FuelCell Energy and MHB sign agreement to develop hydrogen production facilities in Asia, New Zealand, and Australia.
Quiver AI Summary
FuelCell Energy and Malaysia Marine and Heavy Engineering (MHB) have signed a Joint Development Agreement (JDA) to co-develop large-scale hydrogen production technologies across Asia, New Zealand, and Australia, building on a prior memorandum of understanding from February 2023. The collaboration aims to conduct a Detailed Feasibility Study (DFS) for a low-carbon fuel production facility in Malaysia, utilizing solid oxide electrolysis (SOEC) technology with carbon dioxide and water as feedstocks. This initiative supports Malaysia's goal of achieving net-zero carbon emissions by 2050 and developing its hydrogen value chain. FuelCell Energy's CEO emphasized the significance of this partnership in scaling up projects in the hydrogen market, while MHB's CEO highlighted their commitment to spearheading larger-scale green energy projects by leveraging their fabrication capabilities and FuelCell Energy's innovative technology.
Potential Positives
- The signing of the Joint Development Agreement (JDA) with MHB highlights FuelCell Energy's commitment to clean hydrogen production and supports global decarbonization efforts.
- The collaboration will leverage FuelCell Energy's solid oxide electrolyzer (SOEC) technology and MHB's large-scale fabrication expertise, enhancing the company's capability to scale hydrogen production projects.
- The project aligns with Malaysia's goal of achieving net-zero carbon emissions by 2050, potentially opening new market opportunities for FuelCell Energy in the region.
- The secured contract for the Detailed Feasibility Study (DFS) underscores FuelCell Energy's role as a key player in the low-carbon fuels market, demonstrating its ability to engage in significant projects with strategic partners.
Potential Negatives
- The announcement of the Joint Development Agreement does not provide specific financial terms or projections, which may raise concerns about the economic viability of the partnership.
- The reliance on a Detailed Feasibility Study for project validation could indicate that the actual implementation of the hydrogen production facility is still uncertain.
- The emphasis on collaboration with a third party, KBR LLC, may reflect a lack of complete internal capability to develop the technology independently, potentially limiting FuelCell Energy's competitive advantage.
FAQ
What is the purpose of the Joint Development Agreement between FuelCell Energy and MHB?
The Joint Development Agreement aims to co-develop large-scale hydrogen production systems and technologies in Asia, New Zealand, and Australia.
How will the hydrogen production facility in Malaysia contribute to sustainability?
The facility will utilize solid oxide electrolysis technology to produce low-carbon fuel, supporting Malaysia's goal of achieving net-zero carbon emissions by 2050.
What technology will be used for hydrogen production?
The collaboration will employ solid oxide electrolysis (SOEC) technology to convert carbon dioxide and water into hydrogen for low-carbon fuel production.
Who is involved in the Detailed Feasibility Study for the fuel production facility?
FuelCell Energy and MHB are collaborating on the DFS, which also includes partnering with KBR LLC for low-carbon fuel synthesis technology.
What are the benefits of this collaboration for both companies?
The partnership allows FuelCell Energy to enhance its presence in the hydrogen market and enables MHB to leverage its fabrication expertise for larger-scale projects.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
DANBURY, Conn. and KUALA LUMPUR, Malaysia, March 06, 2025 (GLOBE NEWSWIRE) --
The collaborative journey for both FuelCell Energy and MHB started with a memorandum of understanding in February 2023 on developing hydrogen production facilities across Asia, New Zealand, and Australia.
The collaboration, under the Joint Development Agreement, will support a Detailed Feasibility Study for a low-carbon fuel production
1
facility using solid oxide electrolysis (SOEC)
2
technology with carbon dioxide and water as feedstocks in Malaysia.
FuelCell Energy, Inc. (Nasdaq: FCEL) and Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE), a wholly owned subsidiary of Malaysia Marine and Heavy Engineering Holdings Berhad (KLSE: MHB), have announced the signing of a Joint Development Agreement (JDA) to co-develop large-scale hydrogen production systems and technologies across Asia, New Zealand, and Australia.
Building on a memorandum of understanding signed in February 2023, the JDA represents a pivotal step for the two companies, driven by a shared vision to make clean hydrogen production easily accessible and viable. The collaboration underscores FuelCell Energy and MHB’s commitment to advancing green energy solutions and supporting global decarbonization and energy transition goals.
Under the terms of the JDA, the two companies will bring together FuelCell Energy’s cutting-edge solid oxide electrolyzer (SOEC) technology and MHB’s expertise in large-scale fabrication to develop modular solutions that support rapid deployment of commercial hydrogen production.
Project Award: Detailed Feasibility Study (DFS) in Malaysia
In conjunction with the JDA, FuelCell Energy and MHB are collaborating to support a contract awarded to FuelCell Energy for a Detailed Feasibility Study (DFS) of a low-carbon fuel production facility in Malaysia. The DFS will evaluate the production of low-carbon fuel utilizing SOEC technology with carbon dioxide and water as feedstocks.
Additionally, as part of the DFS, the companies will collaborate with KBR LLC, which will provide its proprietary low-carbon fuel synthesis technology.
The project aligns with Malaysia’s goals to achieve net-zero carbon emissions by 2050, while advancing its national hydrogen value chain.
Quotes by the CEOs
FuelCell Energy President and CEO, Jason Few, commented, "Our collaboration with MHB is a significant step forward in establishing our place in the hydrogen and low carbon fuels market, showing our global reach and demonstrating our ability to scale up for large-scale projects through strategic collaborations in a variety of industries.”
MHB Managing Director and CEO, Mohd Nazir Mohd Nor, said, “We are pleased to continue our collaboration with FuelCell Energy as we take another step forward in developing the hydrogen value chain in Malaysia. Building on our earlier efforts, this partnership highlights our readiness to take on larger-scale projects.
He added, “By leveraging MHB’s extensive fabrication capabilities and FuelCell Energy’s innovative SOEC technology, we aim to deliver real, scalable solutions that can attract strong stakeholder support and drive progress in the energy transition. This ongoing effort reflects our commitment to contributing towards a cleaner, low-carbon future.”
Notes
to
Editors
Low-Carbon
Fuel
Production
:
A
proprietary
process
that
converts
hydrogen (as
a
result
of the SOEC
process
in
this
case) and
carbon
monoxide
into
synthetic
fuels,
offering
a sustainable
alternative
to
traditional
fuels.
Solid Oxide Electrolysis (SOEC)
: An advanced technology that uses electricity to split steam
into
hydrogen
and
oxygen,
with
the
hydrogen
used
as
a
feedstock
to
further
process into low-carbon fuels.
About FuelCell Energy
FuelCell Energy, a pioneer in clean energy technology, provides efficient and sustainable power, carbon capture, and hydrogen solutions worldwide. The company’s fuel cells have been in commercial operation for more than 20 years and are able to run on various fuels including natural gas, hydrogen, and biofuel. The company’s installations have a wide variety of applications, including support of the electric grid, distributed baseload power on site for data centers, industrial operations, and major manufacturers. Founded in 1969 in Danbury, Connecticut, FuelCell Energy holds more than 530 patents that enable solutions for today’s energy needs. Learn more about our groundbreaking technology at fuelcellenergy.com. Learn more about FuelCell Energy’s electrolyzer
here
.
Contact:
FuelCell Energy
ir@fce.com
203.205.2491
Kathleen Blomquist
kblomquist@fce.com
203.546.5844
About MHB
Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) is a globally trusted energy and marine solutions provider for a wide range of offshore and onshore facilities and vessels.
With an illustrious 50-year history of proven excellence and a reputation for delivering integrated solutions to international energy clients, we operate the largest fabrication yard in Malaysia and one of the largest in Southeast Asia. Our specialisation lies in energy offshore construction, including deepwater facilities, marine repair, conversion services, and marine refurbishment, with a niche focus on Liquefied Natural Gas (LNG) carriers.
Today, MHB is at the forefront of the green energy revolution, spearheading initiatives in renewable energy and decarbonisation. Leveraging our extensive expertise, we construct carbon capture facilities, advanced offshore wind farm substations, and provide fabrication services for green hydrogen facilities, supporting our clients’ aspirations for cleaner and more sustainable energy solutions.
Our capabilities and track record in summary:
Full range engineering, procurement, construction, installation & commissioning (EPCIC) services for offshore structures.
Complete offshore facility conversion services in one location.
Comprehensive ship repair, refurbishment, upgrading and life extension of various types of vessels and rigs.
For more information, kindly contact MHB Corporate Communications:
Nor Mariam Mohd Nazir
Hp: +6012 341 9494
Email: nor.mariam@mmhe.com.my
Farah Nabilah Mohd Azman
Hp: +6011 2634 2915
Email:
farah.nabilah@mmhe.com.my
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/53587c5c-36ce-4fc5-bad4-da812c834e80
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
