MCFCs: what if carbon capture generated electricity?

Molten carbonate fuel cells (MCFCs) could be a game-changer for CCS and fossil fuels. They are electrochemical reactors with the unique capability to capture CO2 from the exhaust pipes of combustion facilities; while at the same time, efficiently generating electricity from natural gas. The first pilot plant was due to be tested in 1Q20, by ExxonMobil and FuelCell Energy, but was deferred. Economics range from passable to phenomenal. The opportunity is outlined in our 27-page report.


Pages 2-4 outline the market opportunity for more efficient carbon separation technologies, which can be retrofitted to 4TW of pre-existing power plants, without adding $50/T of cost and 15-30% of energy penalties per traditional CCS.

Pages 5-13 outline how MCFCs work, including their operation, development history, how recent patents promise to overcome reliability problems, and their emergent adaptation to carbon capture.

Pages 14-18 assess the economics, both in absolute terms, and by comparison to new gas plants and hydrogen fuel cells. CCS-MCFC economics range from passable to phenomenal, at recent power prices.

Pages 19-23 suggest who might benefit. FuelCell Energy has received $60M investment from ExxonMobil, hence both companies’ prospects are explored.

Appendix I is an overview of incumbent CCS technologies, and their limitations.

Appendix II is an overview of six different fuel cell types, comparing and contrasting MCFCs.