FuelCell Energy Inc

FuelCell Energy shares have risen more than 187% so far in 2026 after the company announced a collaboration and memorandum of understanding with Siemens. The partnership will see Siemens support rapid deployment of commercial projects using FuelCell’s molten carbonate fuel cells. FuelCell reported a project backlog of $1.14 billion as of its second-quarter 2026 earnings, with its sales pipeline growing 267% sequentially between the first and second quarters. The company also recently announced a common stock offering worth about $225 million, raising dilution concerns among investors. Despite short-term volatility, the collaboration with Siemens is seen as a strong signal for scaling FuelCell’s technology to meet rising data center power demand.

FuelCell Energy has entered an agreement with Fit Energy to supply up to 380 megawatts of carbonate fuel cell systems for data centers across four phases. The initial 30-megawatt phase is committed, with deliveries expected by the end of this year, while the remaining capacity consists of options that Fit Energy may pursue in increments. The deal marks a significant milestone for FuelCell Energy, which has struggled with uneven sales and profitability, as it seeks to capitalize on surging electricity demand from AI workloads. However, the company faces financial challenges, having lost nearly $225 million over the past 12 months and recently announcing a $225 million equity raise to expand manufacturing capacity.

FuelCell Energy and Siemens have entered a strategic collaboration to accelerate deployment of scalable fuel cell-based power generation systems for energy-intensive industries. The partnership combines FuelCell Energy's advanced fuel cell technology with Siemens' expertise in electrical infrastructure and system integration to deliver reliable, lower-emission on-site power solutions. Under a memorandum of understanding, Siemens will design and supply the electrical balance of plant systems for FuelCell Energy's fuel cell installations, with the combined solution expected to support commercial projects exceeding 100 megawatts. The companies aim to address surging electricity demand from AI-driven data centers, cloud computing, and industrial electrification by enabling faster deployment of distributed energy systems for mission-critical applications. The collaboration also includes joint development of integrated systems that may combine fuel cell power generation, battery energy storage, microgrid controls, and medium-voltage electrical infrastructure, as well as pilot projects exploring next-generation technologies like medium-voltage DC power delivery.

FuelCell Energy shares have risen about 48.4% over the past month, outperforming the S&P 500. The company posted a second-quarter fiscal 2026 adjusted loss of 58 cents per share, wider than the Zacks Consensus Estimate of a 54-cent loss, on revenues of $35.6 million that missed the $41 million consensus. A $42.6 million non-cash impairment tied to the Groton project upgrade weighed on results, but management highlighted a 4-gigawatt proposal pipeline with data centers accounting for roughly 89% of the total. FuelCell Energy ended the quarter with $440.9 million in total cash, cash equivalents and restricted cash, and is expanding manufacturing capacity at its Torrington facility toward an annualized rate of up to 500 megawatts.

Ford, FuelCell Energy, and Fluence Energy are positioning to meet surging data-center power demand from the AI build-out. Ford is repurposing its Kentucky EV facility to produce containerized battery energy storage systems under its new Ford Energy subsidiary, with a five-year framework agreement to supply up to 20 gigawatt-hours of capacity to EDF Renewables and first shipments targeted for late 2027. FuelCell Energy’s 4-gigawatt sales pipeline, nearly 90% from data-center customers, grew 267% quarter-over-quarter, and the company plans to invest up to $275 million to expand annual production capacity to 500 megawatts. Fluence Energy has partnered with Nvidia to integrate its Smartstack battery storage platform into Nvidia’s AI factories, providing system management and voltage stabilization for high-density supercomputers.

FuelCell Energy shares jumped 24% on June 29 and another 21% on June 30 after the Export-Import Bank of the United States approved a $49 million financing package for the company. The financing, approved on June 23, will be delivered in two tranches, with the first expected on June 30 providing about $22 million in net proceeds to support delivery of five 2.8-megawatt fuel cell blocks to South Korean customer Gyeonggi Green Energy. A second tranche is set to follow in October, marking the third consecutive year of EXIM backing for FuelCell Energy's export business. CEO Jason Few recently noted that the company's pipeline of submitted proposals has grown to 4 gigawatts, with about 89% coming from data-center customers, and the company has raised its manufacturing expansion target to 500 megawatts of annual capacity. In its fiscal second quarter, FuelCell Energy reported revenue of $35.6 million and a net loss of $77.6 million, largely due to a one-time charge, while ending the quarter with $441 million in cash.

B. Riley analyst Ryan Pfingst upgraded FuelCell Energy from Neutral to Buy and raised the price target from $13 to $32, following a new agreement with Fit Energy USA to deploy up to 380 megawatts of power for AI data centers. The deal covers multiple delivery structures including behind-the-meter, grid-connected, and microgrid models, giving FuelCell a competitive edge over peers with single-model offerings. The Export-Import Bank of the United States also approved a $49 million financing package for the company. FuelCell's sales pipeline surged 267% quarter-over-quarter to 4 gigawatts, with about 89% of submitted proposals tied to AI data centers. Despite a weak fiscal second quarter with revenue of $35.6 million missing estimates and a net loss of $78.7 million, the stock has skyrocketed 514.3% over the past year, recently hitting a 52-week high.

FuelCell Energy shares surged 25.8% on Monday after the Export-Import Bank of the United States agreed to a $49 million financing package for the company and B. Riley turned bullish, upgrading the stock to Buy from Neutral. Analyst Ryan Pfingst raised the price target to $32 from $13, citing increased confidence from a firm order with Fit Energy USA for as much as 380 megawatts of power deployment for data centers. The agreement is with Fit Energy USA, an energy infrastructure developer focused on fuel cell technology and natural gas turbines, backed by private investment firm Fit Ventures. Pfingst also forecast positive EBITDA generation for FuelCell Energy starting in the second half of 2027.

FuelCell Energy stock jumped 17% in morning trading, extending its year-to-date gain to 308% and decisively outperforming peers Bloom Energy and Plug Power. The Export-Import Bank of the United States approved a $49 million financing package, with a first tranche of $22 million expected around June 30 to support delivery of five 2.8 MW FuelCell Energy Blocks to Gyeonggi Green Energy in South Korea. CFO Michael Bishop called the financing non-dilutive capital that supports growth without share issuance. B. Riley upgraded the stock to Buy from Neutral and raised its price target to $32 from $13, citing a deal to supply Fit Energy with up to 380 MW of power for AI data centers. FuelCell Energy was also added to the Russell 3000 Index, which may drive passive fund buying. Bloom Energy rose 6% with no fresh catalyst, while Plug Power was flat.

FuelCell Energy has secured a $49 million financing package from the Export-Import Bank of the United States to support clean energy technology exports to South Korea. The first tranche, expected to disburse on June 30, provides approximately $22 million in net proceeds for the delivery of five 2.8 MW FuelCell Energy Blocks to Gyeonggi Green Energy, with a second tranche to follow in October. Gyeonggi Green Energy's site is among the largest fuel cell installations in the world, serving as a key example of distributed utility-scale clean energy deployment. EXIM structured the financing under its loan guarantee program in collaboration with Private Export Funding Corporation, building on prior EXIM-supported financing completed in 2024-25. FuelCell Energy CFO Michael Bishop stated that the approval validates the project's strength, the partnership with Gyeonggi Green Energy, and the company's ability to deliver distributed utility-scale clean power globally.

Jefferies upgraded FuelCell Energy to Buy and raised its price target to $24, citing a newly announced strategic partnership with Fit Energy U.S. to supply up to 380 megawatts of clean baseload fuel cell power for data centers. The analyst said the investment narrative has shifted from speculative to execution-driven, noting a deep valuation discount relative to Bloom Energy and asymmetric upside. The Fit Energy deal includes an immediate deposit for an initial 30 megawatts with deliveries starting in 2026, plus options for expansions of 100 megawatts and two 125-megawatt phases, backed by milestone payments and 15- to 20-year service agreements. FuelCell’s commercial pipeline reached 4 gigawatts, up 267% sequentially, with 89% of proposals tied to data centers, though the company posted a net loss of $77.6 million on $35.6 million in revenue last quarter and its backlog fell 9.9% year-over-year to $1.14 billion. The consensus rating remains Hold with a mean price target of about $17.

FuelCell Energy surged 24% after landing a 380-megawatt data center power deal with Fit Energy, while Bloom Energy tumbled 13% on competitive rotation and profit-taking. The agreement includes an immediate deposit for an initial 30 megawatts with delivery starting in late 2026, plus warrants tied to future deployment milestones. FuelCell Energy has flagged a commercial pipeline of roughly 4 gigawatts, 90% tied to data centers, and is funding a $200 million to $275 million expansion of its Torrington, Connecticut facility to push annualized capacity to 500 megawatts. Bloom Energy entered the session already in retreat after a profit-taking reversal, extending a two-session unwind from a 1,331% annual run and a forward earnings ratio near 156 times. Bloom Energy's product backlog still stands at roughly $6 billion, and its fundamentals remain strong with first-quarter 2026 revenue of $751 million, up 130% year over year, and full-year guidance raised to $3.6 billion.

FuelCell Energy is gaining attention as AI data centers seek on-site baseload power, with its fiscal second-quarter pipeline surging 267% sequentially to 4 gigawatts, roughly 89% of which is tied to data center proposals. The company is positioning its standardized 12.5-megawatt FuelCell Energy Block, built from ten 1.25-megawatt modules, to speed deployment in grid-constrained markets. However, contracted backlog fell 9.9% year over year to $1.14 billion as of April 30, 2026, and product backlog declined sharply, underscoring the challenge of converting proposals into signed contracts and revenue. Beyond data centers, FuelCell Energy's carbonate platform supports carbon capture, hydrogen production, and industrial decarbonization, with a Rotterdam pilot for ExxonMobil testing technology that captures carbon while generating power and hydrogen. The stock carries a Zacks Rank #2 (Buy) and a Growth Score of B, but mixed style scores—Value Score of F, Momentum Score of D, and VGM Score of D—suggest it may suit patient, risk-tolerant investors.

FuelCell Energy shares jumped 16% after it announced a strategic partnership with Fit Energy USA LP to supply up to 380 megawatts of clean power for data centres using its fuel cell technology. The agreement includes an immediate deposit for an initial 30-megawatt deployment expected to begin later this year, with a framework for potential expansion to the full 380 megawatts as additional projects advance. Fit Energy will also receive warrants tied to future deployment milestones, aligning incentives with project execution. The deal positions FuelCell Energy to meet growing demand from AI and advanced computing infrastructure, and CEO Jason Few said it validates the company's decision to scale operations to 500 megawatts.

Absci shares surged 24% in premarket trading after the biotechnology company reported positive interim Phase 1 safety data for its hair-loss antibody treatment ABS-201, while FuelCell Energy jumped 16% on a strategic agreement to supply up to 380 megawatts of clean power for data centers. Cerebras Systems tumbled about 14% after forecasting 2026 adjusted gross margins of 38% to 41%, below the 47% margin reported in the first quarter, in its first earnings report since its IPO. FedEx fell 7.3% after issuing a fiscal 2027 earnings outlook that missed Wall Street expectations, despite reporting fourth-quarter earnings and revenue above estimates. Bilibili rose 2.4% after unveiling a new $300 million share repurchase program that will remain in place for 24 months.

StockStory recommends FuelCell Energy and Viper Energy as small-cap stocks to own for decades, while advising investors to sell Procore Technologies. FuelCell Energy posted 38.8% annual revenue growth over two years and 40.6% annual EPS growth, with improving cash burn. Viper Energy delivered 36.8% annual revenue growth over ten years, a 99.8% gross margin, and a 6.4 percentage point EBITDA margin improvement over five years. Procore Technologies saw sluggish 14.9% average ARR growth, estimated 13% forward sales growth, and persistent operating losses.