FuelCell Energy is a specialist in fuel-cell technology, which converts waste gases into energy. The company believes it has developed a solution to combining carbon capture and fuel-cell technology in a way that could pay for itself with power generation.
The power plant exhausts would be delivered to the fuel cell, which would use some of the exhaust for generating power while concentrating the carbon dioxide, making capture easier.
The process would also eliminate around 70% of smog-producing nitrogen oxides from power plants, according to Bottone.
The captured carbon dioxide is then stored underground.
The two companies said the initial target of the venture is to prove initial estimates that the technology could save one-third of the costs from conventional carbon-separation technology.
"We are continually researching technologies that have an ability to reduce carbon dioxide emissions," said Vijay Swarup, vice president for research and development at ExxonMobil Research & Engineering Company.
"Most solutions that can make an impact of the scale that is required are not found overnight. Our research with FuelCell Energy will be conducted methodically to ensure that all paths toward viability are explored."