FuelCell Energy Shares Drop 17% After-Hours on $200M Offering Announcement

FuelCell Energy (FCEL) shares fell 17% in after-hours trading on July 8 after the company announced a $200 million underwritten public offering of common stock. Citigroup and Barclays are serving as joint book-running managers, with underwriters holding a 30-day option to purchase an additional 15% of shares. The company plans to use proceeds for manufacturing capacity expansion, working capital, and general corporate purposes, subject to market conditions and completion.

The offering comes as FuelCell pursues growth in AI-driven data center power demand, following a late-June strategic agreement with Fit Energy for up to 380 MW of on-site fuel cell capacity for data centers, with an initial 30 MW tranche expected to launch later this year.