FuelCell Energy Stock Is on a Tear — Here's What Powered a 67% Weekly Rally

FuelCell Energy Inc. (NASDAQ: FCEL ) shares are trading approximately 4% higher Wednesday, adding to gains of roughly 67% over the past week.

Here’s what investors need to know.

FuelCell stock is challenging resistance.

Why are FCEL shares at highs? The Fit Energy Deal The week’s first major developmen t came on June 24, when FuelCell Energy and Fit Energy USA announced a strategic agreement for up to 380 megawatts of clean, baseload on-site power for data centers using FuelCell’s utility-scale fuel cell technology.

The agreement includes an immediate deposit for an initial 30 MW of power scheduled to begin delivery later this year, with Fit Energy eligible to receive warrants tied to future deployment milestones.

The deal represents a major step in FuelCell’s pivot toward the AI data center power market, a segment where the company says more than 80% of its 1.5-gigawatt proposal pipeline is now concentrated.

The EXIM Financing The week’s second catalyst arrived on June 29, when the Export-Import Bank of the United States approved a $49 million financing package to support the delivery of fuel cell equipment to South Korea.

The financing will be disbursed in two tranches—the first of approximately $22 million disbursed June 30 to fund delivery of five 2.8 MW FuelCell Energy Blocks to Gyeonggi Green Energy, with a second tranche expected in October 2026.

Critically, the financing is structured as a loan guarantee through EXIM’s program, making it non-dilutive—providing capital without a share sale, which had been a persistent concern among investors.

Analyst Consensus & Recent Actions The stock carries a Hold rating with an average price target of $22.00.

Recent analyst moves include: B.

Riley Securities: Upgraded to Buy (Raises Target to $32.00) (June 29) UBS: Neutral (Raises Target to $22.00) (June 26) Jefferies: Upgraded to Buy (Raises Target to $24.00) (June 26) Read Also: Stock Market Today: Dow Jones, S&P 500 Futures Fall as Iran Rules Out Direct Talks With US—Nike, Constellation Brands, Bloom Energy in Focus FuelCell Shares Shoot Higher FCEL Price Action: At the time of publication, FuelCell shares are trading 3.42% higher at $37.24, according to data Pro.

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