for progressing commercialization of the Generation 2 Technology developed under the JDA.
In light of the upcoming expiration of the term of the JDA, which will occur on March 31, 2024 unless further extended by the parties, EMTEC and the Company are currently in negotiations regarding an extension of the term of the JDA and the addition of certain new commercial terms to the JDA. However, there can be no assurance that the Company and EMTEC will be able to successfully negotiate an extension of the JDA and such new commercial terms, that the Company and EMTEC will be able to successfully negotiate a subsequent or follow-on commercial agreement, or that the engineering and construction of the pilot project at the Esso Nederland B.V. Rotterdam Manufacturing Complex will continue if no such extension or agreement is executed.
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: March 14, 2024 | By: | /s/ Michael S. Bishop |
Michael S. Bishop | ||
Executive Vice President, Chief Financial Officer, and Treasurer |