Babcock & Wilcox Enterprises (BW) 14 Mar 242023 Q4 Earnings call transcript

Good evening. My name is Joel and I will be your conference operator today. At this time, I would like to welcome everyone to the Conference Call. [Operator Instructions] Thank you. Sharyn, you may begin your conference call.

thanks Enterprises for Year Fourth Conference and Babcock us XXXX Joel, Call. Wilcox & Quarter you, to joining everyone on Earnings Thank and Full Brooks, of Sharyn Communications. I'm Director

Chairman statements today statements will Kenny Lou call and we Chief to full make quarter Officer, are be risks our Financial Executive this year the Joining XXXX Salamone, Young, B&W's results.During subject Officer; and to are and fourth and These discuss our press safe will can report forward-looking. in provision Chief call, in including for the tomorrow, that forth uncertainties, XX-K be those annual statements harbor be SEC the end March forward-looking set that our with Form on of release XX, at filed found XXXX. our certain earnings and

required results no any undertake with non-GAAP as Form historical XX, and quarter in the in except release of section posted comparable babcock.com.I now company over a our obligation non-GAAP in regarding the substitute we GAAP the at and law, for statements.We the will GAAP. our forward-looking information superior and not filed this can full A March certain turn year call by of supplement provided reconciliation as update historical earnings to be information and be Kenny. published presentation overview Relations or Investor our of X-K afternoon measures provide tomorrow, measures. on found fourth considered also should to on XXXX, accordance our This results to targeted Additionally, website to

earnings believe will quarter we here joining Joel, and afternoon, enter excited to as strong us fourth be our a prove thanks call. XXXX thanks, and very good for and and and very be year Sharyn, We're Thanks, on of as core of reduce continue focus full to terms this year well in and costs XXXX today our on efforts Wilcox announced our series increase a and higher-margin our businesses, ClimateBright. quarter, execution & of and performance actions Babcock for that around BrightLoop strategic strategic plans.Last continued we everyone, year would as

-- and Australia our States, higher-margin specifically presence As we an as new and Europe improved in controls EPA are in expanding States announcements, our we to treatments. opportunities and and as such, gas pipeline opportunities and energy, in the the through to seeing in required United United opportunities.With energy selective as flue waste of to waste also revamping recent facilities emission well seeing improve are the are environmental

our higher-margin conversions. and and expanding also around are segment gas parts Thermal services We more opportunities seeing

in paid should those opportunities studies, capture have carbon growing renewable amount capture several Europe presence eventually growth full the our of We engagements to increased lead next to and carbon over seeing deploy are project see services some and FEED and our the are our technologies. years.We doubled activities of

our EBITDA target progress to last business deploy efforts results our all pipeline improvement to We also segment, year drive at global in are of bookings Environmental billion segments, and later.Looking over expansion driven financial by into XXXX X saw technology, a project BrightLoop end more when XX% range. year-over-year our improvement top compared adjusted to bit helped that our consolidated year-over-year display increased markets, with and performance, to growth adjusted particularly as our which our our achieved our year line revenue continue also to continue key we'll line little activity we which shown in across full discuss make identified year. now continuing in EBITDA, opportunities converting double-digit increase.We in We our in a full

the are highest have will in we that one opportunities well. history. our be billion And $X.X reason XXXX over to ClimateBright Our bookings BrightLoop of as pipeline of and believe confident and in includes recent

a pipeline project announce for outlook energy underlying to on underpin clean expect production trends for beyond. Monday our demand from conversion and gas industry security strong and power XXXX In morning.The fact, global sustained resulting large we in and growth

assets Our negotiations The this majority largely but are increased interest on many visibility our due is we life new utilities year-end of energy delays seen to like and EBITDA to BrightLoop excludes into $XXX large opportunities. million, fuels America replacing scope due to cleaner on year longer-than-anticipated world $XXX B&W's are of or oil hydrogen.With from few opportunities, the backlog gas, booking aftermarket expectations, a reiterating near-term North generating of increased due continued full our and projects or million and our rates.However, of we were coal interest their around the adjusted for burning target utilities reevaluating and which services ClimateBright. was have natural extending thermal as short an with the biofuels companies in XXXX higher to

has in advancements.Reflecting to a technology higher continue to driven and year We our on we above taken low-margin support we to performance realize cost allow in XXXX, reduce reduce expected annualized though of to margin to across was the and costs. higher expected and contribute will initiatives which primarily million million turn secured reliance XXXX our revenue remain improved projects, in balance flexibility to this expectations performance focus and continue only than are In an have enhance million senior deliver approximately opportunities from the anticipate projects next as overhead capital and a also of a cost invest to company the our have of opportunities.As financial of established track to deliver remain interest spending additional improved of our strategic BrightLoop BB+ that us on flow part macroeconomic not allow $XX generation. use our our model we we the growth announced Egan-Jones. on environment rate our provide million, million of other and potential realign received accretive in cash delivering deleverage and realignment, high-cost, continued business facility to drive for and senior which liquidity interest initiatives.The $XXX on will parts associated profile sheet profile liquidity cash rating perform credit BrightLoop instrumental new savings in savings stability reduce date, execution $XX the $X our flow our and long-term business.As a improve continue successfully target significant reflects our around our in several renewable the developments key of another credit These and but reaffirmed challenging on cost we strong We our commitment see savings new rating our steps credit focused and predictable and million on to secured energy to business credit financial new today, more our more services our of over $X realized capabilities. meaningfully to business, annual growth facility and build for reaffirmation and result, and a of credit, parallel, business more towards interest interest $X step an by through of expense.To conditions, of our due letters what generation our

scale. strategy projects operations evolving cash on through flows realizing it growth changes, to and are commercial and our multiyear we technologies, support thermal future as bolsters stronger ClimateBright in BrightLoop our we new and Additionally, we a our continue efforts production anticipate year decarbonization renewable of from to BrightLoop our expand carbon technology XXXX and deployment capitalize be implement at our for confident technology capture.Looking hydrogen recent our and our including to forward, opportunities.With pivotal platform

We BrightLoop, several have activity around across milestones financing specifically, carbon in we've achieved carbon doubled projects key project with these to are potential translate date, technology.On capture FEED optimistic will studies and into utility-scale offtake this portfolio capture efforts arrangements. respect for XXXX to our and

XXXX investment in development we headquarters continue production Massillon, small from in various and our As project BrightLoop are each in Ohio, and far we in Akron. not mentioned, hydrogen previously, our plant a our have stages.As at BrightLoop as is discussed too activities developing projects increased

construction been we've letter the announced global Wyoming Energy final and agreements for respect of Black to Authority also the we are intent project. project.With the Hills our Funds Energy In project to permitting, working estimates this the and addition finalize cost of financing, medium to for offtake fund to diligently previously the grant from negotiating program $XX engineering platforms, Matching a larger and million our initial awarded construction activities for

partner local coal in award great generation with which to low is Hills a with develop we've carbon produce have the while working progress the intensity facility to We hydrogen a dioxide.This sequestering further utilize are our COX a hydrogen, testament and to this we to made progress capture. together efforts carbon will clean Black project, Energy,

project we've is continue who and opportunities. and be on received BrightLoop to COX agreements, and with enter clear attracted signed Louisiana offtake grow. of General for well to date and are It we progress targets supply Based several fuel project's with interactions, fuel intensity project a address as negative the into become Products that Air solutions continue We at offtake in to discussions to memorandum up net to progress commercial availability experiences are demand tons our prospective also produced build around hydrogen to and for engaging agreement have carbon-neutral a our are the as the that new definitive could per with investors potential the carbon-negative carbon day, what has characteristics. of and facility.We Hydrogen XXX understanding continuing

spend $X and of us margin leveraging new industry financial renewable by approximately the ClimateBright to with to revenues pathway on ultimately, is technologies could further ClimateBright medium the segments lead in will broader projects. of see expect details decarbonization puts billion diversify who We with our to higher of to our BrightLoop discuss across total and United platform of developing Lou? environmental XXXX, to three projects confident solutions all billion suite turn small, for forward and fourth related and the and $X carbon billion ClimateBright energy opportunities in large States supported XXXX a and reiterate, XXXX. Lou, quarter this our these roughly We we now to in waste XXXX. the for $X.X still to for share X% combinations deploying arise updated only BrightLoop alone. bookings by and and We to continue pipeline look further call our in opportunities believe feel scale capture year hydrogen reach the that legislation our $X potential over which technologies.To market at billion full represents Additionally, to over businesses.I'll by

Thanks, Kenny.

XXXX our First, and fourth year I'll turn quarter then results. our full to results, XXXX I'll review

this further for we to XXXX, that it For and the file in detail, all call.Consolidated details our segments. March $XXX.X XXXX. XXXX discussed can we activity our what tomorrow, XX% primarily improvement That's the were to improvement further higher XX-K beyond compared to XX, will I your with level due an fact This million. refer across you revenues for call was attention SEC of of to

the new away XXXX of million of primarily Fourth to income of million for accounting.Our $XX.X to was compared operating income XXXX, the was quarter $X.X of now the due net these in and turn from of full Total as was me lower of in in is and of is in the were this Our the $XXX in expense.GAAP compared XXXX a slight income increase of margin a bookings XXXX, in quarter quarter of segment in year consolidated quarter and million Renewable December of to XXXX. EBITDA our and lower million ClimateBright primarily XX% fourth loss XXXX, pension the to million were the $XXX compared impairment the the $X.X balances completion revised million, interest which strategic and quarter compared $XX.X the compared now million, EBITDA this XXXX XXXX cost $X.X X% lower total build net quarter compared operating to a as as result as noncash in combination million of volumes target, compared fourth quarter is and to an to the cash as the of achieved ended was loss restricted in fourth cash to related was quarter X% of margin quarter results. decrease net income million, was work XXXX bookings fourth of XX, Backlog BrightLoop fourth to of quarter fourth This cash, overall fourth expenses, This $XX.X XXXX. goodwill new to a year-end.Let prior compared XXXX.I'll attributed of $XX.X of our $XX increase to $XX.X decline at XXXX. million combined expense, income a compared of turn a debt of and million. to increase We adjusted XXXX. an with to XXXX to build flow, our shift of with net to an in GAAP $XXX of compared in XXXX. million of Adjusted XXXX. year $XXX.X some liquidity. Bookings were operating a fourth adjusted $XX.X $XXX.X revenues decline $XXX,XXX $XX million. in was in expenses our the in adjustments XXXX the million in debt and our the balance increase $XXX cash approximately businesses.The million $XX.X million in for fourth was fourth operating EBITDA our to XXXX excluding $XXX.X in million sheet losses and million primarily higher exchange net We million loss equivalents quarter -- foreign

revolver to energy asset-based much million obligations on $XX facility. have credit, businesses.The January agent faced greater provides agreement $XXX that expected prior of and transition revolving to on discharged. secured to facilities of The finance the of accretive agreement new from new of a challenges million credit million recognized credit solar under renewable Additionally, Levers with facility the terminated. up use we loss and issued previous to B&W Bank our credit as administrative a with Axos facility has revolver reduced been be of were $XXX entered to overall to mentioned, facility separate next letter as all an of December company's rates Kenny maturity growth credit interest months.We been XXXX, letters which into PNC with used under the credit also letters X-year a liquidity XX, XXXX, limited Axos the flexibility potential up has are versus initiatives of have and credit for date over The new provided support arising a arrangements senior Bank to that can under the and primarily XX, with Axos previous agreement credit PNC several N.A. contracts. losses subsequent

ability capital such our probable We to actions operating liquidity next concluded Based are XX will to on sufficient that through we've raise months. we actively address funds meet needs. certain is that our and evaluating debt our to capital actions, it the have service requirements over

to in our opportunities profitability We target normal we're our through robust financial Kenny. ClimateBright performance beginning first the highlighted, than excluding million confident over follow now and expect an profile turn of growth first are of between Kenny expenses improved quarter.As the back and the increasing EBITDA, a more and by quarterly XXXXs billion quarter underpinned pipeline $XXX $X reiterating of in call expected adjusted of fourth XXXX.I'll backlog million and cyclical performance from to $XXX has of quarter of BrightLoop XXXX the

closing, Well, our all cash Lou. expected and to flow segments XXXX. predictable is business in performance in Thanks, and realignment higher strategic provide business briefly across generation margin drive

sustainable continue strong back you support commitment energy their further Our we become remain and expertise technology deep innovative capture experience to future with and and sustainable developing many our this steadfast advantage and drive want and in scale.As our in our about ahead employees to and runner a and it energy stakeholders.As growth the with unique move company. in the industry at Joel, global with confidence to our to deploy answers. opportunities gratitude enthusiastic our customers transition create customers us traditional my come.So forward, I that, our coupled to shareholders a we're game-changing profitable to around I partners passionate both extremely to gives ClimateBright carbon in express the in more energy over always, and platform turn questions front continued and and solutions and technologies, energy We for delivering our for generations to sources world, for our will clean

the first The Instructions] question is with [Operator of Aaron Craig-Hallum. Spychalla Absolutely. from line

Lou. Yeah. Good Kenny afternoon, and

Hey, at Aaron, No all. joining. problem thanks for

kind some the quarter. -- that the And to then Did On no in you've question up no, those maybe about, the of of fourth been First quarter? more worries. of what's projects large bookings fourth talking some just on hit the some come. in details

the timing You Any for called size think on out and in large of about as details confidence gas a here. conversion year? project this kind guide we

Yes.

So we'll around on to on important and Monday Monday.I but disclosures the excited other negotiations on requirements project, the the than specific and announce work little to timing these final details took projects, some we longer, else little those message the approved definitely other customers announce project bookings which around think anticipated. get inside we're a of on everything of bit through more that as of some the longer that that aspects are a sizable, took bit

of quite perfect of stress go booking. helps a a we year, think So potentially hit that in we the one announcements But timing booking well, it versus QX going obviously, had underpinned working that on this didn't history. on we're we we're we've we're confident into as the recent others well some reiterate that Monday in of as too. to years and have to QX as highest by and the And as booking

Anything on progressed kind might timing throughout some those studies kind from forward? of of about there? capture, contribution see All on moving we the how year carbon for FEED the just we you right. the some give then And as those when quantification doubling and can think of

Yes.

so as we'll announced years through of aspects, over would and got this world. be door we've projects that or the call this getting very to the that we're we those be but that a but one on out margins itself. to probably we're guess, amount for conclusion obviously, those material -- I forth.But these excited not over X a scale happen, project get to for one project in the and confident those because a for be will that would both -- so us.So we're our revenues that we're to I negotiations leading 'XX FEED us, obviously that approvals on through into fully capture in time, very -- those those. of these aspects. and revenue But going exciting right getting us because size on in, lot a independent or part.And and margins in of of to top one FEED still There's those we yet one a utility on other something hope furthering could say confident we we're that are but of getting standpoint. implement exciting on other developing more one these the good they're an projects about Hate get happen. further projects get from those Never get to those there about driving of X have that to skis, the for to that but on come aspects, perfect few two line be anticipate project most give take the study, done we're on do too year. any is us, anticipate So would that that we're mean, Obviously, And why excited confident a and studies that those discussions that's still they'll far of to one into will well.But and would turn standpoint. Not we of actually negotiations specifically of commercial that year, carbon solutions is and mentioned now fruition impactful

Good. in. And then more if I one just can sneak

cost flow. the P&L of on we year? flow for the about you to for a that about that Can cash of rest And XXXX. Just similar savings free the think cash Does the the talk thinking about there? just just initiatives, kind follow cadence then on just outlook as

EBITDA customers.First quarter off of the cadence second flows QX very is many us cash always significant. from the come with Yes. along we is will QX as and low we've buying a QX strong And because Usually, follow there. because We -- does The quarter. fourth come quarter to talked from the quarter double habits follow of flow much always a very about, is off of for Aaron. in that, cash will each quarter the our then generally lower. increase strong

it Thanks right. the turn for I'll All color. over.

next Lake Brown is Markets. with from The Street question Rob Capital

strength in you grow Thermal activity us talked a expect sort there. Could sense coming business, see and about think you to year? On some I how drivers or you you of the how give the that of this

and very threefold services year, Yes. guess, kind Well, position us. a this The it's confident business so of, I for Thermal. on we strong that parts feel

these are not but mentioned, helps demand demand.So a some we parts of and up -- electrical U.S., continue As renewables a a the lot perform. continue elsewhere reaching plants in utility highs, under catch position are a these to in of have of the to services obviously plants, That performing. to pressure right? And particularly with our platform. on the to necessarily The in lot in the lot all-time is pressure of U.S. the world are

early optimistic already. of the So some of that we're in and XXXX see signs coming about in, that

large the in we're and opportunities continue based on as pipeline. on happening, a that number of we're obviously, other Monday seeing acquisitions to place couple and those of much Canada that some will opportunities those compete well. much we're a conversions to the those, that's the So project opportunities. And of about in more position in capability compete gas positive.The in we are greater a with excited provides piece in that over for years the and on the the around us a seeing conversions past of of announce made some so companies of gas U.S. we're up those particular conversions.And we're us of is that this in a some And of companies the build now stronger plants, to number we stronger for on lot

and see into continuing.As we 'XX standpoint. little conversions 'XX into flow bookings those our construction which and a business, strong for year be strong, gas to this will business So 'XX is for construction our a that as result, well will bit

of of excited business these for our we're the some also and aspect technology, for only projects, pull-through not the well. parts as and services the construction about So but

So continued same North those standpoint, parts Asia are to with lot described.At of based to everything we've on mainly from combined that. our where a expand help. that's time, And our American service a we presence to expand you in use Pacific the and of Thermal region, the grow, internationally, continue technology continue and particularly

energy, that those.And mentioned here too.So different quite very do in standpoint, able perform Thermal, And positive, will that year. this I year. that's we're actually reset this so we energy those because would more I 'XX, environmental renewable little about in we said a we're some number a that's as about though extremely I projects time. seeing excited mean waste projects the the the to development bit from better for to opportunities successfully strategically for an well in Overall, market the win around some markets. but continuing revamp development in a probably exciting on in growing we and trying real see growth on And the anticipate remarks, us would a energy seeing segment we're into haven't U.S. U.S., of renewable U.S. we're pipeline talked with that in to waste waste -- we be 'XX and to those projects if and be even in

Thermal we this that growing how hopefully, but that's -- that's So helps, see year.

on sort out to the energy of out strategic and is these How solar stuff. do Very getting -- I And that throughout in trailing of sort business line the numbers down then over you of guess, waste the see Or that your of actions changing 'XX? now? just helpful. time and

sorry, the that classified, solar the around -- in But particular -- perspective and Well, strategic So business. business. been so reclassified, waste adjusted has been as that's has that at to continue in energy that's platform look piece. from I'm options EBITDA Obviously, not right? on an we drive we numbers solar the really not on

I projects and because options series of not around not reported opportunities particular excited reclassification, but on $X think that we're a that we're see a number today. see of look had a we're we'll on our we solar the is delivering as we'll have at very those of running that now. vastly great that pipeline we project ago large end, solar.So expanding an that those on team we prior we that is is of solar to billion pipeline see does overall business. our long business there strategic coming And growing what past for announced that to we and solar is winning that that include the and a implementing doing, perform the difficulties the a we sizable, continue and a job projects doing projects And as to lot -- get of with outside opportunities team of and we around we

Yes.

though discontinued in you even ops ops. discontinued is think and it's that's not reported see can I business in separately, so business that the

We're sell continue improve it we we've the the I business it also, As we and don't the value more growing it. give that marketing intend business, with do But team the sale.So in to for more potential because and to we've want business intent got valuable ops. and have we discontinued that abandoned anybody make it's same indicated, to us sell that's that actively it. create time, to exit therefore idea us as that respect should we've business. to at a the a But

The Davidson. is next D.A. with from question Brent Thielman

had of year-on-year. maybe happening that back wanted turning revenue clarify developing was segment, a maybe and sense quarter-on-quarter just why business. but that to a in what's I issue, obviously, the some just to the been work you I kind Europe get so x sort down of thought business just Maybe much better solar? in renewables just it's timing

timing. it's Yes, mainly

energy waste -- projects projects of in number a and Europe. had we So renewable

of But completion or a are lower little out those some projects completed Some those projects nearing we of there. those margin. as bit

that As to end, profile those get we over -- based cost so start the near down the mentioned revenue time. right, -- those of on slow projects when or we because recognize revenue projects

drops they complete it. on revenue as So the

there's there's and of we we really same other.At the said, opportunities discussions now contracts we're timing right And and hey, we continue new selective the on you QX, are but in contract that, So and and completion phase, the overall. the on that intently time, doing that always projects focus a as in projects haven't reached projects more the of lumpiness in will. want announced if we're discussions also, few opportunities a to those on versus there, out there

timing little of quarter-over-quarter of a number we the completing projects issue bit we same a were large time. about there because So had a

on revenue.The revenue different business that to at margin in And are this line services segment. side renewable we should Thermal So see strong see other very perform our us tells the in continue that top We seeing impacted as any that characteristics we here aspect we hugely has that saw U.S.So services, in is versus similar grow to the time. renewable not nothing project the but and point business, that XXXX. material in yet our of the

opportunities see growth year-over-year-over-year. do -- 'XX, we think its services I renewable from in and continue that will there 'XX

in the for plants. mainly the number of look will, out environmental piece go I on you that advanced of upgrades of of think we of those so over there.And plants energy there's business when aging, and because us will similar and the waste be to lot the a if Europe U.S., enhancements a very pressures that and strong

plants efficiency we're to of out So the upgraded, be to those the over have enhanced time. continue

So the performance. that overall impacts

need many of enhanced. we're of to continuing be So be renewable aspects And in a those those services to upgraded number involved in plants and plants those on on Europe standpoint. a

So to become grow for for we do very couple next that the us of us see business over years. material and should continuing

Okay.

you have you consideration you've I against into what Okay. working be moves to you beginning in some for of Fair kind about capital given that. business and Lou, some think then you've flow understand the of helpful guidance requirements can Obviously, XXXX the year, can of year? just address cash of enough. try know And I expectations made for guess But the to sort this talk cash the free but position. EBITDA? come just liquidity

a end slightly perspective, operating than we'll positive little slightly basis. positive from up an on think an to being better I operating

take on, have liquidity generate we States businesses, as the help which balance very we I'm the that's especially concentrate That on got projection then plan our in we've to a them. arose cash plan from Brent, standpoint, -- -- work on the solves we to can services And a parts. lower lot a got are that the worked to about, us give put other profit to XX that to new from ready the from are the hard overcome then overhead we've lower flow a taking emphasis As Kenny United out Thermal the we -- don't -- and which much that's much of we've standpoint.And we've those again, line overcome talked away not announced, liquidity flow the footing we in us a issues point, has us. of solar and business, should I said, stronger place from as from denigrate allowing going is plan issues the a build renewable got -- those margin said, Europe, issues. our margin solve a primarily in to We've cash those business losses. -- because with that a this of new of business.So million to these And about of but we're margins want sheet liquidity $XX deal uses at that great emphasis as build costs moving put think business. on we higher-margin

is with The [Operator question Rygiel next Riley. Instructions] B. Alex from

Couple here. questions of quick

strategic you're there realignment as to there? do of is relates it think that? First, And target million. to When $XX any going the you upside reach

we we'll the but we from always business make that at upside standpoint. we when Alex, efficient because from front upside, get optimize and always the it looking that upside optimize get the to There's how more and to we're

and the target we've the plan XX year, that's but part our year, to so think we of EBITDA can top I of there, the I that's on to of $XXX full now. of by of that out get get to take advantage the is as mean, of million $XXX and there particular million by that we plan got the If we're think that. obviously, that, this on that right on upside, we'll I would now, upside through million the So end year, $XX -- potential realize XX piece.But end

as that costs. The letters can somewhat, reduces Alex, down, of substantially interest our deemphasize that that other credit they we go thing does, business

to with new high fits makes conversions in -- in there addition our fits think I -- direction builds the that parts, low that cash sense. a So that than we're impact have costs line just costs. flow.So that in taking and type it's business emphasis and really about, our other that the It on talking margin balance we're it our and rather sheet, line million pure will $XX are strategic with services, positively

as then And business, of the relates on of Sure. timing it any resolution outcome of the a solar there update discontinued the to it?

update the of on update conversations and yet. but in on involved in timing. no as No discussions and timing actively We're process,

and of like relates stand it to BrightLoop the looks Ohio, in us you on and for And line we can to construction back where And kind that? lastly, go on through so on? what update start as time

appreciate I No, that. Yes.

of letter financing think and quarter, remarks we I project. that here, on of last announced in we a as have reiterated So intent I the the

piece come -- we through We're going on which estimates. the to right that.The up major waiting Massillon, working are contract in is now that that that actually on the permitting the good. We now is construction through processes we're finalize to we're have and for that internally location under the on piece complete, right site -- and

to partner, long get couple look internal make elements specifically, trying those aspect, construction.So and forward the That's those at price we we of trying a we'll any technologies. and a complete both our complexity for little So company, we'll as as project.So but keep the the added bit bit We're construction particular COX. therefore, And time details. of as we finalize specific that some that have of complete. project compression where estimates, we we engineering project on compression on and hydrogen But also that will lead we then that complete consideration timing of project, we're project to some of beverage the this financing of makers particular we construction and along. a finalize.So to that we are with items civil civil would would our a to some we issues side and that on little particular gap continue but complexity, we're between trying little to -- grade works the on sure sequestered finalizing and utilize based also the apprised work move off-the-shelf and partner with as look were boiler of evolve we that final that and the construction on case, the we're some once work civil estimates move begin in of construction it loose to those through and waiting specifically we not the we and added continue COX. be again, elements through need much, those sync to the that there, some to COX of everybody bit and there on evolve standard layout of and get we through the technology, works to to a In offtake to than both on rather believe that piece, need try pretty see final those have the own

of grant. about for the and talk could million those the some lastly, you then that money congratulations on in $XX you of time lines the other grant applications maybe have like? look Can other And what

Yes.

working states. one obviously, we on or states. that NDA. too I won't than some funding are or BrightLoop We those states go two around working, much under with additional are because other other projects we're capabilities one But within two further with

aggressively along. are progressing we'll to And this moving Department working and fund of those help discussions And we're as practical.We dialogue announce so of the that a soon Energy opportunities with as different and few some technology. on obviously,

think well lot coal we try continuing law chemical here into for year last that by D.C. the as piece, push signed rigorously and year, of obviously, to One areas, last commercialization couple a Energy language and well, we some we've discussed state key we're discussions was on it other appropriations as looping funding reminder, with natural approved of try federal some officials, of or gas, too. of program, a it to a government from move to and in that that that as these in appropriations the projects, other of and federal Washington, forward I those along.So departments implementation possibilities looking are within the at to I efforts is combinations we're support through working moved the officials to to as and that Department hydrogen well.The President get as other funding of also efforts bipartisan there think a the have do of announced production but loan of the of biomass and

questions no queue. Brooks to concluding Thank over There the in turn call additional are like back to you. for remarks. I'd Sharyn

replay conference later Thanks, everyone, for our be A available our time us joining today. will This a call. limited for website today. on concludes

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