The company priced the offering at $21 per share, opting to expand the capital raise beyond its initial $200 million target. FuelCell Energy is retaining all proceeds from the sale—minus underwriting commissions and related expenses—with the transaction expected to close around Thursday.

Management plans to funnel the capital into manufacturing capacity expansion, alongside general corporate needs and working capital requirements. To facilitate the offering, the company has granted underwriters a 30-day window to purchase an additional 1.61 million shares, potentially increasing the total impact of the issuance.