MODEC and Eld Energy Sign Memorandum of

MODEC, Inc. (“MODEC”) and Eld Energy AS ("Eld Energy”) announced the signing of a Memorandum of Understanding (MOU) to develop a highly efficient 1.2MW power system integrated with carbon capture for application on Floating Production, Storage and Offloading systems (FPSOs).

Under the MOU, the parties intend that Eld Energy will lead the design, procurement, and construction of the power system based on solid oxide fuel cells (SOFCs), including requisite testing and validation, while MODEC will develop the carbon capture facility and system integration for FPSOs. The 1.2 MW unit is targeted for onshore testing in 2029, followed by long-term demonstration.

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The MOU was signed in Tokyo during the official visit to Japan by His Royal Highness Crown Prince Haakon of Norway in presence of Norway's Minister of Fisheries and Ocean Policy.

The MOU was signed in Tokyo during the official visit to Japan by His Royal Highness Crown Prince Haakon of Norway in presence of Norway's Minister of Fisheries and Ocean Policy. From left to right: Per Christer Lund, Energy Coucillor, Norwegian Embassy Tokyo; Yasushi Ueda, Global Director of Technology & Innovation, MODEC; Hans Fredrik Lindøen-Kjellnes, CEO, Eld Energy; Heidi M. Dahl, Regional Director for Asia & the Middle East, Innovation Norway Marianne Sivertsen Næss, Minister of Fisheries and Ocean Policy

Eld Energy and MODEC have collaborated since 2025 on SOFC systems for offshore use, progressively scaling from 40 kW to 120 kW SOFC plus carbon capture pilot. Building on those results, the new phase aims to demonstrate scalability and integrated carbon management for offshore power.

SOFCs convert chemical energy directly to electricity at high temperature and can accept multiple fuels, and when combined with carbon capture system they offer a practical pathway to deep decarbonization of FPSO power without compromising uptime. Going forward, MODEC will continue to contribute to a stable energy supply while advancing practical emissions reduction solutions on FPSOs.

MODEC and Eld Energy Sign Memorandum of Understanding to Develop a 1.2 MW Power System Integrated with Carbon Capture for Future Zero-Emission FPSOs

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