ExxonMobil Is Working on a Breakthrough Technology to Capture This Potentially $4 Trillion Opportunity
ExxonMobil (NYSE: XOM) believes carbon capture, utilization, and sequestration (CCUS) will play a vital role in helping reduce global emissions. The energy company sees this technology eventually becoming a massive global industry that will one day rival the size of the oil and gas market. It estimates the CCUS market could reach $4 trillion by 2050.
That's driving its investment in developing a CCUS platform. It's currently working on a potential breakthrough technology with FuelCell Energy (NASDAQ: FCEL) that could capture carbon emissions directly from industrial sites while also producing energy, which could lower costs and emissions. It's one of many steps ExxonMobil is taking to build out what could eventually be a very valuable lower-carbon energy business.
An ExxonMobil affiliate plans to build a pilot plant at its Rotterdam Manufacturing complex to test carbonate fuel cell (CFC) technology. This test project would gather data on the performance and operability of the technology jointly developed with FuelCell Energy. It would also provide the companies with information on potential technical issues and the costs of installing and operating the CFC plant. If successful, Exxon could deploy this technology at its other manufacturing sites.
Source Fool.com
