FuelCell Energy (FCEL) Investor presentation summary

Strategic and operational highlights

• Secured a 75 MW capacity reservation with a major data center operator in Texas and a 380 MW order under the Fit Energy agreement, with a 30 MW initial deposit received.

• Pipeline grew to approximately 10 GW in FY2026, with 97% tied to high-density data center proposals and a 3x increase in average proposal size from Q1 to Q3.

• Backlog increased to $1.3B committed and $2.4B awarded, totaling $3.6B as of July 31, 2026.

• Expansion of Torrington facility to 500 MW annualized capacity is underway, fully funded, with $200–$275M planned spend by June 2028; GW-scale planning in progress.

• Delivered $18M in fuel cell products to Korea in Q3, completing a 42-module repowering project at Gyeonggi Green Energy.

Technology and market positioning

• Modular carbonate fuel cell systems offer clean, continuous, combustion-free power, scalable from 1.25 MW blocks to 100 MW+ systems.

• Designed for AI and mission-critical data centers, providing DC-native power, high reliability, and integration with absorption chilling for improved PUE and IT load.

• 97% of proposal pipeline is focused on data centers, with solutions supporting rapid deployment, grid independence, and high-density compute.

• Supply chain is over 90% U.S.-based, with no reliance on rare earth elements and a cradle-to-cradle recycling program.

• Nearly 50 years of cumulative utility-scale runtime across five sites, with proven high availability and global deployments.

Carbon capture and sustainability

• First two industrial-scale carbon capture modules installed at ExxonMobil's Rotterdam complex, marking a milestone in joint technology development.

• Carbonate fuel cells natively capture CO2 while generating power, heat, and hydrogen, targeting large-scale industrial emitters.

• Modular design supports GW-scale carbon capture capacity, with CO2 to be stored under the North Sea via the Porthos project.