FuelCell Energy : Reports Third Quarter 2021 Results

Third Quarter

of Fiscal 2021

Financial

Results

• Strategy Update

September 14, 2021

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 Quarterly Report on Form 10-Q for the quarter ended July 31, 2021 in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations". 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 fuel cell technology and its business plans and strategies. These 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 the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power platforms configured for carbon capture or carbon sequestration; potential volatility of energy prices; 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; the arbitration and other legal proceedings with POSCO Energy Co., Ltd.; our ability to implement our strategy; our ability to reduce our levelized cost of energy and our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our products will not occur when anticipated; 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 power plants 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; changes by the U.S. Small Business Administration or other governmental authorities to, or with respect to the implementation or interpretation of, the Coronavirus Aid, Relief, and Economic Security

Act, the Paycheck Protection Program or related administrative matters; 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. 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 or incorporated by reference 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, 2020, filed with the SEC on January 21, 2021, our Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2021, filed with the SEC on September 14, 2021, and our earnings release for the third fiscal quarter ended July 31, 2021, filed as an exhibit to our Current Report on Form 8-K filed with the SEC on September 14, 2021.

FuelCell Energy Q3 2021 Investor Presentation

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FuelCell Energy: A Global Leader in Fuel Cell Technology - Operating Since 1969

COMPANY OVERVIEW	TOTAL FY 2020 REVENUE	GLOBAL CUSTOMERS
• Deliver clean and affordable fuel cell
BREAKDOWN: $70.9M2
solutions for the supply, recovery and storage
of energy
• SureSource fuel cell systems provide	36%

continuous baseload power and are

deployed with utility, municipal, university and36% industrial and commercial enterprise

customers

• Turn-key solutions from design and installation	28%
of a project to long-term operation and	0%
maintenance of the fuel cell system
			Service & License
• Multi-featured platforms capable of			Advanced Technologies
delivering power and hydrogen;			Generation
		Product
Commercializing carbon capture, electrolysis,
High Visibility to Recurring Revenue
and long duration hydrogen energy storage

COMPANY HIGHLIGHTS 1

Danbury,	~380	Employees	>50	Global Plant	3
HQ Connecticut		Installations	Continents
Listing:		Capacity		Million MWh's generated
FCEL NASDAQ	>250 MW in Field	>12	with SureSource Patented
Technology

1 As of the year ended October 31, 2020, except employees and MWh's generated which are as of 7/31/2021 2 Percentages are % of FY20 revenue

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

FuelCell Energy Q3 2021 Investor Presentation

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Purpose Statement

Enable The World

To Live A Life

Empowered By

Clean Energy

Distributed Baseload - Energy Storage - Carbon Capture FuelCell Energy Q3 2021 Investor Presentation 4

Today's Messages

1. Executing against project backlog
2. • Commercial operations have begun at the 1.4MW Biogas project in San Bernardino, CA
   • Commissioning at the 7.4MW U.S. Navy base project in Groton, CT delayed
   • • Mechanical issue impacted our prior commissioning schedule, goal to complete commissioning as expeditiously as possible
   • Construction underway on 24.5MW of projects
   • • Utility scale projects in Yaphank, NY and Derby, CT
     • Tri-gen(hydrogen, power, water) project platform with Toyota at the Port of Long Beach, CA
3. Strengthening financial liquidity
4. • At the market sales of common stock during the quarter resulted in net proceeds of $369.0M
   • Tax equity sale-leaseback financing with Crestmark for the 1.4 MW San Bernardino Fuel Cell Project
   • Tax equity financing with East West Bank for the 7.4 MW Groton Project
5. Growing leadership position in sustainability
6. • Increasing R&D investment to drive commercialization of hydrogen generation and storage platforms
   • Developing solutions to address major global climate challenges with our technology portfolio
   • • Distributed generation
     • Distributed hydrogen

•	Long-duration hydrogen energy storage, power generation, electrolysis	Photo of the fuel cell site construction, as of late August 2021, of the 7.4MW power
•	Carbon Capture, Sequestration and Utilization (CCSU)
platform located in Yaphank, NY
		FuelCell Energy Q3 2021 Investor Presentation	5