FuelCell Energy (FCEL) 16 Mar 212021 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the FuelCell Energy's Q1, 2021 Earnings Call. At this time, all participants 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 of Investor Relations. Thank you. Please go ahead, sir.

Julien. you, Thank thank and joining on us Good you call. today’s morning, for

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

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

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

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

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Each today. our everyone. approximately fiscal year Thank to the joining on overview which the shown by us at a $XX of you, on a XXXX, new Thanks Taking for October ended company good revenue digits full million. call X our we quarter, Tom, for morning, investors. and include double grew XX, look on brief Slide total

board world, and revenue to client grade and strategic reenter our have and future investment the efforts long-term Korea, marketing be quarters the bundled done contracts our and to technologies contracts Our an select sales. choose three in countries under with of target markets, successful. certain in with customers. global go Europe the purchase other customers platforms diversified markets strategy, largest across product prior talent our FuelCell we categories, generation, servicing with should platform markets including as recurring Consistent to service we and work Consistent some rebuild recruit in to with our relationships our yield run such build we multiyear development that capabilities, represent experience market and to international business growth, expect sources licenses, like market advanced with expect on largest coterminous

of the currently the energy top about by optimistic storage microgrids hydrogen, reliability, installations are carbon At multi the We of carbon combining highlight capabilities, neutral we our of Many biofuel high global carbon platforms. power. generation, momentum levels, duration resiliency be of that the slide, energy FuelCell transition creating we feature our to form and others, utilize negative hydrogen distributed distributed these and capture. to enabled our and/or integrate behind many utilizing customers expect the systems efficiency while in enhancing backbone very energy resulting long

Our the interested ability multiple have platforms types, are to feature leverage also customers a fuel in. many

of of FuelCell believe platform diversification across offers Energy need the infrastructure distributed hydrogen of can cell fuel ability midstream platform through addition, deliver platform. a capability or in the applications has In fuel jobs our that enable carbonate or to our solutions or process be drawing and that as multiple And reverse in fuel carbonate our economy availability. electrolysis nature We the reforming REP. developing across our purification technologies, that to cell cell new known hydrogen hydrogen we are mode, done. enable in a advance through Trigen electrolysis

Texas, produce as or we our as of demand peak solar, intermittent in occasionally highly renewable produced that efficient duration I generation. believe later to such long fuel We energy generated power. of oxide ready cell hydrogen-based to the my to storage, across energy caused solid platform and stored support by the produce to Energy and and demonstrated excess sent in commercialization and electrolysis, in oxide hydrogen that installation zero-carbon remarks, the can solid continue firm likelihood fuel is excess ability unavailability provide back the Recently, have baseload watched hydrogen energy into life stand fuel same of the We of advance world technologies cell delivering these in off platforms the disruption carbonate that hydrogen, events zero-carbon to will power reduce the our cover customers renewables, through energy later cell the and can and their by to power. converting required of around by capacity to wind support similar future. Additionally, stack world. loss to technologies, the that committed FuelCell is power

Energy continues purpose to reliable issue. increasingly always a remains We moving decarburization people we believe reliability Next, our broad world is evolve, with to and the FuelCell grid We can but in live believe to X, that uniquely on participate around assist purpose our that the with I to We developing energy. to strategic reliability do. industrialized meet focus notion our grid all countries drives the decarburization power. a positioned The enabling subscribe the world to Slide the the highlight don't society. by our also need goals. world portfolio, want powered This clean mean life can't will critical that commitment has or the to challenges that around work of deindustrialization, product and to electric

messages. I have the to overarching quarter, now three Turning

continuing billion backlog. to first that $X.XX make our against The we progress is are

generation complete Connecticut, our our XX.X As to end, in to the quarter strategy and our for of XX.X has Derby, second with portfolio. our megawatts. megawatt new PPA we project by Subsequent another to execute backlog our addition thus working to Powerhouse increased X.X business megawatts add

infrastructure work We work and in at have X.X be base of is infrastructure the U.S. project the has the a to safety Government's is completed and on megawatt completed, U.S. and operations. power Federal and to our other taken the base estimated majority for FuelCell The Connecticut. to the to four interconnection the The commissioning defense looks scope interconnection company of forward related complete. party critical Navy the prior than this resiliency, electrical project originally longer awaiting Groton, agreement commercial agreement, objectives. currently Energy fortifying supporting

for been grid neutral parallel commencing megawatt process organization distribution an local level utilize has utility and construction the of required cases grid to a just impact familiar to the utility at in color We're in produce as with being California series Wastewater feasibility, or process. studies on be those working for prior power. carbon on a San interconnects, operation. operate project to are commercial Additionally, such studies the able Essentially, with to some local activity Bernardino, prior that less want distribution to transmission connected will a network, appropriate interconnection regional performed with treatment more X.X and or the projects. utility commissioning for biofuel to the complete I by by for facility the interconnection provide onsite substantially larger

any power the for possible, or process Before obtain proactively manage depending by prior as addition which distributed operation approved These is studies the of assess generation impact its parallel connection network for The equipment utility the in grid, as for power the interconnection with existing requirement lead or as to, electrical grid. platform and operation. utility the commercial upgrades for a is generation well needed on interconnection. as required ability interconnecting platform process facilities this studies, reliability and infrastructure the while time factors, interconnection to system, on the including and the prioritize quickly technical within complexity ensuring with of our to project of variety and responsibility the scope, a the requirements. compliance We safety to vary utilities the aspect work can all site, interconnection to every of the identify utility

work is by in being noted case As this a managed of Groton, the third-party.

We deliver usable our hydrogen megawatts on world only platform produces megawatt single to XX.X of at hydrogen distributed electricity, have will commenced a of Beach. produce that Trigen We platform. projects hydrogen platform Port in Trigen believe water the carbon X.X hydrogen in is neutral Long the that the also and water and platform construction the including green Toyota

scale through from Connecticut resume month. schedule utility enhancements facility And and XXXX. established Connecticut. for in In at return work in addition, we our those have this have with been phased deployments advancing manufacturing able We a working manufacturing Long are Torrington, Yaphank, York weren't Derby, of to that June we New home to in necessary employees our Island, safety

evaluate local continuing employees, advisability availability and our operations ability requirements interest the the jurisdiction vaccines, recent the light evolving to state and of in operate pandemic, based customers We and COVID-XX, our continue best shareholders. of world, concerning of of around data and to federal, the the on resurgence of

strengthening to our key want an second and made highlight to The our liquidity creating financial we've capital. opportunity our foundation, is cost reduce toward I of progress bolstering the message

additional decarbonized in have net want our our quarter, of I company disclosed goal clean we portfolio resulting As for we businesses to disruptions. And without of has third, million. need and of $XXX Platform offering To strengthening the milestone Connecticut. platform during approximately Electrolysis deploying to operation or technology and and hydrogen. completed the the and their developing previously opportunities. climate energy is commencement environmental to electricity converting FuelCell of continue them an focused proceeds equity challenges, our operate around the enhance intermittent some decarbonize Energy the and solutions into product global meet sustainable of enable Oxide remains testing to for our Solid Customers increasingly to energy, reliability, for and stewardship. solutions SOEC A leadership global energy world Today, growing onsite on water prototype and largest looking and the successfully the in sustainability authentic, been address Danbury, efficiently are reiterate grid recent

also distributed will our financial to carbon more Mike, the strengthen results turn in in capture. detail. I now, to, We to our to and distributed over leadership hydrogen continue intend call discuss Mike? position And generation,

Thank you, Jason.

capture fiscal Joint XXXX, X. the for driver the with The was we In year Company to of year of primary EMRE, X% with fiscal non-recurring and year JDA, highlights XXXX. Let's Engineering associated shown million revenue, Research quarter, our of of or quarter development. financial Slide in the million a first total to $XX.X begin Agreement, $X related fiscal XXXX, carbon the licensed quarter compared that first or on decline first reviewing decrease included revenues quarter ExxonMobil delivered of the Development technology by

revenue $X.X $XXX,XXX of replacements a the the from revenues to $X.X EMRE of in compared quarter fiscal of million, fiscal several recognized prior the year at period. the and of quarter recorded first whereas revenue compared individual includes year quarter. for million XXXX. XXXX, the fiscal XXXX. XXXX, Operating the first the for the of well revenue, drivers the agreements. JDA tied a our at individual first of in quarter revenues quarter temporary of million revenues of from a quarter the year the during increased cell XX% 'XX, in year $XXX,XXX revenues as projects fiscal to non-recurring the Results quarter to in fiscal associated to recognized activities, during quarter the maintenance the to Fuel of period. joint license prior Bridgeport costs first in in contract 'XX increase $XX.X $X.X the by Revenue Advanced under for recognized quarter, Looking contracts price. and XXXX of of value compensation due the in less million in contract with by under of to for The of first revenues X% $X.X year $X of to the during during with as $X.X of quarter to revenue XX% the stock reflecting and increased under JDA to million capture advancement activities decreased totaled with profit company's year variances increase compared approximately XXXX, the expenses million our routine first license first million and project fuel fiscal module for higher and $X.X million, first service gross quarter to year category, solutions based of for the Cell government fiscal the compared XXXX, research quarter, million monitoring in an million and share year JDA revenues year $X.X for manufacturing revenues Gross Cell of XXXX, director decreased the made and fiscal EMRE, project, $XXX,XXX the liability, under service and routine primarily shutdown Generation year module year module the of in $X.X included associated plants first maintenance offset several license plants with no quarter. recognized were JDA the $X.X prior EMRE continued from technology temporary were technology service under scheduled in decreased quarter. to of higher at compensation Administrative XXXX, on million the exchanges Bridgeport carbon the exchanges quarter advanced the included grants fiscal Fuel the quarter due selling reflected year fiscal related additional fiscal expense first shutdown deferred loss expenses of with

the diluted Development a Net recorded or basic net $X.X quarter in expenses. selling settlement to an XXXX. of shares The a offset $X.X and attributable despite share a Partners or or share on preferred reflected since to increased agreement $XX.X year million $X.XX year together platform, $XX.X of of in first million from stockholders on quarter warrants of loss period. appendix fiscal on liability net quarter common outstanding, with administrative change we've common see the in for year per adjusted $X.X and XXXX. Please common period. with Energy megawatt $X.X per expenses quarter to period. loss the compared on fiscal a the in million, prior a million, the to higher X.X accounting of reported loss Orion including in quarter million quarter loss for share measures of fair $X.XX of XX, share due million, per made comparable ended hydrogen million on progress $XX.X prior in financial January the compared net 'XX, extinguished of would totaled the included Navy million to also share prior The the loss at the EBITDA value quarter 'XX, and operations the per in which of per stockholders million totaled of first compared spending net the the Connecticut. to Adjusted subsidiary $XX was year to impact associated extinguishment first quarter to loss showcase or $XX.X loss under comparable pictures release. adjusted issuances from negative attributable fiscal the common in of in our The $XX.X average The quarter loss of $XXX,XXX year impact of includes XXXX attributable a extinguishment legal and as the stockholders I loss first Prior included per totaling net the to year higher earnings commercialization the this that XX, 'XX during share, sub-base slide, now totaled fiscal Net credit on for per of fiscal per debt million Research per EBITDA net totaled$XX.X share obligation in $X.XX the loss per year non-GAAP the a the loss compared the Groton, negative to is and note lower stock shareholders in leaving share, of that on company's net initiatives. right the loss $X.XX EBITDA diluted January million basic attributable to lenders, the first issued share, the approximately the the weighted of Loss $XX million a share. reported compared our net share XXXX. year common to discussion to $X.XX

Slide on of fiscal detail of first walked The backlog. financial numbers on through the our 'XX. displays for turn the additional side X performance 'XX quarters and the the chart please slide Next, left years for to I graphically and hand

megawatts contract reported will the X.X with right of in future of clean of in state with the and project included awarded $X.XX megawatt revenue XX, company to generation as to for second This United energy a the in side the baseload a purchase million company's backlog but our part entered a backlog end add to slide, not Derby, forward. Subsequent decrease of supply a billion, clean expected PPA as the project into Connecticut the sponsored XXXX, company's grid, Connecticut, XX-year quarter to electric of platform quarter, the backlog at bid enhancing resilience competitively agreement in the This approximately the X%. is facility X.X the shared located finished power Looking we or of $XX.X a is is Derby. January of going Illuminating power program.

of liquidity, taken including provide generation hydrogen plan, business out Turning on to highlight the commercializing business steps strategy to to market our the execution with Slide goal building go X, would the of additional our backlog advanced our expanding us part I of Powerhouse our to like as to our focus projects, enabling technologies, and activities. of

As of $XX which January cash by cash green and XX, and $XXX.X cash cash, XXXX, bars. million totaled of equivalents was cash million, represented equivalents, restricted restricted the

Energy one obligation the During also offering platform, development, million. approximately equity project used that support our This and to with credit of the net offering financing, secured X oxide be the off owed The Orion and the project Inc. accelerate us commercialization company seniors proceeds offering subsidiaries corporate of share development preferred to net for to facility completed and general an allowed may our solid proceeds of extinguish we to Partners, quarter, $XXX.X from the Series and our pay Enbridge to the purposes. in resulting working capital

expense, structure capital improved X of for our lower elimination addition, preferred dividends, and the project increased Series financing. In of flexibility provides the interest

today, total illustrating we spent as slide, project side right our towards projects, projects. generation portfolio. chart which company well include make development included the our have a the in-flight capital completed Investments of as owned up assets, On

million. end the totaled the gross fiscal of first year our project assets XXXX, $XXX.X As of quarter of

portfolio our on this XX.X assets appendix XX, presentation, January of megawatts as itemized XXXX. XX, of Slide in of As the generation totaled

platform business such contribute of aspects this highlighted, in expected adjusted EBITDA. as they as previously progress we efficient projects or are Also, to back that we've with goals positive execute on are of recycling projects strategy. financing other revenue activities. cost the In revenue to As capital, of our Powerhouse are Higher online, projects come Groton, redeploy thus, megawatt become into I and pleased cash closing, under made higher adjusted X.X to growth the and an described EBITDA that operational, development our Slide long-term the at XX to company presentation. development expect two we

over a on our plans allowing the availability solutions, on our markets, long geographic and our on and have advanced and commercial to will storage, of now foundation, our distributed production, to focus duration strengthened while including driving deliver electrolysis, project Jason. executing us financial turn to hydrogen energy also to hydrogen, expanding back on backlog. We technology I focus call

Thanks, Mike.

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cell XXXX, under for are biogas. SureSource platforms system, the only Our and certification to carbon onsite emission fuel certified standards distributed power program XXXX generation operations SureSource the with

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hydrogen and making our across that our position multi and look of a company discipline for the with care many portfolio contribute winning our possess total purpose. existing we Powerhouse while globally, implement the that continually platform global who strong our progress long-term to taking markers working have our of our down Powerhouse We of set technologies of investment, carbon goals appreciate our our for our operational team solutions, cost solutions. strategy upon operational us ownership We We on advancing differentiated executing business to core grid, a building progress is the focused industrial innovative business maximize and excellence, to you new energy of toward efficiencies decarbonizing track on differentiated and to strengthen We're customer commercialization and driving mile illuminate developing are adhering capture our financial supporting of customers, of achieving infrastructure a growth. of economy strategy. the the the achievement milestones, backlog, that business,

Powerhouse a our are on As and I stated, we we to XX-months of previously technology just into the breadth apply against our our and The ability greater we're track. XX strategy thus believe market areas, shift diversification. energy wider optionality of focus on to four applications, the toward with Energy set FuelCell adoption, of based pace provides our of transition portfolio focus increasing

to Q&A. environmental ahead. delivering turn Julien, stewardship, through forward in the by of a full to We leader intend life platforms. to, on technology and we begin look be sustainability it year and now will the I over our Finally, sustainability our circular to

number the you you. any your queue one queue, Given Julien? the of Thank have question limit and rejoin people in ask the you follow-ons. if we to

and come from go Your ahead. will Instructions] Thank Cowen Please Osborne Company. you. first [Operator from question Jeff

open. line is Your

the flush in how on wasn't wondering testing the are. you're could I if you next And oxide what we was then Danbury. sure solid to morning, timeline the guys. opportunity steps electrolysis Good I about out think detail a little that bit more wondering book start you incremental of if But some commercialization steps in that or from need in and how just fully take? here. that when taken participating will recognize on RFPs it that long for I sort we could to can be was

on our today, great. chime also Technology question. Officer, Maybe then Leo, for to I'll ask call I'll in. Good Jeff, you and Tony the to joining. Great Chief start thanks and have

actually about the test, next people where of the this process commercialization. our at of INL, with But think to participate your given and with question lead will that least next will RFPs, to RFPs, to executing we some get where talking kind we as phase projects. the test So, or phase of be to about dated longer of in opportunity the these of are are projects are we

of participate anything those will phases. our We you if to some to in will internal when opportunities, timelines our commercial. be about the add projections those if that Tony, product But, have else

later multi subscale now system single developing is Yes, right into the year. a that I’ll the operational this just add, approaches, building building with we’re of we’re and doing stack the stack system, now test logic we're the basic

with right process the and we now. are where stepwise happy we're So

here just feel about that the good say, the and we're Jeff, about really our excited seeing. we results running test we're progress. And, I’ll we're

Thanks It's so much. to great hear.

you. Thank

ahead. comes from Your next Laurence question from Alexander Jefferies. go Please,

Your line is open.

over the is, of like six bidding you're for the new activity your And be what your kind stretching you which what would you changed characterize last Can point amount your the months? of at three would projects morning. kind or that Good bandwidth has limits? say

significantly If terms by the Thanks or say XX last call submitting proposals the six this for in cycle RFPs, between but increased Laurence, markets not lot cycle. or take of sales over proposals focused a seen a we're months mean, good activity, for morning. on. joining fairly the given here our activity increased in a generally, sales amount platforms, would bidding of we're if has as megawatt the you? you the responding I But us. only How XX-months morning. are that of activity, domestically, mean that generally class I participating to international in, we've

pursue, about I doing and and see. our about, phase. work in pipeline from look and capacity ramping what of done number carbonate we're to our facility terms Germany, Danbury. the here the of think between a talked our capacity. there. a facility projects also and in European I it think about through opportunities, good oxide, And to in engaging some I'm some regards maybe go we doing our that think And to you to as the so, things we're Lisowski platform of Mike at how as ultimately number about the feel proposal then But, terms to in let we're could of the we our in on feel as we I pipeline, manufacturing a we're phases making that facility gives that we in Calgary And meet that us have a proposal, which bit is solid of our work demand the I'll the in lot in customer, And little With opportunities respect about progress the submitting we if we good pipeline. have of the we do that our

standpoint. against really capabilities in we've opportunities to So, to production? the projects platform our talk carbonate and are competing do aren't produce meet of an our we those you responded RFP Mike, want terms about from proposal to that or where

Lawrence, your Jason, thank And thank you. for you questions.

backlog our capacity relative working and thoughtfully talent our from strategic a and locations teams, to and very continue are a as the labor factory to capacity. they're materials, enhanced needed, and been well support yield, establish production across supply growth, well-positioned future and of So across the to as where continuity We've both perspective adding throughput. across working hard expand we business from position, really the chain supply and holistically business, and

very positioned where we're feeling growth. future today, we're about confident business we're and where So, for headed

capacity Laurence, would I factory. our just factory, in expandable add, have we in And our

We additional also shifts. add the have to ability

our about demand. So, we feel ability really meet to good

Thank you.

Thank you.

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

line Your open. is

partnerships. underway may balance guys, important It got Thanks a It well programs spending sheet R&D. done to hitting sounds you a and looks number restructured. technology of be bit like so need and on much, more like and on you've the

team? bit So, need to to and trend about is could expected skills you the little you might how if that wondering the to that add talk a spend

morning. as well. putting will just or Thank comment about increased we're skill feel We you. really capital Mike maybe I'll toward, the the set, and support add And, ask maybe to Bishop across respect good that that from that Tony our of with we we're work want carbon to technical Exxon team to on. these resources Mike, respect I that, talk to Colin, technologies. R&D the with could to commercialization speak Yes. a on to But capital? the little inclusive that's we're support engineering research doing bit allocating to you effort going about have with EMRE on we our the have capture efforts. And of how additional good

call. morning, Colin. Thanks Good joining the for Yes.

distributed expect to what duration we see on was, out put year, we the side, -- R&D we adding long of out to $XX hydrogen year, lab XX-K hydrogen equipment from of expense, storage. expense higher to million be put CapEx spending So, and do Last our we do around when $X we higher see range there, expect OpEx manufacturing and about million CapEx. forecasted were of perspective reported $XX R&D between R&D in to the million equipment, and $XX a to million of this million we're $X.X forecasting

a All And follow up. as super just then helpful. right. That's

might prices. seen about project you extension those market, As tight that to a labor there's timelines of to talk of construction? any commodity build you been need on potential an given adjustments increase prices? sort labor a commodity some we've the CapEx pipeline, any you in bit Can up And just make, little and completing

that an we very continue projects. from the in-flight construction there. standpoint, manages tightly. of And very, forecasting Lisowski to It’s that, side Mike top a impact labor to seeing we're we're something impact our of is Colin, not relative that really not any on monitor.

material ability any seeing we company aren't manufacturer in-flight for also We that to order terms in our meet and demand to have impacts in of to the the project. supply product

experience having company. not So today that a we're as

Thanks, super That's guys. helpful.

Thank you.

comes Genuity. Dorsheimer question Jed next Canaccord from ahead. Please Your from go

is line open. Your

follow-up. and Yes. A question

on if guess, I or this Tony a question. maybe Jason question, I my So, look is the -- at

should the think methodology that that in capture, about reduction to So, if from additional capture terms I in in the how efficiency look of adding blue? by to at adding Trigen, this gray of we go

value about think energy count it's if hydrogen Trigen, you the you if actually high. reproducer efficiency of up, quite goes So,

you using if for Now biogas. Long we're and add, course, directed of our Beach project,

to zero-carbon with. begin So, that's

gas you If to capture that add some you're capture, using carbon power equipment you'll carbon natural and will obviously, extent. have to

mode Trigen So, our something to capture. system is in carbon with X.X X.X megawatt you X.X megawatts, probably down would like go

really That's helpful.

clarify that you CoX. need compression I the it's Tony, and not you're like Jed think just to equipment, It's Yes. what liquefy the to carbon powering to a there really capture liquefy carbon. equipment, extra is the

the that the point progressing seems sub-base, it's Great. in of And highlighting which terms I nicely. progress just as assuming a guess, showing like a I'm there's and follow-up, operationally, Groton

that. recognition just revenues, that understand, I I of switch portfolio. the from of and into on the conversion So kind into want those congrats backlog guess to the

would of So helpful. needs that could and but completion be terms I on in you RevRec missed that if expectations maybe maybe and if could it, time for you articulate to what Thanks. project, occur just,

Yes.

I'll in. Mike chime Bishop start then Lisowski maybe can Mike and So, and

other done, our Just exception and getting in with I of materially interconnection as safety we portion are that happen. are process, terms the work my of to where of in complete the indicated in remarks, the has we the work with some

to the interconnect, an its COD, then you the I'll because exact would Mike, But But generate and a when other we the ask indicated to being little interconnection Mike getting asset one? start want revenue talk from company. to for do going point that's is of from the about to agreement, speak third-party. haven't date, I bit. like that we by simply managed the given But Lisowski a So, maybe that

thank you Jed, for your question.

I'm challenges, color to at execution the current the that's really a provide of team progress all proud site. bit realized our project little and reaching the more some advanced the yes, project, division Just been Groton around in really, despite

site. at generating now electrical been process would well-positioned All process. point, commissioning construction and you as installation the sites discrete mentioned, assembly the revenue point finalized. all mentioned, convert the of equipment well. as that part checkout the and and is all of to Right is as in we'll completed be once complete commissioning once interconnect construction As process, safety the the power delivered related with of and export completed, Jason Jason materials the plant of civil has into required this we equipment to at asset. work, complete which fabricated filled mechanical And has we're And and the that's executed the of majority the

billion our side. bishop. of And more point the trying as I portfolio backlog. today. portion add was Jed, It's our is my And the one this on is comments, revenue Mike biggest in revenue to I'll $X.X generation about highlight

We XX said of out assets. in operating another And about building remarks, have our we're assets. of process in as operating XX megawatts the of plus we megawatts

we're that meaningful as year, next time, these as projects about our increasing think contributions revenue. you operating million than revenue if doubling last over begin they to the we of online. So generation portfolio, make come to the portfolio here operating more online, come generated annualized about so $XX of period Well, they'll

That's helpful, you. guys. Thank Great.

Thank you.

comes question JP next Please ahead. Paul go Your from from Morgan. Coster

Paul line your open. is Coster, line is Your open.

he can so dropped, Maybe next got to we the maybe caller.

ahead. from comes Please Tuohy Certainly, from question Parks your Noel Brothers. next go

is open. Your line

good morning. Hey,

morning. Good

I a if there Investor And call mentioned those? and able gas new the JV. would have of wondering do to the of some some about was to to directly just a they And aren't technologies capture your was as get good in progress carbon as provision course sorts access on couple instance, material things, You Day back stream. of things talked be the they was from you wonder, weeks I some access thinking other involved their Or about a agreement is And in you those where you could technology, to for bit in the you in with there their that the in that JV? far JV, a various event, I how carbon Exxon know, green Exxon are ago to central more capture bit talk little their initiatives. introducing to

Yes.

So, morning. good

and Tony, then try I'll me in. ask to start chime Let maybe that, to

So, cell Exxon that that notion that technology, carbonate an very same to power of hydrogen, be that. means compelling and inside the substitution, as at that about a the company, a order those things like carbon platform to and very company, place it's for the goals, we're Exxon, think the capture a they as sustainability And organization research global solution, for has focused goal deliver climate deindustrialization of focused fuel the in in are example. look we carbon the with overall. I which carbon capture fuel for technologies, a the their from and and we of to that support joint mentioned only addition has in also doing of what's is Exxon we technology of of carbon and a on it creates source, development And that believe that the that. capture very the And the reducing that, comments the overall Exxon have time, technology. is, not we deindustrialization. or against one carbon ability aware producing in should has the of carbonate compelling I deliver is our differentiating don't then optimizing work hydrogen part And is our fuel agreement various carbon not too, And like we're important are to more things to and proposition some achieve cell same that external but an at goals, part capture sustainability be That on has our with look, from attributes focus platform. my to goals,

think that those. technologies we participate but you to of have then, to any don't we're if relative Exxon so comment And working know, on, would other that in well-positioned And is not us? all Tony, I relate additional to

Yes.

the problem that That example, capture. different or from capturing boilers of power CoX the than looking air approach For a they're tried carbon capture problems or solve gas flue plants. the to at is direct

we're got capture, bearing on So, A particular obviously doing interested approach. us in. stuff of they're comprehensive very which focused Jason on lot a carbon Exxon very the And approach to said, whatsoever. has our no as they've

if requires parasitic the operate take And additive I one direct air power power at as we again, to have technologies, just a a would power say of we're direct technology, for just look versus air other output. you the captures, differences significant being lot capture that air example, opposed on of right, capture whereas direct the to to

So.

lot. Thanks Great. a

you. Thank

question last Eric from will Please Our Stine ahead. Craig-Hallum. come from go

open. is line Your

Aaron Spychalla the Eric. Thanks It's taking for morning. Good Yes. questions. on for

Hey, Aaron.

Hello.

generation First give as there? just Mike, the maybe on about well? the a think on Is an update you us into the segment, I on to the margin as bit then And there an life move some of exchanges. talked just kind that you module little Can outlook stack projects on start plus it extending these of XX% we still bucket? update

Good Aaron. last one Sure. take morning, first. maybe Yes, the so I'll

module to several has company the from life evolving talked last five the years. about years years So over seven the

key we R&D life. exchange to Specific obviously, a module do the now has So generation multiple stack that portfolio Bridgeport, megawatt average of our any mentioned on And I activities. is fleet Bridgeport plants the seven year extending pore. is life tenant in what XX a project, a and

of mentioned, quarters, exchanges the of obviously life, just goal couple extending as I also module we doing the So output. over there have but increasing with last been

You EBITDA project. we margins generation XX% our see EBITDA, the would through said coming expect as have from to we higher portfolio we that revenue overall Specific range. to these in do from that externally go target

of in I the EBITDA have been quarter XX%range. that quarters We percentage, below last couple the last believe that was

increase higher over XX% time. it's revenue performance, would and And in range. quarter This that higher the with operating we expect to improved obviously

Thanks taking questions. for Great. the

you. Thank

no to for over We Jason the Few call to further closing have questions, like remarks. turn I’d back

you very you And thank again much. for today. us thank joining Julien,

execute the our deliver work energy. live excited to to world strategy is growth to We value. FuelCell shareholder life the to Powerhouse and recent empowered of long-term day. for optimize and to you who by support my and someone delivering prayers to Texas, work most great have families want a on about The profitable to I spent Thank returns. will life as team impacted a business on committed continue offer purpose our clean his our the we And And deliver storm. has in adult and to winter Energy by enable joining, are

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

disconnect. You may now