[SCHEDULE 13G] FUELCELL ENERGY INC Passive Investment Disclosure (>5%)
FuelCell Energy: Alex Meruelo reports 7.5% stake
FuelCell Energy Inc. (FCEL) is the issuer in a joint ownership report by Alex Meruelo and the Alex Meruelo Living Trust; Meruelo is the Trust’s sole trustee.
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FuelCell Energy Inc. (FCEL) is the issuer in a joint ownership report by Alex Meruelo and the Alex Meruelo Living Trust; Meruelo is the Trust’s sole trustee. As of October 13, 2026, Meruelo reported beneficial ownership of 6,001,029 shares, or 7.5%, with shared voting and dispositive power. His reported amount includes 5,960,529 shares held by the Trust and 40,500 shares held by his spouse, Liset Meruelo; he disclaims beneficial ownership of her shares except to the extent he has or shares voting or investment power. The Trust reported 5,960,529 shares, or 7.5%. FuelCell Energy had 79,954,196 shares outstanding as of August 27, 2026.
Key Figures
Alex Meruelo beneficial ownership:6,001,029 sharesTrust beneficial ownership:5,960,529 sharesShares held by Liset Meruelo:40,500 shares+1 more
4 metrics
Alex Meruelo beneficial ownership6,001,029 sharesAs of October 13, 2026; 7.5% of the class.
Trust beneficial ownership5,960,529 sharesAs of October 13, 2026; 7.5% of the class.
Shares held by Liset Meruelo40,500 sharesIncluded in Alex Meruelo’s reported amount; he disclaims beneficial ownership except to the extent he has or shares voting or investment power.
Common shares outstanding79,954,196 sharesAs of August 27, 2026.
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
shared voting powerregulatory
"Shared power to vote or to direct the vote"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerregulatory
"Shared power to dispose or to direct the disposition"
Joint Filing Agreementregulatory
"entered into a Joint Filing Agreement"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many FCEL shares did Alex Meruelo report beneficially owning?
Alex Meruelo reported beneficial ownership of 6,001,029 FCEL shares, or 7.5%, as of October 13, 2026. The amount consists of 5,960,529 shares held by the Alex Meruelo Living Trust and 40,500 shares held by Liset Meruelo. Meruelo disclaims beneficial ownership of Liset Meruelo’s shares except to the extent he has or shares voting or investment power.
How many FCEL shares did the Alex Meruelo Living Trust report?
The Alex Meruelo Living Trust reported beneficial ownership of 5,960,529 FCEL shares, or 7.5%, as of October 13, 2026. The shares are held directly by the Trust, and Alex Meruelo is its sole trustee.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
FUELCELL ENERGY INC
(Name of Issuer)
Common stock, par value $0.0001 per share
(Title of Class of Securities)
35952H700
(CUSIP Number)
10/07/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
35952H700
1
Names of Reporting Persons
Alex Meruelo
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
6,001,029.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
6,001,029.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
6,001,029.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.5 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: (1) The amounts in Rows 6, 8 and 9 consist of (i) 5,960,529 shares of Common Stock held directly by the Trust, and (ii) 40,500 shares of Common Stock held by Liset Meruelo. Mr. Meruelo is the sole trustee of the Trust. Mr. Meruelo disclaims beneficial ownership of the shares held by Liset Meruelo except to the extent of any voting power or investment power he may have or share. (2) The percentage in Row 11 is calculated as described in Item 4.
SCHEDULE 13G
CUSIP Number(s):
35952H700
1
Names of Reporting Persons
Alex Meruelo Living Trust
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CALIFORNIA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,960,529.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,960,529.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,960,529.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.5 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: The percentage in Row 11 is calculated as described in Item 4.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
FUELCELL ENERGY INC
(b)
Address of issuer's principal executive offices:
3 Great Pasture Road, Danbury, Connecticut 06810
Item 2.
(a)
Name of person filing:
This statement is filed jointly by Alex Meruelo ("Mr. Meruelo") and the Alex Meruelo Living Trust (the "Trust" and, together with Mr. Meruelo, the "Reporting Persons"). Mr. Meruelo is the sole trustee of the Trust, a revocable trust. The Reporting Persons have entered into a Joint Filing Agreement, dated as of October 15, 2026, a copy of which is filed as Exhibit 99.1 hereto.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each Reporting Person is 2500 E. Second Street, Reno, Nevada 89595, Attention: Management Office.
(c)
Citizenship:
Mr. Meruelo is a citizen of the United States of America. The Trust is a California trust.
(d)
Title of class of securities:
Common stock, par value $0.0001 per share
(e)
CUSIP Number(s):
35952H700
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Alex Meruelo: 6,001,029; Trust: 5,960,529
(b)
Percent of class:
Alex Meruelo: 7.5%; Trust: 7.5%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Alex Meruelo: 0; Trust: 0
(ii) Shared power to vote or to direct the vote:
Alex Meruelo: 6,001,029; Trust: 5,960,529
(iii) Sole power to dispose or to direct the disposition of:
Alex Meruelo: 0; Trust: 0
(iv) Shared power to dispose or to direct the disposition of:
Alex Meruelo: 6,001,029; Trust: 5,960,529
The ownership information reported in this Item 4 and on the cover pages is as of October 13, 2026. The percentage ownership set forth in this Schedule 13G is calculated based upon 79,954,196 shares of Common Stock outstanding as of August 27, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended July 31, 2026, filed with the Securities and Exchange Commission on September 2, 2026.
The Trust may be deemed to beneficially own 5,960,529 shares of Common Stock, all of which are held directly by the Trust.
Because Mr. Meruelo is the sole trustee of the Trust, and to the extent he may be deemed to have or share voting power or investment power with respect to the shares held by his spouse described below, Mr. Meruelo may be deemed to beneficially own 6,001,029 shares of Common Stock. This amount consists of (i) the 5,960,529 shares of Common Stock beneficially owned by the Trust, and (ii) 40,500 shares of Common Stock held by Liset Meruelo, the spouse of Mr. Meruelo. Mr. Meruelo disclaims beneficial ownership of the shares held by Liset Meruelo, except to the extent Mr. Meruelo actually has or shares voting power or investment power with respect to such shares, and the reporting thereof shall not be construed as an admission that Mr. Meruelo is a beneficial owner of such shares.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Liset Meruelo has the right to receive dividends and sale proceeds with respect to the 40,500 shares of Common Stock held by her, as described in Item 4. These shares represent less than five percent of the outstanding Common Stock.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
