FuelCell Energy
Corporate brand
UnclaimedFuelCell Energy is a United States-based fuel-cell technology company that develops, manufactures, operates, and services stationary power and energy systems.
Last updated August 25, 2026
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Overview
FuelCell Energy is a publicly traded energy-technology company headquartered in Danbury, Connecticut. Its business is centered on stationary fuel-cell systems that generate electricity and useful heat, with applications for utilities, municipalities, industrial sites, commercial customers, and distributed-energy projects. The company designs and manufactures fuel-cell equipment, develops and owns or operates power plants, and provides servicing and related support over the life of those installations. The company began in 1969 as Energy Research Corporation, founded by chemical engineers Bernard Baker and Martin Klein. During the following decades, the organization conducted fuel-cell research with support from the United States military and utility companies. Its work expanded from low-temperature fuel cells into high-temperature carbonate systems, a technology area that became central to its later commercial identity. The company completed an initial public offering in 1992 and adopted the FuelCell Energy name. In 1999, it separated its battery business into Evercel, allowing the fuel-cell business to focus more narrowly on stationary generation and related technologies. FuelCell Energy's principal commercial platform has been based on molten carbonate fuel cells. These systems can use natural gas or biogas to produce electricity and thermal energy, and the company's technology can also support hydrogen production. Fuel-cell installations are designed for locations seeking on-site or distributed generation, resilience, lower local emissions, and the productive use of gases such as wastewater-treatment biogas. A notable feature of the technology is its potential to separate and concentrate carbon dioxide from industrial exhaust while producing power, linking fuel-cell generation with carbon-capture applications. The company expanded internationally in the 2000s, including through a partnership with POSCO Energy in South Korea. It has operated or supplied large fuel-cell projects in South Korea, including the Gyeonggi Green Energy fuel-cell park, which provides approximately 59 megawatts of electricity and district heating. FuelCell Energy also operates a Connecticut project in Bridgeport consisting of five 2.8-megawatt fuel-cell plants and a Rankine-cycle bottoming turbine that converts additional heat into electricity. Its technology-development portfolio has broadened beyond conventional stationary generation. FuelCell Energy has worked on carbon capture and sequestration, solid-oxide fuel cells, electrolysis for hydrogen, long-duration energy storage, and energy systems associated with nuclear facilities. Partnerships and government-supported projects have included work with ExxonMobil on capturing carbon dioxide from power-plant exhaust, collaboration connected with Drax's biomass facility in the United Kingdom, and research supported by the U.S. Department of Energy. FuelCell Energy's commercial positioning is based on combining distributed power generation with fuel flexibility and lower-carbon energy applications. The company remains exposed to the capital intensity, project-financing requirements, technology-development risks, and policy dependence that affect the fuel-cell and clean-energy sectors. Its current identity therefore spans both an established stationary-power business and a portfolio of emerging technologies intended to support hydrogen production, carbon management, and grid-scale or long-duration energy systems.
History
FuelCell Energy traces its origins to Energy Research Corporation, established in 1969 by chemical engineers Bernard Baker and Martin Klein. During the 1970s through the 1990s, the company developed fuel-cell technologies with sponsorship from the U.S. military and utility companies. Its research covered both low-temperature fuel cells and high-temperature carbonate fuel-cell systems, the latter becoming the foundation of its stationary-power business. The company completed an initial public offering in 1992 and changed its name to FuelCell Energy, Inc. In 1999, it spun off its battery division as Evercel. This separation focused the company on fuel-cell generation, power-plant development, manufacturing, and service activities. International expansion accelerated in 2007 through a partnership with POSCO Energy, aimed particularly at the South Korean market. FuelCell Energy subsequently became involved with major Korean fuel-cell installations, including the Gyeonggi Green Energy fuel-cell park. The partnership was terminated in 2020. In 2012, the company established a European presence through German-based FuelCell Energy Solutions GmbH, completed a joint venture with Fraunhofer IKTS, and acquired Versa Power Systems. FuelCell Energy also expanded its technology agenda during the 2010s. Beginning in 2012, it worked with ExxonMobil on the use of carbonate fuel cells for carbon capture and sequestration, renewing that joint-development agreement in 2019. In 2017, the company entered an agreement with Toyota to develop a 2.25-megawatt facility in Long Beach, California. The same year, the U.S. Office of Naval Research selected the company to assist with the Large Displacement Unmanned Undersea Vehicle program. In 2018, the company received a U.S. Department of Energy research grant to investigate fuel-cell technology for converting excess electricity into hydrogen in support of nuclear-energy applications. It also began construction of projects in Hartford and New Britain under a clean-energy procurement process conducted by the Connecticut Department of Energy and Environmental Protection. In November of that year, FuelCell Energy acquired a 14.9-megawatt Bridgeport, Connecticut, project from Dominion Energy. The company had previously developed, constructed, and operated the facility. The project uses five stationary fuel-cell plants and an organic Rankine-cycle turbine that generates additional electricity from heat. In 2019, FuelCell Energy entered an agreement with Drax Power Station in the United Kingdom to study carbonate fuel cells for capturing carbon dioxide from biomass-boiler emissions. Jason Few became president and chief executive officer in August of that year. In 2021, the company received further Department of Energy support for solid-oxide fuel-cell development and completed a San Bernardino Municipal Water Department project using anaerobic digester gas to generate electricity and thermal energy. FuelCell Energy's modern business combines commercial stationary power with research and development in hydrogen, solid-oxide fuel cells, carbon capture, electrolysis, and long-duration energy storage. Its installations can operate on natural gas or biogas, and its fuel-cell systems may produce electricity, heat, and hydrogen depending on the configuration. The company continues to operate in a capital-intensive sector in which project development, technology performance, fuel availability, regulation, and clean-energy policy strongly influence commercial outcomes.
- 2021
Solid-oxide research and San Bernardino project
[1]The company receives Department of Energy support for solid-oxide fuel-cell development and completes a biogas-fueled project for the San Bernardino Municipal Water Department.
- 2020
POSCO Energy partnership ends
[1]FuelCell Energy announces the termination of its partnership with POSCO Energy.
- 2019
New chief executive and carbon-capture collaboration
[1]Jason Few becomes chief executive officer, while the company renews carbon-capture development work with ExxonMobil.
- 2018
Bridgeport project acquisition
[1]FuelCell Energy acquires a 14.9-megawatt Bridgeport, Connecticut, fuel-cell project from Dominion Energy.
- 2017
Toyota and naval-research projects
[1]FuelCell Energy agrees to develop a 2.25-megawatt Long Beach facility with Toyota and assists the Office of Naval Research on an unmanned-undersea-vehicle program.
- 2012
European operations and technology expansion
[1]The company establishes a European facility, completes a joint venture with Fraunhofer IKTS, and acquires Versa Power Systems.
- 2007
Expansion into South Korea
[1]FuelCell Energy begins international expansion through a partnership with POSCO Energy.
- 1999
Battery division spun off
[1]The company separates its battery division into Evercel.
- 1992
Initial public offering and corporate renaming
[1]The company completes its IPO and adopts the FuelCell Energy name.
- 1969
Energy Research Corporation is founded
[1]Bernard Baker and Martin Klein establish Energy Research Corporation, the predecessor of FuelCell Energy.
Products and positioning
A stationary clean-energy and fuel-cell technology provider focused on distributed generation, high-temperature fuel cells, biogas utilization, hydrogen, carbon capture, and related energy infrastructure.
Stationary power generation
Molten carbonate fuel-cell power plants
FuelCell Energy's core commercial technology uses high-temperature molten carbonate fuel cells to generate electricity from fuels including natural gas and biogas. Systems can be deployed in distributed or utility-scale configurations and can provide useful thermal energy alongside electricity. The technology is used in dedicated fuel-cell parks and in projects serving municipalities, utilities, industrial facilities, and commercial customers.
Carbon management · 2012
Carbon-capture fuel-cell systems
The company's carbonate fuel-cell approach can direct industrial combustion exhaust through a fuel-cell process that separates and concentrates carbon dioxide while producing power. FuelCell Energy has developed this concept with external partners for potential carbon capture and sequestration applications at large industrial and power-generation facilities.
Renewable distributed generation
Biogas fuel-cell systems
FuelCell Energy systems can use anaerobic digester gas and other biogas streams as fuel. These installations convert gases generated by wastewater treatment or other organic processes into electricity and useful heat, providing an energy-use pathway for fuel that might otherwise be flared or wasted.
Hydrogen and advanced energy systems
Solid-oxide fuel-cell and electrolysis technologies
FuelCell Energy has pursued solid-oxide fuel-cell development and electrolysis-related applications, including systems that can convert electricity into hydrogen. This work extends the company beyond power generation into energy storage, hydrogen production, and potential integration with nuclear and other low-carbon energy sources.
Controversies
Brand decisions
2020
Terminate the POSCO Energy partnershipOtherBackground
FuelCell Energy's international relationship with POSCO Energy had supported its expansion in South Korea.
Action taken
The company announced the termination of the partnership.
Aftermath
FuelCell Energy continued pursuing its own technology and project activities while its earlier South Korean expansion relationship came to an end.
2018
Acquire the Bridgeport fuel-cell projectM&ABackground
FuelCell Energy had developed, built, and operated a large fuel-cell facility in Bridgeport, Connecticut.
Action taken
The company acquired the 14.9-megawatt project from Dominion Energy.
Aftermath
FuelCell Energy gained ownership of a major Connecticut fuel-cell park consisting of five fuel-cell plants and a heat-recovery turbine.
Acquisition price. $37 million (November 2018)
2012
Broaden into carbon capture and advanced fuel-cell technologiesStrategyBackground
FuelCell Energy sought uses for carbonate fuel cells beyond conventional electricity generation.
Action taken
The company began working with ExxonMobil on carbon capture and also expanded its European and advanced-technology activities through FuelCell Energy Solutions, Fraunhofer IKTS, and Versa Power Systems.
Aftermath
The company developed a broader portfolio spanning carbon management, solid-oxide systems, hydrogen, and related energy technologies.
2007
Enter the South Korean market with POSCO EnergyStrategyBackground
FuelCell Energy sought international growth for its stationary fuel-cell systems, particularly in Asia.
Action taken
The company formed a partnership with POSCO Energy to pursue fuel-cell projects in South Korea and other Asian markets.
Aftermath
The partnership supported FuelCell Energy's South Korean project presence, including the Gyeonggi Green Energy fuel-cell park, before ending in 2020.
1999
Separate the battery business into EvercelStrategyBackground
The company had developed both battery and fuel-cell activities before deciding to separate its battery division.
Action taken
FuelCell Energy spun off the battery division as Evercel, concentrating the remaining company on fuel-cell technologies and stationary power.
Aftermath
The separation clarified the company's focus on fuel-cell research, manufacturing, project development, and services.
Recent events
Reported
FuelCell Energy and POSCO enter settlement agreement[3]
FuelCell Energy announced that POSCO Energy and its subsidiary Korea Fuel Cell had entered into a settlement agreement. The agreement confirms FuelCell Energy's access to sell products in the Asian market, including South Korea, and provides for a minimum order of 20 replacement modules for 2022.
Reported
FuelCell Energy closes tax equity financing for Navy fuel cell project[4]
FuelCell Energy announced that it closed a $15 million tax equity financing transaction with East West Bank for its 7.4 MW fuel cell project at the U.S. Navy Submarine Base in Groton, Connecticut.
- Unconfirmed
Reported
Posco Energy sues FuelCell Energy over license contract[2]
Posco Energy sued FuelCell Energy, seeking 922 billion won in damages, alleging that FuelCell Energy unilaterally cancelled their fuel-cell business license contract.
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