FuelCell Energy (FCEL) 10 Sep 202020 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to FuelCell Energy’s Fiscal Third Quarter 2020 Financial Results and Business Update Call. At this time all participant are in a listen-only mode. After the speakers’ presentation there will be a question-and-answer session. [Operator Instructions]. I would now like to hand the conference over to your speaker today, Tom Gelston, Senior Vice President, Investor Relations. you. Thank sir. ahead go Please

you, Julian. joining thank for everyone Good on our morning us and call you Thank today.

This quarter results As a FuelCell the release, webcast and financial addition morning, Relations press the with release of website to recorded. we being being on on this we press have in year is our presentation replay third posted the this practice, conclude will for available our our earnings reminder, this approximately Consistent and Energy our call and website. released website is is fuelcellenergy.com. recorded for of after be slide XXXX, a call fiscal call. two available Investor on hours This section our company’s at the

our facts this forward-looking your disclosure direct to financing today operational today Harbor Private forward-looking the technology begin our The plans. anticipated FuelCell we results continuing the of disclaimers statements forward-looking Reform attention of call statements and and Act and the are Litigation presentation company’s please and historical to from comments, financial Securities statements, statements and anticipated performance. for and business on are other on All financial will its statement forward-looking statements commercialization, in including regarding development, and liability made its established the include prepared related intended statements. expectations qualify to the included statements Safe These by XXXX. of release the regarding company’s of than regarding without respect the X statements limitation, Slide statements, with discussion plans contain the press to the Before

on this at and are made information time statements call expectations such current represent management’s on made. are available statements the Forward-looking based

file other statements the to We the any in the XX-Q. in concerning numerous information risks risks, regarding the or differ Form Reports our and are reports results that actual in forward-looking and encourage described predicted, Risk with statements to involve you the section the on disclosures and SEC review Form results strongly statements that by of uncertainties, Quarterly forward-looking we materially uncertainties, statements. our from known cautionary and cause factors Report on may these Factors assumed, our unknown Forward-looking XX-K implied particular, in those Annual

cautionary should section You also press forward-looking in review earnings the this concerning entitled morning’s statements statements release.

call to measures find you In non-GAAP this condition. regulations, and financial about in when GAAP Investor company’s SEC accordance of our of document use we will morning’s the measures a comparable talking earnings website. portion reconciliation this can Relations the and performance on with measures non-GAAP release, reconciliation During these our financial posted the

For Financial joined Treasurer. Chief by our and and Executive call Officer Vice I’m Bishop, Officer President Few, Mike FuelCell and President, Executive Jason Chief today, Energy’s

Following to our Jason available we Jason? to I questions. over your call now would take prepared for will remarks. remarks, to the like be hand opening

business investors with strategy as powerhouse of Tom uncertainty, the first year. COVID-XX Thank economic the of on Energy performance to morning us January that call We joining in challenges you we third resultant today. appreciate FuelCell you support one as good this who quarter on execute continued I team pleased am we everyone. Each opportunities on delivering priority the and ongoing and be our to our development announced customer business our Despite forward. X backlog, and for with to with include business. familiar continues our we of overview Energy the shown operate safety number obligations, on projects on our may less quarter our and in our while execute Slide moving FuelCell continuing service

diversified and recorded of generation, three largest source license, our which a October revenue categories; and XXst of ended total approximately revenue, recurring on technologies, multi-year we represent contracts. service XXXX, across XX During primarily advanced million fiscal which under together year

systems During revenue our what extended fuel XX.X molten-carbonate the life many Near of technology platforms and enabled cell Beach, Long and biofuels. that in million for approximately stack including revenue in capable Port currently of neutral at including customers, is the implement distributed year platform fuel XXXX. cells we've hydrogen, our will providing for types, well total microgrid nine recognized our XX% multiple highlight The combined which months slide, heating power first carbon same generated the of Toyota leveraged fuel we using of XXXX, of top California. generated fiscal of is we the

way efficient We technologies based are around generated hours power use the duration of to the power. for highly support deliver powered storage, first production needed. megawatt clean which would to the we XX when of that also working power toward fuel I to generation, a zero hydrogen through by our providing like commercialization capabilities penetration our renewable than cell have delivered and will store by renewables more hydrogen hydrogen world the platform million energy long oxide intermittent since electrolysis, increasing solid of note platform, commercializing carbon

in provide grid always-on world than that demand and we're ready grid about empowered the our the to energy. This to developing we to innovations the clean or work are a our nations the Slide believe Asia, power by do, evolve, we as deliver. X, energy will will we be And purpose commercializing. making to of to are developing portfolio people, the continues life fulfilling Moving the live consumers enabling technology for future here of power. and our We strategic progress the excited must U.S. our continue the purpose the world rather around reliable the businesses Europe, and focus, guides electric

we that Powerhouse key as our quarterly please. are today to summarize continue themes execute Now, highlight we progress strategy. let X, and our Slide me business where

our fiscal for our quarter expenses project positioning continued First, and managing execution on underlying emphasis our growth. the of with FuelCell results third demonstrates backlog for a successful operating Energy

XX.X moment our execute quarterly do on team backlog Mike we of our As CEO, put XX.X a our but to XX, compared continue XX% of we the to quarter, to representing power into a results you end review my operating at results July that. solidified our perspective, first as megawatts our will to In megawatts financial conversation with XXXX, generation and commitment in as just a increase. platforms of the had portfolio

capacity at generation increased While overall incurred portfolio, of the of increased natural we our connection Tulare placement we upgrading our early modules and have expenses plant. the gas fuel in cell with our

our perform replacement at longer The platform. step reliable require life While one cell we additional and the of opportunity our an to however, a commitments. future lower are improved better upgrade of impacted enhanced expected the of our costs, performance, the these contractual life the investments new the result and results, in to second associated the SureSource with this deliver module fuel module replacement advantage maintenance with took and plant to expense over operating modules module against margins

installation this be we progress interconnection and project third Connecticut. backlog Second, the our by executed is parties. including in to third Currently, coordination Groton, our against party work completion a awaiting of a project electrical other to make continued study by

in on commissioning party completed at have is work. the constructing Bernardino plant Water of the the we plant continue San make biofuel We progress Bernardino Department. and ready third majority to be Also, the will completed, Municipal our commercial San our next study operation. power and for of Once work other scope the

the members. of operations the onset June Third, after proactive to in closure team we our pandemic at factory as of the previously reported ensure safety resume

our use Asian of social making necessary In protocols all Energy, members, agreement been reopen we payroll retain had South POSCO addition the our enhancements, safety all the and made broader and and terminated technology facility Korea us for to we PPE decision members. distancing including team which safety of the license on the Fourth, which benefits, prioritizing efficiently the our licensee enabled previously team after market. members to quickly with for with team to

those our the of service Energy have With as markets. commenced and growth. marketing development FuelCell directly important agreements, This we license an position we termination product for is in those

Our of across our including deliver. platform offer technology. advantaged cell power and deliver able hydrogen competitors and offerings, platform fuel in heat We're our is Korea of cannot Asia uniquely our which customers to to full suite steam inclusive combined

financing XX.X retail demand to our with repayment execution the used project million liquidity, the net Our be of completion the tri-generation we of sale and institutional strengthen shares we had which our with an program. for industrial stock. executed June sell To Asia applications. agreement to in Fifth, commercial number to a shares proceeds provide generating company to and support and $XX.X date, strong market may the hydrogen are transportation pleased have our market the Jefferies hydrogen total liquidity, the $XX We of and our backlog. for million in with up to platform platform common support of open to debt, capital, million, would sold the a working distributed of of

Energy a with of leader generation. strive Finally, baseload our focused environmental To we to energy end, hydrogen purpose, in and be sustainability global distributed FuelCell on generation; the remains stewardship. distributed opportunities; largest one, consistent two, four continue to this

for types, gas. blending multi be platform carbon delivering intensity utilization and/or low down decarbonization hydrogen and as and can the its capability of gas Hydrogen the Our used fuel of platform. repowering steam is and hydrogen feature fuel multiple our delivery a and advantaged of of applications capabilities, through natural by industrial [indiscernible] distributed carbon existing transportation then

of our our facility platform hydrogen electrolysis, providing generation. solid we deploy generation, zero California. duration Our energy the capable at hydrogen is Beach, platform hydrogen technology distributed storage, plan power is hydrogen to Three, carbon Long and oxide long which in

operating future. that hydrogen system power. the world. Energy technologies when carbon meaningful around storage to for growing produce FuelCell opportunities the energy fourth, economy These generation hydrogen capabilities capture. enable capture carbon leverages The the storage a closed look hydrogen carbon can a to electrolysis in our FuelCell in Energy store group free reverse platform we And platform zero energy position future, to is node As through hydrogen

industrialization generation power is key environment. that global place nations is without We the FuelCell believe Energy’s We to thus much infrastructure only carbon and believe capture capture footprint, enabling foster goals the of economic is opportunity energy. world's power development growth that energy This affordable requires reducing remain in technology currently continue the fuel our the with fuel developing captures such an providing carbon that for abundant and carbon industrial meeting to the the across existing modern since Engineering of known to Mike to lynchpin sacrificing more Mike? applications our I producing while continue Together cell the now more has turn financial as to technology also power to the we fired to on carbon gas develop which And simultaneously stack. in Research COX to with concentrate ExxonMobil will call over and that detail. from coal results and plants, energy. cells ability company, producing concentrates method discuss

good and Jason you, Thank morning everyone.

operating XXXX the period other accrual were XX, timing replacements down in the agreement. July July in July revenues three compared recorded changes Research on XXXX to is were the executed first change facility. months the that to million million, during no module module plant upgrades million replacements totaled Let's comparable start under license routine revenue performance. to and in Generation maintenance prior Specific joint highlights months the the Engineering or year-over-year. maintenance Engineering and X.X revenues the quarter and results contracts. as replace due Connecticut with million of recognized X.X the Bridgeport, ago three plants year July ExxonMobil our reflect months year of from was in under another module with total There included the $XX the the at company's million X.X million decreased agreement were at replacement XX, July three XX% same July from replacements of for XX, profit order to XXXX Engineering XX.X required revenues, The an quarter company million million fiscal than Company. quarter. and million in for the one decrease XXXX technology service of ended ended earlier to of no of primarily in months and efficiencies. million of XXXX the related X.X on to prior Research to XXXX. at the service partly replacements in loss license for ended than due revenue to activities our and was recognized license X.X $XX.X of was activities. downtime revenues future activity this Slide million earlier ended our reviewing recorded that million fact to Engineering in revenues million due related prior XX, increased Breaking July as XX, maximize service plant a XXXX that Advanced one replacement module and time megawatt the include and the there due profit XX.X XX% and ExxonMobil issues million X.X a ended gross revenue XXXX the to loss module to order Research increase charges of of to revenues million company for which of for at included revenues to improve expected timing the from X. Gross in XX with X.X there license while expected aforementioned and Recall XX entered to period. and X.X ended performed was in year Company, our third reported quarter decreased XX, Company XX% X recorded agreement Cost to fact to during of recognized third Service the no agreement shown and opted from into XX, ExxonMobil months increased three million, the existing quarter three the revenues with a compared by from XXXX year period months Total Research revenues our contract connection XX% revenue result revenue $X.X of license license license module development while plant three also during the X.X revenues a expected included expected, ExxonMobil module

the spending is the reflect XXXX replacements. future $X.X recorded timing XX, totaled low accrual of the and the to increase which shutdown related the manufacturing expected our by also module approximately related Additionally, loss costs which results unabsorbed prior X.X revenue million pandemic X volumes year reduction XXXX. July from implemented impacted year X.X in and in the approximately initiatives being of ended were reflecting to million, to compared development million the and in million to development X due primarily Results versus from XX, ended quarter reflect to decrease quarter generating Operating by driven X million This production in in overhead restructuring engineering million variances, and reduction COVID-XX was XX% period. the a in in period, July resources during changes prior to factory negatively to X.X in the the million reduction expenses decreased expenses activities. allocated XXXX research in research the to

reduction million performance for a legal to year for period, recognized lower reflecting financial also We Please consulting million X.X quarter. detail turn and Slide administrative selling additional costs. from on X.X prior and X to the expenses the in in

amortization applicable the the X.X release. side negative million to portfolio. X.X quarter totaled well million, attributable to the holders of appendix X.X stock our compared a XXXX. positive reconciliations for of ended financial the the of as net a Total EBITDA million to expense July stock the XX, including $X.X XX, loss Adjusted XXXX X.X XXXX. for our which adjusted July at to attributable quarter XXXX million earnings depreciation holders the ended loss the net Looking of the totaled EBITDA XXXX July XX.X million, ended on measures, ended chart quarter loss totaled quarter compared million XXXX non-GAAP left for and and in for was ended loss July of see the Net for third million XX.X the quarter of attributable for the XX, of quarter X.X ended July discussion to Please generation is a quarter XX, XX, net to XX, XX, XXXX. adjusted slide, common common July ended July EBITDA third million compared for as EBITDA

from with a in in an and joint service July the Company. XX we license million consists the by as partially increase Research billion backlog ended by XXXX on result of million our the and XXX in primarily continued reflecting which X.X generation of slide, X.X offset demonstrated the a advanced technology contracts quarter execution and side in on Total X% agreement advanced Engineering backlog, with As development backlog, backlog. is right ExxonMobil the chart decrease the backlog, finished billion, of quarter of XX, technology backlog backlog, the

common projects. August the million. X, an registration includes the proceeds June sales Next shares per to price entered I that supplement efficient XX, we've open of turning with X, the XXXX generation towards a execute believe building backlog additional prospective the program XX.X through of an aftermarket SEC. liquidity steps gross agreement taken sale resulting $XX sold improving market into Net we make in of In sale agreement an our shelf liquidity to Slide open XX.X company June under would cost plan to company under to to sell to We market share goal our XXXX at average helped like filed existing of which to $X.XX, our an the highlight agreement up million. $XX.X pursuant business provide has statement, approximately stock our From to progress capital. were million on the sale out million were of of proceeds at

$XXX.X Project As and balance as bar cash is XX.X XX, equivalents, of project as can sheet, the the for chart. and XX, used construction, and equivalents which and Orion the approved restricted of as million cash million, cash for equipment, XXXX equivalents. cash, consolidated green in of July with capital cash project under of highlighted and and by July cash, cash agreement. includes restricted on which agreement cash be working borrowed XXXX our cash cash Partners Unrestricted million was totaled totaled project only presented XX and equivalents purchases Energy credit equivalents our subsidiaries credit under projects cash

of we the also be and under cash general towards cash In compared we've approximately to million fiscal the highlighted the the $XX.X the which totaled end the at totaled XX, of achieving unrestricted of XXXX. goals blue other at are future the company as corporate for million, backlog total of pleased have made against by bottom and the July We business and progress will by purposes continuing in opportunities as bar I used equivalents, Powerhouse look corporate equivalents as growth we our unrestricted coming the cash is XXXX XX, cash XXXX, as X.X working to $XX.X turn In dark forward level. Jason. July to back This chart. strategy, capital million well with can including now at Jason? that execute closing, and the quarters. to our balance call

Thank Mike. you,

Slide Next, business to earlier provide on an want I update that announced year. on XX, the this Powerhouse we strategy

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our continuous is project addition about as delivering our performance, think customers to pipeline, success operating efficiency, investing we sales costs efficiencies. that help Building production power is get essential our service. customer on key core we execute reduce and As optimizing in on our opportunities customer new to reinvesting the and done on strive targeted platforms our focus. against opportunities. to strengthening excellence improvement generation our relationships, uptime, portfolio applications and manufacturing in in maximize jobs remain enhance We And operational to delivery, deployment focused focused our we're project on and our capital

while principles in implement waste. develop to and work and reducing over by continues improvements to process our risk, initiatives. remain Across our cost is cost evident adhering product driven Our costs safety improve our improvement, team hand-in-hand process and and the accelerate this with results. reduction to our advancement of to standards yield process Reducing excellence. lean we structure times reducing cycle advance and pursuit our value reduce quality and past operational of continue chain We year goes to

on growth time support positive deliver. achieving penetration our platforms and the Now, positive the long-term impact increasing will let me cash of spend environmental of our that flows our objectives some and delivering they initiatives

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customer support megawatt to including next applications efforts, in represent region. the strengthen some both relationships, a long-term goals. talent, and we're are growing making thoughtfully centric To build customer current structure, we growth sales and that which about achieving We vigilant which class opportunity build in continue organization. remain generation to these and our expertise investments recruiting world work our partners for with establish a cost also ones, engineering to in our critical opportunities talent of and new Europe, to actively grow are We channel as

to Slide Turning XX.

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Our tri-generation three anticipated platform to deliver is value streams. SureSource

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and Toyota's Department prior this power be support We our will global in power support in consumer Energy’s facility cell to produced in operations we demonstrated This using we technology this have Long the California. California. technology have hydrogen a Beach, at vehicles will deploying and announced trucks that platform Port the in projects we emission received fuel zero new of

technologies calls electrolyzers XX by gigawatts alliance will is additional Hydrogen installation that at cars electrolyzers the renewable renewable of continue we relationships. and its are gigawatts hydrogen The least deployment States setting cleanly by as innovation trucks hydrogen to customer for technologies XXXX. and July the is that operate hydrogen The announcement of momentum well. believe News, by EU powered our of hydrogen substantiated enable EU of the importance actively by a X forth Alliance, growing and XXXX Clean economy European United Asia by We pursuing solid the There of advance XX, XXXX the across hydrogen and ambitious XXXX. in

cooperative research continue We the oxide Energy. advance development and U.S. through of agreements our the to commercial development solid of Department with technology

energy We the sources power to revolutionize of are better intermittent grid excited long of tomorrow. potential about integrate duration our into storage and complex

we We given on technologies and ExxonMobil continue agreement with capture ExxonMobil capture a and Engineering ability has joint to worldwide work advanced meaningfully including with our our focus Carbon to Research also feel capture to and carbon focus carbon confident in under development on Research tailwind solutions. deliver Engineering strong commercializing Company Company. secular sustainability scalable

Next on long-term XX to reiterate we to uncertainty. continue our we goals, macroeconomic want which Slide given reevaluate and targets

through commercial execution is and service for power our achieving long-term plan project Our strategy targets the revenue recurring long-term the fiscal the looking around those each are agreements. economic year and backlog our of Key and achieving stretching continued are we're operation to of intended context projects, XXXX. which goals give past expected generation to deliver and to with therefore current horizon time uncertainty a to

through construction Partners. to Slide for our access for today like XX. credit would established facility highlights Last by to Turning Orion FuelCell reviewing financing conclude Energy. I key to year, with projects investment Energy million $XXX we our

core a generate enables that bring then service will revenues. financing to role projects We to commercial our recurring play expect which operation, and generations to us this long-term

We continue reduce opportunities for to cost and liquidity enhance capital. look to our our to

We this note, year have On implement opportunity excellence our core customers, long-term. momentum have the ago hard personal our to accepted on We're continued management a projects, join and over operational business it an to purpose. company believe the working the our into outstanding team We're the to and for eyes while strengthen, to to of team is work upon restoring milestones, the during living position and future. regain future. organization I a building repositioning financial pivotal delivering a for Since Powerhouse that the the on now has and we focused firmer a achieving our company move financial ground the great in grow time, strategy our transform, leadership that our pride that year. to FuelCell I in necessary

and energy, I was reasons the focus passion, of FuelCell the the future. the joined One the on the team,

a year, force who are build, the have Over is my the a we our for the honor and strive past install, run a drawn future. we pandemic, best and the we of in to I and reflection platforms multiplier of teammates past inspiration from to believe that be our midst important which the is spirit turnaround This world. because the

future. my excited now it a remarks. for Julian moved have turn in year I advocate to are to to will This over I Q&A. I'm energy become As we focused a improve on begin second Energy, into collectively formal the continuing clean company FuelCell concludes that key to our

you. Instructions]. Thank [Operator

question first Your ahead. Oppenheimer. from Rusch Please Colin from go comes

on Thanks all as this so on well you congrats terms the much equipment close being position, and the project refinancing skew [indiscernible] and you're progress. to finance getting update Can given time the some by some opportunities us equity able extent on stack of an like the of are conversations, give to on the improved the these for projects? and much as how guys

I'll one. question. Good morning is this you thank take that And for the Colin, Mike,

in equity At thereof. million tax on equity. long-term commercial credit company construction million background, for provide Groton executing the the bit capital company Just company. $XX Earlier little tax combination financing, of so debt the recycled a well projects facility, projects operations. construction, to nearing a a The with financing a Bernardino the pipeline FuelCell We've the that commercial when the those would expect drawn from our facility. the the into Navy finances bring Base and company that completed tax to bringing debt that in commercial two projects San back company $XXX now, Orion a operation in as We are combination those financing equity a by on of which recycles that to are projects with capital Sub Project, financing project. down year, fiscal is out in million operation $XX Crestmark, our permanent permanent next and facility projects the in or company get be as equity would

with closer financing provide get projects dialogue We are entities actively involved expect updates permanent to in those to further various financing. as and

Okay, offline. I'll take it

progressing work is running how that forward? then on little you cadence And that at about quickly expected, why Just trying the little speak bit technologies could a to that's bit we think faster get to more should than so one. and going we advanced a

opportunity and as of and really look under areas around Colin, are good of is work and hydrogen, really Jason, accelerate will energy that you give distributed on look and the been on a doing grid. Part play across for major and opportunities hydrogen building company This hydrogen distributed see the duration focused we opportunities a joining a carbon to role is we've that we Powerhouse energy morning, Obviously, our to us. long momentum have thanks the as really at from I'll transformation areas what electrolysis we strategy that. of storage, growth. hi, perspective the we're market generation, four capture, the the

being pacing the we're on, work focused at in we're just JDA for ourselves clarity around carbon capture part about focused put that to well X as applications with side continue builds As work. hydrogen the that's we and order agreement ExxonMobil that priorities on on of after, and technology about what Engineering the to we're going a this stronger company. more working that pace we're really faster as, emphasis the more the you're with advance position of value the clear as core have DOE we And, and we've we lot a accelerate organization doing our why focus began and which future battle, with going some momentum as drive and as to where [ph], been to much that good our a seeing have really Research advancing -- very we on

the there, interested compelling facilities, still pretty some in And we're number opportunity this potential it out can to of that facility a you with days? at there pipeline speak growing growing progress is opportunities in for pretty a that from I a is or it electrolysis, perspective the folks guess, early those on commercial facility given drilling the facility, the seeing of a California, point, then the drilling obviously be clean could with modular

in address address if as to for just which we our provide opportunity technology, can with hydrogen think the tri-gen one technology think when a today have about with we commercial about application transportation, that you area our Yeah, our I to in transportation you conversations sure a competing way having increased is how it there. use hydrogen about if make to think the around platform and platform routes and we are distribute opportunity infrastructure see that an transportation certainly from infrastructure that to around standpoint to that

As hydrogen resiliency, reliability lot we we around for a and not conversations conversations obviously more out storage well. electrolysis little lot that, for in what transportation, look to then certainly as see engaged but applications further a we grid increased storage, the do around and only more can repowering and electrolysis, with and are a

we're hydrogen certainly increased electrolysis So we level hydrogen tri-gen well-positioned as very platform our of opportunity long and through storage. -- And to activity much conversations and feel with deliver application. larger go we in see quite we existing our then duration we hydrogen around But energy the a having bit. molten-carbonate forward, a has

so it. Really appreciate Thanks much.

Colin. you, Thank appreciate Really your questions.

Craig-Hallum. from go comes from Your next Eric Please question Stine ahead.

Good morning, everyone.

are Good morning, Eric. How you?

are how Fine, you?

thank you. great, Doing

get there? generally then then kind would product limited level, get megawatt target hoping include XX to And Good. for generation your is and XXXX that that still of I just reiterated curious, sales an update from just targets some XX the contribution curious, Well, of of what or was goals to portfolio. you And you kind does that's generation to on so this also long-term the morning. your service know side? any the fiscal to I

Eric, is morning Good Mike. this

top balance on a today sales and megawatts To are today on more has we the of company color generation the contributions targets XX.X our continued assume provide sheet. and targets of -- in existing we fully based the that in portfolio in product backlog the had XX, out the technology, advanced long-term been material material, So operating put portfolio Slide of generation put in there on additional fiscal is discussing. that constructing where as bit out not Does assets appendix XXXX with that. this we on the our for Jason there, is

period We which constructed have farthest another Project, the projects XX.X Bernardino megawatts Groton of expect assets here. to But over that be are are along. in about we're that various we stages and these of development the talking time mentioned that and the San Project construction. I

thoughts two are through going on those still are that on. more Got the to or just process, assume Any projects still it on would it mean, get I -- and still timing the I is going then progressing. interconnect, etcetera?

project the making Yeah, Eric interconnects we're going progress things do well that there. and for expect we're process gaping our -- that time. take working that through through [ph] have and to it's the and you we But that good things all into project are and process, those

just know take fuel maybe you one kind of Korea -- may freed now name of to up engaged last I Okay, and a as South that and time, there there's for But know I -- extent level but is there. an I said it on you're specifically. me know cell. you some knowledgeable the mean, pretty certainly

You've a just market? so that I level reengaged of in curious, to potentially that that are project KEPCO where fully and done whether with that speeds it's mean, the or with engagement you KOSPO, is something KOSPO

Yeah, question. it's a great

that largest announcements that, fuel specific years of market the around comment markets, targeted Korean customers, public any opportunity the make toward over couple say the won't I next that there's cell obviously will gigawatt the from of over fuel the cells. Korean in world, government support So this I but are

in have certainly to excited we technology our bring market will, to is level energy expectations. advantages fuel our are us customer as hydrogen conversations versus And we megawatts scalability your anchor and in from and has -- there. there million from having us to of reference to there. platform platform you our megawatts those -- the very is platform tell that known, that KOSPO I'll for market. conversations are in But, with known, think performed or there, and certainly cell no what can the We the providers, we platform we then think an the our incredibly things advantages one, point, about combining Korean positive if so our name the have other everything well, about to direct intended distributed for We that plus you customers a XXX our well. addition as is And pun we're you, that power above if performed

helpful. Very Got Thanks. it.

you. Thank

have no any I'd further call questions. remarks. to turn Jason to We the closing Few for like over

Julian, thank joining Thank today. again you you. us for

work world about the deliver to by execute FuelCell deliver life I'm And enable We day the encouraged purpose excited our clean working positive our profitable empowered attitude to and a and I display live at out. our in on I'm energy. on Energy continue to organization Powerhouse teamwork day our growth to by to and strengthen see strategy, and business to returns. optimize

in to your appreciate We a you Thank FuelCell are committed delivering value interest and continued for and long-term day. joining great shareholder have Energy.

participation. this and today's Ladies gentlemen, call. concludes for conference you Thank your

now may You disconnect.