FuelCell Energy tumbles on boosted $225 mln equity raise

FuelCell Energy

08/07/2026 11:33

** Renewable power firm FuelCell Energy FCEL.O shares down 17.6% before the bell Weds to $21.38 after overnight follow-on priced
** FCEL late Tues announced ~10.7 mln shares at $21 for $225 mln gross proceeds
** Offering size increased from $200 mln and priced at 19.1% discount to stock's last sale
** FCEL intends to use net offering proceeds for capex to expand manufacturing capacity, working capital and general purposes
** Citigroup and Barclays joint bookrunners, along with Oppenheimer, RBC and Goldman Sachs
** Danbury, Connecticut-based FCEL has ~67.6 mln shares outstanding
** FCEL shares fell nearly 13% on Tues but have more than quadrupled over the past three months
** Avg rating of 8 analysts is "hold"; median PT $23, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))