FuelCell Energy Inc: Raise PT as new deal gives market more confidence

Research evidence excerpt

FuelCell Energy Inc: Raise PT as new deal gives market more confidence

packaged 12.5 MW power blocks to enable faster deployment in grid-constrained

Q1 (1.26) (0.52) NM (0.49)

markets. We remain Neutral rated as we would to like to see more order bookings. Also

Q2 (1.23) (0.53) NM (1.45)

we would like to see when Fit Energy up sizes the order.

Q3E (1.18) (0.56) NM (0.43)

Q4E (1.05) (0.52) NM (0.44)

800 Volt and Absorption Chillers 10/26E (4.70) (2.12) NM (2.84)

The move toward 800 VDC power architectures in data centers represents a paradigm 10/27E (1.38) (1.31) NM (1.43)

shift born out of necessity. As AI and high-density computing push power demands to 10/28E 0.25 (0.86) NM (0.75)

unprecedented levels, traditional 12 V/48 V and AC distribution methods are hitting

Manav Gupta

physical and economic limits. An 800 VDC infrastructure offers a clearly articulated value

Analyst

proposition: it can deliver dramatically more power per rack, with higher efficiency and manav.gupta@ubs.com

potentially lower long-run costs, by slashing waste and material usage. In essence, it +1-212-713 4399

“does more with less” – more computing work with less energy lost and less copper and

Saumya Jain

space consumed. FECL solid oxide fuel cell could see strong market demand as 800 VDC Associate Analyst

gets more market acceptance. saumya.jain@ubs.com

+1-212-882 0089

What gives this product even a bigger competitive edge is the ability to use waste heat Richard DeDios

to cool data centers simultaneously, materially lowering PUE (lowering overhead). By Associate Analyst

using absorption chillers, FCEL can reduce electricity usage in the data center by ~10%. richard.dedios@ubs.com

While today vapor compression chillers lead the market while absorption chillers are +1-212-713 8018