Exhibit 12.1

FuelCell Energy, Inc.
Statement of Computation of Ratio of Earnings
to Combined Fixed Charges and Preferred Dividends

Amounts presented in thousands

	Three Months Ended January 31,			Fiscal Years Ended October 31,
	2010			2009			2008			2007			2006			2005			2004
Earnings (loss):
Pre-tax (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	(13,921	)	$	(65,440	)	$	(89,675	)	$	(65,662	)	$	(75,151	)	$	(65,381	)	$	(87,289	)
Add:
Fixed Charges		896			3,613			3,464			3,463			8,327			6,305			1,244
Amortization of previously capitalized interest		—			—			—			—			—			—			7
Less:
Preferred dividends		802			3,208			3,208			3,208			8,117			6,077			964
Interest capitalized in the period					—			—			—			—			—			—
Earnings (loss) as adjusted	$	(13,827	)	$	(65,035	)	$	(89,419	)	$	(65,407	)	$	(74,941	)	$	(65,153	)	$	(87,002	)
Fixed charges:
Interest expense incurred	$	63		$	265		$	100		$	84		$	103		$	103		$	137
Estimate of interest within rental expense		31			140			156			171			107			125			143
Less: interest capitalized in the period		—			—			—			—			—			—			—
Preferred dividends		802			3,208			3,208			3,208			8,117			6,077			964
Total fixed charges	$	896		$	3,613		$	3,464		$	3,463		$	8,327		$	6,305		$	1,244
Ratio of earnings to fixed charges		N/A			N/A			N/A			N/A			N/A			N/A			N/A
Coverage deficiency	$	(14,723	)	$	(68,648	)	$	(92,883	)	$	(68,870	)	$	(83,268	)	$	(71,458	)	$	(88,248	)