Fuel Cell Energy Inc NASDAQ FCEL Jeff Cox

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

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.

Company Introduction • Fuel. Cell Energy (“FCE”) has been delivering commercial fuel cell power plants in CA since 2003 with our Direct Fuel. Cell® 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

Why Fuel Cells? C O N V E N T I O N A L P O W E R P L A N TS FUEL COMBUSTION FUEL STEAM TURBINE/GENERATOR ELECTRICITY COMBUSTION TURBINE/GENERATOR ELECTRICITY FUEL CELL P O W E R P L A N T FUEL DIRECT FUEL CELL ELECTRICITY

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

Fuel Cell Configuration MATRIX ANODE OXIDANT FUEL CATHODE BIPOLAR PLATE

FCE Products Single-Stack Module Cell Package and Stack DFC 300 Single Module 300 k. W DFC 1500 MA Four 1 -Stack Modules 1. 2 MW DFC 1500 B One 4 -Stack Module 1. 4 MW Four-Stack Module DFC 3000 Two 4 -Stack Modules 2. 8 MW

Fuel. Cell Energy Power Plant Locations • Over 60 global units • More than 230 million k. Wh produced at customer sites

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

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/k. W for power plants running on natural gas • $4500/k. W 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

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

Biogas Treatment Issues Fuel. Cell Biogas treatment requirements vs. Combustion Bio-Gas Issue FCE Specs. Engine Specs. Turbine Specs. H 2 S Removal Yes – 2 vessels for average system Yes – 1 vessel for average system Siloxane Removal Yes – lower tolerances Yes – can cause internal & catalyst damage Yes – can cause internal damage Halogen, Yes Chlorides, and Fluorides Removal Optional Gas Compression 15 PSI - low 1 -40 PSI - medium >200 PSI- high Natural Gas backup Yes Recommended No No Parasitic losses Medium Low High

Early Bio Gas Fuel Cell Installation

Current Bio Gas Fuel Cell Installation

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

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

4 DFC 300 Plants Sierra Nevada Brewery, California Brewery waste converted to ADG = 1 MW + Steam First Site with Automated Fuel Blending

DFC 1500 1 MW Plant at King County, Seattle Municipal Wastewater Treatment Plant First Site with On-Line Fuel Switching

2 DCF 300 Plants Santa Barbara, CA Municipal Wastewater Treatment Plant

Multi-MW Scale Fuel Cells 2. 4 MW Fuel Cell – Pohang, Korea

Multi-MW Scale Fuel Cells 2. 4 MW Fuel Cells – Pohang, Korea

FCE History on Renewable Gas Project Name Date In Service Total Output King County, WA 06/2004 1 MW Kirin Beer (Japan) 09/2003 250 k. W Fukoka (Japan) 01/2004 250 k. W LA County - Palmdale 08/2003 250 k. W Santa Barbara 09/2003 500 k. W Tancheon (Korea) 04/2006 250 k. W Super Eco Town (Japan) 06/2006 250 k. W Sierra Nevada Brewery 05/2005 1 MW KEEP (Japan) 01/2006 250 k. W Tulare 10/2007 900 k. W Dublin-San Ramon 03/2008 600 k. W Rialto 12/2007 900 k. W Riverside 08/2008 1 MW Turlock 10/2008 1. 2 MW Moreno Valley 10/2008 750 k. W Gills Onions 10/2008 600 k. W Livermore Construction 600 k. W Point Loma Construction 300 k. W San Diego Construction 1. 4 MW UC San Diego Construction 2. 8 MW

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