FuelCell Energy Inc (FCEL)

[Go Hawks13]

QUOTE:

In Amendment No. 1, which is effective as of October 31, 2021, the Company and EMRE agreed, among other things, to extend the term for an additional six months, ending on April 30, 2022, unless terminated earlier in accordance with the provisions of the Original Agreement. Amendment No. 1 allows for the continuation of research that would enable incorporation of design improvements to current Company fuel cell design in order to support a decision to use the improvements in a future demonstration of the technology for capturing carbon at ExxonMobil’s Rotterdam refinery in the Netherlands (such demonstration, the “Rotterdam Project”) and provides additional time to achieve Milestone 1, as defined in the Original Agreement. Under the terms set forth in the Original Agreement, upon achievement by the Company of Milestone 1 to EMRE’s satisfaction, the Company would be entitled to receive a milestone payment of $5.0 million from EMRE. However, there can be no assurance that the Company will achieve Milestone 1 (or any other milestone) to EMRE’s satisfaction.