FuelCell Energy (FCEL) Investor presentation summary

Business overview and market position

• Approaching 1 GW of deployed fuel cell blocks, with 707 blocks installed and 553 global patents as of April 2026.

• Platforms proven at utility scale (10 MW, 20 MW, 58.8 MW) with an average of 10 years of operation.

• 90% of suppliers are U.S.-based, supporting a reliable and scalable supply chain.

• 23 years of proven baseload power generation experience.

Commercial and operational highlights

• Pipeline proposals grew to 4 GW, with a contracted backlog of $1.14 billion as of April 30, 2026.

• Torrington, CT manufacturing expansion underway to increase capacity from 100 MW to 500 MW annually.

• Introduced a standardized 12.5 MW fuel cell product for data centers, enabling faster deployments.

• Delivered $18 million in fuel cell products to Korea in Q2 2026.

• Two carbon capture modules shipped to Rotterdam for ExxonMobil.

Technology and product innovation

• Fuel cell blocks offer 99% system availability and up to 50% electrical efficiency.

• Modular, scalable architecture supports DC-native power for AI data centers and integrates with BESS, UPS, and other systems.

• Absorption chilling leverages waste heat, improving data center efficiency and freeing power for IT loads.

• Carbonate fuel cells natively capture CO2, with pilot projects targeting large-scale industrial emitters.