12:53 PM EDT, 04/04/2024 (MT Newswires) -- FuelCell Energy ( FCEL ) said Thursday that it has amended its joint development deal with ExxonMobil's ( XOM ) ExxonMobil Technology and Engineering unit, effective March 31.

Per the deal, the company has engaged in research and development activities with the ExxonMobil ( XOM ) unit to evaluate and develop advanced carbonate fuel cells for carbon dioxide emissions from industrial and power facilities, with the ExxonMobil ( XOM ) unit covering certain expenses and providing licenses in return.

The agreement is now scheduled to expire on Dec. 31, 2026, FuelCell Energy ( FCEL ) added.

The amendment also eliminates the cap on research cost reimbursement by the ExxonMobil ( XOM ) unit and establishes a minimum annual budget of at least $10 million per year for the expected work throughout the agreement's remaining term, pending approval by the ExxonMobil ( XOM ) unit, the company said.

Shares of FuelCell Energy ( FCEL ) rose more than 6% in recent trading.

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