FuelCell Energy manufactures and operates molten carbonate fuel cell systems that generate electricity through a chemical reaction rather than combustion, using natural gas, biogas, or hydrogen-hydrocarbon blends as fuel. The core product is a 1.25 MW modular power block that can be combined into multi-megawatt installations, operating continuously as baseload power. Beyond electricity, the systems produce waste heat usable for heating or cooling, and can capture CO2 from exhaust streams. Primary customers include utilities, independent power producers, industrial and commercial facilities, and government customers. South Korea is the largest market, anchored by a 58.8 MW installation at Gyeonggi Green Energy. FuelCell Energy generates revenue through four streams: direct product sales of modules and systems; long-term service agreements (LTSAs), some up to 20 years, covering maintenance and module replacements; power purchase agreements (PPAs) from the roughly 62.8 MW generation portfolio the company owns and operates; and government- and privately-funded R&D. The business model depends heavily on manufacturing utilization — the Torrington, Connecticut plant currently runs at roughly 41 MW per year, and management targets positive adjusted EBITDA at 100 MW per year. Module replacements, embedded in LTSA pricing, provide a committed forward production schedule. FuelCell Energy's near-term growth strategy targets the data center market through partnerships including the Dedicated Power Partners joint venture and an MOU for up to 100 MW in South Korea. Longer-term, the company is developing carbon capture applications, including a pilot at an ExxonMobil refinery in Rotterdam expected in 2026.