1. NASDAQ: FCEL FuelCell Energy, Inc. Jeff Cox Director of Business Development, West Region July 28, 2009

2. Safe Harbor Statement This presentation contains forward-looking statements, including statements regarding the company's plans and expectations regarding the development and commercialization of fuel cell technology. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The forward-looking statements 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 statements to reflect any change in the company's expectations or any change in events, conditions or circumstances on which any such statements are based.

3. Company Introduction FuelCell Energy (“FCE”) has been delivering commercial fuel cell power plants in CA since 2003 with our Direct FuelCell® technology A leading fuel cell technology developer for over 30 years – over $500 million invested. HQ in Danbury, CT with state of the art manufacturing in Torrington, CT with 50 MW capacity – 100 MW via Automation. Established commercial presence in U.S., Canada, Germany, Japan and Korea via distributor relationships. Currently the largest manufacturer of stationary fuel cells using carbonate and solid oxide technologies. Torrington, CT Danbury, CT

4. C O N V E N T I O N A L P O W E R P L A N TS FUEL CELL P O W E R P L A N T FUELDIRECT FUEL CELLELECTRICITY FUELCOMBUSTIONSTEAMTURBINE/GENERATORELECTRICITY FUELCOMBUSTIONTURBINE/GENERATORELECTRICITY Why Fuel Cells?

5. DFC power plants offer the highest efficiency of available distributed generation technologies High Electrical Efficiency Fuel to Electrical Efficiency 60% 40% 20% 30% 50% 10% Micro- turbines 25 – 30% Small Gas Turbines 25 –35% Natural Gas Engines 30 – 42% DFC-ERG DFC/Turbine 58 – 65% Direct FuelCell (DFC) 47%

6. Fuel Cell Configuration FUEL OXIDANT BIPOLAR PLATE ANODE MATRIX CATHODE

7. Cell Package and Stack Single-Stack Module Four-Stack Module DFC300 Single Module 300 kW DFC3000 Two 4-Stack Modules 2.8 MW DFC1500MA Four 1-Stack Modules 1.2 MW DFC1500B One 4-Stack Module 1.4 MW FCE Products

8. FuelCell Energy Power Plant Locations Over 60 global units More than 230 million kWh produced at customer sites

9. DFC power plant costs are declining while the cost of grid power increases Cost Effectiveness

10. California Market Drivers AB 32 passed – strict limits greenhouse gas emissions CARB 07 sets tough new standards for NOx emissions –ALL FCE Products are CARB 07 certified on BOTH Natural Gas AND Biogas $80 million + annual incentive program for clean energy generation projects (Self-Gen Incentive Program) $2500/kW for power plants running on natural gas $4500/kW for power plants running on biofuel 40% of FCE’s total installed capacity All FCE products are Rule 21 Certified –Simplified interconnection Santa Barbara, California

11. FCE History in California FCE Evolution in California DG market Earliest plants operated by LADWP on natural gas Follow-on plants operated on Digester Gas at Palmdale and Santa Barbara Currently over 20 projects totaling 12+ MW operating in CA today 40% of existing projects operate on Bio Gas up to 12/07 93% of new projects being installed in ’08 are Bio Gas Lessons Learned Digesters occasionally take the day off – have natural gas as a backup Bio Gas treatment systems require continuous O&M – N.G. backup WWTP’s run diesel generator test monthly – install load banks CA policy makers favor renewable fuels – be ready to use them all

12. Biogas Treatment Issues FuelCell Biogas treatment requirements vs. Combustion Bio-Gas IssueFCE Specs.Engine Specs.Turbine Specs. H 2 S Removal Yes – 2 vessels for average system Yes – 1 vessel for average system Siloxane RemovalYes – lower tolerances Yes – can cause internal & catalyst damage Yes – can cause internal damage Halogen, Chlorides, and Fluorides Removal YesOptional Gas Compression15 PSI - low1-40 PSI - medium>200 PSI- high Natural Gas backupYes - Recommended No Parasitic lossesMediumLowHigh

13. Early Bio Gas Fuel Cell Installation

14. Current Bio Gas Fuel Cell Installation

15. Current Biogas Fuel Cell Installation City of Riverside – 1 MW Biogas Fuel Cell – Dedicated August, ‘08

16. Kyoto Eco-Energy Project (KEEP) Fuel is Digester Gas from Food Waste Part of Mini-Grid with wind turbine, PV, & gas engines connected in parallel to the local electrical grid

17. 4 DFC300 Plants Sierra Nevada Brewery, California Brewery waste converted to ADG = 1 MW + Steam First Site with Automated Fuel Blending

18. DFC1500 1 MW Plant at King County, Seattle Municipal Wastewater Treatment Plant First Site with On-Line Fuel Switching

19. Municipal Wastewater Treatment Plant 2 DCF300 Plants Santa Barbara, CA

20. 2.4 MW Fuel Cell – Pohang, Korea Multi-MW Scale Fuel Cells

21. 2.4 MW Fuel Cells – Pohang, Korea Multi-MW Scale Fuel Cells

22. FCE History on Renewable Gas Project NameDate In ServiceTotal Output King County, WA06/20041 MW Kirin Beer (Japan)09/2003250 kW Fukoka (Japan)01/2004250 kW LA County - Palmdale08/2003250 kW Santa Barbara09/2003500 kW Tancheon (Korea)04/2006250 kW Super Eco Town (Japan)06/2006250 kW Sierra Nevada Brewery05/20051 MW KEEP (Japan)01/2006250 kW Tulare10/2007900 kW Dublin-San Ramon03/2008600 kW Rialto12/2007900 kW Riverside08/20081 MW Turlock10/20081.2 MW Moreno Valley10/2008750 kW Gills Onions10/2008600 kW LivermoreConstruction600 kW Point LomaConstruction300 kW San DiegoConstruction1.4 MW UC San DiegoConstruction2.8 MW

23. Summary Questions? Tours available for FCE units in the field Jeff Cox –Director of Business Development, West Region –JCOX@FCE.comJCOX@FCE.com –(760) 741-3970 Sheraton Hotel, New York