FuelCell Energy, Inc. (NASDAQ: FCEL) has priced an underwritten public offering of 10,714,286 shares of common stock at $21.00 per share, according to a press release from the company.

The offering was upsized from a previously announced size of $200 million. Gross proceeds are expected to total $225 million before underwriting discounts, commissions, and other expenses. The offering is expected to close on or about July 9, 2026, subject to customary closing conditions.

FuelCell Energy has also granted underwriters a 30-day option to purchase up to 1,607,143 additional shares at the public offering price, less underwriting discounts and commissions.

The company said it intends to use net proceeds for capital expenditures related to manufacturing capacity expansion, working capital, and general corporate purposes.

Citigroup and Barclays are acting as joint book-running managers, alongside Oppenheimer & Co., RBC Capital Markets, and Goldman Sachs & Co. LLC. Canaccord Genuity, B. Riley Securities, BMO Capital Markets, Siebert Williams Shank, and Tuohy Brothers are serving as co-managers.