FuelCell Energy and Fit Energy USA have signed a strategic agreement aimed at providing up to 380MW of on-site, low emissions power for data centres.
The companies outlined the use of FuelCell Energy’s utility-scale fuel cell systems to deliver baseload electricity to support the energy needs of facilities that enable advanced computing and AI tasks.
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The arrangement covers an initial 30MW phase due to begin supply before the end of this year.
Fit Energy will be making an upfront deposit for this first stage. Further expansions will be tied to future milestones, which are linked to a warrant structure designed to connect long-term value with successful project outcomes.
FuelCell Energy president and CEO Jason Few said: “We are pleased to partner with Fit Energy on its development plans. We’ve engaged with a diverse range of prospective customers across the digital infrastructure landscape, and Fit Energy has distinguished itself through its commitment to ‘energy as a service’ power solutions that support both communities and the environment.
“This agreement further validates our decision to scale our operations to 500MW, preserving our ability to serve a broad and growing pipeline of customers.”
Fit Energy CEO Joel Leonoff said: “Today’s announcement marks a critical step in building the power foundation required for the next generation of AI infrastructure.
“FuelCell Energy’s technology aligns with our growth objectives and our goal of delivering behind-the-meter power solutions to data centres at gigawatt scale.”
Financial advisory services for FuelCell Energy in relation to this transaction were provided by Canaccord Genuity.
Fit Energy focuses on the ownership and provision of energy generation assets for the digital economy, with a platform designed to support both behind-the-meter and grid-connected power requirements through a range of technologies including fuel cells and natural gas turbines.
FuelCell Energy manufactures systems that produce electricity at the site of use, suitable for data centres and other mission critical facilities, and reports nearly 1GW of global fuel cell deployments.
