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FuelCell Energy, Inc.
Industrials · Electrical Components & Equipment
Structural: $FCEL is one of the few US-listed pure-play stationary fuel cell platforms with operating MCFC fleet and SOFC commercialization roadmap; addressable wedge is behind-the-meter baseload for data centers where grid interconnect queues exceed 4-7 years in PJM/ERCOT.
Carbon capture IP via ExxonMobil JDA is optional upside if 45Q monetization scales.
- Data center prime power pivot: hyperscaler appetite for non-grid 24/7 capacity creates demand for behind-the-meter platforms; $FCEL SOFC roadmap targets sub-2 year deployment vs 4-7 year interconnect.
- Installed MCFC base in Korea (POSCO/Korea Southern Power) and Connecticut provides recurring service revenue and operating reference points.
- ExxonMobil carbon capture JDA preserves optionality on 45Q tax credit monetization at scale.
- 1-for-30 reverse split (2026) normalized share count; removed delisting overhang.
- DOE Advanced Technologies contracts subsidize SOFC R&D burn.
- Multi-year operating cash burn; FY revenue has not covered opex despite multiple platform cycles.
- SOFC commercialization is unproven at scale vs $BLDP, $PLUG, $BE peers; data center wins are press releases, not delivered MW.
- Reverse split cosmetic, not structural; share count can re-dilute via ATM at next capital raise.
- Carbon capture economics depend on 45Q rules and natural gas turbine retrofit demand that has not materialized.
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