FuelCell Energy : May 2026 Corporate Presentation

Published: 2026-05-08 03:45:05 ET FCEL

Published on 05/08/2026 at 03:45 am EDT

FuelCell Energy

Investor Presentation May 2026

About FuelCell Energy

FuelCell Energy is an American clean energy company delivering continuous, scalable power to support mission-critical applications and grid resilience1

1 The metrics provided are as of January 31, 2026, unless otherwise provided.

2 Represents cumulative FCE Block deployments, including replacement modules, since 2003.

3 Patents held by FuelCell Energy, Inc. and our subsidiary Versa Power Systems, Inc. as of October 31, 2025.

4 Based on FY2025 cost data for the 2.5 MW Fuel Cell Energy Block System.

Note: The rendering on this page is of a 50 MW FuelCell Energy data center installation.

Key Messages

Commercial

Operations

Financial

Manufacturing Scale-Up: Unlocking existing Torrington manufacturing capabilities, with capacity expansion underway to support up to a 3X output increase.

U.S. Manufacturing Advantage: U.S.-based supply chain and manufacturing to meet growing demand for power.

Carbonate Fuel Cell Applications and Opportunities

Carbonate Fuel Cell Focus Areas and Opportunities

Data Centers 1

Commercial & Industrial

Biogas

Carbon Capture 1

Baseload power, superior efficiency, compatibility with other technologies and modular scalability well suited for data center opportunities

Time to power, proven large, utility scale, permitting advantages

1 Image shown is a rendering.

Can run directly off digester gas at high efficiency to produce electricity and useful heat

Distributed CO2 production;

industrial decarb, NOx control

Power Designed for AI Data Centers

Engineered to be fuel flexible, operate continuously, accelerate time-to-power, scale with rising demand, and reduce emissions

How it works

Carbonate fuel cells convert fuel into electricity and heat with no combustion

Natural gas, biogas, or H2 blends

Ambient air

1.25 MW FuelCell Energy Block

Reliable, continuous power

Exhaust heat for absorption chilling

Carbon capture1 Water recapture

1 Under development

1.25 MW building blocks

Scalable from 1.25 MW to 500 MW+

Cell package

400 cell stack

1.25 MW FCE Block

Four cell stacks

2.5 MW FCE Block 12.5 MW FCE Block 100 MW block

The 12.5 MW FuelCell Energy Block System

Energy infrastructure drives AI speed

Key Features

Modular redundancy: Five independent 2.5 MW FCE Block Systems

Faster Time-to-Power: Factory-engineered and manufactured with standard installation design

Reduced Capex: Standard site design and equipment lowers equipment and installation cost

Net Power Output

12.5 MW @ 13.8kV

Other medium voltage options available

Fuel

Natural gas (20 psig)

Biogas and H2 blending capable

Efficiency

50% elec./ 85% CHP

Heat Rate

7,580 BTU/kWh

Chilled Water Output

2,250 tons

With optional absorption chiller

Sound Level

62 dBA @ 30'

Site Layout

70' x 275'

Condensed options available

Phase Deployment: Additional 12.5 MW FCE Blocks can be added as site needs to grow

Optional solutions include:

Absorption chiller to generate high-efficiency CHW

Experience

FuelCell Energy has proven experience installing and operating diverse applications, from large-scale installations providing firm baseload power to smaller commercial microgrids.

Key projects in operation:

58.8 MW GGE (Utility, CHP, 2014)

20 MW NGE (Utility, CHP, 2016)

20 MW KOSPO (Utility, CHP, 2018)

15 MW Bridgeport (Utility, ORC, 2013)

14 MW Derby (Utility, 2023)

5.6 MW Pfizer (Microgrid, 2016)

2.8 MW Woodbridge (Microgrid, CHP, 2016)

58 MW

Gyeonggi Green Energy, South Korea

5.6 MW

14 MW

Derby, Connecticut, USA

2.8 MW

1.4 MW Riverside WWTP (Biogas, CHP, 2016)

1.4 MW U. Bridgeport (Microgrid, CHP, 2015)

Groton, Connecticut, USA

Woodbridge, Connecticut, USA

15 MW

Bridgeport, Connecticut, USA

1.4 MW

Bridgeport, Connecticut, USA

1.4 MW 9

Riverside, California, USA

FuelCell Energy Unique Value Proposition

DC-native power, ready backbone for AI data centers, delivering scalable, continuous power that improves capital efficiency and protects long-term investment

Accelerated Time to Power & Revenue

Ability to meet customer demand this year

1.25 MW building blocks

Up to 33 MW/acre density

Near-silent operations

Negligible criteria emissions

Reduced permitting friction

User-paid, on-site generation

Infrastructure Grade Scalability

Modular power blocks scalable to GWs

Up to 80% CHP efficiency

50% electrical efficiency

Thermal integration cuts electric demand, improves PUE

Behind-the-meter, grid parallel, or microgrid

Layered architecture: UPS | BESS | generation

Capital Preservation & Regulatory Resilience

10+ years continuous operation across multiple 20MW+ sites

7-year stack life design

90% US sourced materials, 100% US built

Carbon capture ready

Community friendly

Designed for evolving environmental frameworks

AI-Native Architecture

DC-native power backbone

Designed for high density compute

Compatible with rack-level architecture

Next-gen data center design-ready

Revenue & Return Acceleration

Avoids grid delays

Unlocks stranded capacity

Improves site-level energy utilization

Thermal integration higher IT load

Enables phased capital deployment

Carbonate Fuel Cells: Architected for Scale

Power Built for How AI Runs: Carbonate Fuel Cells

Native DC output drives efficiency, reliability, responsiveness and cost reduction for the future of AI

Fewer conversions

Lower copper and installation cost

Higher system efficiency

Simpler, more reliable architecture

Higher power density

Proven ecosystem with EV and solar adoption

3 OPTIONS

for fuel cell deployment in future 800 VDC data centers:

13.8 kV AC: Fuel cells can be deployed as grid-replacement to serve the entire facility load.

800 VDC output tied to facility DC distribution: Fuel cells power can be shared across multiple AI racks to increase load diversity and redundant scalability.

800 VDC output close-coupled to AI racks: Responsive, efficient, can be integrated with local energy storage to match AI loads.

Image source: NVIDIA

Absorption Chilling: Turning Fuel Cell Heat into More Compute

FuelCell Energy's carbonate fuel cells generate high-grade heat that can enable high-efficiency absorption chilling at the scale required by today's data centers, materially improving PUE1 and freeing up power for IT load

Integrating heat-driven absorption chilling:

Baseline

100 MW FCEL

100 MW FCEL +

Absorption Chilling2

Representative example for 100-MW data center2

IT load 69.5 MW 77.2 MW

Net IT EBITDA per year3 baseline + 10% (~$7.7M/yr)

$127M

Capex (fuel cells, electric chillers, absorption chillers, cooling towers)

baseline + 10% (~$27M)

100-MW

data center powered by carbonate fuel cells

added EBITDA over 20 years

>10%

reduction in PUE

18,000 tons

chilled water output

>60%

reduction in total chiller plant power use

>10%

increase in IT load

Opex (fuel and LTSA) baseline same as baseline

20-year value baseline + $127M

Previously deployed absorption chilling configuration:

UC San Diego, CA4

2.8 MW fuel cell system

400-ton absorption chiller

PUE: power usage effectiveness.

Estimates are based on FuelCell Energy Block specifications, publicly available absorption chiller performance data, and internal engineering assumptions, including operating conditions, heat recovery efficiency, and data center power usage characteristics. Actual results may vary based on site-specific design, operating profile, and market conditions.

Based on an estimate from industry sources of $1M EBITDA per additional 1 MW IT load.

The site was decommissioned at the end of the term.

Strategic Collaborations

Up to

fuel cell-based power in phased increments starting in 2027

Up to

450 MW

pipeline of near- and long-term identified projects

FuelCell Energy has established multiple collaborations to support and advance its data center strategy

SDCL is a leading developer, investor and fund manager focused on energy efficiency and decarbonization.

Signed MOU for data center development in South Korea to explore opportunities to deploy up to 100 MW of fuel cell-based power in phased increments starting in 2027 at the AI Daegu Data Center.

Rendering of AI Daegu Data Center, South Korea*

*Source: https://en.inuverse.co.kr/Hyperscale

Turnkey solution to meet data center demand

Dedicated Power Partners (DPP) is an investment and development platform company formed by Diversified Energy and FuelCell Energy.

The goal of DPP is to accelerate deployment and deliver bridge-to-permanent prime power at scale.

Scalable to hundreds of MW

Sites identified for potential development

Fiber connectivity

Community economic impact

Our Unique Value Proposition is Driving Demand

Our carbonate fuel cells are uniquely positioned to address macro trends driving global electricity demand growth

Demand Growth

Pipeline by type, Feb 2025 Pipeline by type, Feb 2026

30%

Sales pipeline highlights:

275% increase in total pipeline in February 2026 from February 2025

10%

40%

20%

81%

6% Themes driving pipeline growth and opportunities:

6% ▪ Demand surge from AI/Cloud

Long utility interconnection timelines

Gas turbine queues

Environmental & permitting constraints

Data centers Utilities Commercial & Industrial Other

Note: Pipeline consists of ongoing commercial discussions that range from solutions discussion through contract negotiation and does not represent signed agreements. There can be no assurance that these discussions will result in executed contracts or actual sales.

Policy certainty through the Investment Tax Credit and 45Q carbon capture incentive underpins long-term project economics

Scarcity of powered land

South Korean Market

FuelCell Energy is an established long-term player in South Korea, with positioning aligned to increasing power demand from data-center applications

Korea Repowering: Deliveries and Revenue

FY '24 & 25 FY2026

Customer Prior 5 Q Actuals Q1 Actual Q2 Estimate Q3 Estimate Q4 Estimate

GGE # of Modules

CGN # of Modules

Revenue

$84M

$12M

$18M

GGE fuel cell park, South Korea

Planning for Global GW-scale Manufacturing Capacity

Opportunities for localization and optimization of operating costs, product assembly, supply chain, logistics, service and job growth

Torrington, CT factory expansion underway, which would enable a ramp to up to 350 MW of estimated annualized production capacity with additional capital investment, automation and outsourcing.1

$20-30 million of estimated capital investments in FY2026 to begin capacity expansion beyond 100 MW.2

Scalable supply chain: 90% U.S.-based suppliers; no reliance on rare-earth elements.

Expansion to > 350 MW

Phase 1 Optimize Torrington, CT

Phase 3

500 MW - 1 GW+

New High Volume Cell Manufacturing Facility3 &

Global Distributed Assembly Footprint

Centralized Core

Replicable Scale

Phase 2

Global Assembly Footprint

Centralized Core

Replicable Scale

We have done this before: South Korea & Germany - we know how to localize final assembly, condition product in-market and scale manufacturing beyond our current footprint.

1 Including investments in machinery, equipment, tooling, labor, outsourcing of certain processes and inventory.

2 2026 estimates include certain long-lead items to enable this capacity expansion. As demand above our current capacity dictates, the Company may commit additional capital for capacity expansion and will provide updated estimates at that time.

3 Investments to be made when supported by market demand

Carbon Capture Solutions

Carbon Capture

Unlike other carbon capture technologies that require a power source, our carbonate fuel cell technology is unique in its design to natively capture CO2 and can do so without an external power source

External Source Carbon Capture in development

with ExxonMobil: Rotterdam Carbonate Fuel Cell Pilot

FuelCell Energy is expected to ship to Rotterdam two carbon capture modules in Q2 FY2026.

Modular design supports GW scalability.

Target: large-scale industrial emitters and power producers.

Captured CO2 can be transported and stored via the Porthos project for permanent storage under the North Sea which is expected to be operational in 2026*.

* Source: https://www.porthosco2.nl/en/project/

Financial Update

First Quarter 2026 Operating Performance

(Q1)

(Amounts in millions, except per share amounts)

2026

2025

Total revenue

$30.5

$19.0

Loss from Operations

$(26.3)

$(32.9)

Net loss

$(26.1)

$(32.4)

Net loss attributable to common stockholders

$(23.7)

$(29.1)

Net loss per share attributable to common stockholders 1

$(0.49)

$(1.42)

Adjusted EBITDA 2

$(17.0)

$(21.1)

Adjusted net loss per share attributable to common stockholders 1, 2

$(0.52)

$(1.33)

1 Historic per share information reflects the impact of the reverse stock split implemented on November 8, 2024.

2 Reconciliations of Adjusted EBITDA and Adjusted net loss per share attributable to common stockholders to most directly comparable GAAP financial measures is included in the appendix.

MW FuelCell Energy data center installation

Disclaimer

FuelCell Energy Inc. published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 07:43 UTC.