In an SEC filing yesterday, FuelCell Energy (FCEL) announced that it entered into a license agreement, effective as of June 11, with ExxonMobil Research and Engineering Company (EMRE).
In the agreement FuelCell Energy has agreed to “grant EMRE and its affiliates a non-exclusive, worldwide, fully paid, perpetual, irrevocable, non-transferrable license and right to use the Company’s patents, data, know-how, improvements, equipment designs, methods, processes and the like to the extent it is useful to research, develop, and commercially exploit carbonate fuel cells in applications in which the fuel cells concentrate carbon dioxide from industrial and power sources and for any other purpose attendant thereto or associated therewith. Such right and license is sublicensable to third parties performing work for or with EMRE or its affiliates, but shall not otherwise be sublicensable.”
Upon the payment by EMRE to the Company of $10.0 million, which is expected to occur within 15 days, EMRE and its affiliates will be fully vested in the rights and licenses granted in the License Agreement.
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