Memorandum of Understanding for Rotterdam Project between FuelCell Energy, Inc. and ExxonMobil Research and Engineering Company
FuelCell Energy, Inc. and ExxonMobil Research and Engineering Company have agreed to collaborate on the Rotterdam Project, which involves demonstrating a fuel cell module for carbon capture at ExxonMobil’s Rotterdam refinery. Upon reaching a specified milestone and signing a further agreement, FuelCell Energy will either invest $5 million in the project or provide an equivalent discount on the purchase of its fuel cell module and engineering services, at ExxonMobil’s option. This agreement outlines the initial terms of their cooperation and investment.
FuelCell EnergyEXHIBIT 10.2
3 Great Pasture Road
Danbury, CT 06810
www.fuelcellenergy.com
October 28, 2021
ExxonMobil Research and Engineering Company
Attn: Dr. Vijay Swarup
Vice President, Research & Development
1545 Route 22 East
Annandale, NJ 08801
Re:Memorandum of Understanding – Rotterdam Project
Dear Dr. Swarup,
Please allow this letter agreement to memorialize our recent conversation, wherein ExxonMobil Research and Engineering Company (“ExxonMobil”) and FuelCell Energy, Inc. (“FCE”) agreed to invest into the Rotterdam Project as herein described. The term “Rotterdam Project” as used herein means demonstration of an FCE fuel cell module for capturing carbon at ExxonMobil’s Rotterdam refinery located in Rotterdam, Netherlands.
FCE agrees that upon achievement of Milestone 1 as set forth in the Joint Development Agreement dated October 19, 2019, and amended by Amendment No. 1 dated October 31, 2021, and the execution of a contractual agreement between the Parties to proceed with the Rotterdam Project, at ExxonMobil’s option, FCE will either make an investment in the amount of five million dollars ($5,000,000) USD in the Rotterdam Project or FCE will discount ExxonMobil’s purchase of FCE’s fuel cell module and detailed engineering design, as agreed to by the Parties, required for the Rotterdam Project by said amount.
If ExxonMobil is in agreement with the terms set forth above, please sign and return an executed copy.
Very truly yours,
/s/ Jason Few
Jason Few
President, CEO and CCO
ExxonMobil Research and Engineering Company
By:___/s/ Vijay Swarup___________________Date: __October 29, 2021_
Dr. Vijay Swarup
Vice President, ExxonMobil Research and Engineering Company
