FuelCell Energy Signs 380MW Power Agreement

By Greg Peters • Wednesday, June 24 16:04 • Permanent Link

FuelCell Energy has signed a strategic agreement with Fit Energy for up to 380 megawatts of clean, on-site power for data centers, with an initial 30 megawatts expected to start delivery later this year.

The deal is immediately backed by a deposit for that first 30-megawatt tranche. Fit Energy can also earn warrants tied to deployment milestones covering the full 380 megawatts.

The size of FuelCell Energy’s planned operations is also rising. The company said the agreement supports its decision to scale operations to 500 megawatts, indicating the new contract represents 76% of that target capacity.

FuelCell Energy said the arrangement is aimed at behind-the-meter power for advanced computing and AI infrastructure, while Fit Energy described the project as part of a broader push toward gigawatt-scale data center power.

Canaccord Genuity advised FuelCell Energy on certain aspects of the transaction. The market has reacted to these announcements by moving the company's shares -2.8% to a price of $21.21. Check out the company's full 8-K submission here.

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