Plug Power (PLUG) 22 Jun 212021 Q1 Earnings call transcript

Greetings, and welcome to the Plug Power First Quarter 2021 Earnings Conference. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Teal Hoyos, Director of Marketing Communications. Thank you. ahead. go Please

our to call Welcome contain first update these or quarter of forward-looking state Thank We information. include the forward-looking This intend of operations of will future statements statements position statements. call. or of our other to you. of that forward-looking results XXXX of financial These Safe projections of XXXX Act is the by forward-looking the covered communicate expectations Securities Exchange provisions for our believe statements to Section the XXE XXXX. contained important to be investors. Harbor in it Securities Act forward-looking Section We XXA future and

These like point, would after or as Power’s call I this results Plug Andy time XXXX such actual turn time However, fiscal such undertake to not results statements report over filed made are are ending limited we under and a risks our as with that as not from Factors Marsh. information. the statements to those result a speak statements update but the discussed subject risks cautioned in intend or At new could various other investors from Item be which uncertainties and year as cause materially forward-looking the do not reports not for factors, rely CEO, uncertainties well Form discussed XX-K as as read the statements as including, are performance Risk on only the XX, statements December to and this any should to, or future of guarantee to differ SEC. of forward-looking to of in call forward-looking to day statements and XA on of unduly performance results, annual to we or

everyone like comment the our our few you We on quarter. Well, I’d items before morning, and thank attending letter quarter your first call. to questions. investor first Teal covers performance good for for issued conference we take our thank this morning, and you, which a

the First item the hydrogen I’d like the network to United of is across highlight company the States. resilient green importance is constructing

Genesee to This The go green generated hydrogen New hydrogen an for XXXX. Pennsylvania; feedstock already west among County. site the tons Genesee We is important pent-up in available network will XX-ton our Falls. our U.S. County, plants the green hydrogen the are by additional site XXX At plant Georgia by world. to a Worth, in a the from York, Niagara and Texas; largest be Upstate about in targeted electricity tons Lancaster, What’s XXX demand coast globally today. customers with site outside there to will presently clean targeting is specifically XXXX Camden, coast for serve a of Fort be New sites Florida; in in of green York the solutions will plant have

and with few value applications improving like vehicles required. other There proposition that to our be with beyond industrial customer companies their goals. truly inclined last the hydrogen, beyond operations and is are Over years, power, hydrogen stationary tightly only our now reduction many can but handling decarbonizes, achieving material COX offerings green has decarbonized on-road expanded

that and it’s and revenue think what offer making Plug of really Our want the both deliver. network an products, Customers I hydrogen and commitment electrolyzers. fuel cells Power only opportunity, our will to is margin not about, all but accelerator green

don’t or the companies, blue decarbonize wanted which to the governments community. middle gray fuel-based an as assets. distinct This is, have We existing our of advantages have the do network gas about unlike our companies One some their stranding we multibillion by environmental supporting or worry are to is in impediment assets, seek hydrogen of fossil to in dollars companies, industrial investments. not they building car not

it fuel the Our cells we way but network vehicles. that be Power by in and will those for hydrogen green hydrogen. delivering only the deliver Plug from not starting. vehicles hydrogen, XXst we will the network just is in is And operate century green

I become Two a has with Another to in would with company are being is highlight venture that joint HYVIA examples like and obvious Renault, subject joint Plug overnight. the our our relationship ventures SK. global established

gross progress. at million Investors $XXX to thinking kind questions you should million ask, to and almost $XXX billings for was have XX% funnel approximately end The the of annual vehicles million over handling and of the in our past of we activity is this in company enterprise. our efforts material revenue an achieved. the also on opportunities. our been second we example expect company business been XX% global almost into target and similarly year. And in is at dollars, of we But sales insights revenue the about outside $XXX in billions This distributed of growing American rapidly with of global are of over are going for is can transformed quarter. America. already finally, our In electrolyzer has the company point both Another exclusively the quarter, XX% about the provide our months, of XXXX, will York. funnel the Usually, some our is is for quarter, are New for the the in second of opportunities and a the North X

higher than We both are in at a past. experienced and a the run-rate we growth level have revenue that rate from is

a foresee strong quarter. also We third very

this with year. so pleased are this We far of progress level

are we now – take ready So Paul questions. and are I now ready to your

coming is Our of go Instructions] [Operator Oppenheimer. you. Rusch Thank question Please ahead. from Colin first

are contract a of pieces fleets a green really Andy, at move from whatnot. bit with for guys. to little talk you terms bit to the your where – the and talk always But great the hear lot the a the is much, voice. a Can your availability of plus so businesses? can sales you there Can codification towards customers emissions us about hydrogen? demand building perspective process moving to it’s on and in talk about rollout structure route zero Obviously, about little you for Thanks the side you truck and preparation

Sure.

think So, first one demand have is item our we the has, products Plug Colin, for that is that today. advantage the hydrogen of unique I

of is qualification the process don’t and an relatively straightforward all. the see for hydrogen purity at we So, that as impediment

we tons know, hydrogen you delivery XX of are in our we and beginning And the own business. As already will by October, logistics the have, of capacity. business

issue. an not really that’s So,

of when XX% XX% of year, by demand expect hydrogen So about sales of by this in the year, plants. to And start at funnel our the for be will second most think I already XXXX a the look will we of present the it, a the will see to during that taking you commitments end green number would applications. I half tied have of and you

and guided should the cadence Perfect. here, have got But what real as incremental have opportunities little That’s bit incredibly the timeframes seen stated forward the that’s past. time you of obviously, opportunity we about plans positioning that here. go around aerospace you partnerships, coming news articulation helpful. your in the about strategic it’s some Could out? that’s you you that in a potential flow how on first have opportunity think And we talk large a opportunity to then with and very

Yes.

think So am batteries kind the I choice positioned very I of am sorry. aerospace of I long in buckets. kind to short be for an I going Colin, One, duration give three interesting customers. will a very, answer, you flights,

long I solution, for doing interesting with hydrogen, regional think the the and sustainable aviation With for first planes both range I hydrogen will an I and present when be transcontinental power planes will think regional talking cells where fuel think think in and have market. falls cell a start deployments majority of a will the flights internal using about be engines. I in Plug, for we prop of you And fuel power. flights XXXX flight to universal combustion category fuel place converting

I think real a opportunity. interesting that’s

the I companies the go thinking think they players emerging deploying with we green who how source how a and major many of – talking small about new we think are the of about about many both hydrogen. they players about lot can are

for most will reduction, that think that that industry. aviation, people represents conclude of I the in the hydrogen pathway player COX which many significant be would X%

platform. it XXXX it having think new Colin. I to planes off coming And line. think To start my the by going a item, add XXXX. grow will may technology XXXX, then and the for am also me, all technology gradually I – development I position between certainly deployment last it’s one dominant

just high-power how about simultaneously that think needs, is a all me those we what develop you – markets. to new It’s as lightweight, vehicles. technology applicable the it’s And we to simple density, market. on-road are plane more If also also develop than storage,

much. so Thanks Perfect. Thanks. Super helpful.

Okay.

you. Thank

from go question next Evercore ahead. Our ISI. of is West coming Please James

James. morning, Good

Andy, Good how morning, Andy. Hey, you? are

you? are How Okay.

doing or decarbonization penetration plans. well. pedicle suspect and with in playing some facilities? business aggressive into customers various of further adoption greater And like perhaps Andy, activity pickup those pretty Amazon, describe further your you a them. I your kind your that’s nice have driving Could how of plans am into are I announced Walmart or their adoption their

Sure.

I’d as So, is And too future on James. I from because these distribution what’s of a kind which you start items starting out are are work reality mentioned, center these like not many discussing activities today. just look guess all by far like, today, being of the we doing to

by the we stations have the from are And the advantage. and – end already the over will at material when that XXX different modifying the huge customer and hydrogen is which you outdoor leveraging the year, from advantages have sites platform powering a hydrogen applications for real same of handling, and the of there, from we at drones fueling robots, look storage dispensers. One we stations is fueling

the again, for facility, for like things We be when backup through Power have doing Obviously, you backup hydrogen vehicles hydrogen be there. year, is on-road some Plug fuel go this green customer their we’ll a backup the of i.e., vehicles, that our coupled deployments centers, some of our vehicles fact those using with do products stack distribution look stationary how sites since at will you today. to on-road

start thinking then chain, further So, generate about the to hydrogen. that the going ability and have even that back you we in all green

obviously, So intensified. discussions our the with have customers

goal long-term large how decarbonization green to support near-term customers working of be through hydrogen, but efforts. many are our help as with their major rather plans to them some some We some not as goal, deploying

Okay, year, you you talking kind opening your okay. to then, very a when alluded of you more were domestic you Andy, and global. in and now I comments, of late were are That’s helpful. And as last company

facility how be How what’s curious very a large very, is from going company. the rest to, – think about the a this? and you you standpoint, things a about, global about of how and team think from becoming think, rollout I just of kinds So a standpoint, I to execution from of global you thinks mean am but for personnel this a standpoint? the there it planning a logistics I do are guys all

Sure.

that’s So, long a question.

And I use to going so, James, try example. an am use – going I am Europe as try to to to

Okay.

we efforts. two And think in have Europe, I

do are activities do partners some and We are working to activity alone. to we some working with

you focusing have infrastructure as And employees road, much the the to activity to are France. putting to building we but happily enterprise If hydrogen go voluntary number broader deal that and have and vehicles EU, build of on economies think and just a retention. That’s the France. where up our in are France in Plug those Power or we largest Germany, in the the who we it, really to to the home as us Renault France help rapidly support an that of about a JV that providing support two opportunity provides be we good The possible. activities JV, than are a really will

which We focused are Dusseldorf, opportunities of business be on because business our market, there. a Germany outside electrolyzer the opening support to the primarily huge German center will

support to team effort to the We are Iberian that position to And we handling nice with staffing going close Renault in will engineers strong that ACCIONA Peninsula, activities have of pretty go we Europe to and really our in you quarter third a we in we other and in the a then on have both Europe. XX% grow expect JV we have when staffing and fairly as service application – which down business. material support and the are green sales where are elsewhere we activities you targeting know that hydrogen,

and really deciding we the it’s our but leverage mix is items key relationships this finding right the partners, successfully of one pursue think you rapidly, a I of which you will right partners, it of obviously leverage do alone how on successfully relationships. kind items can’t grow to own. how And we

thinking globally, well Korea you some it. there view, And that’s South a if are will well France look gigafactory certainly as supporting as point And activities a about of as in in from be facilities the maybe as we with so SK. really JV how other

Okay. Thanks. Makes Andy. sense.

James. Thanks,

Irwin Thank ahead. you. from Our Craig [Operator Capital of Instructions] go is ROTH coming Partners. next Please question

good taking questions. Hi, my and morning thanks for

Good morning, How are you Craig. today?

I am fantastic. absolutely

ask me are in London? Let you, you

in I am U.S. London. not I still the No, in am

are London virtuals week, see hopefully next as doing this our but will in we ago, we did Andy, London years We year, X you so...

great. That’s

busy It’s day. a

forward on today. Looking meetings to later the you with

you. thank So

Yes.

right. So, market adoption last the that interest for a and really economy customer obvious the place, year to the of in my market, really broader right, question, support became is hydrogen it taking government is and the

the different layers seen have We story developed considerably. many of

in the fan more anything on is am personally pursue? that dirty trucks. how given you left You which of, your and and as fruit? for one see there market, are low-hanging the potential. there even talking today You anything aviation got release the a to fuels aviation you about Is call I are Is

You centers. got data

got cell You sites.

Where aviation. in you out portfolio? future fill can a got You the

great a that’s Craig. Wow, question,

green let’s I to And real helping the is the believe pipeline. in do there gas – natural that front. move hydrogen for think I decarbonize decarbonizing opportunities to hydrogen

hydrogen of lots for requests into injecting getting We’re pipelines.

could I that where hydrogen really sexiest there industrial opportunities applications the not Craig, be markets, market hydrogen could interesting. in – steel and think concrete, but market the the is like be

be of bands to and think all that about as like use think areas, apps to if board of batteries view, the mini I large many ports make airports, about to airports, the most around to of system fleet around And I applications decarbonize. explained support you an is which other are Now ecosystems which and really we equipment, areas general, talked through think opportunities point do our there’s think from decarbonize can think distribution how a And and products across our with to activity ports Power and kind an I in running everything as see make sense, we I to of airports. ground for or airplanes, a airports is has before, the vehicles needs. as fuel which where and customers’ kind sense, to expansion cells in where those about we’re where where meet Plug can That’s And example do of kind mind that there’s deployed. look we’ll it. able and I at be center, back my capabilities how the is beginning I of

So considered that’s I’m pop will who opportunities up to apps there’ll be know it. be quite There customers of about will that, think I that and – honestly, talking how people thinking even yet. you what? haven’t And and

lot of Understood. a makes That sense.

longer my later. with at margins, the So look about companies most look growth margin term So that first, second is and Power, question Plug investors companies aggressive right? potential look at like growth they at potential

some the describe a the of the job the what of term shareholder Can hydrogen customer in events. profitability, just force hydrogen your for in a did overall green good have margins out what issues you is letter not laying and you your market, which us the of people offers footprint, lot been potential environmental maybe really considering. majeure So to longer

Yes.

all investors margin full on think margins number a with of the the when track has the the were quarter, we’re that’s right transportation in I challenges think picture, good for which you world I should about that the products first – the is think Craig, tell seen. XX% the

at And be it gross tied the really front, business. long-term, margin is hydrogen the really you green it’s cost cost hydrogen believe renewables. – when XX%-plus to On that of will a the the look we

a folks renewables Sanjay it great Our have that done attractive job make today. versus like finding low-cost gas natural

in. product better a have You

You higher have without lost, to to was to – to better that taken the the deployment own customers support are customers force in resilient manage especially care and that of our network building, and when actually logistics much hydrogen. network I using make position a I me, able like better we’re add, probably we’re a achievement. significant were And much majeures, offering. actually And really is we To sure that we’re for impacting logistically, assets which networks, look at would the much, a gets margins of. our with

see for I So hydrogen improvements. will our to in the we’re line beginning think margins with product actually the green our to be and margins. expectations And in business up performed continued service quarter,

So that a expect gross business become across should there board the be margin business. to XXXX. we look, by XX%-plus And

guarantees about may, you’re last applying is loan Great. My if the DOE I question, for.

to for really and in the few will financing? the there again, a about And once is that that, in maybe support process? is energy. of of it’s business for least Energy Department and you similar recipient the Plug willing are the years nice So maybe to to other Can Where be talk have process? apply us or if lean potential to transformation a a you at pursue projects over next capital transformation

Yes.

support So the this, we’re at got Phase Actually, projects application of And program. all not Craig, I one is three me lot We X of It’s about across or looking through our networks. beginning project. folks looking in X. with at the have Phase told to it’s four actually North we’re we’re think when the deploy halfway just America a for work. to

of out $XXX but with to So, to between our loans. million $X networks looking we at process low-cost are thought billion build support is these do stages, somewhere it to

taking questions. for again Thanks Congratulations. Understood. my

Craig. Thanks, Alright. Pleasure.

you. Thank

question is Stine Please of Eric from coming Craig-Hallum. next Our ahead. go

Andy. morning, Good

are morning, Good How Eric. today? you

Thanks. well. Doing Doing well.

the obviously, asked near-term, but been you’ve thought tanks, green the you’re more – place quick putting to necessarily effective for in own But margins. this you providers back just cost the in to know rather on I come that don’t able with hydrogen you’re buy to And switch any so your want network one thought potentially in plans the long-term. just past, I So the hydrogen have hydrogen source? from owning any or than on

question, actually That’s do going – do a Eric. We good think. Yes. you own probably what I’m Paul, –

Third moment? tanks the of at our

Andy. own. own we buying installing this move on tanks. And tanks even even We’ve our our towards Probably two-third been transition,

rented so in a the from haven’t years. we one providers And of tank

tanks. will so And very will in I’d our be locations of own short the say, a order, our own majority

contractual Yes. with But to expectation I which that would tanks. say, be in need partners, fill the your is Eric, but relationships you great, also that’s they those

more think thinking I’ve ability can I hydrogen down at is the our help also facilities, the their that been pick what about, drive to cost of hydrogen. Eric, which actually sites up at

costs. to being to go severe was price So be with expanding October in conditions. coming tough customers containments, our addition making sure said, negotiations quarter supply some expanding will plant issue tons the which our The which again, got is about reduce and obviously the letter. to try in look, with we’re think highlighted I up. their It And prices if tough, our caused our X. and That it been near-term going the was It hydrogen, investor Tennessee helpful. has of of a in relieved down capacity XX of is is are online, on

to positive network I have think the out impacts probably our as and fact that built we’re I really network control. geographically us think will the spreading more for important we

life comes capability the more much next months, in more becomes online. own as of think our easier I XX and

And I got assume it would that makes leverage the it. you’ve on easier to Got side. – contract some

to I would fair say, be think Eric. that

last for maybe then And me. Okay. one

advance then the or wondering you on done would, what given you’re have agreement, in like, work curious, venture working that utility in side, have I that SK finalizing scale of forward? the the any towards power closing you half. on know that that? there I significance the type and the pipeline the I Just the specifically the guess, And of traction of looks market, second just But outlook going joint

the we have at is facility. to by One deployed SK relationship be real XXX to XXXX advantage their with of SK megawatts of expect the over – that alone

built-in advantageous. have we JV it’s a the is really a – partnership, with customer So which

you if of in million deploying think you’re by ‘XX, megawatts, XXXX, range about So in the XXX in revenue. $XXX that’s

South business, present SK with deeply of not surprising, And manufacturers market. I’m to we’re to on also with positioning engaged in fueling equipment itself. also Korean We’ve a have, as hydrogen SK the – already, and X:XX. as in South talking know ambitions. position. SK handling I over really topic actually because here, working we’re deal material has bus huge, This it’s also SK you with We activity a stations their and the there going had electrolyzer positioning Korea, ProGen in with is know, huge high some a a and really but good with big at teams this comp on make going of

thanks Okay, lot. a

Thanks, Eric.

Thank you.

coming Our Jeff of next ahead. Please Cowen. question go is from Osborne

Hey, guys. good morning

morning, Jeff. Good

questions A couple of here.

On great a wondering when of outside I closure. would the side, come to you Is you I to that those you of this the U.S. RFPs give us or billions XX% more if an on be awarded might you you year think any business, will hear an could business? year? think update electrolyzer quoting was thought event were happen next you of said When that some and

early we’re year. mainly a big expect – very, close year And they’re opportunities quarter. And that next Jeff, probably year. I opportunity have would it leadership think the they there most or very and happen would is of we to deployments this I possible XXX quarter four this that of could fourth will end with at opportunities, think are third either that tell I because believe the the can that I I close position an you, megawatts there in but

pleased. really I’m So

all coming the we technology – will variable will that think I us. are gigafactory, And down, our since fact they for especially the work of that’s I from sources. down, promising yes, leverage the – fact really energy think combination can PEM that are signs coming many that can think – I costs

group in earlier, referenced Dusseldorf leveraging hear. assume, And to or That’s I that this that would be no? you great

– we you’ll – in and Actually, partner, market, as is we – be the But do gigafactory, a you no. we will more Rochester. for the hear be the across world know activities the European will support have within No, Look, to opportunities in I have New places systems about supporting engaged who Australia, in. for Zealand, we like India building we’re different Europe. think also

That’s Got great hear. to it.

a of couple units us I One, questions. you housekeeping include leased but give other would total for units Just the saw revenue, GenDrive? sold Which for units? the can the

XX Paul, Paul, I have you think I Paul? XX, isn’t it, Paul. let I’ll think it. it’s you take one, this

Yes.

the got For quarter, in XX it XX first was quarter. deployed total the was that

this it. profile Got the given make sure had, then for and bevy the And want ‘XX we’ve what’s just expenditure plan to announcements the ‘XX. got CapEx year of just and next, for I right you’ve

you Paul. That’s again,

Yes. pretty year would tough probably these say will next – million be I and million spent, this when some Well, a $XXX mean, exactly to a are the but plan items year is I I – little proxy, would good I $XXX of long-lead money think Jeff. just

will stationary have prior backup. target and the our it. the think quarter? live first third your a was one, Got that And for last that I power, we in of data center deployment

We this, Mike, better, yes. so we say – I’ll Jeff,

Okay, good hear. to

Okay.

have. I all That’s

Great. Jeff. Thanks,

you. Thank

from Coster of go next JPMorgan. Paul question Our Please ahead. coming is

Good morning, Andy.

Good morning, Paul.

talking will I think to today, you be right? I later

I believe so.

You’re busy man.

it’s better incrementally is obviously, I very XQ. near-term, is that pretty over sounds XQ off starting like Andy, guidance encouraging. said think means. with XQ, you So the strong, It And the whatever

business is you is pedicle some near-term you or the the it elaborate. or it color us give driving – driving demand? Is But perhaps can perhaps So other just what’s can there? what stuff

up answer I look you’ll I if there with handling the quarter, electrolyzer Amazon third So are, biggest the electrolyzers it, from fourth at this. I you primarily the new are fuel to is point that today, actually think the in not lots only think business. really of one see know driving Amazon. buying And is But the Amazon. There’s pick material cells, but five customers deployments and business that is significantly. who business. pedestal The

I’ll a in more Walmart, do big huge assume And customer, the a that’s have funnel, that our we’ll part about GM. we – announce half let they Depot, million a with. to you second $XX which So that’s of year when me fifth actually Home over the of tell

the I and that’s So across to larger spread I we’re we’re feeling the customer packed. set. item larger the I really is really is mean the think that nice revenue factory is think healthy. businesses a And – beginning

Got it.

mentioned electrolyzers. You

color some Is sounds it that like at correct sites you that, co-located? Can statement? you handling in will funnel electrolyzers. the And are of probable geography, customer would I centralized, Is decentralized? give be or you as on whatever? terms per it us some So in type? electrolysis I material big kilograms on the day billions know, of How kind deployments So the helpful. of, don’t think have a for broadly, look color more some said

Sure.

made this earlier and So that I call. in is have should the I back, probably point step Paul, if a

you the total bundling better we becoming think And sell technology. now about can it’s and the at offerings I electrolyzer – today, how incorporates system really the we go We’re our in We to provide electrolyzer. the solution provide if especially to Plug can SK to that vehicles, Power. material and Europe. And probably ability Renault equipment provide actually in fueling We can stations. you so what is bundle both handling work the and closely you with attracted

– you of Now locations, around often Good tons. when may plants, centralized lot megawatts to the of are, good-sized really But XXX spread a or X going size sites be sites the add big different if megawatts range. above call hydrogen. which XXX of are projects XXX talking they – I which And of are X it, tons gigawatt. are are I geography, many if up sites, and centralized to was deals, the in spread sites. look that of – about electricity, you tonnage, the hundreds are think at and the out A

attractive. really a of I in mix the that’s Europe. – sites. very geography of see think think think And from And I I So, that point view, you

We are Australia. it in seeing

in are seeing India. We activity

We Korea. in obviously are South

of the really kind board. mixture across a it’s So,

please. One last question,

that, which the supplement hydrogen? of you is it’s was blue risks the and have that – gray disruptions. – said it hydrogen subject is seen Why hydrogen to XX you variability of to And previously this is or online domestically? You kind available, consuming as and previously tons wouldn’t same as coming were

pipelines, eventually but with Yes. to Plug are It green. it getting Paul. not versus up Good hydrogen. And caverns. we gray cleaned want It’s large-scale is Power, tied storage It’s is coming question, to the off. to transfer obviously, which

variability I lower. So, of much, think is hydrogen that the much

much. Thanks so Got it.

Paul. Okay,

Thank you.

Dorsheimer of next is Canaccord Please Jed Our coming question from Genuity. ahead. go

you Hi. How are Andy?

Jed. morning Good

morning. Good

sounds revenues first, X talk a guess, sounds by it hearing it contribution I end like a the kind on you questions, market just – time, first bit shift. more bit of Today, of is like or am that’s I aerospace changing. So, of so

does the follow-up. $XXX have just was And May any I you those about of line? on XX, Is parts that it change the kind the think numbers still moving to talked Are $XXX sort then solid. I $X.X million million, of So the projections? of a wondering, top I just what’s of billion. underneath support

$XXX our million – are they Yes, Jed, in are numbers is – we are rock today. at feel great looking continuously million, $XXX about. yes, And the so solid. we

kind be. but the only much mix have will I – product – spending geographical I you a our we Symposium I what we September, you And are can think give not Plug expect hope have will we for in – the XXXX not you also we will and what only and outlook think Power and of attend. will when XXXX, I broader give we

– great? – you have you Great. the have that the be electrolyzer, I should hope the at it would gigafactory symposium

Yes.

debating but the think we are I NASDAQ, I at are we moment, that. scheduling think

are gigafactory? at you on So, it put voting the

gigafactory. being is nearly a as at as not exciting NASDAQ Yes.

I vote, That’s Jed. agree, my too.

just And the of I terms which have a a it’s I as particularly hear, production. as paradoxical and really in – interesting France, follow-up, have on do So, though. European, energy Germany views

you being there I am nation, France pronuclear electricity about into how that being countries particularly see being difference So, curious, are a – prices scalability? against play thinking how hydrogen am difference? do I in And X those highest Germany and the production? discussion? wondering that and a the how conversations, hydrogen any first-world Is of Plug does Germany’s And quite

Yes.

I why as I hydrogen and I both think in required. when decarbonize you cells think acknowledgment Minister time talk It’s is first what general that every and Renault a France, well required tells that as is EU, are to to there countries – you fuel that are CEO, think doing is in Renault me the that first, Luca, a cells the it’s with – question you hydrogen. fuel Jed, the with

from I think view, right. a of think feedstock are I you point

how carbon-free is be I about assets to the leverage for for hydrogen. a think feedstock electrical thinking France stock lot nuclear to their

think I their more feedstock electrolyzers. Germany, well the as offshore thinking in as are think wind curtailment for about folks renewable I as

So, very I think both hydrogen. of them to cells and committed are fuel

should based there think what their feedstock on internal is own on I the view be different infrastructure. a

in you terms Does change green would do I that for the load as net, that the Does impact renewables. the would am the a lower-cost I – being it technology value for In dynamic in versus have be subsidized same? think different if the while proposition have other, problem a of a of the economic? I base though, electricity see one, solving hydrogen or curtailment, prices. a intermittency the it

I – put Yes. that there. I are the I one to that probably underlying that are out is about going. and see And it be where of renewables U.S., mean, Europe the has I think cost thoughtful think net. like has numbers everything

France the of journey natural I I the it source think these support the source a networks many and Europe it’s for hydrogen feel many, a best it’s applications. strongly be can both like large-scale and nations, ports. you think U.S. Germany, think energy certainly, vehicles, in that both generated commercial mean, that – stationary, And best I cost gas. how it’s journey. feel I that lower hydrogen generated be for renewables by But will

those I hydrogen, you they solution really think hear if to XX% these look of you really energy from the hydrogen think and needs. is world numbers, meet

That’s it me. Thanks for Andy.

Thanks Jed.

question ahead. next Dayal Our from Instructions] Amit H.C. [Operator is of coming Please Wainwright. go

Good morning Andy. you. morning Thank Good Paul.

today? you Amit. morning are Good How

how are Andy, good doing? am I

good. Very

mentioned in of and any Andy, would year you potentially guidance the XXX this Is megawatts for of this next for So be incremental? electrolyzers deployments this or this year next closing current year? or year

for in some present year. I is the it would next say of guidance

For next year?

Yes.

Okay.

guidance in for the year. next It current is

pipeline? any Is large there pedestal level in indicated another in additional that maybe customer? are this a – context, And And pedestal the Okay. you customer. just level level customers

It’s – So the industry. especially And global in yes, the in number pedestal auto a answer Europe, is is, And question auto pending. are I customer. a of have a it’s yes, your this customers, manufacturer. to we which pedestal

your in executions? with challenges, chain costs, that CapEx supply And you. etcetera, Thank increases commodity impacted recent has

take of have And – a margins, I on, think, comment maybe a you at for our you construction it’s question. gigafactory. very want do at I the it’s product Paul, some crack doing relatively seen we mean Paul, are good to work to look I that, they want Yes, the healthy.

it are modest impactful, I some you thoughts on such hasn’t of that, a have that think been proportion Paul? that maybe we but what doing it’s

Yes.

at of of If our sales. nominal it’s green fairly history you a our look and hydrogen percentage projections investments, outside even

margin many but And the be different will pretty yet, so effect a from standpoint gig impactful – from facets.

it margins anticipate So, product we on don’t and a impact I major I don’t it forward. will expect that had go our as

the the more a small fact, than effect, will respectively. such GAAP of impact a CapEx obviously depreciation the sales, percentage but to because depreciation enhancement, In margin of it’s offset is

how these set know if with does impact Understood. Thanks. make? IRR from Like the to they question, all just this. much of customers’ answer you have and other buying you solution just the of sort a the I versus high-level guys electrolyzers types the why maybe on And of solutions. that investments components don’t is X But an

that put Amit, to together to have to someone Well, go I for the – process that place I X for able think the be it and them, think, think them. whole I solution really, simplifies

part most the really XXXX. of compounded they to I I of IRRs, long-term you think that’s their then healthy mission this. doing think kind attractive that supports are be I activity decarbonize, fact see mean, and in they XXXX, it the applications, probably with that the

care all an in is to having expert and I somebody say, who advantage. go real able is all a take think this, of to one person differential being these technologies, think, I

Understood. Andy. you, That’s you, Paul. Thank Thank all have. I

Alright. Thanks Amit.

you. Thank

Chris is Our next go Riley. B. from question Souther of ahead. Please coming

guys. Hey, good morning

Good morning Chris.

fueling piece margins. So, the wanted on touch I the first was to

talked XX%. half gas term partners industrial of are some in the expanding and about second longer there the then these as ‘XX improvements about You targets capacity into of and

you maybe over? coming of – the those first facilities we breakeven far could switch positive that with kind we see kind of where as when gross start see are online, just margin? So, will to and levels discuss as Is really some X that

will think and mean see will gradual I I October. coming see you will I have capacity some improvements – online – improvements, think that own we you our Chris, with additional in

I transition think start called that will you seeing mid-XXXX.

kind great walk facilities Can off-take are own Home is buying signing over versus that of out? Okay. building kind Depot, buying it more were you maybe now everybody site-specific, between really the hydrogen is is curious, which geography-specific, Company looking versus that in abroad. are you I are kind But It coming electrolyzer time? electrolyzer, seeing of That’s helpful. you it it is How the to you at guys am sounded XX% guys electrolyzers with the of opportunities like customer decision Southern themselves of from the Amazon you customer-specific? And buying build hearing off-take. then for agreements mentioned through long-term up their from

Yes.

if think at a it’s real a that’s look mix. you I – I you mentioned, think as it,

business there that – think other their world they is which building are selling in in I the are looking hydrogen hydrogen. companies that networks main are parts of

looking deployments going There, support. activity when more to New you people which electrolyzers I are is on buy Zealand, think example, small-scale smaller. have the – are inclined for I to smaller in at some that

us. called I world, think buy Walmarts the I to their the most be the think enterprises primary Amazon, want are will will they from large that of focus green hydrogen

their are of I And renewable But I to to are be there sense primarily hydrogen they of are, of more primarily the be what want generators hydrogen, electrolyzer speed, they from who I will companies, makes call, which hydrogen, will think of use will that already are who I energy – are users to suppliers have want us. where I a who – those facilities electrolyzers. our those there think we will with buy opportunities companies are base. there think low-cost in deal and think which and be

So – think will two. think then of how a will I line up. primary I from I a way, mixture space the and you that’s think view, But of the it point along have

it’s Okay, very helpful. Thanks guys.

Chris. Thanks

Truist Tristan Richardson, go is will ahead. and question coming Please question for from with who our next today, is Securities. be Our final he

morning gentlemen. Hi, in. squeezing for good Thanks me

morning Tristan. Good

seeing power power appreciate trends stationary on Can but I this that on Andy, see half pedestal the over time? or stationary how back the power, year customer of throughout or over one, curious customer opportunities order are year. see conversely, customer quick we the book a a a you and a the a year, Just update pedestal into next time customer could you become become about stationary

the to get you Yes answer. going question, and and yes. get a hour going into boy, an are are call asked Tristan, you And you and to a new

And customers, pedestal products. become today, We are have it’s folks back centers which customers who center they the in to for can their stationary looking already since present up XXX the with from distribution which customers funnel over range customers, available. are large-scale data to hydrogen

review, different and and like the each every of businesses, a – So, of I each products. become do it that the the of do and I many week those Monday, most stationary was could is funnel market, pedestal quarter, month, I there customers – of had do astonishing, is a many, our week And for customers. I

own York, letter, and noted deployments there a in commentary of just just thinking are opportunity much you the a Thank for your is I that Europe. way deployments And Andy. versus how seeing. you. But think Helpful, your in specifically electrolyzer And you is year then internally? quick appreciate about Georgia New follow-up, to this third-party just all on

are we all would hydrogen that you captured we if vehicles Ultimately building. become that own say I I guess internal for needs, that that to needs, so needs XXXX, XX% own be the for the when word – you by those plants internal green hydrogen and that, the our So, significant. it’s I will our selling other talking about, about are by are on-road that’s are own and of more not pedestal applications And our applications that more. – customers the internal by we think Tristan, developing. used consumed

appreciate very I Alright. Thank guys it. much. you

quarter, our I joining for call to everyone really August. talking July, appreciate look and everyone’s at should the everyone you be for attention, to early thank second Well, today. I late which really Alright. forward

So you, thank everybody. Bye now.

and participation. Ladies for today’s your thank event. gentlemen, This concludes you

this disconnect lines a may and day. You your off time at wonderful the webcast log or have