FuelCell Energy, Inc. (FCEL) is making strides in the clean energy sector. The company has received a CAD$5.9 million grant from Natural Resources Canada’s Clean Fuels Fund to support two projects utilizing its electrolyzer technology for the production of synthetic fuel. This investment underscores the potential of FuelCell Energy’s technology to contribute to a cleaner energy future.
The projects, in collaboration with Canadian Nuclear Laboratories, Expander Energy Inc., Nuclear Promise X, and St. Marys Cement, focus on producing low-carbon synthetic diesel fuels. A key aspect of these projects is the innovative utilization of carbon dioxide (CO2) emissions. At the St. Marys Cement facility, a 5 kWe electrolyzer from FuelCell Energy will be deployed to capture CO2 from the plant’s flue gas. This captured CO2 will then be repurposed into synthesis gas (PtL), a versatile material that can be used to produce various energy and feedstock materials.
One of the two Canadian Nuclear Laboratories (CNL) projects will delve into the economic viability of producing synthetic diesel fuels from biomass gasification and hydrogen generated by solid oxide electrolysis. The project will explore the feasibility of constructing a plant capable of producing 550 barrels per day of synthetic fuel using these methods.
The second CNL project will demonstrate the production of synthesis gas through co-electrolysis of water and carbon dioxide. This process utilizes zero-carbon hydrogen generated from nuclear power and FuelCell Energy’s Solid Oxide electrolysis technology. The resulting fuels, known as eFuels, are CO2-neutral and offer a viable solution for decarbonizing transportation, high-grade heat applications, and residential or commercial heating.
Jason Few, President & CEO of FuelCell Energy, expressed enthusiasm about these projects, stating, “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 100% electrical efficiency, and the practicality and scalability of our technology.”
In a separate development, FuelCell Energy recently announced a special stockholder meeting to consider and vote on a proposal to authorize a reverse stock split. Investors seeking exposure to the company’s stock can explore options like the Defiance Next Gen H2 ETF (HDRO) and the Global X Hydrogen ETF (HYDR).
FCEL shares were down 6.07% at $0.4302 at the last check on Thursday.
