New York, June 30, 2026, 15:04 EDT
- FuelCell Energy, Inc. NASDAQ:FCEL was up 22.3% at $36.46 in afternoon trade, after touching a 52-week high of $37.87.
- The stock’s Tuesday market-value gain, using Google Finance’s listed 67.61 million shares, was about $450 million, or more than nine times the $49 million EXIM financing package.
- The rally leaves FCEL below, but closer to, the $39.66 price level tied to a mandatory-exercise right on Fit Energy warrants, if those warrants vest and other conditions are met.
FuelCell Energy, Inc. NASDAQ:FCEL shares jumped for a second day on Tuesday, but the cleaner read for investors may be in the gap between the news and the price reaction: a $49 million export loan package and a Russell index add have helped lift the company’s market value by hundreds of millions of dollars.
At 2:49 p.m. EDT, FuelCell traded at $36.46, up $6.66 on the day. The stock hit $37.87 intraday, a fresh 52-week high, and volume was about 21 million shares. Monday’s close was $29.80 after a 24.17% gain, putting the two-session rise near 52% from Friday’s implied close.
Using Google Finance’s 67.61 million shares outstanding, Tuesday’s $6.66 per-share gain works out to about $450 million of added market value. That is 9.2 times the full EXIM package and 20.5 times the roughly $22 million in expected net proceeds from the first tranche.
| Item | Amount | Investor read |
|---|---|---|
| Tuesday share-price gain | $6.66 | Adds about $450 mln in equity value |
| EXIM financing package | $49 mln | Debt financing, in two tranches |
| First tranche net proceeds | About $22 mln | Expected to support Korea delivery |
| Market-value gain / full EXIM package | 9.2x | Stock is pricing more than the loan |
The Export-Import Bank of the United States approved the $49 million package on June 23, FuelCell said. The first tranche is expected to support delivery of five 2.8-megawatt fuel-cell blocks to Gyeonggi Green Energy in South Korea, with a second tranche expected in October, subject to closing conditions. FuelCell Chief Financial Officer Michael Bishop said the financing “adds non-dilutive capital to support growth.” FuelCell Energy Investors
That matters because the market is now valuing FuelCell less as a near-term earnings story and more as a leveraged claim on data-center power demand, index flow and possible project financing. The company’s second-quarter revenue fell 5% to $35.6 million, while its net loss doubled to $77.6 million and backlog fell 9.9% to $1.14 billion. Adjusted EBITDA was negative $17.1 million.
The more unusual equity math sits in the Fit Energy deal. FuelCell’s June 24 filing said Fit agreed to buy up to 380 MW of carbonate fuel-cell block systems across four phases, with the first 30 MW effective and later phases at Fit’s option. The same filing said FuelCell issued Fit warrants to buy up to 12 million shares at $26.44 each, tied to performance-based vesting.
Those warrants would equal about 17.8% of the shares outstanding listed by Google Finance before exercise. If all were exercised for cash, they would bring in about $317 million, but they would also add shares. FuelCell also has a mandatory-exercise right if the volume-weighted average stock price tops 150% of the $26.44 strike, or $39.66, for 30 straight trading days, after the warrants have vested. Tuesday’s intraday high was about 4.5% below that level.
| Metric | Figure |
|---|---|
| Fit Energy total potential order | Up to 380 MW |
| Initial effective phase | 30 MW |
| Warrant strike | $26.44 |
| Mandatory-exercise price test | $39.66 |
| FCEL Tuesday intraday high | $37.87 |
| Potential warrant shares | 12.0 mln |
FuelCell Chief Executive Jason Few said in the Fit Energy release that the agreement backed the company’s decision to scale operations to 500 MW. Fit Energy CEO Joel Leonoff called the deal part of the “power foundation” for AI infrastructure. FuelCell Energy Investors
Index buying is another layer. FTSE Russell’s final Russell 3000 additions list dated June 26 includes FuelCell Energy under the energy industry, and LSEG said the reconstituted Russell indexes took effect after the U.S. market close on June 26.
The clean-power peer trade was also firm, but FCEL was far ahead of the group in afternoon dealing. Plug Power Inc. NASDAQ:PLUG rose 5.4%, Ballard Power Systems Inc. NASDAQ:BLDP rose 6.2% and Bloom Energy Corp. NYSE:BE rose 11.5%. The iShares Russell 2000 ETF (NYSEARCA:IWM) was up 0.6% and the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) was up 0.8%.
| Security | Last price | Change |
|---|---|---|
| FuelCell Energy NASDAQ:FCEL | $36.46 | +22.3% |
| Bloom Energy NYSE:BE | $306.60 | +11.5% |
| Ballard Power Systems NASDAQ:BLDP | $3.96 | +6.2% |
| Plug Power NASDAQ:PLUG | $2.73 | +5.4% |
| iShares Russell 2000 ETF (NYSEARCA:IWM) | $300.69 | +0.6% |
| SPDR S&P 500 ETF Trust (NYSEARCA:SPY) | $747.26 | +0.8% |
B. Riley analyst Ryan Pfingst upgraded FuelCell to buy from neutral on Monday with a $32 price target, Investing.com reported. By Tuesday afternoon the stock was already about 14% above that target.
FuelCell sold about 10.9 million shares during the second quarter at an average $9.45 and another 4.1 million shares after quarter-end at an average $13.31, raising about $153.3 million in net proceeds in total. After those sales, only about $0.5 million remained available under its open-market sale agreement.
