Ultra-Clean, Efficient, Reliable Power

Annual Shareholders MeetingMarch 28, 2013

Welcome!

Safe Harbor Statement

This presentation contains forward-looking statements, includingstatements regarding the Company's plans and expectations regarding thedevelopment and commercialization of fuel cell technology. All forward-looking statements are subject to risks and uncertainties that could causeactual results to differ materially from those projected. The forward-lookingstatements speak only as of the date of this presentation. The companyexpressly disclaims any obligation or undertaking to release publicly anyupdates or revisions to any such statements to reflect any change in theCompany's expectations or any change in events, conditions orcircumstances on which any such statements are based. The Companymay refer to non-GAAP (generally accepted accounting principles) financialmeasures in this presentation. The Company believes that this informationis useful to understanding its operating results and the ongoingperformance of its underlying business.

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Integrated Fuel Cell Company

Direct Sales & via Partners

Installations/ordersin 9 countries

Design & Manufacture

Megawatt –class power generation solutions

Services Over 80 DFC® plants

operating at more than 50 sites – 1.5 billion kWh ultra-

clean power produced

Engineering / ConstructionOver 300 megawatts

installed and in backlog

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2012 in Review

Global Foundation for Growth

• Global footprint solidified– Asian market expansion / POSCO agreement ($181M) – European presence established / FCES formation – Strengthened balance sheet

• Trend towards larger installations– 14.9 MW Bridgeport Fuel Cell Park– 59 MW fuel cell park in S. Korea

• Increasing annual run-rate in USA by 25% – Ramping in 2013 to 70 MW annually from 56 MW

• Entered data center market - Microsoft project

• Versa Power Systems (SOFC) acquisition

• World’s largest renewable biogas fuel cell plant now operating– 2.8 MW plant operating at a wastewater treatment facility

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Distributed Generation Market

On-site Power• High efficiency drives economics• Virtual lack of pollutants eliminates future

clean air compliance concerns• CHP reduces costs & supports sustainability• Supports energy security• Power reliability improved

Fuel cell power plants at a University, a

commercial bakery, and a municipal

pump station

Electric Grid Support• Cost–effectively add power generation

when/where needed• Reduces grid congestion• Supports renewable portfolio standards• Reinforces grid reliability• Heat sold to neighbors or used to

enhance electrical efficiency

Fuel cell park supporting the

electric grid

Ultra-Clean Baseload Distributed Generation Solutio n– Easy to site in populated areas – Generates more power output per unit of fuel w/ 47%-70% electrical efficiency– Up to 90% total efficiency when using Combined Heat and Power (CHP)– Fuel flexible: Clean natural gas or renewable biogas

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Sizable Market Opportunity

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Clean Natural Gas

• $4 billion mid-term market opportunity for power plants

• $4 billion services opportunity

1. Electric Utilities & IPPs2. Education & Healthcare3. Gas Transmission4. Industrial5. Commercial & Hospitality6. Government7. Oil Production & Refining

Renewable Biogas

• $2 billion mid-term market opportunity for power plants

• $2 billion services opportunity

1. Wastewater2. Food & Beverage

Processing3. Agriculture4. Landfill Gas

$12 billion market opportunity for power plants and services

Trend to Larger Installations

• Ten years ago - installations were individual sub-megawatt plants

• Five years ago - megawatt-class plants

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59 MW fuel cell parkHwasung City, S. Korea

14.9 MW fuel cell parkBridgeport, Connecticut

11.2 MW fuel cell parkDaegu City, S. Korea

10.4 MW fuel cell parkYeosu, S. Korea

2.8 MW renewablebiogas plant

Chino, California

4.5 MW directedbiogas project

San Diego, California

TodayMulti-megawatt plants

and fuel cell parks

Vision & Objectives

Vision: Pricing below the grid, without incentives

Business Objective: Attain profitability, continued global growth

• Volume drives prices below the grid, accelerating adoption• 210 MW drives LCOE below grid costs• Integrated global supply chain supports production in USA, S. Korea and Europe

• Revenue diversity• Power Plants, Kits, Services, Royalties, Advanced Technology programs• Geographic and Market diversity

• Leverage resources with strong global partners

Connecticut, USAProduces for global markets

Ottobrun, GermanyCapacity for European market

Pohang, South KoreaCapacity being built for Asian market

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Global Technology and Manufacturing footprint

Bridgeport fuel cell park

• Developed by FCE / sold to

Dominion

• Fully operational by end of 2013

• Economic benefits for broad

number of constituents

• FCE operates and maintains facility

for 15 years

• Strong local, State & Federal

support

• On-site power opportunities– California

– municipalities, universities, and – State government– SGIP Program with commercial customers

– CT with LREC program and CT150– Data centers– NJ and HI represent near term opportunities

• Electric Utility opportunities– Dominion project attracting attention– Economical RPS compliance– CT Renewable Connections Program

• Project finance enables orders– Repeatable project finance offerings with

customers and project investors (ownership, PPA, Lease)

– Establish tax equity project finance program

North American Strategy

1.4 MW CHP configuration at a Municipal government building

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Asian Strategy

• Expanding market opportunities through POSCO Energy relationship– RPS demand / Export opportunities / Seoul City 230 MW program

• Benefit from Asian market growth with royalties and lower product costs

• Cell component manufacturing in S. Korea– Expands global manufacturing footprint without direct capital investment– Leverage global supply chain for cost reductions– Second source of supply important to prospective customers

• 121.8 MW multi-year order provides committed produc tion to USA facility

• POSCO investments validate market opportunity

59 MW fuel cell park under construction

Product Cost per kW

Increasing global production

reduces product costs

through volume purchasing

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$0

$2,500

$5,000

$7,500

$10,000

2003 2007 current mid-term

Need clean baseload distributed generation– Germany replacing nuclear power– UK pursuing low-carbon power generation

Near-term opportunities– Attractive economics

o Low emission profile and CHP valued

– Establish showcase installations– MW-class opportunities emerging

Multi-channel Strategy– Direct via FuelCell Energy Solutions, GmbH

o JV Partner with Fraunhofer IKTS o European manufacturing presence essentialo Invest to support backlog

– Partner with Spanish-based Abengoa

European Strategy

DFC® plant to be installed in

Federal Ministry of Education

Research complex

Berlin, Germany

DFC® plant to be installed in 20 Fenchurch

office towerLondon, England

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$0.14 - $0.15

$0.24

to

$0.12

$0.09

to

$0.05

$0.14

to

$0.09

$0.10

to $0.07

$0.11

to

$0.08

$0.15

to

$0.07

T&D

T&D

T&D

T&D

T&D

T&D

$0.00

$0.05

$0.10

$0.15

$0.20

$0.25

$0.30

$0.09 - $0.11

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Competitive LCOE

(a)

(a) FuelCell Energy’s current 10-year LCOE is $0.15/kWh assuming natural gas cost of $8/mmBtu or $0.14.kWh assuming $6/mmBtu gas cost as each $2/mmBtu change equates to about $0.01/kWh

(b) Mid-term LCOE target range of $0.09-$0.11/kWh based on global production volume of 210 MW annually(c) Does not include disposal or incremental emission clean-up costs(d) Cost of Transmission & Distribution estimated to add up to $0.024/kWh

Source: Company estimates, Lazard’s Levelized Cost of Energy Analysis—Version 5.0 , U.S. Energy Information Administration (EIA) & Oak Ridge National Lab.

(c)

$/kWh

Unsubsidized LevelizedCost of Energy

(b)

CT Baseload Power $0.14

CA Baseload Power $0.12

(d)

FuelCell Energy

Solar PV GeothermalWindCombined

Cycle Nuclear Coal

Intermittent Renewable Generation Central Generation

Advancing to Profitability

Record backlog Annual Revenue

Multi-year Committed & Availableproduction for USA manufacturing facility

megawatts

• Gross margin positive

at 50 MW

• Continued margin

expansion with volume

• Positive EBITDA at

~80MW

• Net income positive 80-

90MW

millionsmillions

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$0

$25

$50

$75

$100

$125

2010 2011 2012

$0

$150

$300

$450

2010 2011 2012 Q1 2013Product Services Advanced technology

0

30

60

90

2012 CY-2013 CY-2014 CY-2015 CY-2016

Sales targets

Plants in backlog -

committed

LTSA - committed

Kits - committed

• Tri-generation: hydrogen, electricity & heat • Markets: vehicle fueling & industrial applications• Enables hydrogen infrastructure• Commercialization path with:

Versatile Technology

Carbon Capture

Renewable Hydrogen Generation, Compression & Storage

Advanced applications

Carbon-neutral data center application

• SOFC propulsion system for unmanned submersible under US Navy program

• Unmanned aerial powered by SOFC combined with storage under contract with Boeing

• 2% USA power usage is by data centers• DFC® plant will convert renewable biogas

into power for a Microsoft data center

• Flue gas from coal-fired power plants directed to DFC® plant for CO2separation

• Programs with US DOE and US EPA 44 MW carbon

capture system

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Leveraging Core Technology to Expand Market Opportu nities

Foundation for Profitable Growth

• Highly efficient and ultra-clean distributed genera tion solution meets market needs

• Clear path to profitability with committed order ba cklog and growing global market adoption

• Production and supply chain being developed to enab le pricing below the grid, without incentives

• Leverage strong partners globally– Partners helping to drive – market adoption – FCE benefits with margin improvement,

while optimizing capital deployment

• Well capitalized to support growth2.8 MW

power plant

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