FuelCell Energy prices upsized $225 million share offering to fund manufacturing growth

FuelCell Energy has priced an underwritten public offering of 10,714,286 shares of common stock at $21.00 apiece, upsizing the deal from its originally announced $200 million target to generate expected gross proceeds of $225 million. The Connecticut-based clean energy technology company said underwriters have fully exercised their 30-day option to purchase a further 1,607,143 shares, taking expected net proceeds to approximately $245.4 million. The offering, led by Citigroup and Barclays as joint bookrunners alongside Oppenheimer, RBC Capital Markets and Goldman Sachs, is due to close on or around 9 July 2026.

The company said the funds will go towards expanding manufacturing capacity, working capital and general corporate purposes, as it looks to scale production of its fuel cell systems, which supply continuous baseload power for data centres, industrial facilities and utilities. The raise comes shortly after FuelCell Energy secured a $49 million financing package from the Export-Import Bank of the United States to support delivery of five 2.8 megawatt fuel cell units to Gyeonggi Green Energy in South Korea, and follows a strategic agreement with Fit Energy covering up to 380 megawatts of clean power for data centre customers.

The upsized raise reflects strong underlying demand for stationary fuel cell capacity as AI-driven data centre power needs grow, though it has stoked some investor concern over shareholder dilution, with FuelCell Energy shares pricing at a discount to their recent trading levels.