Summary
Exelon Corporation, through its subsidiary Exelon Generation Company, LLC, announced on January 30, 2010, its intention to join the FutureGen Alliance. This alliance is focused on funding the development of a clean coal technology demonstration plant located in Mattoon, Illinois. This move signals Exelon's engagement with advanced energy technologies aimed at reducing emissions. The proposed participation involves phased contributions from Exelon Generation, potentially up to $32.1 million over six years, contingent upon the finalization of agreements and the commencement of a Cooperative Agreement with the U.S. Department of Energy (DOE) for partial project funding. Investors should note that this commitment is subject to various conditions, including securing substantial funding from the DOE (over $1 billion) and other sources, and members retain the right to withdraw before construction begins or if funding falls short.
Key Highlights
- 1Exelon Generation intends to join the FutureGen Alliance to support a clean coal technology demonstration plant.
- 2The project is located in Mattoon, Illinois.
- 3Exelon Generation's potential financial commitment is up to $32.1 million over a period of up to six years.
- 4Contributions are phased and contingent on definitive agreements and DOE funding.
- 5Members have the right to withdraw under specific conditions, including insufficient funding or before construction commencement.
- 6The project requires significant funding from the DOE (over $1 billion) and other sources.