COMPANY PROFILE / HYDROGEN ENERGY
FuelCell Energy
A stationary fuel cell maker that runs on natural gas and biogas: hydrogen is a by-product and an electrolysis demonstration, and growth has shifted to power
FuelCell Energy appears in hydrogen discussions as a fuel cell company that makes hydrogen. Its molten carbonate fuel cells (MCFC) generate hydrogen from fuels such as natural gas, use it to make power, and can also draw hydrogen off for sale. The company runs a plant at a Toyota port facility that produces electricity, hydrogen and water together (Tri-gen), and has been demonstrating solid oxide electrolysis (SOEC) at Idaho National Laboratory in the United States. Yet its Form 10-K for the year to October 2025 records a $65.8 million impairment on past solid oxide investments, an end to solid oxide power generation development, and a search for a partner for electrolysis. In 2026 it signed an equipment purchase agreement of up to 380 MW for data centers and began expanding its factory. This profile concentrates on the hydrogen-related parts of the company: what it has, what it has stopped and what it plans, as far as primary sources allow.
- FuelCell Energy in 30 seconds, and where it stands in hydrogen
- The logo and how the name is written
- Where the company sits in the hydrogen field
- Scale
- Resources committed to hydrogen
- What it has done so far
- What comes next
- What the company is aiming for in hydrogen
- Map of partnerships in hydrogen
- Technologies, products and services
- The risks this company carries
- Glossary, references and claim-to-source audit
1. FuelCell Energy in 30 seconds, and where it stands in hydrogen
Electrolyzers (secondary)Core is molten carbonate; solid oxide electrolysis is at demonstration stage
Solid oxide electrolysis (demonstration)Hydrogen-only revenue and profit are not disclosed
FuelCell Energy is best understood not as "a hydrogen company" but as "a stationary fuel cell company that makes electricity from fuel, and can also draw off hydrogen" Our calculation. Its FY2025 revenue is reported in four streams (product, service, generation and Advanced Technologies), and hydrogen alone is not broken out. In its restructurings of November 2024 and June 2025, the company stopped developing solid oxide power generation and narrowed electrolysis to demonstration and the search for a partner Sourced. How large the hydrogen-related business will become is not yet settled Not yet confirmed.
2. The logo and how the name is written
A note on names: the legal entity is FuelCell Energy, Inc. (FCE for short). Older filings call its products "SureSource", while the website now lists the "FuelCell Energy Block System" (1.25 MW, 2.5 MW and 12.5 MW). The configuration that draws off hydrogen is called Tri-gen, and the electrolysis platform is solid oxide electrolysis (SOEC). The logo image was taken from the company's official website.
Official website: https://www.fuelcellenergy.com/3. Where the company sits in the hydrogen field
4. Scale
FuelCell Energy is a fuel cell specialist throughout. Because revenue for hydrogen alone is not reported separately, the figures below are for the whole company. The fiscal year ends in October, so FY2025 means November 2024 to October 2025.
| Item ($ million) | FY2025 | Notes |
|---|---|---|
| Total revenue | 158.2 | Prior year 112.1; up 41% |
| Product revenue | 69.1 | Of which 66.0 is module replacement for Gyeonggi Green Energy in South Korea |
| Service agreements revenue | 20.4 | Long-term service agreements |
| Generation revenue | 48.0 | Power sales from company-owned plants (including the Toyota project) |
| Advanced Technologies | 20.6 | About 17.6 from ExxonMobil-related work, about 3.0 from government and other; the solid oxide electrolysis demonstration is also reported here |
| Gross loss | -26.4 | Gross margin of -16.7% |
| Loss from operations | -192.3 | Includes the 65.8 impairment and 5.3 of restructuring expense |
| Company-funded R&D | 34.1 | Prior year 55.4; the company attributes the fall mainly to reduced solid oxide development |
In 2026, third-quarter revenue (May to July) was $33.0 million (prior-year period: $46.7 million), and nine-month revenue was $99.1 million (prior-year period: $103.1 million). Cash, restricted cash and equivalents were $737.3 million at 31 July 2026 (the company offered about 12.3 million shares in July, including the over-allotment option; see Chapter 6). The company reported Committed Backlog of $1.3 billion at 31 July 2026, and a total of $3.6 billion once Awarded Capacity Backlog, which depends on customer options, is included Sourced.
How much of this revenue relates to hydrogen is not disclosed. Generation revenue includes electricity and hydrogen sold from the Toyota Tri-gen, but the hydrogen portion is not shown separately. Advanced Technologies revenue is split into ExxonMobil-related work (carbon capture) and government and other work, and no standalone figure is given for the solid oxide electrolysis demonstration at Idaho National Laboratory. This article does not estimate these amounts Not yet confirmed.
5. Resources committed to hydrogen
For FuelCell Energy, the hydrogen-related resources split into the carbonate business and the solid oxide electrolysis business, and the latter shrank sharply in 2024 and 2025. Few figures are hydrogen-specific, so the table shows what can be read from company-wide numbers.
| Resource | What primary sources confirm | Category |
|---|---|---|
| People | 424 employees in total at 31 October 2025 (U.S. 381, Canada 25, Germany 7, South Korea 11). The Calgary site in Canada, which handles solid oxide electrolysis, is covered only by the Canada total of 25. R&D headcount and hydrogen headcount are not disclosed. Workforce reductions in September 2024, November 2024 (about 13%) and June 2025 (about 22%) came to roughly 39% in total | Sourced / partly not disclosed |
| Money (R&D) | Company-funded R&D was $34.1 million in FY2025 (prior year $55.4 million), covering carbonate, carbon capture and solid oxide electrolysis combined; the hydrogen portion is not disclosed. The FY2026 outlook is $30-35 million (third-quarter 10-Q; the annual 10-K had said $35-40 million, so the outlook was lowered). Nine-month spending was $23.2 million | Sourced / outlook |
| Money (capex and impairment) | An impairment of $65.8 million on past solid oxide investments in FY2025 (equipment $42.1 million, inventory $9.0 million, in-process R&D $9.3 million, goodwill $4.1 million, purchase commitments $1.3 million). The Calgary expansion will not be completed. Planned expansion capex is concentrated on the carbonate factory in Torrington ($200-275 million; not for hydrogen) | Sourced |
| Acquisitions, investments, joint ventures, divestments | No new hydrogen-related investment, acquisition or joint venture was found in the documents reviewed. The company owns the solid oxide subsidiary Versa Power Systems (Calgary); the acquisition date is not given in the documents reviewed. Patents (31 October 2025): 152 in the U.S. and 319 elsewhere for the company, and 19 in the U.S. and 63 international for Versa. The company describes more than 55 patents covering solid oxide electrolysis | Sourced / not found (acquisitions, investments) |
| Universities, research institutes, public funding | The company is testing a solid oxide electrolysis unit at Idaho National Laboratory together with the U.S. Department of Energy (DOE); the unit arrived in January 2025. DOE and State Department funding was 2% of FY2025 revenue. It holds a license from Fraunhofer IKTS in Germany for carbonate fuel cell patents. No specific hydrogen-hub or NEDO-type grant was found | Sourced / partly not found |
Status of key projects
| Project | Location | Scale | Stage | Date and source |
|---|---|---|---|---|
| Tri-gen for Toyota (power, hydrogen, water) | Port of Long Beach, California, U.S. | 2.3 MW net electrical output; 2.8 MW as a Tri-gen platform. Website: "1.3 tons per day" of hydrogen (as written at installation) | Operating (20-year hydrogen and power agreement) | Placed in service on 7 November 2023 per the 10-K; the agreement is still in effect in the July 2026 10-Q (references 1, 2, 6, 9) |
| Solid oxide electrolysis demonstration | Idaho National Laboratory, Idaho, U.S. (DOE) | The FY2023 10-K described a "packaged 150 kg/day" system; the FY2025 10-K gives no size | Under test (demonstration) | Arrived January 2025 and installed; still under test in the September 2026 10-Q (references 1, 2, 6) |
| Detailed feasibility study for a low-carbon fuel facility | Malaysia (with MHB) | Could not be confirmed | Study (Detailed Feasibility Study) | Stated in the FY2025 10-K (reference 1); whether it is under way or finished could not be confirmed |
| Tri-gen demonstration at its own factory | North American manufacturing plant | Could not be confirmed | Demonstration (website description) | The website says the plant supplies power and heat and that hydrogen is used in process ovens (reference 7) |
| Expansion of the Calgary solid oxide site | Calgary, Canada | Leased floor area about 80,000 sq ft (FY2023 10-K) | Cancelled (not to be completed) | Restructurings of November 2024 and June 2025 (references 1, 6) |
The largest item in the $65.8 million impairment is equipment ($42.1 million): the line for making solid oxide cells and stacks in-house. The company describes full in-house control of solid oxide electrolysis, from raw material formulation to final assembly Sourced. Ceramic cells involve many steps (powder formulation, sheet forming, firing, stacking), and investment in a production line tends to come well before demand (general background) Not yet confirmed. If the market arrives later than planned, equipment utilization falls short and impairment follows; the figures show exactly that pattern.
6. What it has done so far
| When | What happened | Why it matters |
|---|---|---|
| 1969 | Founded as Energy Research Corporation | Rooted in electrochemistry and materials science research |
| FY2022 to FY2024 | Invested in solid oxide production capacity (Calgary); the leased space was expanded to about 80,000 sq ft in FY2023 | A period when solid oxide was seen as a growth area |
| 7 November 2023 | The Tri-gen for Toyota (Port of Long Beach) entered service and began selling power under BioMAT. The 20-year hydrogen and power agreement began in the first quarter of FY2024 | The first commercial plant that actually sells hydrogen |
| 2024 (September, November) | Restructuring and workforce cuts (first round in September; about 13% in November) | Scaling back to match the slower market build-up |
| January 2025 | The solid oxide electrolysis demonstration unit arrived at Idaho National Laboratory and was installed | Demonstration with the DOE |
| June 2025 | About 22% workforce cut. Stopped developing solid oxide power generation and narrowed electrolysis to demonstration and the search for a partner. The Calgary expansion will not be completed | The turning point at which hydrogen-related investment was reduced |
| May to July 2025 (third quarter of FY2025) | Booked an impairment of $64.5 million on solid oxide investments ($65.8 million for the full year) | Past investment recognized as a loss |
| 18 December 2025 | Filed its Form 10-K for FY2025 | - |
| 22 June 2026 | Capital equipment purchase agreement with Fit Energy USA LP for data-center power (up to 380 MW) | Growth axis moves to power, not hydrogen |
| July 2026 | Offered common stock at $21.00 per share (net proceeds expected at about $245.4 million) | To be used for manufacturing expansion and other purposes |
7. What comes next
The primary sources also describe the following plans Not yet confirmed.
- Solid oxide electrolysis: a system-scale field demonstration building on the Idaho National Laboratory unit. The company wants to focus on modules and leave system design and EPC (engineering, procurement and construction) to large project developers
- Low-carbon fuel: the Malaysian feasibility study with MHB (its result could not be confirmed)
- Tri-gen: no new deployment plan was found in the documents reviewed. The 10-K calls the pace of clean hydrogen adoption "gradual" and presents Tri-gen as positioning the company for when demand rises
- Profit target: positive adjusted EBITDA in the fourth quarter of FY2027 (August to October 2027), conditional on converting Awarded Capacity Backlog and other factors. This is separate from the hydrogen business
Hydrogen-only revenue, profit, headcount and R&D spending; actual hydrogen shipped from the Toyota Tri-gen and its fuel mix (natural gas or biogas); test results (efficiency, durability) from the solid oxide electrolysis demonstration; the latest size of the Idaho National Laboratory unit; the result of the Malaysian study; and any candidate partner for solid oxide electrolysis. None of these is stated in the 10-K, 10-Q, 8-K filings or website pages reviewed.
8. What the company is aiming for in hydrogen
The table separates what the company says it is aiming for from what this article infers. Inference marks this article's own reading of primary sources.
| What can be read | Primary evidence | Category |
|---|---|---|
| The strategy centers on carbonate power generation (Focus, Scale, Innovate) | The 10-K strategy narrows to carbonate power blocks and stresses large projects such as data centers, and expanding output | Sourced |
| Hydrogen is kept to a by-product and an electrolysis demonstration, with growth left to the market | Solid oxide power generation development stopped; electrolysis looks for a partner; the 10-K also calls clean hydrogen adoption "gradual" | Sourced (company statement) / Inference (the positioning) |
| It will commercialize solid oxide electrolysis with a partner, not by mass-producing alone | The "module-centric" strategy and the wish to leave system design and EPC to large developers | Sourced |
| Growing electricity demand (data centers) is the center of growth | The Fit Energy agreement of up to 380 MW, a 75 MW capacity reservation agreement with a data-center operator (definitive agreements still being negotiated), the expansion to 500 MW and the Siemens memorandum | Inference |
The reading that "hydrogen is kept to a by-product and a demonstration" rests on the movement of impairment and R&D spending. The company booked a $65.8 million impairment on solid oxide investments; R&D fell from $55.4 million to $34.1 million, and the FY2026 outlook has come down to $30-35 million Sourced. Expansion capex, meanwhile, is concentrated on carbonate power generation. Together these suggest hydrogen-related investment has been trimmed and funds moved toward power. Even so, the company has not abandoned solid oxide electrolysis itself: it is testing the demonstration unit and looking for a partner. Whether a partner appears, and at what scale, cannot be confirmed Not yet confirmed.
9. Map of partnerships in hydrogen
Three relationships involve hydrogen: Toyota (hydrogen and power supply), Idaho National Laboratory and the DOE (solid oxide electrolysis demonstration) and MHB (a low-carbon fuel study) Sourced. Under the Toyota contract, FuelCell Energy sells hydrogen and power to the Toyota site, and the plant sits in FuelCell Energy's own portfolio of owned generation assets (10-K and 10-Q). A partner to commercialize solid oxide electrolysis has not yet been named; the company says it is looking. The joint development with ExxonMobil (EMTEC) aims at carbon capture, not hydrogen, but because it makes up a large part of Advanced Technologies revenue it is shown for context.
10. Technologies, products and services
FuelCell Energy's products center on the carbonate power block. The table sets out what company documents say, with the hydrogen-related items in the middle. Performance figures are the company's own statements, shown with their conditions and scale.
| Item | What company documents say | Conditions, scale, source |
|---|---|---|
| Carbonate power block | Built on a 1.25 MW power block, running on natural gas, biogas or hydrogen-hydrocarbon blends. The company says it introduced a new block with 50% electrical efficiency in FY2025 | Company-stated value. This is "initial" electrical efficiency; the average is 47%. Operating conditions are not given in the 10-K. Operating temperature is stated as about 1,000°F (about 540°C by conversion Our calculation) |
| Tri-gen (power, hydrogen, water) | Reforms fuel inside the carbonate cell to make hydrogen, uses it for power, and can also draw hydrogen off for supply. In operation at the Toyota site | Scale: 2.3 MW net electrical output. The company states that the hydrogen meets purity specifications for mobility use (FY2023 10-K) |
| Solid oxide electrolysis (SOEC) | Splits high-temperature steam to make hydrogen. The company says it uses less electricity per kilogram of hydrogen than PEM (proton exchange membrane) or alkaline systems | Company-stated values: up to 34 kWh/kg at stack level, 40-45 kWh/kg at system level, hydrogen purity above 99.85%. Test temperature, current density, heat source and the heating-value basis are not given in the 10-K. At demonstration stage; no commercial shipments were found |
| Company statements on hydrogen cost | When paired with industrial or nuclear heat, the levelized cost of hydrogen (LCOH) can be up to 10% lower than for PEM (FY2025) | Company expectation. The assumed heat source and power price are not given. The FY2023 10-K says "20% to 35% less electrical energy" and the website says "20 to 30 percent lower cost of hydrogen", in different terms. Conditions differ between documents, so the figures cannot be compared with each other |
| Carbon capture | Concentrates CO₂ from exhaust gas through the carbonate cell. Modules installed at a pilot plant in Rotterdam (2026) | Not for hydrogen. The joint development agreement runs to 31 December 2026 |
The 10-K names the main raw materials of the carbonate cell as nickel and stainless steel, not precious metals, and explains that operation at about 1,000°F (about 540°C, converted here) means platinum-type catalysts are not needed Sourced. The electrolyte in this type is a molten carbonate held in a ceramic matrix (general background; the company documents reviewed do not confirm this level of material detail) Not yet confirmed. What decides durability is electrode corrosion at high temperature, loss of electrolyte, and temperature distribution inside the stack. This fits the company naming "design life and efficiency over time" and "more uniform temperature distribution within the cell stack" as R&D priorities, and its target cell design life of 7 years for current modules (5 years for legacy ones). For hydrogen draw-off, pre-treatment to remove impurities such as sulfur in the fuel also matters (see our explainers on solid oxide fuel cells and solid oxide electrolysis cells).
11. The risks this company carries
| Risk | Detail | Category |
|---|---|---|
| Pace of hydrogen adoption | The 10-K says the pace of hydrogen adoption and uncertainty over large-scale clean energy policy will set how fast solid oxide electrolysis can be commercialized, which depends on "market adoption and partner contracts" | Sourced |
| Recovering solid oxide investment | A $65.8 million impairment on past investment. Whether the demonstration results will attract a partner is not settled | Sourced / Not yet confirmed |
| Fuel for the Toyota project | Runs on natural gas with no fuel-cost pass-through. The fuel contract is stated as running to May 2026 in the FY2025 10-K and to May 2027 in the July 2026 10-Q. The company says impairment is possible if fuel cannot be secured on favorable terms. The website writes about "renewable biogas", while the 10-K says renewable natural gas at favorable pricing became unlikely | Sourced |
| Continuing losses | Loss from operations of $192.3 million in FY2025, with a gross loss as well. In the third quarter of FY2026 (May to July) the gross loss was $24.5 million. The company states that some Fit Energy contract prices are below current manufacturing cost | Sourced |
| Financing and dilution | About 12.3 million shares offered in July 2026. The at-the-market stock sales agreement was raised to $200 million in December 2025 (reference 11). More financing may be needed for the expansion | Sourced / Inference (future financing) |
| Optional nature of the large contract | Of the up to 380 MW in the Fit Energy agreement, 30 MW is firm. The rest is at Fit's option and becomes an order only if Fit elects it | Sourced |
| Dependence on policy | The 10-K cites U.S. policy such as the investment tax credit as a tailwind. Policy changes could alter the business environment. This article has not checked the legal texts | Sourced (company statement) |
| Term of the joint development agreement | The agreement with ExxonMobil affiliates runs to 31 December 2026 (carbon capture, not hydrogen) | Sourced |
12. Glossary
- Molten carbonate fuel cell (MCFC)
- A high-temperature fuel cell whose electrolyte is molten carbonate. FuelCell Energy's main technology.
- Tri-gen
- FuelCell Energy's name for a configuration that produces power, hydrogen and water from one plant.
- Solid oxide electrolysis (SOEC)
- Electrolysis of high-temperature steam in solid oxide cells to make hydrogen. See our explainer on solid oxide electrolysis cells.
- PPA / HPPA
- Power purchase agreement. The Toyota HPPA is a 20-year agreement covering hydrogen production and power purchase.
- LTSA
- Long-term service agreement. Includes maintenance and module replacement, for up to 20 years.
- BioMAT
- California's feed-in program for power from bioenergy. The Toyota project's electricity is sold under it.
- Investment tax credit (ITC)
- A U.S. credit against tax for a share of capital spending. The 10-K gives 30% for fuel cells.
- kWh/kg
- Electricity needed to make 1 kg of hydrogen. Lower means more efficient, but the meaning changes with stack or system scope, use of heat and heating-value basis.
- DFS (detailed feasibility study)
- A study of whether a project is viable in design, cost and economics. Used here for the Malaysian project.
- EBOP
- Electrical balance of plant: power converters, switchgear and similar equipment.
13. References
- FuelCell Energy Form 10-K for the year ended 31 October 2025 (filed 18 December 2025). Business overview, markets, carbonate and solid oxide electrolysis descriptions, restructuring and impairment, R&D, patents, manufacturing sites, headcount, backlog, results, project list and risk factors. https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm
- FuelCell Energy Form 10-Q for the third quarter ended 31 July 2026 (filed 2 September 2026). Year-to-date results, cash, the Torrington expansion plan (500 MW, investment range, completion date), the R&D outlook, the Toyota project and the accounting for the Fit Energy contract. https://www.sec.gov/Archives/edgar/data/886128/000110465926104501/fcel-20260731x10q.htm
- FuelCell Energy Form 8-K, Exhibit 99.1: third-quarter earnings release (2 September 2026). Backlog, the Fit Energy agreement, the Siemens memorandum of understanding, carbon capture modules in Rotterdam and production-rate targets. https://www.sec.gov/Archives/edgar/data/886128/000110465926104498/fcel-20260902xex99d1.htm
- FuelCell Energy Form 8-K dated 22 June 2026 (capital equipment purchase agreement and warrants with Fit Energy). https://www.sec.gov/Archives/edgar/data/886128/000110465926077042/fcel-20260622x8k.htm
- FuelCell Energy Form 8-K dated 7 July 2026 (underwriting agreement for the common stock offering and expected net proceeds). https://www.sec.gov/Archives/edgar/data/886128/000110465926082100/tm2620028d1_8k.htm
- FuelCell Energy Form 10-K for the year ended 31 October 2023 (filed 19 December 2023). Size and hydrogen purity of the Toyota Tri-gen project, and the then-current plan for the solid oxide electrolysis demonstration at Idaho National Laboratory. https://www.sec.gov/Archives/edgar/data/886128/000155837023019892/fcel-20231031x10k.htm
- FuelCell Energy Company website, "Distributed Hydrogen". Description of Tri-gen and its uses. https://www.fuelcellenergy.com/applications/distributed-hydrogen
- FuelCell Energy Company website, "Solid Oxide Electrolysis". The company's description of the technology and the testing at Idaho National Laboratory. https://www.fuelcellenergy.com/applications/solid-oxide-electrolysis
- FuelCell Energy Company website, "Hydrogen Fueling". Description of the Toyota Tri-gen project (as written at the time of installation). https://www.fuelcellenergy.com/industries/hydrogen-fueling
- FuelCell Energy Company website (source of the logo image). https://www.fuelcellenergy.com/
- FuelCell Energy Form 8-K dated 30 December 2025 (increase in the at-the-market stock sales agreement). https://www.sec.gov/Archives/edgar/data/886128/000110465925125274/tm2534391d1_8k.htm
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Legal name (FuelCell Energy, Inc.), founding in 1969, head office, Nasdaq Global Market listing (FCEL), Delaware incorporation, fiscal year-end (31 October) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm |
| FY2025 revenue of $158.2 million (up 41%) and its breakdown (product $69.1 million, service $20.4 million, generation $48.0 million, Advanced Technologies $20.6 million), gross loss of $26.4 million, loss from operations of $192.3 million | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm |
| 424 employees at 31 October 2025 (U.S. 381, Canada 25, Germany 7, South Korea 11) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm |
| Third-quarter FY2026 (May-July 2026) revenue of $33.0 million; nine-month revenue of $99.1 million (prior-year period $103.1 million) | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/886128/000110465926104501/fcel-20260731x10q.htm Reference 3 https://www.sec.gov/Archives/edgar/data/886128/000110465926104498/fcel-20260902xex99d1.htm |
| Cash, restricted cash and equivalents of $737.3 million at 31 July 2026; unrestricted cash of $658.1 million on the same date | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/886128/000110465926104501/fcel-20260731x10q.htm Reference 3 https://www.sec.gov/Archives/edgar/data/886128/000110465926104498/fcel-20260902xex99d1.htm |
| The core product is the molten carbonate fuel cell (1.25 MW power block); solid oxide power generation development was stopped and solid oxide electrolysis was narrowed to demonstration and partner-seeking (restructurings of November 2024 and June 2025) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm |
| Impairment of $65.8 million on past solid oxide investments (equipment $42.1 million, inventory $9.0 million, in-process R&D $9.3 million, goodwill $4.1 million, purchase commitments $1.3 million) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm |
| Workforce cut of about 13% in November 2024 and about 22% in June 2025 (about 39% cumulatively across three reductions including September 2024) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm Reference 2 https://www.sec.gov/Archives/edgar/data/886128/000110465926104501/fcel-20260731x10q.htm |
| 20-year hydrogen production and power purchase agreement (HPPA) with Toyota Motor North America; 2.3 MW (net) Tri-gen at the Port of Long Beach; placed in service on 7 November 2023 (BioMAT) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm Reference 6 https://www.sec.gov/Archives/edgar/data/886128/000155837023019892/fcel-20231031x10k.htm |
| The company states that hydrogen from the Tri-gen meets the stringent purity specifications for mobility use (FY2023 10-K) | Sourced | Reference 6 https://www.sec.gov/Archives/edgar/data/886128/000155837023019892/fcel-20231031x10k.htm |
| The Toyota project runs on natural gas with no fuel-cost pass-through; in the fourth quarter of FY2021 the company judged that renewable natural gas (RNG) at favorable pricing was no longer sufficiently probable | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm |
| Website description of Tri-gen (three outputs at once: hydrogen, electricity, water; 1.3 tons of hydrogen per day for Toyota vehicles) | Sourced | Reference 7 https://www.fuelcellenergy.com/applications/distributed-hydrogen Reference 9 https://www.fuelcellenergy.com/industries/hydrogen-fueling |
| Solid oxide electrolysis demonstration at Idaho National Laboratory (demonstration unit arrived January 2025, installed, under test) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm Reference 3 https://www.sec.gov/Archives/edgar/data/886128/000110465926104498/fcel-20260902xex99d1.htm Reference 8 https://www.fuelcellenergy.com/applications/solid-oxide-electrolysis |
| Company-stated values for solid oxide electrolysis (up to 34 kWh/kg at stack level, 40-45 kWh/kg at system level, hydrogen purity above 99.85%, up to 10% lower levelized cost than PEM when paired with industrial or nuclear heat) | Sourced | Company-stated values; test conditions are not given in the 10-K. Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm |
| The original plan for the Idaho National Laboratory unit was a packaged 150 kg/day system (FY2023 10-K) | Sourced | Reference 6 https://www.sec.gov/Archives/edgar/data/886128/000155837023019892/fcel-20231031x10k.htm |
| Collaboration with Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) on a detailed feasibility study for a low-carbon fuel facility using solid oxide electrolysis | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm |
| The company does not expect to complete the expansion of its Calgary (Canada) solid oxide site | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm |
| Torrington capacity: maximum 100 MW per year in the current configuration, 41 MW annualized at end-October 2025, expansion to 500 MW ($200-275 million, completion by June 2028) | Not yet confirmed | Completion date and investment are company projections. Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm Reference 2 https://www.sec.gov/Archives/edgar/data/886128/000110465926104501/fcel-20260731x10q.htm Reference 3 https://www.sec.gov/Archives/edgar/data/886128/000110465926104498/fcel-20260902xex99d1.htm |
| Company-funded R&D outlook for FY2026 of $30-35 million, $23.2 million for nine months, FY2025 actual of $34.1 million | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm Reference 2 https://www.sec.gov/Archives/edgar/data/886128/000110465926104501/fcel-20260731x10q.htm |
| Share of revenue from U.S. DOE and State Department funding: 2% in FY2025, 4% in FY2024, 3% in FY2023 | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm |
| Capital equipment purchase agreement with Fit Energy USA LP (22 June 2026; up to 380 MW, estimated contract value about $2.6 billion, for data centers) | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/886128/000110465926104501/fcel-20260731x10q.htm Reference 3 https://www.sec.gov/Archives/edgar/data/886128/000110465926104498/fcel-20260902xex99d1.htm Reference 4 https://www.sec.gov/Archives/edgar/data/886128/000110465926077042/fcel-20260622x8k.htm |
| Memorandum of understanding with Siemens (electrical equipment design and supply); carbon capture modules for ExxonMobil affiliates installed in Rotterdam | Sourced | Reference 3 https://www.sec.gov/Archives/edgar/data/886128/000110465926104498/fcel-20260902xex99d1.htm |
| Common stock offering in July 2026 ($21.00 per share; net proceeds expected at about $245.4 million; use of proceeds includes manufacturing capacity expansion) | Sourced | Reference 5 https://www.sec.gov/Archives/edgar/data/886128/000110465926082100/tm2620028d1_8k.htm |
| Increase of the at-the-market stock sales agreement to $200 million (30 December 2025) | Sourced | Reference 11 https://www.sec.gov/Archives/edgar/data/886128/000110465925125274/tm2534391d1_8k.htm |
| Hartford project (7.4 MW, commercial operation expected by end of 2027) and UConn project (1.125 MW, December 2027) | Not yet confirmed | Company projections. Reference 2 https://www.sec.gov/Archives/edgar/data/886128/000110465926104501/fcel-20260731x10q.htm |
| Revenue, profit, headcount and R&D spending for hydrogen alone | Not yet confirmed | No hydrogen-only breakdown in the 10-K or 10-Q. This article does not estimate it. Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm Reference 2 https://www.sec.gov/Archives/edgar/data/886128/000110465926104501/fcel-20260731x10q.htm |
| Actual hydrogen volumes shipped from the Toyota Tri-gen and the actual fuel mix (natural gas or biogas) | Not yet confirmed | Not stated in the 10-K. Could not be confirmed. Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm Reference 7 https://www.fuelcellenergy.com/applications/distributed-hydrogen |
| General explanation of the materials in molten carbonate and solid oxide cells and how they affect performance and durability | Our calculation | Commentary (general background; kept separate from what the company documents state). |
| The framing "a stationary fuel cell company rather than a hydrogen company" | Our calculation | This article's framing, interpreted from the revenue structure (references 1-3). |
| The four company types and the example company names | Our calculation | This article's classification; example companies are drawn from this series. |
| The reading that the hydrogen business is shrinking and that commercialization depends on a partner | Inference | This article's interpretation of the impairment, restructuring and partner-seeking statements. Reference 1 https://www.sec.gov/Archives/edgar/data/886128/000110465925122302/fcel-20251031x10k.htm |
| The reading that data-center power is the company's growth axis | Inference | This article's interpretation of the contracts, backlog and expansion plans. Reference 2 https://www.sec.gov/Archives/edgar/data/886128/000110465926104501/fcel-20260731x10q.htm Reference 3 https://www.sec.gov/Archives/edgar/data/886128/000110465926104498/fcel-20260902xex99d1.htm |
Last updated 8 October 2026 / Troy Technical
Every figure in this article comes from FuelCell Energy's filings with the U.S. Securities and Exchange Commission and its website. No research-firm estimates or press-based figures have been used. The company's performance values and outlooks are the company's own statements and have not been independently verified. Passages marked "Inference" are this article's interpretation of primary sources, not statements made by the company. Handling hydrogen is subject to laws and standards, and this article is not handling advice.