SEC filings · customer concentration · FCEL

Fuelcell Energy's major customers

Gyeonggi Green Energy accounted for 46% of Fuelcell Energy's revenue in FY 2025, up from 18% a year earlier.

7major customers now
82%of revenue from them
0listed suppliers depending on it
2015–2025years covered
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Major customers of Fuelcell Energy

Customers that Fuelcell Energy named in its annual report as 10% or more of revenue. A missing year means the customer was below that line or not named.

CustomerShare of revenueChange vs prior yearHistoryLatest filing
Gyeonggi Green Energy46%▲ from 18%FY 2024: 18%FY 2025: 46%2 yearsFY 2025 · filed 18 Dec 2025
Connecticut Light And PowerCNTHP15%▼ from 21%FY 2019: 11%FY 2020: 17%FY 2021: 20%FY 2022: 14%FY 2023: 13%FY 2024: 21%FY 2025: 15%7 yearsFY 2025 · filed 18 Dec 2025
United Illuminating7%from 3%FY 2023: 5%FY 2024: 3%FY 2025: 7%3 yearsFY 2025 · filed 18 Dec 2025
ExxonMobil Research and Engineering6%from 8%FY 2017: 9%FY 2018: 6%FY 2019: 40%FY 2020: 32%FY 2021: 29%FY 2022: 8%FY 2023: 8%FY 2024: 8%FY 2025: 6%9 yearsFY 2025 · filed 18 Dec 2025
Esso Nederland5%▼ from 10%FY 2023: 2%FY 2024: 10%FY 2025: 5%3 yearsFY 2025 · filed 18 Dec 2025
AmerescoAMRC2%▼ from 7%FY 2024: 7%FY 2025: 2%2 yearsFY 2025 · filed 18 Dec 2025
Korea Southern Power1%from 1%FY 2021: 12%FY 2022: 6%FY 2023: 31%FY 2024: 1%FY 2025: 1%5 yearsFY 2025 · filed 18 Dec 2025

Formerly disclosed

CustomerShare of revenueChange vs prior yearHistoryLatest filing
Hanyang Industrial Developement35%last FY 2018FY 2017: 40%FY 2018: 35%2 yearsFY 2018 · filed 21 Jan 2021
UIL Holdings18%last FY 2020FY 2018: 2%FY 2019: 1%FY 2020: 18%3 yearsFY 2020 · filed 21 Jan 2021
Korea Fuel Cell Co.Limited16%last FY 2023FY 2022: 46%FY 2023: 16%2 yearsFY 2023 · filed 18 Dec 2025
Dominion Bridgeport Fuel Cell13%last FY 2019FY 2019: 13%1 yearFY 2019 · filed 29 Dec 2021
Dominion Bridgeport Fuelcell Park13%last FY 2019FY 2015: 3%FY 2016: 6%FY 2017: 11%FY 2018: 3%FY 2019: 13%5 yearsFY 2019 · filed 21 Jan 2021
Clearway Energy Formerly NRG Yield6%last FY 2020FY 2018: 15%FY 2019: 1%FY 2020: 6%3 yearsFY 2020 · filed 21 Jan 2021
U.S. Department of Energy6%last FY 2022FY 2015: 5%FY 2016: 8%FY 2017: 9%FY 2018: 8%FY 2019: 6%FY 2020: 9%FY 2021: 8%FY 2022: 6%8 yearsFY 2022 · filed 20 Dec 2022
Exxon MobilXOM6%last FY 2018FY 2015: 1%FY 2016: 3%FY 2017: 9%FY 2018: 6%4 yearsFY 2018 · filed 10 Jan 2019
Long Island Power Authority5%last FY 2022FY 2022: 5%1 yearFY 2022 · filed 20 Dec 2022
Uil Holding5%last FY 2021FY 2019: 1%FY 2020: 18%FY 2021: 5%3 yearsFY 2021 · filed 20 Dec 2022
Posco Energy3%last FY 2019FY 2015: 67%FY 2016: 48%FY 2017: 6%FY 2018: 5%FY 2019: 3%5 yearsFY 2019 · filed 21 Jan 2021
Avangrid Holdings2%last FY 2018FY 2015: 14%FY 2016: 10%FY 2017: 3%FY 2018: 2%4 yearsFY 2018 · filed 10 Jan 2019
PfizerPFE2%last FY 2022FY 2017: 4%FY 2018: 4%FY 2019: 6%FY 2020: 4%FY 2021: 5%FY 2022: 2%6 yearsFY 2022 · filed 20 Dec 2022

About this data

US-listed companies must disclose revenue from any single customer that reaches 10% of their total (ASC 280). ShadowGraph reads these disclosures from the XBRL data of every 10-K and 20-F we scan, keeps one value per fiscal year (restatements replace earlier values) and links each number to its filing. Companies that describe a customer only as "Customer A" are not listed by name. Figures are as reported; nothing here is investment advice.

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