ExxonMobil Corp., whose CEO is known for not taking bets on anything that doesn’t make money, announced Thursday it is collaborating with FuelCell Energy Inc. on carbon capture to reduce emissions from power plants that burn natural gas and coal.
The multi-year effort is designed to reduce the cost of cutting carbon dioxide (CO2) emissions from new and existing plants, with an overall goal to take the technology global. FuelCell CEO Chip Bottone and ExxonMobil’s Vijay Swarup, vice president for research and development (R&D) at the company’s research unit, discussed the venture during a conference call.
“We are constantly looking for solutions to solve the biggest challenges out there,” Swarup said. “Carbon capture is a big, big challenge.”