Exhibit 12.1

FuelCell Energy, Inc.

Statement of Computation of Ratio of Earnings

to Combined Fixed Charges and Preferred Dividends

Amounts presented in thousands

	6 months ended			Fiscal Years Ended October 31,
	April 30, 2013			2012			2011			2010			2009			2008
Earnings (loss):
Pre-tax (loss) from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	(19,025	)	$	(31,010	)	$	(45,080	)	$	(52,424	)	$	(65,440	)	$	(89,675	)
Add:
Fixed Charges		2,773			5,591			5,883			3,451			3,613			3,464
Amortization of previously capitalized interest														—			—
Less:
Preferred dividends		1,600			3,201			3,200			3,201			3,208			3,208
Interest capitalized in the period
Earnings (loss) as adjusted	$	(17,852	)	$	(28,620	)	$	(42,397	)	$	(52,174	)	$	(65,035	)	$	(89,419	)
Fixed charges:
Interest expense incurred		1,140			2,304			2,578			127		$	265		$	100
Estimate of interest within rental expense		33			86			105			123			140			156
Less: interest capitalized in the period														—			—
Preferred dividends		1,600			3,201			3,200			3,201			3,208			3,208
Total fixed charges	$	2,773		$	5,591		$	5,883		$	3,451		$	3,613		$	3,464
Ratio of earnings to fixed charges		N/A			N/A			N/A			N/A			N/A			N/A
Coverage deficiency	$	(20,625	)	$	(34,211	)	$	(48,280	)	$	(55,625	)	$	(68,648	)	$	(92,883	)