FuelCell Energy J.P. Morgan Natural Resources Conference Takeaways

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FuelCell Energy J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

24 June 2026

FuelCell Energy Underweight

FCEL, FCEL US

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):$21.82

We hosted FCEL's CEO for a fireside chat at our J.P. Morgan Natural Resources

Conference. The session was anchored by the morning's announcement of an up

to 380 MW strategic agreement with Fit Energy, an energy-as-a-service provider

focused on data center infrastructure. Beyond the headline deal, the CEO provided Clean Energy, Power Infrastructure,

color on the business model evolution away from balance sheet ownership of and Sustainable Investing

generation assets and toward a product-sale model, which has positive AC Mark Strouse, CFA

implications for cash cycle and capital efficiency. The CEO also leaned into (1-212) 622-8244

FCEL's competitive differentiation on permitting speed, emissions profile, and mark.w.strouse@jpmorgan.com

thermal integration, and provided an update on the Rotterdam carbon capture Michael G Fairbanks

demonstration, with modules now en route. Below are our key takeaways. (1-212) 622-4908

michael.fairbanks@jpmchase.com

• Fit Energy deal helps validate pipeline conversion. FCEL announced an up Anna Zhu

to 380 MW agreement with Fit Energy this morning, with an initial 30 MW (1-212) 622-0012

deposit and delivery expected later this year; the remaining capacity is tied to anna.zhu@jpmorgan.com

deployment milestones via a warrant structure. The CEO characterized the J.P. Morgan Securities LLC

order cadence as inherently lumpy at the large end, but highlighted edge data

center opportunities (~5 MW scale) as a source of relatively more consistent,

smaller order flow given the modularity of FCEL's platform.