DANBURY, Conn., April 29, 2026, 3:04 p.m. ET
- FuelCell Energy shares jumped in mid-afternoon, with investors rotating back into fuel-cell stocks linked to data-center power demand.
- Bloom Energy posted better-than-expected first-quarter numbers, while its fuel-cell initiative with Oracle added another lift for the sector.
- FuelCell still faces the hurdle of converting those data-center proposals into firm contracts—and actual revenue.
FuelCell Energy shot higher Wednesday, part of a fuel-cell sector surge after Bloom Energy boosted its 2026 guidance and posted a sharp revenue increase on strong data center demand for on-site power. FuelCell shares last traded at $12.69, up $2.75 from Tuesday’s finish, with volume topping 13 million shares.
This shift is catching attention, as fuel-cell suppliers are once more being swept into the AI infrastructure trade. Data centers demand consistent electricity, and with persistent grid delays, some operators are eyeing on-site generation—fuel cells among the options. Unlike combustion, they generate electricity via an electrochemical process.
Shares of Bloom Energy jumped more than 23% after the company posted first-quarter revenue of $751.1 million, a 130.4% surge from last year. Bloom also boosted its 2026 revenue outlook, now targeting between $3.4 billion and $3.8 billion for the full year. Chief Executive KR Sridhar called Bloom a “go-to choice” for on-site power. Bloom Energy
Oracle and BorderPlex announced this week that Bloom fuel cells are set to provide all the power for Project Jupiter, the upcoming AI data-center campus in Doña Ana County, New Mexico. The project could see as much as 2.45 gigawatts of Bloom capacity installed. According to the companies, this setup scraps earlier plans for gas turbines and diesel generators.
That sums it up for FuelCell. Back in March, the Danbury, Connecticut-based company rolled out standardized 12.5-megawatt power blocks targeting data centers, and outlined intentions to boost its Torrington, Connecticut, manufacturing output over time—taking it from about 100 megawatts up to 350 megawatts.
FuelCell reported a 275% jump in its business-development pipeline since February 2025, with most of that surge tied to data-center clients. Back in March, Chief Executive Jason Few pointed to a new “urgency” in the sector, highlighting how data-center operators now face mounting pressure to lock in power supplies more quickly. FuelCell Energy
FuelCell is still playing catch-up to Bloom, with first-quarter revenue coming in at $30.5 million for the period ended Jan. 31—a 61% jump from the prior year. But losses continued, with a net loss to common stockholders at $23.7 million. The company’s backlog stood at $1.17 billion, slipping 10.8% year over year.
FuelCell reported over 1.5 gigawatts in new commercial proposals for the first quarter, while its collaboration with Sustainable Development Capital LLP is focused on as much as 450 megawatts in projects already identified. The company touts its systems as “proven power, ready today,” according to Few. Still, there’s a wait for more of those proposals to translate into signed contracts. FuelCell Energy
Competition in the sector is heating up. Bloom racked up the biggest win Wednesday, its shares last changing hands at $278.77, putting its market cap near $65.5 billion. Plug Power wasn’t far behind, climbing 9.9% to $3.33 in recent trading. FuelCell, by comparison, hovered around $612 million in value.
There’s a catch: the rally could outpace actual orders. Back in March, Jefferies cut its FuelCell price target to $7.20 from $9.00 but stuck with a Hold rating, following a revenue miss versus consensus. The firm pointed out the key question is timing—when the data-center pipeline will finally show up as backlog and revenue.
FuelCell’s recent jump doesn’t appear tied to any one contract, but suggests the whole sector is getting revalued. The tougher hurdles ahead: clinching actual data-center agreements, ramping up production, and showing that rising demand can actually shrink the company’s losses—not just boost the share price.
