FuelCell Energy (FCEL) EGM 2024 summary

Opening remarks and agenda

• Chair welcomed attendees, introduced board members and executive officers, and outlined the virtual meeting format and procedures.

• Inspector of elections and secretary roles were established, and meeting rules were referenced.

Specific resolutions to be voted on

• Proposal One: Amendment to the certificate of incorporation to effect a reverse stock split at a ratio between 1-for-10 and 1-for-30, with the exact ratio to be set by the board before May 23, 2025.

• Proposal Two: Approval for one or more adjournments of the meeting if more time is needed to solicit proxies for Proposal One.

Q&A with stakeholders

• Questions focused on regaining market share, improving sales, attracting new clients, and expanding the customer base.

• Management highlighted progress in Korea with new projects totaling nearly 80 megawatts and domestic microgrid opportunities.

• Discussed strong momentum in data centers and AI, with examples of microgrid integration and future growth opportunities.

• Noted that hydrogen-related opportunities are expected to take longer to mature, but distributed power generation remains strong.