Fuelcell Energy, Inc. · NASDAQ:FCEL

Fuelcell Energy — JP Morgan Energy, Power, Renewables & Mining Conference 2025

42 slides from Fuelcell Energy's conference presentation, January 2025

Slide 1: FuelCell Energy Company Presentation
FuelCell Energy January 2025 Company Presentation
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties, inclu
Slide 3: FuelCell Energy Snapshot
FuelCell Energy Snapshot Enable a world empowered by clean energy Who we are What we do A global leader in electrochemical technology 1,2 U.S. patents Patents in other 167 covering our fuel cell technology 375 jurisdictions covering our fuel cell technology 41 U.S. patents pending 116 Patents pendin
Slide 4: Powerhouse Business Strategy
Powerhouse Business Strategy Clean energy growth company built on proven proprietary large-scale distributed energy platforms to meet significant electric generation opportunity  Streamline business operations FOCUS Significant Market Opportunities   Optimize the core business Drive commercial ex
Slide 5: Building Blocks for a World Empowered by Clean Energy
Building Blocks for a World Empowered by Clean Energy Delivering Better Energy Outcomes Across a Wide Array of Energy Applications Decarbonize Power Produce Hydrogen Combined Heat Carbon Carbon Trigen Zero Carbon Microgrids Electrolysis Energy Storage & Power Separation Capture Carbonate H2 Power Ca
Slide 6: More than 16 Million MWh Generated
20+ Year Global Track Record of Reliable Operations More than 16 Million MWh Generated © 2024 FuelCell © 2025 Energy FuelCell Energy 6
Slide 7: Large-Scale Distributed Clean Energy Platforms
Large-Scale Distributed Clean Energy Platforms Positioned for Significant Electric Generation Market Key Attributes  8 operating platforms > 10+ MWs sites > 180 MWs in total Longest Running Double Digit MW Fuel Cell Platforms 1  7+ year average operating age of large-scale projects Platform MWs Ye
Slide 8: Strained Grid Creating Need for Distributed Power
Strained Grid Creating Need for Distributed Power Despite regulatory efforts, interconnection Average interconnection queue times are increasing queues are growing1:  2,600+ GW currently in queue in 2024 Region Duration SPP 71 months  8x increase in queue from 2014 NYISO 68 months  2x total insta
Slide 9: Global Restructuring Plan Announced 11/15/2024
Global Restructuring Plan Announced 11/15/2024 Focusing Core Technologies on Distributed Power Generation, Grid Resiliency, and Data Center Growth Realigning resources toward advancing core technologies  Prioritizing commercially available technologies to reflect changing market opportunities with
Slide 10: Focus Areas Centered on Core Technologies
Focus Areas Centered on Core Technologies Commercial Carbon Biogas Datacenters & Industrial Solutions Time to power, ease Advantaged fuel Distributed CO2 Time to power, of permitting, compatibility, production for proven scale, Combined Heat & demonstrated Food & Beverage; permitting Power capabilit
Slide 12: Grid Support
Grid Support Derby Bridgeport  14-megawatt baseload fuel cell project  15-megawatt baseload fuel cell project  Second largest fuel cell park in North America  Largest fuel cell park in North America  Class I Renewable Energy as part of 20-year  Class I Renewable Energy as part of power power p
Slide 13: Combined Heat & Power (CHP)
Combined Heat & Power (CHP) Universities/Colleges/Education Process Industries Healthcare Facilities Trinity College Pepperidge Farm Connecticut Hartford Hospital  1 x CFC-1500 1.4MW  2 x CFC-1500 1.4MW  1 x CFC-1500 1.4MW  Hot water used by athletic  Exhaust preheats water used  Steam generat
Slide 14: Korean Market
Korean Market FuelCell Energy is a trusted partner to the Korean clean energy market Noeul Green Energy (NGE)  Long-term service agreement with NGE  Agreement covers replacement of 16 modules and provides operations of the power plant over the next 14 years will be overseen by FuelCell Energy  NG
Slide 16: Wastewater Applications
Wastewater Applications Ameresco / Sacramento Sewer Biofuel Clean Wastewater Treatment Energy Project  FuelCell Energy offers proven, high-efficiency end-to-  Sacramento, CA’s Sewer District will use the Company’s end solutions for wastewater treatment plants 2.8 Megawatt carbonate fuel cell platf
Slide 18: Carbon Recovery and Capture Solutions
Carbon Recovery and Capture Solutions Commercial Scale Food and beverage Carbon Recovery and quality, purity, and Carbon Capture taste test platform live late 2024 Available today Industrial Scale Rotterdam Rotterdam refinery Manufacturing Carbon Capture demonstration and testing startup project exp
Slide 19: Co-Production of Power Reduces the Cost of Carbon Capture
Co-Production of Power Reduces the Cost of Carbon Capture 319 MW carbonate plant for capture from coal systems – 90% capture from 550 MW coal plant Cost analysis of fuel cell carbon capture applied to 550 MW Reference Supercritical PC Plant under DOE DE-FE0026580 Hydrogen co-production could reduce
Slide 20: Manufacturing Capabilities: First Carbon Capture Module
Manufacturing Capabilities: First Carbon Capture Module First full-scale commercial unit for carbon capture Gen2 design constructed: First article 600kW carbon capture module on test at FuelCell Energy’s Headquarters in Danbury, CT  600kW modular unit design  Modular design allows scalability to G
Slide 22: Carbonate-Powered Data Center
Carbonate-Powered Data Center Microgrid Data center and/or Grid-parallel Backup generation Electricity Natural gas Heat Chilled water Absorption chilling Carbonate Fuel Cell Plant Fuel supply OR Carbon capture Industrial offtake Sequestration (optional) © 2024 © 2025FuelCell FuelCell Energy 23
Slide 24: Our Patented Platforms
Our Patented Platforms APPLICATION CARBONATE SOLID OXIDE 1 Ultraclean and efficient power and heat generation through chemistry not combustion 1.4 MW 250kW Zero carbon power and heat generation from pure hydrogen fuel Up to 50% H2 Blend  Capture of CO2 from hydrogen rich fuels during CO2 power gene
Slide 25: Effective Emissions Reductions in Your Community
Effective Emissions Reductions in YOUR Community The Data The Takeaway: Fuel cells create clean energy 24/7 in your community  Solar and wind provide clean energy when they are operating, however, most of the time they are not.  When solar and wind are not operating, energy is drawn from the bulk
Slide 27: FuelCell Energy Distributed Hydrogen Solutions
FuelCell Energy Distributed Hydrogen Solutions Tri-gen: Power + water + hydrogen  2.8MW Platform  2.3MW Power  1,400 gal/day water  Up to 1,200 kg/day H2 Image: FuelCell Energy’s Tri-gen platform located at Toyota’s port operation in Long Beach, California Tri-gen: Power + water + hydrogen  600
Slide 29: Scale and Innovate
Scale and Innovate Pacing our investment in solid oxide technology development and manufacturing plan Power Generation Platform Electrolysis Platform Virtually free of Hydrogen-ready: Higher efficiency High efficiency: Designed load ramp- Enable electricity NOx, SOx, and runs on 100% compared to up
Slide 30: Modular, Scalable, Reversible Solid Oxide Platform
Modular, Scalable, Reversible Solid Oxide Platform 1 Electrochemical Platform Delivers 3 Clean Energy Solutions 250 kW Power Generation  250kW from a wide range of fuels, including natural gas, biofuels, propane, and pure hydrogen 600 kg/day H2 Electrolysis  600 kg/day H2 from 1.1 MW  600 kg/day
Slide 31: Key Advantage of Proprietary Solid Oxide Design
Key Advantage of Proprietary Solid Oxide Design HHV Electrical Efficiency FCE SOEC w/ Thermal FCE SOEC Low Temperature 0 20 40 60 80 100  Fed from a 1MW (4-acre) solar field, our solid oxide electrolyzer will produce 42% more H2 than alkaline or PEM  Conversely, we could produce the same amount of
Slide 32: Solid Oxide – Our Key Points Of Differentiation
Solid Oxide – Our Key Points Of Differentiation 1. High power density in a Compact Stack Architecture allows for faster response times. Solid Oxide Stack Multi-Stack Module 2. Solid Oxide cell stack designed to run in fuel cell power generation or electrolysis mode with no degraded performance forwa
Slide 34: Q4 Fiscal 2024 Financial Performance
Q4 Fiscal 2024 Financial Performance (Amounts in millions, except per share amounts) Q4 2024 Q4 2023 FY 2024 FY 2023 Total revenue $49.3 $22.5 $112.1 $123.4 Net loss $(39.6) $(29.5) $(156.8) $(108.1) Net loss per share attributable to common stockholders (2) $(2.21) $(2.07) $(7.83) $(7.92) Adjusted
Slide 35: Q4 Fiscal 2024 Financial Performance and Backlog
Q4 Fiscal 2024 Financial Performance and Backlog Gross Loss and Operating Expenses ($M) Revenue Breakdown ($M) $(1.5) Q4 2024 Total Revenue: $49.3 million $(10.9) $6.4 13% $12.0 $(30.1) 24% $(34.9) Q4 2023 Q4 2024 Gross Loss Operating Expenses 11% 52% Backlog as of 10/31/2024 ($B) $5.6 $25.4 $1.16 $
Slide 36: Cash and Liquidity
Cash and Liquidity Liquidity to fund projects in development and commercialization activities Our liquidity position has enabled us to execute on our strategic initiatives Cash and Equivalents & Short-Term through investment in manufacturing and R&D Treasury Securities ($M)  $318.0M in total cash (
Slide 37: FY25 Investment Targets
FY25 Investment Targets Capital Expenditures Expand manufacturing capacity $47.7 $39.3 Target Range: $20M to $25M $21.1 $20-$25  Calgary, Canada $6.4  Continued solid oxide production capacity expansion  Torrington, CT  Completion of carbon recovery test unit FY2021 FY2022 FY2023 FY2024 FY2025E
Slide 40: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss Three Months Ended October 31, Year Ended October 31, (Amounts in thousands) 2024 2023 2024 2023 Net loss $ (39,600) $ (29,458) $ (1
Slide 41: Service Business Profile for Module Replacement
Service Business Profile for Module Replacement Completed a multi-year fleet Projects with LTSA Size of Module Restack Est. Date of Next upgrade Plant (MW) Quantity Module Restack • Replaced ~30 MW of modules Pepperidge Farm - 1 1.4* 1 Q2-2025 over the past 3 years in our United Illuminating - New H
Slide 42: FuelCell Energy Operating Portfolio Overview
FuelCell Energy Operating Portfolio Overview Generation Operating Portfolio as of October 31, 2024 Rated Capacity(1) Actual Commercial PPA Term Project Name Power Off-Taker Location (MW) Operation Date (2) (Years) Central CT State University (”CCSU”) CCSU (CT University) New Britain, CT 1.4 Q2 ’12 1

FuelCell Energy — JP Morgan Energy, Power, Renewables & Mining Conference 2025 on 6ix

Fuelcell Energy — JP Morgan Energy, Power, Renewables & Mining Conference 2025

Slide 1: FuelCell Energy Company Presentation

Slide 2: Safe Harbor Statement

Slide 3: FuelCell Energy Snapshot

Slide 4: Powerhouse Business Strategy

Slide 5: Building Blocks for a World Empowered by Clean Energy

Slide 6: More than 16 Million MWh Generated

Slide 7: Large-Scale Distributed Clean Energy Platforms

Slide 8: Strained Grid Creating Need for Distributed Power

Slide 9: Global Restructuring Plan Announced 11/15/2024

Slide 10: Focus Areas Centered on Core Technologies

Slide 11: Commercial & Industrial Applications

Slide 12: Grid Support

Slide 13: Combined Heat & Power (CHP)

Slide 14: Korean Market

Slide 15: Biogas Opportunities

Slide 16: Wastewater Applications

Slide 17: Carbon Solutions

Slide 18: Carbon Recovery and Capture Solutions

Slide 19: Co-Production of Power Reduces the Cost of Carbon Capture

Slide 20: Manufacturing Capabilities: First Carbon Capture Module

Slide 21: Data Centers

Slide 22: Carbonate-Powered Data Center

Slide 23: Technology Highlights

Slide 24: Our Patented Platforms

Slide 25: Effective Emissions Reductions in Your Community

Slide 26: Hydrogen Production

Slide 27: FuelCell Energy Distributed Hydrogen Solutions

Slide 28: FCE Solid Oxide Solutions

Slide 29: Scale and Innovate

Slide 30: Modular, Scalable, Reversible Solid Oxide Platform

Slide 31: Key Advantage of Proprietary Solid Oxide Design

Slide 32: Solid Oxide – Our Key Points Of Differentiation

Slide 33: Financial Update Q4-2024

Slide 34: Q4 Fiscal 2024 Financial Performance

Slide 35: Q4 Fiscal 2024 Financial Performance and Backlog

Slide 36: Cash and Liquidity

Slide 37: FY25 Investment Targets

Slide 38: Thank you

Slide 39: Appendix

Slide 40: GAAP to Non-GAAP Reconciliation

Slide 41: Service Business Profile for Module Replacement

Slide 42: FuelCell Energy Operating Portfolio Overview