January 2023

Safe Harbor Statement

This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those discussed in our Annual Report on Form 10-K for the fiscal year ended October 31, 2022 in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations". The forward-looking statements include, without limitation, statements with respect to the Company's anticipated financial results and statements regarding the Company's plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the expected timing of completion of the Company's ongoing projects, the Company's business plans and strategies, the markets in which the Company expects to operate, and the size and scope of its total addressable market opportunities, which is an estimate based on currently available public information and the application of management's current assumptions and business judgment. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations and the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise "march-in" rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; our ability to develop new products to achieve our long-term revenue targets; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; and concerns with, threats of, or the consequences of, pandemics, contagious diseases or health epidemics, including the novel coronavirus, and resulting supply chain disruptions, shifts in clean energy demand, impacts to our customers' capital budgets and investment plans, impacts to our project schedules, impacts to our ability to service existing projects, and impacts on the demand for our products, as well as other risks set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2022. The forward-looking statements contained herein speak only as of the date of this presentation. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.

The Company refers to non-GAAP financial measures in this presentation. The Company believes that this information is useful to understanding its operating results and assessing performance and highlighting trends on an overall basis. Please refer to the Company's earnings release and the appendix to this presentation for further disclosure and reconciliation of non-GAAP financial measures. (As used herein, the term "GAAP" refers to generally accepted accounting principles in the U.S.)

The information set forth in this presentation is qualified by reference to, and should be read in conjunction with, our Annual Report on Form 10-K for the fiscal year ended October 31, 2022, filed with the SEC on December 20, 2022, and our earnings release for the fourth quarter and the fiscal year ended October 31, 2022, filed as an exhibit to our Current Report on Form 8-K filed with the SEC on December 20, 2022.

© 2022 FuelCell Energy

Confidential

2

FuelCell Energy:

A Global Leader in Fuel Cell Technology - Operating Since 1969

FUELCELL ENERGY IS:

A global leader in decarbonizing power and producing hydrogen through our proprietary fuel cell technology, FuelCell Energy is working to:

  • Produce low- to zero-carbon power
  • Capture carbon and greenhouse gasses while simultaneously generating power; Negligible NOx or SOx emissions
  • Supply green or blue hydrogen power

REVENUE BREAKDOWN2

FY 2022 Total Revenue: $130.5M

10%

16%

46%

• Store energy from intermittent renewables by converting excess power to hydrogen -

28%

then converting hydrogen back into power when it's needed or delivering to other applications

COMPANY HIGHLIGHTS1

Service

Advanced Technologies

Generation

Product

FY 2021 Total Revenue: $69.6M

Danbury,

Platforms in

0%

Employees

Commercial

Continents

HQ Connecticut

28%

> 500

95 Operation3

3

35%

Listing:

Capacity

Million MWhs generated with

FCEL NASDAQ

>220 MW in Field

>12 SureSource Patented Technology

37%

Demand for Clean, Reliable Electricity Driving Adoption of Fuel Cell Technology

1 As of 10/31/22

2 Percentages of revenue for fiscal years ended 10/31/2021 and 10/31/2022

© 2022 FuelCell Energy

Confidential

3

3 Note that certain sites have multiple platforms. As an example, our 14.9 MW Bridgeport project site has five SureSource 3000

platforms. As of 10/31/22, there were 33 sites with the Company's carbonate fuel cell platforms.

carbon from an external source and produce more power and hydrogen at the same time; differentiated electrolysis platform being commercialized that is capable of achieving ultra-highefficiency when acting as an electrolyzer - all while supporting energy security and resiliency
4 Positioned to scale our business by attracting key talent, expanding internal operations and looking for opportunities to utilize strategic partnerships and leverage third party manufacturing networks where optimal to maximize speed, efficiency and use of capital
5 Strengthened balance sheet and disciplined capital allocation to support profitable growth in the future
6 Market confidence in the energy transition and our purpose has supported raising capital to scale our organizational and manufacturing capacity, and accelerate commercialization of our solid oxide platform and carbon capture solutions
© 2022 FuelCell Energy
that can produce hydrogen, water, and power from a single platform; the only known platform technology that can capture

Key Messages

  1. Global energy transformation is currently underway - every company and every industry will be impacted by the transition to net zero - and, based on our analysis, we have competitive advantages and offer highly efficient solutions to meet the challenge
  2. Our technologies provide optionality as the transition toward decarbonizing power evolves, with hydrogen becoming a primary energy carrier and carbon capture achieving scale; multidimensional energy platforms go beyond electric power to deliver value for multiple customer applications
  3. Innovative, practical solutions that reduce Scope 1 and 2 emissions from customer operations, offering the only known system

4

Purpose Statement:

Enable A World Empowered By Clean Energy

ENABLING A SAFE, SECURE AND PRACTICAL JOURNEY

TO CARBON ZERO

An energy

platform based

on fuel cell technology

OUR PLATFORM EMPOWERS A SAFE, SECURE AND PRACTICAL JOURNEY TO CARBON ZERO

DECARBONIZING POWER

  • Produce decarbonized power
  • Capture carbon and greenhouse gases at low cost with the ability to generate power and hydrogen at the same time
  • Negligible nitrogen oxide (NOx) and sulfur oxide (SOx) emissions

PRODUCING HYDROGEN

  • Supply green hydrogen (using electrolysis of water or reforming of biogas) or blue hydrogen power (using natural gas with carbon separation or carbon capture) with high efficiency
  • Working to commercialize a solution that scales renewables by converting excess power to hydrogen - then converting hydrogen back to power when needed
  • Ensuring people and industry continue to have access to reliable and affordable energy as the industrialized world continues to move forward by supporting our hardest to decarbonize sectors
  • Working to commercialize a gigawatt scalable solution that supports the intermittency of renewables by converting excess power to hydrogen - then using that hydrogen to make zero carbon power

© 2022 FuelCell Energy

5

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

FuelCell Energy Inc. published this content on 11 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 January 2023 16:09:02 UTC.