FuelCell Energy and Siemens have partnered to accelerate the deployment of fuel cell-based power generation by aligning electrical design and supply with fuel cell technologies. The collaboration, formalized in a memorandum of understanding, targets the rapid deployment of commercial projects exceeding 100 MW. This partnership aims to address the growing demand for scalable, on-site power solutions by integrating generation and electrical infrastructure into a single solution.

Scope of Collaboration

Under the agreement, Siemens will design and supply electrical balance of plant (EBOP) systems for fuel cell installations. The work encompasses joint project development that spans engineering, integration, and delivery of distributed energy systems. These systems will incorporate fuel cells, battery energy storage, microgrid controls, and medium-voltage electrical equipment.

Strategic Objectives

The companies will evaluate opportunities to scale and deploy solutions that improve timelines, reduce costs, and increase deployments. Additional efforts include pilot projects and solution development initiatives to assess new applications for fuel cell systems and electrical infrastructure. This includes exploring medium-voltage DC power delivery and modular electrical systems. The agreement defines a path to transition successful pilot outcomes into full-scale commercial deployments by identifying target markets and deployment approaches.

Executive Commentary

Kevin Brown, Head of Sustainability Solutions, Electrification and Automation, at Siemens Smart Infrastructure USA, highlighted the strategic fit. "The rapid growth of electrification and distributed energy is redefining how power must be delivered at scale," he said. "By combining FuelCell Energy’s fuel cell technology with Siemens’ electrical infrastructure, service, and integration expertise, we can deliver scalable, on-site power solutions for energy-intensive applications."

Shankar Achanta, Chief Product and Technology Officer at FuelCell Energy, emphasized the market benefits. "This collaboration with Siemens enables us to deliver what the market has been asking for—bringing generation and electrical infrastructure together into a single, scalable solution," Achanta stated. "For customers, that means reliable, on-site power that is faster to deploy and built to scale, beginning with the data centers driving today’s demand."

Key Partnership Details

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.