NEW YORK, June 24, 2026, 09:08 (EDT)
- FuelCell Energy has signed a strategic agreement with Fit Energy to provide as much as 380 MW of on-site power for data centers.
- The stock gained 16% in premarket trading, after dropping 10.54% Tuesday.
- The later phases aren’t required. The agreement has warrants linked to project deposits.
FuelCell Energy shares jumped 16% in premarket trading Wednesday after announcing a deal to supply up to 380 megawatts of power to Fit Energy USA for data center use.
Shares rose ahead of the normal U.S. session. NYSE core hours are 9:30 a.m. to 4 p.m. ET. Nasdaq’s 2026 holiday calendar marks June 19 for Juneteenth and July 3 for Independence Day observed, but not June 24, as closed.
FuelCell said the deal covers clean baseload power delivered on site, so it’s 24/7 electricity made at or right by the customer’s location. The company expects to start delivering the first 30 MW this year. That 30 MW block comes with an immediate deposit. A megawatt (MW) is a unit of generating capacity.
FuelCell president and CEO Jason Few said the company is “pleased to partner with Fit Energy” and sees the agreement as more proof that its push to hit 500 MW is the right move. Joel Leonoff, CEO of Fit Energy, said it’s a step toward building the “next generation of AI infrastructure.” investor.fce.com
The 8-K filing shows the parties signed the deal June 22 for 2.5 MW carbonate fuel cell blocks. The first 30 MW phase is locked in. Fit has options for phases of 100 MW, 125 MW, and an extra 125 MW after that. The contract says project-level commissioning and long-term service deals must be signed as locations in the U.S. are chosen.
FuelCell handed Fit three batches of warrants for up to 12 million shares priced at $26.44 each. Warrants let holders buy stock at a set price down the line. These vest after non-refundable deposits linked to future project work. Any that haven’t vested will be cancelled after 24 months.
The stock dropped 10.54% to end Tuesday at $21.82, breaking its five-day run higher. The Nasdaq Composite lost 2.21%.
The deal comes after a tough quarter for FuelCell. Earlier this month, the company said fiscal second-quarter revenue fell 5% to $35.6 million. Net loss was $77.6 million. Backlog dropped about 9.9% to $1.14 billion. FuelCell said its sales pipeline grew to 4 GW from the last quarter.
FuelCell on June 8 reported cash and restricted cash of $440.9 million as of April 30. The company said it sold around 10.9 million shares in the quarter, bringing in net proceeds of $100.4 million, and sold another 4.1 million shares after the quarter ended for $52.9 million net.
Bloom Energy is another listed fuel-cell company making a big push into data-center power. Reuters said in April that Bloom signed a deal to supply Oracle with as much as 2.8 GW in fuel cell capacity. That’s a bigger public supply deal by stated capacity than FuelCell’s agreement with Fit.
The 380 MW figure could end up being less for FuelCell. Much of that is tied to future optional phases, and the company still has to secure land, deposits, and service deals. FuelCell also flagged in its filing that real results might not match projections, citing financing, execution, competition, and other risks.
