FuelCell Energy Announces Major Clean Fuel Fund Support for eFuel Projects in Canada
Rhea-AI Summary
FuelCell Energy (Nasdaq: FCEL) has secured a $5.9 million CAD grant from Natural Resources Canada's Clean Fuels Fund for two eFuel projects in Canada. These projects, in collaboration with Canadian Nuclear Laboratories, Expander Energy, Nuclear Promise X, and St. Marys Cement, will utilize FuelCell Energy's solid oxide electrolysis technology to produce synthetic diesel fuels using zero-carbon hydrogen.
The first project will evaluate the economic viability of producing synthetic diesel fuels using biomass gasification and hydrogen from solid oxide electrolysis. The second project will demonstrate synthesis gas production through co-electrolysis at a St. Marys cement facility, utilizing carbon dioxide from the plant's flue gas emissions.
These initiatives align with FuelCell Energy's mission to provide sustainable energy solutions and demonstrate the capabilities of their solid oxide platform in leveraging nuclear power at 100% electrical efficiency.
Positive
- Secured $5.9 million CAD grant for eFuel projects
- Collaboration with major industry partners
- Potential for increased synthetic fuel production with better economics
- Demonstration of technology's ability to repurpose carbon emissions into valuable resources
Negative
- None.
News Market Reaction
On the day this news was published, FCEL declined 7.64%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Company’s solid oxide electrolysis technology playing central role
DANBURY, Conn., Aug. 22, 2024 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc., (Nasdaq: FCEL), a global leader in sustainable energy technologies for the delivery of energy and emissions management, announced that a
These innovative projects are being carried out with Canadian Nuclear Laboratories (CNL), Expander Energy Inc., Nuclear Promise X, and St. Marys Cement and are focused on producing low-carbon-intensity synthetic diesel fuels using zero-carbon hydrogen that will be produced by leveraging nuclear power, and FuelCell Energy’s Solid Oxide electrolysis platform.
PtL or Synthetic drop-in ready eFuels can be used as a replacement to, or blended into, current fuels such as gasoline, diesel, heating oil and other conventional fuels offering an immediate and substantial impact on emission reduction. Since eFuels are CO2 neutral, they can be an effective decarbonization solution for sectors like transportation, high grade heat applications, or residential and commercial heating where conventional fuels are used today just to name a few examples.
Jason Few, President & CEO of FuelCell Energy said, “These projects align perfectly with our mission to provide advanced, sustainable energy solutions to the world and will demonstrate the differentiated capabilities of our solid oxide platform to leverage nuclear power at
He added, “Canada's commitment to innovation and environmental responsibility resonates with our core values, and we are proud to contribute our solid oxide electrolysis technology to these groundbreaking synthetic fuel endeavors."
FuelCell Energy’s solid oxide products offer compelling advantages in synthetic fuel production. Among them is the high electrical efficiency of its electrolysis platform, which can provide more kg’s of hydrogen per kW of nuclear electric power input. This results in more synthetic fuel production with better economics, plus the ability to integrate the electrolysis platform thermally with other parts of the process to increase the efficiency even further.
The Projects
The first of the two CNL projects will evaluate the economic viability of producing synthetic diesel fuels using synthetic gas generated from biomass gasification combined with hydrogen that was produced by solid oxide electrolysis. The project will evaluate the feasibility of suitable sites for the construction of a plant to create 550 barrels per day of synthetic fuel using biomass and hydrogen from solid oxide electrolysis.
A full front-end engineering design will then be performed on a selected site, with the objective of determining the economics of that site and the feasibility of deploying additional plants in the future.
The second project is a demonstration of synthesis gas production through co-electrolysis—a method that combines water and carbon dioxide electrolysis. A 5 kWe electrolyzer provided by Fuel Cell Energy will be deployed and evaluated at a St. Marys cement facility, utilizing carbon dioxide from the cement plant's flue gas emissions.
This project will demonstrate the ability to transform a source of carbon emissions into valuable resources by capturing and repurposing it into synthesis gas (PtL), which can then be used to make a variety of energy and feedstock materials.
FuelCell Energy’s solid oxide technology is designed and manufactured in its facilities in Calgary and Connecticut.
About FuelCell Energy
FuelCell Energy, Inc. is a global leader in sustainable energy technologies that address some of the world’s most critical challenges around energy, safety, and global urbanization. It collectively holds 531 fuel cell technology patents in the United States and globally. As a leading global manufacturer of proprietary fuel cell technology platforms, FuelCell Energy is uniquely positioned to serve customers including businesses, utilities, governments, and municipalities with sustainable products and solutions. The company’s solutions are designed to enable a world empowered by sustainable energy, enhancing the quality of life for people around the globe. Learn more at fuelcellenergy.com
Contact:
Press Contact
FuelCell Energy
Kathleen Blomquist
kblomquist@fce.com
Investor Relations Contact
FuelCell Energy
Tom Gelston
tgelston@fce.com
FAQ
What is the value of the grant FuelCell Energy (FCEL) received for eFuel projects in Canada?
What technology is FuelCell Energy (FCEL) using in these eFuel projects?
Who are FuelCell Energy's (FCEL) partners in these Canadian eFuel projects?
What are the two eFuel projects FuelCell Energy (FCEL) is working on in Canada?
