MODEC Signs Fuel Cell And CO2 Capture Development Deal With Eld Energy

(RTTNews) - MODEC, Inc. (MDIKF, 6269.T), a supplier and operator of offshore floating platforms, on Tuesday said it has signed a joint development agreement with Norway-based Eld Energy AS to develop an integrated 120-kilowatt solid oxide fuel cell and Carbon dioxide capture system for floating production, storage and offloading vessels.

The onshore operational testing is planned for 2027 and the offshore demonstration is targeted to commence from 2028.

Under the new agreement, the SOFC output will be scaled up from 40 kilowatts to 120 kilowatts, representing a key step toward phased deployment on FPSOs. The system will also integrate a CO2 capture and fuel recovery unit optimized for SOFC exhaust.

The joint development aims to deliver a scalable multi-megawatt power system capable of meeting full FPSO power demand with zero carbon intensity, supporting improvements in both environmental performance and operational value.

The agreement covers prototype design and manufacturing of a low-carbon offshore power solution.

The company and Eld Energy have been jointly advancing the design and manufacturing of a pilot-scale 40-kilowatt SOFC offshore power system since 2025, using associated natural gas produced during FPSO operations.

MODEC is currently trading 2.04% higher at JPY 14,255 on the Tokyo Stock Exchange.