FuelCell Energy entered into a Capital Equipment Purchase Agreement on June 22, 2026, with Fit Energy USA LP to manufacture and sell fuel cell systems with a total potential generating capacity of up to 380 MW. The systems are intended to supply baseload electricity for data center applications. The agreement is structured in four phases, with an initial effective commitment for 30 MW.
Key Details
- Agreement Structure: The total capacity of up to 380 MW is structured across four phases. Phase 0 is an initial 30 MW, with three subsequent phases (100 MW, 125 MW, and 125 MW) at Fit Energy's option, triggered by election notices and deposits.
- Warrant Issuance: In connection with the agreement, FuelCell Energy issued warrants to Fit Energy to purchase up to an aggregate of 12,000,000 shares of common stock at an exercise price of $26.44 per share.
- Warrant Vesting: The warrants vest in three tranches of 4,000,000 shares each, contingent upon Fit Energy making non-refundable deposits for the subsequent power generation phases. Any warrants that have not vested within 24 months from the issuance date will be terminated.