Fuel-cell suppliers are courting U.S. data-center developers facing multiyear waits for large grid connections, while Rystad Energy projects annual market revenues could reach about $30 billion in 2030.
Rystad says interconnection times for large loads have tripled since 2015 and now range from three to six years. Its revenue forecast compares about $2.8 billion in 2025 with roughly $30 billion in 2030.
The firm projects 10.4 gigawatts (GW) of cumulative fuel-cell demand from data centers from 2026 through 2030. It estimates that about 40% of projected U.S. data-center capacity in 2030 may seek dedicated on-site generation.
A fuel cell produces electricity through chemical reactions inside the device without burning fuel, according to the U.S. Department of Energy. Rystad identifies natural gas as a fuel in use today and points to biogas, renewable natural gas and hydrogen as options as supplies develop. The firm projects lower on-site emissions than combustion-based systems.
Bloom Energy reported $1.24 billion in revenue for the quarter ended Sept. 30, 2026, up 138.1% from a year earlier. Net profit to common stockholders was $250.3 million, compared with a $23.1 million loss in the third quarter of 2025. Bloom raised its 2026 revenue guidance to $4.4 billion to $4.6 billion.
Oracle intends to procure up to 2.8 GW of Bloom fuel-cell systems under a master services agreement. The companies said 1.2 GW was contracted, with deployment underway across Oracle projects in the United States.
FuelCell Energy’s agreement with Fit Energy covers as much as 380 megawatts (MW) in four potential phases. The first 30 MW phase is expected to begin delivery in the fourth quarter of fiscal 2026, while Fit Energy can elect whether to proceed with later phases. FuelCell Energy also reserved capacity for a planned 75 MW Texas project with an unnamed major data-center operator as the parties finalize definitive agreements; financial terms were not disclosed.
Rystad estimates the industry has an approximately 9 GW order book that includes framework agreements with Oracle, American Electric Power, Equinix and Brookfield. Reuters reported that such agreements may not require customers to buy all the capacity listed. FuelCell Energy President and CEO Jason Few told Reuters that the speed of securing power has become nearly as important as its cost.
Rystad projects operational and planned manufacturing output will grow from about 1.8 GW a year currently to 4 GW by 2030. FuelCell Energy is targeting an annualized production rate of 100 MW in October 2026 and plans to complete an expansion to 500 MW a year by June 2028.
