FuelCell Energy signs deal with Fit Energy for up to 380 MW of power

FuelCell Energy, Inc. (NASDAQ: FCEL) and Fit Energy USA LP announced a strategic agreement for up to 380 megawatts of on-site fuel cell power for data centers, according to a press release issued June 24, 2026.

Under the agreement, an initial 30 MW deployment is scheduled to begin delivery later this year, with Fit Energy making an immediate deposit tied to that phase. Fit Energy will be eligible to receive warrants linked to future deployment milestones as additional capacity is brought online up to the 380 MW total.

FuelCell Energy President and CEO Jason Few said the agreement "further validates our decision to scale our operations to 500 MW, preserving our ability to serve a broad and growing pipeline of customers."

Fit Energy CEO Joel Leonoff said the announcement "marks a critical step in building the power foundation required for the next generation of AI infrastructure," adding that the company's goal is delivering behind-the-meter power solutions to data centers at gigawatt scale.

Fit Energy is an energy infrastructure company focused on long-term ownership of generation assets, operating through a hybrid model that includes fuel cell technology and natural gas turbines across behind-the-meter, microgrid, and grid-connected structures.

Canaccord Genuity served as financial advisor to FuelCell Energy on certain aspects of the transaction.

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