FuelCell Energy (NASDAQ:FCEL) has entered into Amendment No. 5 to its Joint Development Agreement with ExxonMobil Technology and Engineering Company (EMTEC), effective March 31, 2024.

This amendment further extends the collaboration between FuelCell Energy and EMTEC to continue their joint development efforts aimed at enhancing carbonate fuel cells for reducing carbon dioxide emissions from industrial and power sources.

The partnership, which began on October 31, 2019, has been extended to December 31, 2026, facilitating the advancement towards the technical readiness of the Generation 2 Technology fuel cell module.

The amendment not only extends the term of the agreement but also removes the cap on the maximum amount of research costs to be reimbursed by EMTEC, setting an expected annual budget for the anticipated work through the remaining term of at least $10 million per year.