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MODEC,INC. rebounds on MOU with Norwegian fuel cell system company
MODEC,INC. <6269> rebounded on Friday. On Thursday, MODEC announced that it signed a memorandum of understanding (MOU) with Eldo Energy, a Norwegian fuel cell system company, to develop an integrated system combining a high-efficiency 1.2-megawatt class solid oxide fuel cell (SOFC) and carbon dioxide (CO2) capture equipment for floating production storage and offloading (FPSO) facilities, fueling buying momentum.
Under the MOU, Eldo Energy will handle the design, procurement, and construction of the SOFC-based power generation system, including testing and verification, while MODEC will manage the CO2 capture system and its integration with the FPSO. The 1.2-megawatt facility is scheduled for onshore testing in 2029, followed by a long-term demonstration.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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