Key Points
Patient FuelCell Energy (NASDAQ: FCEL) investors have been rewarded thus far this year, with the power plant fuel cell specialist’s stock rising more than 187% in 2026 and over 275% in the past 12 months.
Shareholders received more good news this week as FuelCell announced a collaboration and memorandum of understanding with Siemens (OTC: SIEGY). Through this partnership, Siemens will support the rapid deployment of commercial projects involving molten carbonate fuel cells designed and produced by FuelCell Energy.
This is a strong signal as to where FuelCell is heading. Siemens’ electrical infrastructure expertise, sheer size, and capabilities will enable the company to scale at a new level.
FuelCell has a large backlog of projects totaling $1.14 billion as of the company’s second-quarter 2026 earnings report. The sales pipeline grew 267% sequentially between Q1 and Q2 of 2026, signaling that the company has growing demand.
FuelCell remains a higher-risk investment, with a beta of 2.3; investors in the company need a stomach for volatility. Yet, as shares trade well below their 52-week high of $37.88, FuelCell looks like a rocket ship poised to launch into the AI power crisis.
Investors are also concerned about dilution, as FuelCell recently announced an offering of new common stock worth about $225 million. The short-term pain seems relatively insignificant given the opportunity FuelCell has in the intermediate and long terms. Data center power demand is expected to double in the next year.
On-site generation is the future for data centers that desperately need reliable power. Successful execution and scaling of FuelCell’s technology could lead to serious recurring revenue for years to come.
If you are OK with short-term share price volatility, you might want to give this infrastructure stock a closer look.
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Catie Hogan has positions in FuelCell Energy. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
