Bloom Energy (BE) 9 Aug 222022 Q2 Earnings call transcript

Good afternoon. And thank you for attending today’s Bloom Energy Q2 2022 Earnings Conference Call. My name is Austin, and I’ll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for question-and-answer at the end. [Operator Instructions] I would now like to pass the conference over to our host, Ed Vallejo, VP, Investor Relations. proceed. may you Ed,

XXXX good along Energy’s Thank website. to call. second call, we and throughout second this and SEC reference with us Form will supplemental on To for Investor financial for our conference X-K quarter our furnished Bloom quarter posted we call press afternoon you, Relations release you the it everybody. have joining supplement earnings with Thank this XXXX that earnings information

also in as is process second of today XX-Q Our quarter submitted the we being XXXX speak.

to business position, prepared financial and During future questions, this our results, products, and in statements regarding both make liquidity conference expectations strategy, upon expectations, outlook for estimates that full-year company’s our and performance. statements may new call, markets, These XXXX. remarks future our and represent These events our include in answers statements financial assumptions. based are we forward-looking the your predictions about

to they call. to these statements detail documents as However, SEC, obligation as filed and discussed recently Forms forward-looking XX-K. with no and made including in statements XX-Q subject deal and assume We in our filed the any future today’s events, unknown risks most uncertainties our revise are on numerous with known

is our Principles quarter accordance not release to of not During our reconciliation in release, second and Relations with press financial and are a Generally this non-GAAP financial available GAAP in included accordance call GAAP second quarter Investor and GAAP. with in the performance substitute A in press for are refer website. prepared Accounting we earnings to on The prepared Accepted measures measures between our and XXXX measures addition financial or to superior XXXX non-GAAP and earnings non-GAAP measures. US in financial

and our Greg of call with I today highlights time business, Founder, And then K.R. after Financial and operating questions. prepared Executive Chief will call financial Officer; the the Chairman remarks, Greg our Joining begin now of over an Sridhar, K.R. quarter. K.R. will the overview and Chief our will review are your have we Cameron, turn take the to Officer. on me to will

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whose products Act content acknowledges whose domestic the are As America, the technology we that in manufactured American through America, a company, of features. are bonus thrilled additional was by importance invented workers, in

us. can world so designed that see And you I'm glad that ways has help flexible the decarbonize. So a we that support to sure we many have a policy platform will national now

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which Energy low-temperature XX-megawatt oxide these solid market by Laboratory, verified electrolyzer to North clear competitive announcement signing agricultural announced Company advantage competitive heat we high with plants energy, This processes market Letter the more is FIDO and from nuclear why clean Energy production and power pursue prior is market, that electrolyzers leading momentum electrolyzers and announced the a DOE have of facility. both when of going Electric American produces should Bloom provide electrolyzer synthesis, cost at the in power producer Westinghouse Bloom demonstrates competing hydrogen greater demonstration combined Oklahoma with chemicals, to performance Intent technologies, industrial clearly today forward. Bloom’s integrated product advantage LSB IML ammonia When Industries, extra the will commercial a for lower be like The in Our in temperature attainable why nuclear their segments. resulting is National install efficient LSB. in hydrogen over advantage plans competitive

biogas by me were Council dairy Let a switch US now cited our conducted Sustainability electric also American industry with an renewable ground biogas the and energy landscape, first for received project new power of The across electricity July, Award. fuel the microgrid on-site for In electricity U.S. Council the in and to our global project to from in breaking recognized the the the Dairy to biogas Biogas to make CalBio. collaboration we XXXX Biogas project, waste power to segment. fleet cells, vehicles. to The use

growth. segment Our waste-to-energy solid witnessing is

and market traction well as landfill projects renewable currently developing continues as opportunities, multiple ways. generation fuels RNG for to and several key utilizing both the are the electricity development biogas food with for We business gain agricultural

me opportunity. international moment to touch take Let a on the

of them entering commitment interest solution combined at cell automaker. the are May, European ideal earnings the gas from call manufacturing into our Bloom around fuel that in spoke heat system requirements in Energy our to the innovation, for luxury in use and like leadership servers Bloom servers best-in-class Ferrari also announced we Energy's plant and emissions. June, our a a X Bloom the power for Ferrari, we technology now uniqueness, During megawatt while headquarters the platform Maranello, The of reducing continuous about by has landscape. partner a Ferrari, in to best-in-class makes learning Italy. expected cut XX% at Energy market. In last European is the manufacturing Bloom entry and installation

to and at in this security, footprint, for prices all security like I'd lower a them increasingly for in time availability, Europe at Digitization, energy home. demand achieve and industries carbon significantly electricity lower unprecedented of and onshoring energy We same the at market transportation increased when emulate, and great as greater to concern. costs a a to are the adding model are close way are all of other at with energy-intensive showcasing of manufacturing Europe rates. electrification time to

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greater existing the creating the capacity both This that supply. in commercial being down nuclear which quickly. are shortage T&D, side, hydroelectric disrepair more the coal and power infrastructure, in of more plants the to and renewables are industrial shutting a able capacity supply underinvestment at of loss the additional large added. expansion customers this drought-related all are demanding demanding and to not utilities scenario, On shortage age power provide are output, In and the significantly them from is pace of and power than reduction decades-long

and power, your security, very their and Bloom company the our to delivered solve tower even it's to This settings It's on and Energy enable weeks. in can't to of in safe your server facility you with you best then suits a low a and US a is Bloom needs for to imaginary. customers is reality very shutting a even of to run committing for needs, Europe, company in whether wait lines date hours, the Only grid. the many millions to add, solutions effect, are and in urban within quick see the power server, for you parts power a Energy energy and a days, weather I dollars extreme land with the supply it's down facility, power decarbonization SCIT power manner an that might new or of option. reliability, If months company years connect build installed

are say Greg, with Before our over quarter. I it very financial turn to that me pleased let this results just we

With and on for this improved as while We over margins are turn to elaborate. cash and cost me Greg invest flow. operating business financial in we let towards that, to focusing maintaining and discipline him profitability positive the driving

your quarter. strong with We a agree I K.R. operating Thanks, had comments.

we improved in posted deck from that highlights margins key and our few our second record found a last $XXX to million. our non-GAAP point had revenue to of financial supplemental website. prior quarter quarter me We gross year. Let We

an We track adding manufacturing of are for gigawatt capacity. on additional X

We chain, reaffirming global our and our let navigate guidance. With XQ context challenging me additional those provide supply we're highlights, on continue some a to XXXX performance.

power server XX/X Our resilient, and energy on sustainable, value of proposition our always for strong. predictable remains

to decarbonize our pathway additional to Specifically, to bring power site resonate client ability with and continues a quickly a our to provide customers.

K.R. be their power data utility These value As and the meaningful power provide is time manufacturers to proposition especially is to larger growth. a power. tend unable support to local for discussed, when additional and that resilient sites require firm centers to

the like path need zero net On decarbonization, -- solution customers resilient the that to in our future. real hearing they from we're and solutions hydrogen

expect the Reduction benefits of to resurgence with trends acceleration especially electrification, increasing grow, digital We the to the US the inflation these and of continue the Act. of manufacturing, economy

We supply affecting chain and continue a navigate to availability. price challenging both environment,

While that meet doing can customers' is our job produce to servers much uncertainty team factories of an our our remains, needs. amazing the ensuring

achievement to work our the the investments stabilizes. suppliers our meet to ensure XX% that historical they are We returning annually, down growth, making with expected to continue to XX% cost once environment our while of to

non-GAAP of the margins improved first about points and points X almost prior versus versus gross XX% second X.X Our year. quarter quarter

manufacturing remain facility, the elevated from costs by on second unit new an acceptances. mix we temporarily the Fremont commissioning of our quarter improved While benefited pricing our

margins. the expect achieve As as we second to of costs half the to year, targeted capacity increases, look unit product enabling towards us decrease we our

entity enhanced $XX.X As during executed margins simplify so, reporting. non-recourse XXXX simplified recent million financial to and our our of investor business, quarter. we conference, a the debt, previously further I consolidated eliminated sale of this we mentioned our PPA doing By

$XX charge pro removed adjustment a through recorded as As asset our non-cash the electricity a part of we we our non-GAAP segment that impairment million transaction, reporting. from forma

to in resources. continue commercial manufacturing capacity, We our research development invest and and our

we levels fuel and maintain our operations capacity. from in on are by facility, megawatts stack year, investments. the increase liquidity to the new Fremont the In our of gigawatt to and half the XXX we second half by to XX capacity over of of X manufacturing track sufficient commenced end this second end these build and XXXX. first the quarter, the capital to capital meet megawatts year, demand working of to We equipment invested fund During

confident We least our and pipeline, non-GAAP remain of these achieve roughly margins deliver revenue, plan and at These backlog and operations. revenue, positive at operating that acceptances, will to Based that strong are our and year. XXXX from margins XXX flows. upon with this should for a margin, capacity reaffirming flow grow of we our billion gross $X.X megawatts acceptances deliver the cash we strong we XX% to on guidance results revenues we cash in and With firm non-GAAP when coupled margin with expect will positive and to us XXXX manufacturing put trajectory be beyond. least expansion,

we our annual half, I'd quarter, for second look the and rate. to toward expect increase at third As revenues acceptances the our expected growth

quarter. the half second acceptances be Our with like will fourth for in largest cadence last year, our happening acceptances the

the companies, global the second have resilient push but Like into slightly our momentum third we had margins half quarter significant with our are and half energy. challenges the first we operational building a are our for year. to expand abundant, XXXX strong supply As navigating with and we clean in levels. of expect to additional quarter tailwinds unit other costs continue In industrial would I summary, chain, from builds, improved

have the our upon strong solid our to road growth on of deliver technology XXXX build believe mature record we backlog robust map. platform, point is inflection a an at We and targets, accomplishment to company

about let's the that, for are We up open questions. our excited extremely With future. operator, line

with is Wells Michael, Thank first you. Michael open. [Operator from Instructions] question line Our your Blum is Fargo.

Good everybody. afternoon Thanks.

quarter. last from change a quite So

pass the to soon. IRA here, got set pretty prices still But stubbornly are gas hopefully high. natural You've

probably if seems the given in like that changed in US things cited, bill? wondering thoughts -- economy all more new could this just of any that of that with expand hydrogen to commercialization with I'm talk US going So you in about has you your the the terms the it rapidly is strategy

to good in That issue we is industrial K.R. four five three Michael, needs having commercial next Look, supply/demand in big power for that. difficulty the of be question. company We if you? for the It not de variation a people business is today. marketplace offering able the and there, providing is So a they game are And here a to this how And expansion that Hi, be in four at what a the kind large of the the opportunity seeing The that's to terms like to is cost of the of in capacity gas. power, to the natural changer. a don't of not do should unique to in of to electricity. the minimis very for for it are time the cost scheme microgrid things years, them, looking cost years. that have have is for to mismatch able is company are expand. utilities gas be not companies. scenario, solution three next That what natural a think, we a really

that business huge ours opportunity up growth XX% INL. together, can see look availability companies the put the we in the manufacture great All terms do. we better as do for hydrogen what in like go with can electrical of Equally, $X that efficiency as for put huge and we of else almost game a in us. that America a that just a PTC, do. at ITC is XX% anybody to So that see changer results impetus than we This out and than for

hydrogen. are we that all together, excited put You about

act. it of us, for is a So genius

We both. will do

for Thanks Great. appreciate it. that. I

breakdown. wanted was the I question revenue to about ask just Second

year, versus domestic. much international been this towards more clearly, weighted So it's

how margins the and of your way get a And any there? is view really rest of gross a So, year, international? there US more I the wanted just versus we think should can for trend just long-term that Thanks. basis? on to then on Are difference there about

Yes.

Michael, it's hey, So Greg.

XX% year, prioritized to it's you take-or-pay The at quarter the constraints. given get of XX% its historical sure plus SK we've that been -- from So last their capacity not very on the similar quarter, part is this large that results we've about year contracts, making their international XX%, this got for around more units ecoplant as an the and order reason as for levels, know, US-based. they our

as get in back their of Korea. the to into the what the including we and we really both get what back expectation the As do go of – the into levels, year, historical of US half of will those half those we second breakdowns half the year, do in our we more second is

continue international is addition what the traction. to to over see think with our grow line you're we're to with lot forward, Europe that to making see more going I going in teams there going a diversity going though, And international you're line. of on

on not percentage So the coming see the multiple international difference to… revenues would it a margin larger a And tell material basis, there's yes, go-forward segment, to you're question, a on you, price going much of continents. where on our I but We then gross out from is. of

Okay. Perfect. you. Thank

Yes, yes.

is Bank question of Julien Dumoulin-Smith your next Julien, from line America. is with Our open.

you're Hey, afternoon, time. Appreciate you Thank on just it. kicking results. for good off, Congrats the team. Maybe welcome. things obviously, the

that economics May year. as does the all even at for in pace Just through look are Obviously, traction mentioned this more shift How Again, contemplated perhaps it be et IRA I rapidly. opportunity this the the remarks, would could involved? this You the what be of looking off commercialize curious the electrolyzer. back we point and keen may of enhanced to right? you kicking front, with you you this awards additional in see course had cetera. very respect the all this on we're at all kind to product what of

$X for had a What's for for in going the seen growth those based obviously incentive sooner, part would of the of coming here hydrogen the was only more all out yet we projects it not was any would those about hydrogen business. we when be go in be weren't or say and put Sunday. XXQ how on projections our When on forecast things I out our We the provide moving our online not into And time. accelerate it's for Senate as play come came items, the or all our the year our come would Greg. would what factored together process for at we our yes, -- It’s Listen, get forecast, it's long-term build view the here. through. this Act We'll near-term. PTC update passed Julien. to through think that -- like build on of back be us. we'll But those forecast it time, we better forecast, the attractive XX-year we ITC is or hydrogen of based Thanks, I Yes. getting the in of looks PTC as on what better. those of would, and sequestration the back revenues very online of but – around talked And around say, grow whether they'd

Right.

year like looking So or at like that? three still this something

show we demonstration focused did projects, winning this with with We're year oxide solid very that electrolyzers. still large-scale have technical we much advantages like we INL, the where on can

capacity understand a year, of we'll by next electrolyzer. of the X.X Julien, our do have end also gigawatts to And factory

the capacity. building So we are

have chain, supply the everything. we have We

for to How great. quickly very us about to will pivot, we margin. maximizing pivot, fast that be all how would pivot So be we

think by the in end that about can talk whichever would the that Is being end that to of into business, be it. just mix side to by think of and/or gigawatt orders about just And end you portion, are of up of should expecting indeed. or of production you be like today we XXXX in XXXX, X.X fact, terms fill electrolyzer you there one of allocating Right, that gigawatt about by how you the year, ramp? a target feeling you overall the a about a if able

and the our about capacity the is we great capacity, as technology build out indifference. what’s we're Julien, indifferent

manufacturing cells, gas, same the or that the So capacity, line. chain, can natural cells make all run all supply down is hydrogen the fuel we electrolyzers fuel and

deliveries. those really make quarter don't we when about need think commitments really So to current we the to

of And that an one the incentives creates add waste the enormous passed for also, that to in Julien, when power ask important guys like didn't bill thing you opportunity in to is amount area.

it's for the and us, optimize it to mix indifferent trying what figure to and and to factory So all maximize is has about margin. how build, out to

Well, to of you Right. soon. power luck, we'll angle. indeed a Yeah, Excellent, third is best talk guys. to waste

right, we’ll All Julien talk soon.

open. Alex, next Alex Research. with Our question is your line from Wolfe is Kania

the the first use be thanks where's you type very my think of end changing without Maybe to storage much could think oxide Hi, how -- on electrolyzers, of on solution here? ask about oxide hydrogen you with the -- mean, how it your and question. renewables PTC, long taking green ultimately duration solid it's the do think grid? economics do for as compounding the I competitive a Do thing you is I'd electric really [ph] way and

that you're that where obvious it huge the in is big play and from have will way, role, involved it place first power impact footprint. will truly very prepared adopters that's the that curtail Alex, a carbon be long In transportation, then getting question. a duration and of where a where nuclear don't heat and In on markets as That to the a the very and use two being storage the the can to you in have be use to the believe curtailed coming early hydrogen them are basis, it's be to produce to liquefaction, in free, the my decarbonize that hard that I the that pressurization, operator right, electricity remarks, for is have a decarbonize the are electricity attractive. and cost during to mentioned all to able that source and renewable because I will going logistics, a short-term, the industries hydrogen. long-term, nuclear heat good have marginal day,

going gravitate spaces that design, So, truly are those or the play immediate we into that that cannot. because are operate to us, heat. temperature high And market. that luckily are those two low opportunities electrolyzers two we can by the use believe at to for big temperature well Others a I very

Thanks. Great. for a maybe And question Greg.

-- And tax just So up have as many about about as direct – equity. some PTCs things with for been cost evolving transfer mentioned there's pay. Obviously, the headaches as certainly how time of market, you, well. driver the think meaning guess, wondering obviously, I for over I'm transferability, as changes for sure I'm you well and certain what that capital.

think I Listen, any like on pricing. right? in terms brings and availability it more brings The Yeah. market, and it's better supply comes ultimately increased

into And levies have create that So having you'll get for it the are but come within One bill the some going players the two you'll capacity have that transferability, tax also is, more you'll reasons, additional I market. within tax right? some think space. to

the to these in continue pricing, things create more which bit. of bring here a space, on players think So for lot and more will tighten a I seen liquidity hopefully we've

Great. Thank you much. very

Thanks, Alex.

Next Colin, open. line from question with Oppenheimer. is Colin is your Rusch

much. be growth of been for Great. we've discussing the leverage of to should Thank next Kristen maybe or capacity about with so over any months you expecting the the XX This some operating we opportunities ask anticipation Wanted on in in for organizational Colin. is revenue IRA, growth? that with what

it's Kristen, Greg. Hey,

about expect in and that so grow run have costs of here going costs should versus it's XX% is we're term achieve and to of growing. to less operating includes double that than leverage. continue year, that the leverage G&A, to our XX% long continue continue to at important our revenues our I revenues we for to that, been as get nearly grow we seen be to all we operating kind operating the level this That's to the to revenue over our We've this because in this at everything growing got forward. costs. you've been business. us XX%, what spent operating targeted what should that, comes be last from point, would going we've So a That cross our have we why R&D year that income grow target I positive know think income over year once that our

additional then you ramp for of incremental of opportunities sort just efficiencies or cost you outlined? line in may the new Thank facility, question, be ramp similar that. returning but a for you. that you to And the of down sort with that initial any Thank seeing

Yes, Kristen.

We are that focused very on ramp. to getting back

Our cost that to couple like a We XX% just hundred a not being used even XX% on down. a dollars focus of a being to to are elevated, kilowatt in. we position is

leverage So here's what second we're operating comes of the get doing. We gets that through tooling of year the Part volumes increase half process. this, in just better the on. as is

order to look our of increase facility we're have a the for through we opportunity we how The other products get to to use thing that in doing folks productivity by we locate we automation, the machines, is most in see Fremont the our how how those tremendous the we for – were deliver in process able May, lines. how to folks

get operating leverage. true going to continue we're think we to So

Now, through this you're from XXX on And we'll obviously, the megawatts to financials XXX our year. first megawatts. seeing it line going get of

Next again, going year, we're do double course few but to over capacity that of a we'll that lines. the

process always year adding capacity, of be in a be perpetuity. we in we'll but won't doubling some we'll in capacity So be level probably each

Thank helpful. you super so much. That's

Thanks.

Next line open. Kallo Ben, question Baird. is your is Ben from with

like seen you. IRA to customers because just are or any customer anything in the that orders have Hey of you wondering way? responding guys, I'm shift the and Thank that, just in any

It's soon. Greg. too Ben, Hey Yeah. it's

and customers -- it most are digesting is. I is everyone still think where

had mean are seeing the customer to looking we where through and would a of amount customers alleviate next to their should tremendous a the time the what are to upfront near-term, looking But I help in grow. interest emphasize seeing power, three think tremendous we as interest. what we're for ability to in five near-term only These investments I meet that's is years. targets businesses power that. are The to time over growth the

here Sorry, adding this There we see to are clearly adjacencies is as some this pressure. K.R. Ben, that

and demand the the congested come electricity to for example, create are market tremendous suddenly incentives in IRA for EV For going an to that area's perspective, from electricity is the more going market EV demand. the in already

T&D adding like be so that deferred preferable to ours solutions is And investment going to distribution. that

going come still we perspective, early all why So the But to are create from see in the into anything not these directionality bill. out demand house a for cleared and at as it's Greg help tangible provisions see gotten while said, can us a us. too is for bill greater bill the to

And you. Thank Europe guys the -- know talked in I year. you about on early just

Just, is not to or matter it sell is, still a where can certainly that opportunities? there's that because nat-gas more it with you place does

Yes. is very interesting No, us. Europe to

is of some We really a much market to of C&I of opportunity there well quarter having Ferrari power lot the more especially buzz a got to megawatt given on there. deal around interesting resiliency and time last is the for the units centers, as traditional a we people far creating the those important ground interesting there's a market very units data I'd there power about excited remains for say helping a us. as is as there. Italy, In is with interest. Germany, the have Europe to of and -- and are very start, as time kind aspects it's that US place. UK

is a gaining that traction see that Europe, really lot of and excited we're to value our proposition grow. in So we're finding

is from is with Raymond Our open. Graham, Graham next James. question line your Price

bumped that Okay. I the think with how forward? that the expansion for quick one, run Thanks the I a modeling saw to wondering, I was guess understandably for R&D all about question. just rate activity. first taking up expense going question.

Hey Greg. it's Graham,

at looking year you're stock-based a on the compensation, a some were including that -- occurred if retirements it early that are So there in elevating bit. that

If you look it it is look the at the over compensation, marginally was quarter. stock-based way which up it, at we ex

of a anomaly But quarter standpoint, was We investing the are an there in significantly versus modeling definitely bit there. in from first. second the a

just new of wondering and at And the if would change then more PTC, the to $X one I you this guess, but Thanks. helpful. owning this a in IRA. wasn't be hydrogen was would point, farms. Got focus know Okay. interested in with That's just new that bill? all it. I area operating on I view that

integrate from Look, do enormously on to this vertically to the big not perspective. time. have going we to things a that's over us sense to for market is This to make and such how into believe try happened is and that front end already does people back a PTC grow whatsoever, market very end know any all Bloom do the everything size make huge and that a

gold. are will to be need. find to gold, this on but that's to during try shovels to we may jeans $XX the the people sell giving focused We and people rush or those not find going stay jeans going may Different which they everybody

Thanks, Graham

Got That's clear. it. very

with Our next line question Josh is open. Tuohy Park Brothers. your from Josh, [ph] is

It's Noel. Good afternoon.

Noel. Hey,

Hi.

Do again, just what you I it's effects Just was just about ripple couple turn, at that, of was you passing also any of positive effects of curious on solution? the could had the inkling wondered the looking if any and have be this beneficial things. now. Bloom business? what point, I commercialization a could of for wondering, your sort do of be biogas service if also how in -- a -- to people at had ripple sort act if sense just IRA, the of I might faster

Yes.

look you at that. right, biogas, if let's just So, take the

cleanup rural which billion is electrification for these to very is the the comes separate through projects get that. not of ITC. are top where disadvantaged that look addition goes for $XX XX% Just the that. the equipment grid, to There USDA, in reliability, if skid itself, end distribution, biomethane, biogas On now transmission certain can a there's of the located for plant that that, micro our at The with eligible of bonus in communities, are in are number waste-to-power in put that does allocated starters. digester, there If a going about ITC. projects all have the grants for place the is they incentives you

become to us is a so, has this this gold, to huge You together; area tie going put okay? all waste be And into. for

a maybe away and the super I thing thinking about And one be right? the carbon from taking excited are you're capture, that. as follow-up, We may you question that as

Right.

credit, And the subsidies. megawatts. at megawatts, $XX XXX coming important ton. piece that legislation It avail -- those that's be used you even $XX says of X carbon a with That of for a only to very at can

avail of Now you our emissions kind can at those subsidies X at megawatts of rate.

is below So what to Quest grid is as in the electricity, gas price from a how geographies. XXQ people possible going at to X that to so soon different out the natural which abundant carbon COX enable, to be able is price as see many go to figure is to point

to our into big that So, expect next know to that ready that right few shouldn't for people in have we years And this hard. technology be need, how that and COX go the way the now. who take it in off to the because take we All pump ground. a

sort guess, line. absolutely. similar Absolutely, of Right. And I a

has curious, table parties transaction deals? the on your with you was, any front, Just more if on talk seeing brought to EQT just interested similar initially you're about can RSG the or going whether similarly

I with their can when -- stepping RSG our good the becomes a the for we customers important US, very way them they to step, can first for ESG their in and something starting requirements. the do and any thing and themselves decarbonization it's for immediate a about C&I to for bumps thoughtful which goals, planet them tell us without very them the in customers future proofing talk you

talking our So, are we be to them. to that very, are very customers to when attractive C&I we seeing

lot. a Thanks Great.

Our final with is question Susquehanna. line your be Biju open. with will Biju, Perincheril

afternoon. Good thanks. Hi,

the two question negative technology gas to K.R., was the combine that you and on produce opportunities of electricity. taken sort carbon to think, the my ways and carbon of capture touched sort I

I the use scale to that up? words? on I the waste the gas are to to on grass an articles Some work, projects how there So, for something have much what natural that gas do is mean opportunity scale guess just way to – another you to than up? the ways how projects. And type of

that? about wondering just So

great So a that's Biju. question,

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Well, all attending call thank here. for the you

So let me summarize.

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Thank your you concludes participation. call. today's for That

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