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FuelCell Energy Is Getting Funding From The Canadian Government

August 28, 2024
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FuelCell Energy Is Getting Funding From The Canadian Government

One of the leading publicly traded hydrogen companies in North America has landed new funding from the government of Canada. And they are going to use it to prove out new technologies for producing synthetic fuel.

What’s happening:

  • Sustainable energy technology company FuelCell (NASDAQ: FCEL) has announced that the Natural Resources Canada’s Clean Fuels Fund will finance $4.9M CAD of two of FuelCell’s new projects focused on producing synthetic fuel

The big idea:

  • FuelCell Energy has developed proprietary technology around fuel cells and electrolysis that makes it possible to produce low carbon synthetic diesel fuels using zero carbon hydrogen
  • Once synthetic fuels are produced they are then able be used as a replacement or blended into existing fuels such as gasoline, diesel or heating oil to significantly lower their cumulative carbon emissions

Why it matters:

By the numbers:

  • FuelCell Energy has produced more than 15M megawatt hours of electricity through their hydrogen plants since inception

Going deeper:

  • FuelCell’s initial project is attempting to prove out the viability of producing synthetic diesel fuels using synthetic gas that is generated from biomass gasification and then combined with hydrogen that is produced through solid state electrolysis
  • The second project from FuelCell will be a demonstration of synthetic gas production through co-electrolysis, which will leverage FuelCell’s proprietary electrolyzer and capture carbon dioxide emissions from an operational cement plant

The intrigue:

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