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FuelCell Energy and Inuverse Sign MOU for Data Center Development in Korea, Signaling Growth in Hyperscale and AI Markets

1. FCEL to deploy 100 MW at Inuverse's AI Daegu Data Center by 2027. 2. Collaboration aims to optimize cooling and reduce operational costs. 3. FCEL's technology already in use at Korea's largest fuel cell park. 4. Partnership signifies FCEL's commitment to Korea and digital ecosystem enhancements. 5. Inuverse aims to set ESG standards for data centers with this project.

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Why Bullish?

The collaboration opens up significant new revenue streams for FCEL, tapping into the growing energy needs of AI and data centers—a market that is rapidly expanding. Similar deals in the past have resulted in increased investor confidence and stock prices for energy companies involved in strategic partnerships, indicating a positive market response.

How important is it?

This partnership reinforces FCEL's position in the clean energy market and showcases its technology application, which is pivotal for future contracts as the demand for clean energy solutions in tech increases.

Why Long Term?

The phased deployment starting in 2027 positions FCEL for sustained growth as the AI sector expands, ensuring continuous revenue as the demand for clean energy solutions increases significantly over the years.

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NEEORPCENPH
Integrated fuel cell thermal capabilities can reduce cooling costs and boost energy efficiency July 10, 2025 07:30 ET  | Source: FuelCell Energy, Inc. DANBURY, Conn. and SEOUL, South Korea, July 10, 2025 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (Nasdaq: FCEL) and Inuverse, a developer of next-generation AI-specialized hyperscale data centers, have announced a strategic Memorandum of Understanding (MOU) to explore opportunities to deploy up to 100 megawatts (MW) of fuel cell-based power in phased increments starting in 2027 at the AI Daegu Data Center (AI DDC), which Inuverse is in the process of developing, aspiring for it to become Korea’s largest data center. Once developed, AI DDC is expected to feature advanced rack cooling, hot zone optimization, absorption chilling enabled by the thermal energy from FuelCell Energy’s platform, and a clean waste model that reduces operational costs and improves performance. FuelCell Energy has demonstrated its ability to utilize the thermal energy from the company’s fuel cells to drive absorption chilling at other locations and anticipate it will serve data center requirements for space cooling. FuelCell Energy builds and delivers firm, clean, energy through high-efficiency fuel cell platforms, which can help data centers meet today’s energy and climate goals without disruption, downtime in a microgrid configuration, or changing how data centers operate. We believe our clean baseload energy technology would allow the project to redefine what is possible for sustainable digital transformation. Rapid Deployment FuelCell Energy’s systems are designed for rapid deployment—capable of delivering modular, phased, onsite power in months rather than years—which can be scaled as project demand grows. This flexibility is critical in supporting the significant energy needs of AI and cloud computing. FuelCell Energy already operates the largest single-site fuel cell park in Korea, totaling 58MW, which demonstrates the commercial readiness and reliability of its technology. The collaboration with Inuverse is expected to expand the company’s footprint in Asia and showcase the company’s ability to enable the decarbonization and near elimination of particulate emissions in the digital economy through distributed clean energy. “Our clean, reliable, and scalable platform is purpose-built for the data center market,” said Mike Hill, Executive Vice President and Chief Commercial Officer of FuelCell Energy. “With proven scaled energy platforms already operating in Korea, and integrated thermal capabilities that align seamlessly with Inuverse’s cooling needs, we’re proud our technology could be used to support this transformative infrastructure project. Together, we’re enabling a digital ecosystem that is expected to drive innovation and regional growth in Korea.” Hill added, “We believe the execution of this non-binding MOU is a strong endorsement of our technology’s ability to meet the evolving demands of data centers and underscores our commitment to the Korean market.” David Kim, Executive Vice President and Chief Business Development Officer of Inuverse, said, “This collaboration is pivotal for Inuverse to address the surging data processing demands of the AI era while proactively achieving our renewable energy and ESG objectives. We believe this project will set global ESG standards for data centers.” About FuelCell Energy FuelCell Energy, Inc. provides clean, reliable future-ready solutions that allow customers to access power faster and manage their emissions while keeping their operations running. Our efficient, scalable, and fuel-flexible systems—running on natural gas, biofuels, or hydrogen—provide steady baseload, grid-independent electricity worldwide. With more than 55 years of expertise and nearly 200 modules in commercial operation, we help customers achieve their immediate and future energy goals. Learn more at www.fuelcellenergy.com. Contact: FuelCell Energy Investor Relations ir@fce.com FuelCell Energy Media Relations kblomquist@fce.com About Inuverse AI Daegu Data Center (AI DDC) is spearheading the future of hyperscale, sustainable AI infrastructure, driving the RE100 vision with the development of a next-generation Data Center Valley. This initiative positions South Korea as a premier global hub for AI and cloud-driven digital infrastructure. In collaboration with KEPCO (Korea Electric Power Corporation), AI DDC is revolutionizing energy design by integrating carbon-neutral power solutions, ensuring net-zero emissions while maintaining unmatched reliability and scalability. Learn more at www.inuverse.co.kr. Contact: info@inuverse.co.kr Cautionary Note Regarding Forward-Looking Statements This release 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 the Company’s future performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements regarding the Company’s business plans and strategies, the capabilities of the Company’s products, the markets in which the Company expects to operate, and the development of, and demand for, the Company’s products. These forward-looking 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, the risk that the Company’s restructuring plan, revised strategic plan, and workforce reduction will not result in the intended benefits or savings; the Company’s ability to reduce operating costs; and the other risks set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended April 30, 2025. The forward-looking statements contained herein speak only as of the date of this release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained 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.

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