FuelCell Energy Stockholders Back All 5 Proposals at 2026 AGM, Approve Director Slate and Plans

Key Points

• Stockholders approved all five proposals at FuelCell Energy’s 2026 AGM, including the election of eight directors, ratification of KPMG as auditor, and amendments to the omnibus incentive and employee stock purchase plans.
• CEO Jason Few outlined three strategic priorities — commercial execution, operational scale and financial discipline — citing a 275% year‑over‑year pipeline expansion, more than 1.5 GW of pricing proposals in Q1, and roughly $380 million in cash while expanding Torrington capacity toward 350 MW annually.
• Product and partnership moves include standardized 12.5 MW packaged power blocks for faster deployment, collaborations targeting up to 450 MW with SDCL and up to 100 MW in South Korea, a data‑center JV, and plans to ship two carbon‑capture modules to Rotterdam later this year.

FuelCell Energy NASDAQ: FCEL stockholders approved all five proposals presented at the company’s 2026 Annual Meeting of Stockholders, including the election of eight directors and amendments to the company’s equity incentive and employee stock purchase plans. The meeting was held virtually on April 2, 2026, with James H. England, chair of the board, presiding.

Quorum and meeting administration

England said FuelCell Energy had 52,947,032 shares of common stock outstanding and entitled to vote as of the Feb. 11, 2026 record date. According to the company, at least 26,917,005 shares were represented at the meeting by proxy or via virtual presence, constituting a quorum.

Company leadership present included Jason Few, president and chief executive officer; Michael Bishop, executive vice president, chief financial officer and treasurer; and Amanda Schreiber, executive vice president, general counsel and corporate secretary. England also noted that representatives from KPMG LLP, the company’s independent registered public accounting firm, attended, with Rod Wilson available to respond to appropriate questions during the Q&A period.

Stockholders approve director slate and other proposals

Based on a preliminary report from the inspector of elections, England announced that stockholders voted in favor of each proposal, with affirmative votes “in excess of the necessary majority” of shares casting votes in person or by proxy.

The proposals and preliminary outcomes included:

• Election of directors: James H. England, Natica von Althann, Cynthia Hansen, Jonathan Wilson, Betsy Bingham, Matthew S. Hilzinger, Tyrone Michael Jordan, and Jason Few were elected to serve until the 2027 annual meeting and until their successors are duly elected and qualified.
• Advisory vote on executive compensation: Stockholders approved, on a non-binding advisory basis, the compensation of the company’s named executive officers as described in the 2026 proxy statement.
• Auditor ratification: Stockholders ratified the selection of KPMG LLP as FuelCell Energy’s independent registered public accounting firm for the fiscal year ending Oct. 31, 2026.
• Omnibus incentive plan: Stockholders approved the amendment and restatement of the FuelCell Energy Fifth Amended and Restated 2018 Omnibus Incentive Plan.
• Employee stock purchase plan: Stockholders approved the amendment and restatement of the FuelCell Energy 2018 Employee Stock Purchase Plan, as amended and restated.

CEO outlines market backdrop and strategic priorities

Following the formal meeting, CEO Jason Few delivered prepared remarks focused on what he characterized as a “new phase of electrification driven by AI, digital infrastructure, and industrial decarbonization.” Few said these applications require “massive power density,” “continuous reliability,” and fast deployment—capabilities he said the traditional grid struggles to provide.

Few said FuelCell Energy is focused on “infrastructure-grade power platforms” designed to support “mission-critical operations, data centers, commercial and industrial facilities, and resilient grid infrastructure,” emphasizing continuous, scalable, low-emission power produced on-site.

He outlined three priorities:

• Commercial execution: Few said the company is seeing “strong global momentum” and described a pipeline with “gigawatts of proposals” across data centers, utilities, and commercial and industrial markets.
• Operational scale: Few said FuelCell Energy is expanding manufacturing at its Torrington facility and that the expansion could increase production capacity “by up to three times.”
• Financial discipline: Few said the company ended the quarter with “nearly $380 million in total cash” and has taken actions to “reduce structural overhead” while focusing on its most scalable platform.

Product positioning, pipeline growth, and partnerships

Few highlighted the company’s carbonate fuel cell platform, which he said is designed for 24/7 baseload power and can operate on natural gas, biogas, hydrogen blends, and other syngases. He also pointed to combined heat and power use cases, stating that thermal energy produced by the system can be used for steam, heating, and chilled water applications, and that combined heat and power capability can reach “up to 80% total efficiency.”

To address demand for faster deployments in grid-constrained markets, Few introduced “standardized packaged 12.5 MW power blocks,” describing them as 10 proven 1.25 MW modules packaged into a standard block to reduce engineering and permitting work and speed deployment.

On commercial activity, Few said the company’s pipeline expanded 275% year-over-year, and that in the first quarter it delivered more than 1.5 gigawatts of pricing proposals. He added that “over 80%” of the pipeline is tied to digital infrastructure and data centers.

Few also described several collaborations and market initiatives:

• Sustainable Development Capital (SDCL): Few said the companies are targeting “up to 450 MW” of data center-focused projects, combining FuelCell Energy’s technology with SDCL’s financing and infrastructure development capabilities.
• South Korea: Few said the company signed an MOU with Inuverse to explore deploying “up to 100 MW” for the AI Daegu Data Center project.
• Dedicated Power Partners joint venture: Few said FuelCell Energy formed a joint venture platform with Diversified Energy called Dedicated Power Partners to deliver “power and land solutions for data centers,” combining gas supply, distributed generation, fiber connectivity, and site development into an integrated offering.

Few said the Torrington facility is expanding toward “350 MW of annual capacity,” and he described a longer-term path toward “gigawatt-scale manufacturing” through automation, supply chain optimization, and global assembly and conditioning capabilities.

Carbon capture shipment planned for Rotterdam

Few said the company’s technology also supports carbon capture applications, describing carbon capture as “built-in” and part of an electrochemical process that does not require a separate power source. He added that later this year FuelCell Energy plans to ship “2 carbon capture modules” to Rotterdam for integration into an industrial pilot project.

The company concluded the event with a question-and-answer session for stockholders.

About FuelCell Energy NASDAQ: FCEL

FuelCell Energy, Inc NASDAQ: FCEL is a publicly traded company that designs, manufactures and operates turnkey molten carbonate fuel cell power plants. These stationary, on-site energy solutions generate electricity and heat through an electrochemical process that combines natural gas or biogas with oxygen, producing power with lower greenhouse gas emissions than traditional fossil fuel-based generation. The company’s fuel cell technology is engineered for continuous, baseload operation and can be integrated into microgrid architectures and industrial power systems to provide reliable, around-the-clock energy.

The company’s core product suite, marketed under the SureSource brand, encompasses both power generation and integrated carbon capture or hydrogen production capabilities.

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