06 May Exxon Mobil and FuelCell Energy to advance carbon capture technology
Exxon Mobil (NYSE:XOM) announced an agreement it will further its relationship with global fuel cell company Fuel Cell Energy to help economically reduce carbon dioxide emissions from power plants.
The ‘carbon capture and sequestration’ or C.C.S. technology is an important but difficult potential solution to help reduce greenhouse gas emissions. The aim is to take carbon dioxide after it is removed from exhaust steam and to store it away by pumping it into the ground or use it in industrial applications.
Vijay Swarup, vice president for research and development at Exxon Mobil Research and Engineering warned any commercial development is years away.
“We think it’s got the possibility to be a game changer and we’re putting the necessary resources behind this to take the research to the next level,” added Swarup.
— Ed Crooks (@Ed_Crooks) May 5, 2016
Fuel Cell Energy has a particular class of fuel cells – the devices that produce electricity through chemical reactions.
The firm’s cells are already used to generate clean energy in around 50 places around the globe, but without connection to fossil-fuel power plants. The company’s products can also remove 70 per cent of the smog-generating nitrogen oxides from the exhaust of coal plants.
Chip Botton, president and CEO of Fuel Cell Energy said he hoped the research would lead to a process that could be incorporated in power plants worldwide.
“When you can make it affordable with private capital, everybody wins,” said Botton.
Both companies did not disclose the size of Exxon’s investment in Fuel Cell Energy.