FuelCell Energy partners with Siemens to accelerate molten carbonate fuel cell deployment amid a $1.14 billion project backlog.
FuelCell Energy (NASDAQ: FCEL) stock has climbed over 187% in 2026, driven by a new collaboration with Siemens to expand molten carbonate fuel cell projects. The partnership aims to leverage Siemens’ infrastructure expertise to scale commercial deployments rapidly.
The company reported a $1.14 billion project backlog as of Q2 2026, with its sales pipeline surging 267% sequentially. Despite a high beta of 2.3 and recent $225 million stock offering, demand growth signals long-term potential in data center power markets.
Shares trade below their 52-week high of $37.88, reflecting investor caution over volatility and dilution risks. The collaboration is seen as a key step toward addressing rising power demand in AI-driven sectors.