FuelCell Energy (FCEL) Investor presentation summary

Strategic positioning and market opportunities

• Approaching 1 GW of deployed fuel cell modules, with 687 modules and 553 global patents as of January 2026.

• Leading U.S. fuel cell manufacturer with utility-scale platforms operating for an average of 10 years.

• Strong focus on data centers, with a collaboration targeting up to 450 MW for global data centers and a pipeline exceeding 1.5 GW in Q1 2026.

• Policy support from U.S. incentives, including the reinstated ITC and 45Q carbon capture credits.

• Expansion in South Korea, including a 100-MW MOU for data center power and ongoing module deliveries.

Technology and product innovation

• Carbonate fuel cell systems operate on natural gas, biogas, and up to 50% H2 blends, offering high efficiency and low emissions.

• Modular, scalable design supports microgrid and utility-scale deployments, with 1.25 MW and 2.5 MW system building blocks.

• Native DC output and thermal integration improve data center efficiency, enabling absorption chilling and higher IT loads.

• Carbon capture modules scheduled for shipment to Rotterdam in FY2026, supporting large-scale industrial decarbonization.

Manufacturing and supply chain

• Torrington, CT factory expansion underway, targeting up to 350 MW annualized capacity with $20–30M investment in FY2026.

• 90% U.S.-based suppliers and no reliance on rare-earth elements, supporting supply chain resilience.

• Plans for global assembly footprint and high-volume cell manufacturing as demand grows.