First Quarter Earnings Call

March 7, 2019

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Today’s presenters:

Chip Bottone

President and Chief Executive Officer

Mike Bishop

Senior Vice President and Chief Financial Officer

Tom Gelston

Vice President, Investor Relations

NASDAQ: FCEL www.fuelcellenergy.com

First Quarter 2019 Financial Update

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This presentation contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation

Reform Act of 1995, including, without limitation, statements with respect to the Company’s anticipated financial results and statements

regarding the Company's plans and expectations regarding the continuing development, commercialization and financing of its fuel cell

technology and business plans. 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, changes to projected deliveries and

order flow, changes to production rate and product costs, general risks associated with product development, manufacturing, changes in

the regulatory environment, customer strategies, unanticipated manufacturing issues that impact power plant performance, changes in

critical accounting policies, potential volatility of energy prices, rapid technological change, competition, and the Company’s ability to

achieve its sales plans and cost reduction targets, as well as other risks set forth in the Company’s filings with the Securities and Exchange

Commission (SEC). The forward-looking statements contained herein speak only as of the date of this presentation. The Company

expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change

in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.

The Company may refer to non-GAAP financial measures in this presentation. The Company believes that this information is useful to

understanding its operating results and assessing performance and highlighting trends on an overall basis. Please refer to the Company’s

earnings release for further disclosure and reconciliation of non-GAAP financial measures. (As used herein, the term “GAAP” refers to

generally accepted accounting principles in the U.S.)

The information set forth in this presentation is qualified by reference to, and should be read in conjunction with, our Annual Report on Form 10-K for the

fiscal year ended October 31, 2018, filed with the SEC on January 10, 2019 and our earnings release for the first quarter ended January 31, 2019, filed as an

exhibit to our Current Report on Form 8-K filed with the SEC on March 7, 2019.

Safe Harbor Statement

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Highlights

Financing-Based

Development

Long-Term Strategies

Continuing Execution

• Impact of the Series C and D preferred stock

• Predictability of ordering cycle

• Execute on the 83.1 MW of projects under

development

• Grow the generation portfolio of owned project

assets prudently with efficient project level debt

• Win new global business

• Deploy our Advanced Technology solutions

• Entered into a $100 million project construction

finance facility with Generate Lending

• Secured construction financing for the

7.4 MW fuel cell installation under construction

on the U.S. Navy Submarine Base in Groton, CT

• Received commitments for financing the long-term

project ownership of the Groton project

• Finalizing PPA’s for the remaining 32.4 MW Long

Island Power Authority (“LIPA”) project awards

• Accelerating timing for Derby, CT project

• Tulare BioMAT, Bolthouse Farm, and Groton all

under construction

• Completed construction of our high-efficiency

SureSource 4000 fuel cell located in Danbury, CT

Short-Term Challenges

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Q1 2019 | Revenue: $ 17.8 million | Total cash: $ 68.2 million (Unrestricted: $27.8 million)

Backlog & Awards

$2.0 BillionLong-term Cash Flows

Project Assets

$109.8 Million11.2 MW Operating

83.1 MW Under Development

Project Financing Activity

Generate CapitalNew $100+ Project Construction Facility($10mm initial funding on Bolthouse Project)

Financial Update

Project Name

Rated

Capacity

(MW)

Existing Portfolio 11.2

Bridgeport Fuel Cell Park 14.9

Under Construction 83.1

Triangle St 3.7

Tulare BioMAT 2.8

Bolthouse Farms 5.0

Groton Sub Base 7.4

LIPA #1 7.4

CT RFP Derby 14.8

LIPA #2 18.5

Toyota 2.2

CT RFP Hartford 7.4

LIPA #3 13.9

New Projects 40

2018 2019 2020 2021 2022

Note: Bridgeport Fuel Cell Park contingent on successfully closing on the acquisition; New Projects is illustrative, contingent on winning new awards

$’s in millions

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• Installed base for MCFC

technology exceeds 160 MW

• Government Renewable

Portfolio Standard continues

to accelerate fuel cell market

Market Update

South Korea Connecticut

• 73 MW of installed or

awarded fuel cell projects

• 15 project sites throughout

the state

New York

• Utility-scale solution

recognized by LIPA with 40

MW of project awards

• Prescriptive solution at the

substation level

• Utility avoids costly

investment in transmission

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DESIGN Gen-1 Carbon Capture Solution

• Coal/natural gas power plants

• 90% capture, 70% NOX reduction

• 1.2 MW, up to 60 tons/day CO2 capture

DEPLOY Gen-1 Projects

• Expand to Industrial applications

• 3-10 MW projects, feed studies

• Up to 400 tons/day CO2 capture

Large SCALE Systems

• Global applications for CO2 reduction

• >100 MW, >3,000 tons/day CO2 capture

• Strong value proposition

• Co-production of H2

$120 Billion equipment and services market for power generation and industrial CO2 capture

Near to

Mid-

Term

Long-Term

Carbon Capture Update

Note: Illustrative path of development based on product evolution and market demand

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Summary

• Project financing secured to enable generation portfolio

• Continued execution of project development and deployment

• Continued progress with Advanced Technologies platforms