FuelCell Energy, Inc. has priced an upsized underwritten public offering of its common stock at $21.00 per share, expecting gross proceeds of $225 million. The offering was increased from the previously announced size of $200 million and involves the sale of 10,714,286 shares. The company intends to use the net proceeds for capital expenditures related to the expansion of manufacturing capacity to support growth, working capital, and general corporate purposes. The offering is expected to close on or about July 9, 2026, subject to customary closing conditions.

FuelCell Energy has granted the underwriters a 30-day option to purchase up to an additional 1,607,143 shares of common stock at the public offering price, less underwriting discounts and commissions. Citigroup and Barclays are acting as joint book-running managers, joined by Oppenheimer & Co., RBC Capital Markets, and Goldman Sachs & Co. LLC. Canaccord Genuity, B. Riley Securities, BMO Capital Markets, Siebert Williams Shank, and Tuohy Brothers are acting as co-managers.

Key Offering Details

A shelf registration statement on Form S-3 (333-296607) relating to these securities has been filed with the Securities and Exchange Commission (SEC) and became automatically effective on June 8, 2026. The offering will be made only by means of a prospectus supplement and accompanying prospectus.

FuelCell Energy Inc shares fell 14.24% to $27.35 on Thursday as traders took profits following a sharp rally driven by recent strategic agreements. The decline comes after the stock surged approximately 67% in a week, fueled by new financing and commercial partnerships. Despite the drop, the stock remains well above its key moving averages, trading 419.83% higher over the past 12 months.

Strategic Agreements Drive Recent Gains

The recent rally was initially sparked by a June 24 strategic agreement with Fit Energy USA for up to 380 megawatts of on-site, clean baseload power for data centers. This deal includes an immediate deposit tied to an initial 30 MW scheduled to begin delivery later this year. A second boost arrived on June 29 when the Export-Import Bank of the United States approved a $49 million, non-dilutive loan-guarantee financing package to support fuel cell equipment deliveries to South Korea.

EXIM Financing Details

The Export-Import Bank structured the financing under its loan guarantee program alongside the Private Export Funding Corporation (PEFCO). The package builds upon prior EXIM-supported financing completed in 2024 and 2025. Approximately $22 million was disbursed on June 30, 2026, after fees and expenses, to support the delivery of five 2.8-megawatt (MW) FuelCell Energy Blocks to Gyeonggi Green Energy (GGE). A second tranche is anticipated in October 2026, subject to customary closing conditions.

Technical Analysis and Market Performance

Thursday’s drop appears to be a momentum reset rather than a trend break, as the stock continues to trade above its major moving averages. Key support levels include the 20-day SMA at $22.03 and the 50-day SMA at $19.33, while resistance is identified at $27.50. The Moving Average Convergence Divergence (MACD) remains above its signal line with a positive histogram, suggesting downside pressure may be easing compared to prior downswings.

Business Model and Operations

FuelCell Energy Inc is a clean energy technology company that develops, designs, produces, and services high-temperature fuel cells used for clean electric power generation. Its molten carbonate fuel cell systems generate electricity electrochemically with ultra-low emissions and high efficiency. The company manages projects end-to-end through long-term power purchase, service, and engineering procurement agreements. GGE’s site boasts nearly 60 MW of installed capacity, ranking among the largest fuel cell installations globally.