FuelCell Energy Inc. Releases 2024 Annual and Sustainability Reports: A Path Toward Growth and Sustainability

FuelCell Energy, Inc. (Nasdaq: FCEL), a leading player in the clean energy sector, has officially released its 2024 Annual Report and 2024 Sustainability Report, providing a detailed insight into the company's business performance and advancements in sustainability over the past fiscal year. The reports underscore FuelCell Energy's commitment to innovative energy solutions and its strategic positioning for future growth.

The 2024 Annual Report serves as a comprehensive overview for shareholders, detailing the company's financial performance, significant achievements, and strategic initiatives undertaken throughout the year. A notable highlight includes the addition of approximately $250 million to FuelCell Energy's revenue backlog, achieved through the completion of utility-scale projects and advancements in clean energy technologies, particularly their carbon capture platform in collaboration with ExxonMobil.

In addition to enhancing its revenue backlog, FuelCell Energy has expanded its service lines through long-term agreements with partners such as Gyoenggi Green Energy Co., Ltd. and the Sacramento Area Sewer District. This expansion aligns with the company's focus on growth while streamlining operations, particularly following a global restructuring program initiated in late 2024.

FuelCell Energy President & CEO Jason Few's letter to stockholders emphasizes the company’s dedication to delivering innovative energy solutions. He stated, "FuelCell Energy’s solutions fit well into today’s pragmatic ‘all of the above’ energy perspective," highlighting the importance of integrating both renewable and traditional energy sources to ensure a stable and secure supply.

Few identified significant market opportunities ahead, noting, “Our technology is fuel-flexible, and our commercial platforms are proven.” He underscored the strategic importance of the company's carbonate platform, particularly in light of the growing acceptance of natural gas as a low-carbon fuel, reinforcing the company's commitment to supporting customers through the energy transition.

FuelCell Energy’s 2024 Sustainability Report highlights the company’s ongoing commitment to environmental stewardship, social responsibility, and corporate governance. The report showcases several key milestones achieved in the company’s sustainability journey, aligning these objectives with broader business goals.

Significant accomplishments detailed in the report include the establishment of an annual greenhouse gas (GHG) emissions inventory, the completion of a product-level life cycle assessment, and a comprehensive climate risk assessment. Additionally, FuelCell Energy has integrated a sustainability governance model into its business processes and achieved ISS ESG Prime status.

Betsy Schaefer, Chief Marketing and Sustainability Officer, remarked on the company's achievements, stating, “In 2024, we achieved significant milestones in our company’s sustainability journey, incorporating adaptation and mitigation strategies as part of our comprehensive sustainability strategy.” Schaefer reaffirmed the company’s dedication to decarbonization across its entire value chain, from supply chain operations to the use phase of its products.

As FuelCell Energy moves into 2025, the company remains focused on leveraging its innovative technologies and expanding its market reach. The integration of sustainability into its core business processes not only enhances the company’s operational excellence but also positions FuelCell Energy as a leader in the global transition toward cleaner energy solutions.

Founded in 1969 and headquartered in Danbury, Connecticut, FuelCell Energy is a pioneer in clean energy technology, providing efficient and sustainable power solutions worldwide. With over 530 patents, the company’s fuel cells are capable of operating on various fuels, including natural gas, hydrogen, and biofuel, serving a wide range of applications from electric grid support to industrial power needs.

For more information about FuelCell Energy's groundbreaking technology, visit fuelcellenergy.com.

For further inquiries, please reach out to:

Phone: 203.205.2491

Phone: 203.546.5844

As FuelCell Energy looks ahead, its reports reflect a robust commitment to innovation, sustainability, and the ongoing evolution of the energy landscape, promising exciting developments in the clean energy sector.