FuelCell Energy’s initial 30-megawatt Fit Energy order is underway; three customer-elected phases could raise total capacity to 380 megawatts.

FuelCell Energy disclosed a strategic agreement with Fit Energy covering up to 380 megawatts across four phases. The initial 30-megawatt product-and-service phase was underway, and FuelCell Energy said it had received the deposit.

The remaining phases consist of 100 megawatts, 125 megawatts and 125 megawatts. Each is at Fit Energy’s election, so the full 380 megawatts should not be treated as a committed or fully contracted deployment.

The agreement includes warrants for up to 12 million FuelCell Energy shares at an exercise price of $26.44 per share. Vesting is divided among three phases tied to deposits and deployment milestones, and none of the warrants was vested or exercisable at the time of the disclosure.

FuelCell Energy also reported a 4.4-gigawatt sales pipeline at the end of its third quarter and approximately 10 gigawatts of proposals delivered year to date in fiscal 2026. The company explicitly defined the pipeline as commercial discussions ranging from solution discussions to contract negotiations—not signed agreements—and said data-center proposals represented approximately 97% of the third-quarter pipeline.