HTOO - Earnings call transcript Q2 2022

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Ben Schwarz

Hello, everyone. Welcome to the Fusion Fuel Green's Second Quarter 2022 Investor Update. My name is Ben Schwarz, and I'm Head of Investor Relations at Fusion Fuel. I would first like to remind everyone that this call may contain forward-looking statements, including but not limited to, the company's expectations or predictions of financial and business performance which are based on numerous assumptions about sales, margins, competitive factors, industry performance and other factors which cannot be predicted.

Forward-looking statements are inherently subject to risks, uncertainties and assumptions and they are not guarantees of performance. our read discussion slide may of business may to presentation the affect you incorrect. or a prove for the cause encourage the in disclaimer investor our I to assumptions risks that The Company's disclaims to result statements, alter by update, except of forward-looking and new otherwise any events as law. any as or revise otherwise, obligation or whether no under obligation expressly a information, future required

Thank all joining today. us you Okay. for

technology, next run followed As well will our of through hour, always, hydrogen will the commercial our an from and about in highlights, Chairman, we with update pipeline. the for quarter Fuel’s our will strategy by remarks some I observations then our as some the as results, sector. open share the agenda and overview second management value Fusion proposition team an green on financial valuations on And latest

a opening webcast facilitate XX your the our as entered you we any end Alternatively, of questions can the chat XXXX always in to the during point submit for at recap minutes. can floor be investor the before questions with box milestones relations Q&A. at previous mailbox ir@fusion-fuel.eu. also the calls, in we'll do, platform to in As next And up

it So Fuel’s pass any without further Schwarz, ado, over Fusion Jeffrey to I'll Chairman.

Jeffrey Schwarz

markets rein add equity of year Wall due prices year Thanks Reserve's predicting a the cash to efforts flows, Ben. The Federal had to the equity welcome returns. my by our stories in to would on began not digit of the PLC you I'm Street strategists investor has this Then inflation have raising analysts share market rates QX to so believe. of again, those fast want interest presentation. double effect growth Jeffrey Schwarz, or growing companies our six The I Chairman Green of been Fusion to and year. and months kind Fuel have most discounting disproportionate

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I be With will Ben. is in sold that back valued never I'll we marketplace. a over turn If every Fusion, you advantages, is believe then hydrogen I highly that, HEVO-Solar of have that in offers believe the call to our company successful the you a future share of there's solution building and the mind do, as that believe bright, reason green unique and to

Ben Schwarz

thanks very much. Great,

that begin and an business Fuel’s of So value with the with let's proposition. benefit overview of Fusion context, case

solutions a those accelerate effective and For the who cost you Fuel need the delivering to business to new name developing the hydrogen is clean of are or energy refresher, in global transition. Fusion of

company have market As grid independent at to a its I've Fuel proprietary developed that hydrogen we a is at and green levelized production cost. generator commercialized technology said leading before, core integrated a hydrogen solar Fusion unlocks

modular approach been source everyone truly to of eliminate and down production going gone the market, small of cost and We've hydrogen a complexity bigger decentralized scale to is unique doing so had Our and of some in distribution. costs. else able the is drive differentiation where and

we cost known long-term of customers where happens doing more group competitive a green approach Portugal. hydrogen of leading talking the That grants. of offer where a up our Exolum sector, sale persistently technology be unique differentiator. to key facility and And do perspective. But sheet that we by are the advantage. differentiated maturity, the led others market lost Yet, and from as running same our levels we build that, green so demonstration clear in to believe commercial a than and hydrogen about is we development our with despite in and what undoubtedly projects, enabled which relative pointed speak, to also and continue advantages offering, has scale us have most it's can green be Madrid, robust all of pipeline will we're HEVO-Solar integrated undervalued we rightly pilot and Not by our that agnostic about have our at at be without of only everyone has levelized hydrogen to a fundamentally is it technology year. not peers out, scale and producing is end While solution, tech our through project developing as anything continue but the the be projects, significantly our we balance care market on in Chairman to that us costs in will of hydrogen names certainty

have and at selling clear differentiated model a to delivery business and revenue a green hydrogen path and scale. both We have generation of technology

magnitude. to minutes is stock you order today another of green so So this chart way the would or next similar And by together hydrogen perspective. Fusion XX looking the Fuel out will a say hopefully lead there cheapest of sharing at pure-play an be

an Frederico events. I'll to subsequent now who quarter over pass it on update and provide the will So

Frederico Chaves

you And everyone and joining good you, afternoon Thank Great. thank us. Ben. for

always, particularly make you a with that very macro news the for the Fusion As and recent given latest exciting future to developments at events Fuel, bright and we're it us. and industry excited share

items of few presentation. a cover we'll during the these So

fall the in of Benavente just process HEVO electrolyzers scale in also production with Black new technology now. only So of Veatch. the of highlights side. completed I and and the will & producing upon a assessment We've We've electrolyzer, not our production some with mass Iberia. line first being From the manufacturing touch our facility in an technology

[Inaudible]. ongoing units, to HEVO-Solar have it of perform tracking we In TUV SUD performing performance our and addition, XX% above continues

we markets. development, believe commitment we As technology us filed edge in and continue our two part to of continued will which patents, technological with more a to our provide investment the

into around tap were it's days for feel to toolbox, may past the we if to facility strategic in of with and is active our around That higher we In I and In we we Inflation particular our partnership On tap the US continue August, a pursue secure project Reduction term later. for be naturally times, awards feel C-X us which $X share our opportunities those. great we importance is also that opportunistically raised types, Act see most details to hopefully significant within portfolio, through project more, mentioned. appropriate. for of may to to million was Portugal. in continue can grounds offering. firm continue that discussions we we portfolio the volumes, in July announcements and recent longer in we we and into side, a ATM that the dipped the And we and at opportunistically, said This more market this various we on the that to the project expect into our weeks, C-XX when

legal operating the loss personnel. end. million, to maintain are your as company million expenses. related In costs euros X costs million second EUR units annual as related EUR to administration operational EUR Fuel to million expenses operating We and and related personnel we related of related related audits, and and around million fees. non-cash and a professional XXX,XXX filings quarter, booked non-recurring expenses please. our well are related to options guidance of quarter costs share-based statutory costs Of Fusion which an X of of EUR X.X recorded EUR are We one slide a is of stock X.X until restricted annual to EUR off these Next X.X to

these with is that recurring as highlighted, securities charge attract this using a be causes over do to vesting previously to related talent, Each outstanding the vesting expected should it we means period. quarter As shareholders. staff Therefore, ensure expense value non-cash with be recognize line fair movements coming to the need to and reward years. on warrants. as is will a We amortized intend keep over alignment

quarter, is particular movements we In movements impact also related With a the accounting cash gross X.X market to This in item. the short non-cash positions. sales, a and and drawn X.X is energy our it we of term million and in recognition positive positive simply got EUR gain an million. have FX by EUR

our Spain XXX,XXX share with cash of quarter joint related had instruments. venture We EUR the million Fusion ended to EUR cash also and those in our chart We our and equivalents Fuel results. XX.X

in second As XXXX significantly, made abate we previously orders XXXX, and of expenditures With these of place to supply half related long-term We now the mentioned closed Azambuja we Sines, and in in purchase our half our significantly to deliveries property. secure to half the expect our taken strategic first million project, in the chain. of as having EUR EUR and XX project million those second such facility intellectual year. the of with the Evora of assets, quarter PPE are XX assets which Benavente

prepaid we materials We also EUR and around receivables. hold inventory of million XX have

VAT have awarded. with to out recovered and here Our by receivables be split our are certain grants driven we and which [Inaudible]

the Following the continue number shares. we same end have quarter, to slide, of Ben. At of outstanding second the

-- so submission shares is around some slide. for projects it project restricted rest will size investment increase it exclude significantly in project successful to issued been We as transparency And have it. quarter ones still are And provide stock large support. assured, have this area employees. pursuing. We've the grounds to to have IPCEI million. and is an as than numbers amassed that already in are approved. that and substantial outstanding we added This that vest some units instruments XXX pursuing here a due we're pursuing in the the great that have incredibly an shares portfolio on the increase to to slide we is of X,XXX ones EUR is that our The facility distort but numbers, will a we modest of reminder, first with In the will Move versus that total more we the ATM QX, related the [Inaudible].

C-X can made few XX also have but have of for Portugal, are of submissions EUR already we you And these been under As EUR million projects approved. XX see, This awarded been will X.X have already just number in the million we the EUR These these projects senior other grow have received a continue in value. we grant In be to released. we grant financing. yet This have million Spain. of as grants of of XX EUR that. submitted implement principally million projects. grants not is a in to applications, we we have confirmation the but

we We can. as will as this communicate soon

differentiated proposition As value. we've developed, being creating substantial we a technology noted before, have with own projects own both value and

be We after several awarded projects have seen developers abandoned grants. even being with

and we and that the to implementation. strategy of and the development This slide. highlights in is a very are on few We in to are multi-pronged approach success markets. will Turn actual continue Iberia pursue other

continuous and evolution the HEVO. technology our the see slide evolve this can rapidly And miniaturized keep of about to continue to the on us ahead you curve. We electrolyzer

for as created, it significant In of was reduction who HEVO created small the have four When heavy a them when me cost simplifying was of in can fact, those screen. design. of from first portion the came the well see front in our I first

have maintained principle not We to overall. applied the simplification the further HEVO that but to it HEVO-Solar also only and

drastically of at time reductions and of green continue position HEVO hydrogen which of of to the product can the in reduce related costs of forefront reduces of it This and you to competitiveness. required, installation powerful and costs. the components the piping the and maintenance number terms cost the HEVOs our us are see, HEVO-Solar As also more evolution helps us we reducing number plant, cost

beat assessment Black about process an of independent track terms an with completed in and performance. we SUD & manufacturing addition And before, and analysis Veatch. technology our production to in is mentioned hydrogen expectation it HEVO-Solar performing TUV As ongoing record our of continues

be efforts. we our able will addition update the evolution, you give In will on this hope upcoming pass of on working with HEVO to one updates. commercial to With our advances, and which technology an exciting Zach, to also who out we're to in I share new

Ben Schwarz

little internet Sorry, a of Zach, bit difficulties.

Zach Steele

to Frederico for thanks mandate commitments everyone. Benavente commercial From facility and production in a full Hey, standpoint, secure simple the our and beyond. XXXX is our of hello

Our X,XXX and in orders X,XXX goal is XXXX. XXXX approximately confirm to over in

fit technology, most to our technology on developing and strategically make Portugal To something as is our plan, our execute. We on it Greece, good review sector our sure markets such a industrial efforts or as Italy, are business a concentrated projects sales, strategy in well through expanding implemented and other we've detailed strategic a multifaceted are and mobility goes deliver this, we're do Canada. as and own focusing to Spain, to Each it United States confident importantly, approach on project can for and the we hubs. geography

Portugal a Our blueprint a other In in to Portugal, a of industrial vision to in markets in other build major markets also part North we been on America. is throughout we're parallel, as focused Europe heavy and build mobility solution the and strategic and southern locations and backbone expand into use into. strategic this

We of over more of in over that have in pipeline, potential and represents several revenue which party EUR in in XX third XXX seven HEVO-Solar advanced our million XXXX. total stages units development, sales are

Spain, notified in on Porto awards. to We've back mentioned in investors. the attractive which we've been for Our to which current grants our million Portugal, projects and Fusion expectations C-X in shortly and for programs Frederico Almost secured a standpoint, balance Fuel grants plan count of competitive of projects and from pricing hear production the customers as our development them financially have in our to also all program over already of XXXX EUR XXXX. make in our additional to XX more and

to platforms, decarbonization. As strategic focus two and I we've narrow to mobility commercial our sought mentioned, industrial

We the developing focus continue in backbone a to by to turnkey market. solutions Portugal mobility on providing

We various and the Portugal -- other build development are cycle have mobility a of looking stages in on number projects of build markets. that template out in to into

we Focusing which key to in Europe. a we to with is a play that while platform. in are hydrogen on we of financing And are Sines other Sines locations We the recognize the industrial to secure is that decarbonizing being starts And infrastructure all critical Portugal poised as crisis, strategic continues capitalize plague industrial committed in believe development equity Portugal, to a addressing a leader is role we the And approach export result, capital positioned and ensuring solutions project also to working on multiple focused exploring opportunity. funds, capital zone, are intensive. from alternatives. energy on

projects hydrogen goes decentralized creates that of centralized Next production. to last to scalable seeing much per pipelines, projects just hydrogen require electrolyzer scale, takes most be time Fuel’s and unnoticed to it mile develop surrounding We're also in page. and infrastructure when of additional not Fusion the financing and Large large cost but such as like talk as plant permitting additional approach trucks significant the levelized infrastructure. advantages causes investment hydrogen. complexities and balance to also of time This the Logistics as Distribution about secure other are kilogram competitive green centralized and substantial itself, of equipment. of for $X cost you

market start exist and competitive. locate with allows and system, in small small sizes needed is very and centralized to at grow not today like to our green doesn't approach capital even it's have a our next customers This co a instead solution the option the on to to the time. end market demand is This system HEVO-Solar user bets hydrogen. over and as on site nascent and in use market Our make intensive time

avoided customers hydrogen our a hydrogen, in with the our the and of green market, with the Fusion problem to notice lowest the in offering cost ease our while customers the providing solution distribution possible market costs. into pioneers when ecosystem especially Fuel and grow As you us let include hydrogen levelized in

focused hubs. specific focus we're we industrial two and previously mobility on As core -- noted, markets, decarbonizing

provides thus not in learned we've important products solutions refined solution, our offering a solutions with key has the in or and mobility offer selling selling led of hydrogen and but facility value us mobility, on customers, grant such development, to on Exolum largest which First project the hydrogen offer our and first operations vehicles. to include building hydrogen, applications, distribution the customers permitting, that technology just to either refueling offer This the facility. must overall takeaway far only includes hydrogen By but chain ecosystem. just This our from company a as we not must production, from as Europe. customers is building many the them entire the as transition our offerings we experience The our include also construction station several options experience service. multiple technology, hydrogen lessons a Exolum, to the can supporting

companies and We are trucks, a services to network of offer establishing including buses of suite forklifts customers. to our

production in refueling in and are Algarve stations infrastructure refueling to Spain. hubs of along to connect out as on not Portugal, and backbone a pipeline XXX Act. to hydrogen interest We're to Azambuja but and Portugal, build interest as we to I see mobility in Fuel, hydrogen substantial in focused seeing order key reality just a building throughout are of the and XXXX, These our well to to North the distribution hydrogen green out Greece Fusion a in and Inflation passing of Reduction the We and in for we the to beginning strategic Italy noted, the develop around Sines focus locations are own these light and Evora. focused are the and areas an kilometers Peninsula, America, as build put market Elvas to off projects Iberian of particularly Portugal. major every coast make is plan centered Porto in Lisbon

that tons Sines, it's to customers is X,XXX it's and Fusion facilities export XXXX summary, to market. selectively well I the of Fuel is us supply of to also year as and projects to XXXX help aspects. solutions per million throughout Sines in Fuel’s hydrogen pipeline online looking industrial municipalities green as green different also buses grants secured at currently LNG We well. in been achieve and planning awaiting hydrogen terminal with ambition Galp export also Refinery XXXX and tons this just is Portugal potentially other that other working in production, Fuel hydrogen, also Fusion will it's will offer to one produced of of core and In Fusion XXXX. XX,XXX also and Today, ammonia hydrogen over year currently will these build production award and for represents for Sines as a in XXXX. a In target be we and our them the have XX,XXX markets. Portugal projects region. noted, The Sines per That's which come has not have grants in looking our to units, over Sines as HEVO-Solar domestic at customers. consumes of Portugal's, are additional for having to hydrogen XX% $XX and plant important XXXX region

solutions Our to also of evaluate, balance our Spain, our on and to XXXX not company America XXXX to production. get projects, third provide capacity and continues customers. To North orders remaining focused negotiate just continue planning the we're of fill develop out the looking for opportunities to beyond, party but Greece our XXXX in to and development Italy, and

are grants are that the we of signed. to signed, as confidential. ones waiting be or negotiations to combined either XXX marked are a have awaiting over advanced XXX sales The award HEVO-Solar of -- We sign in stages grant or tech in receive units

but turnkey technology, in we're also highlight technology in gives as cases, the pipeline to as our using and well. now, of secure solution grant providing Portugal, are We're the they As tech customers, as are ability sale just are I'd exclusively other projects requests point like to us markets to being which We're made a noted projects these One Spain is evaluating before. not Italy. awarded. our that I is that of many opportunities selling focused our in actively

of possible to only our for us but Our operations approach customer. allows that make the for also overall revenue margin the sale, specific streams the and best the on not additional technology offering during facility construction with while revenue opportunity solution

to likely payments and cash Fusion’s cost diesel rest prices Lastly, costs be from markets USA. as hydrogen. $X kilogram massive Reduction specifically one taken climate of Inflation the superior to subsidies our the and hydrogen production core This the be decentralized our us lower offer per energy tax and able clean for payments or a win of the This per hydrogen production credit. under that approach specifically in levelized after changer the via and the is are rapidly for tax in is also reducing fighting monetizing America. of credit, the qualify radiance, XXXX direct economy value such is chain, Fusion its XX% can Act for hydrogen on North the focus expanding production USA, a IRS. green technology or change accelerating The we well today Fuel, to combined as investment us we're the before California, In true credits. allows kilogram tax below southwest credit game with or into is $X with California Southern regions tax solar grade

this build Our aggressively team to important the is very give large America, working hard a build strength to presence team to market. to in enter bench we're our out North us beginning

due And America. and pass enacting our months. back look We I'll we especially offer sharing market. proposition it to with work this approach. value hydrogen for Fuel, negotiations Fusion are forward this to North I opportunity over you unique the We an to our can big partnerships to throughout how the stress coming secure of decentralized is significant Frederico. point updates for on cannot projects

Frederico Chaves

Zach. exciting Thanks and also US the to future given it And development be updates development. technology Great. all promises very

in next us So you I month. our also hope join

on HEVO moving which I'll a core On to production as live have are progress which progress ones in Before to understand our of of highlighted are not megawatts briefly our completed, production year. and XXX Benavente, for milestones to year QX. of recap help next for which items the is started electrolyzer this remind ones we've that Q&A. production, made, capacity everyone where yet with we went about at we've

we the and We rapid as next produce them to ground. producing also licensing, for them be evolution depends of need try The the on always expected when projects much production go for facility. QX Benavente the the grant will, the also live, QX give of in we are we secured will try units into front to how scale, we've me, project the sorry, will of put to is standard we've lines we year. of and in to secured live the Benavente rest commercial On the in a

So it the production as first that side on side is the half of well already the on year. progress very

On commercial maintain we this exciting the happening great both already developments leadership related same, designing the in covered position. progress the orders securing has intend XXXX. and In evolve we prototype and in oxygen projects, very half securing capture the continue while to Zach our side, second US. the technology, On grants, the the the to we the in year, the and started of setups,

oxygen production and green only or the green So therefore, process capture sell not also production. able position hydrogen we'll be on ourselves to but

in As seen new to been share well the some several cooking hope is for innovations development of underway our Project upcoming we've implementation of we before, projects. updates. one and

our a making us. Overall, been will excited we been the front the in Safety And of the we the piece point continue culture, with reality. was all times, the firm organization. several opportunity central this our actually incredible. have a hydrogen of green instilling and As market in [Inaudible]. a whole we've areas has momentum of hydrogen across and see I the that we've throughout of time we're noted within is

Ben over Now moderate pass Thank Q&A. to to I some you.

Ben Schwarz

Looks a questions got well. questions, Frederico. on the like coming Thanks some we've quite few end. work through my through. the email as I'll Getting feedback

Operator

[Operator Instructions]

Ben Schwarz

for you bit off if So final I and Young talk Federico. approval on let's C-X us the little from a amount? process question questions grant, the what Research Chris at could Weber determines the about some kick this that's guess with probably a approval

Frederico Chaves

is that grants is a C-X C-X, in of mobilizing the on agendas. So component

companies companies with are these XX So discussions involved in are as or in so that these governments. many involved the around programs

when all value. government, the have we So confirmation finalized, so final of those our are only on

hope we within control. be I’d but timeline say not within hope September to that we is our communicating is So the

receive across now already the have is will question we confirmed the We an value. that award, been

Ben Schwarz

A questions couple on here. grant funding of

Benavente, for reduces is So do be taxes met you dollar, or the what rather for need euro to or million? can How work? EUR remaining tax dollar other it for X.X Is profits? that taxable milestones credits before against euro income invoice

Frederico Chaves

So I'll reverse order. also in this

profits we until and what's to again use the, of proportion those. tax company spent. it's make of it And of to required have the So XXXX is a on others take

we with for and cutting. to are spending So ask in able for Benavente, reimbursements line our cost

QX So mentioned all lines I requests that be be as for start before, to the production part [Inaudible]. expect so and to also of the QX we delivered, reimbursement submitting

Ben Schwarz

significantly to at I'll If skip Benavente. a question up to couple demand to Weber would increases production. possible more be from different Research what ramp speed then back to circle related a

Frederico Chaves

So I'll well. as say this

So existing at take third would production of around year ones. the likely second the the paste with the able it to already this of and first designed lines be copy ready and lines to a moment production is develop

and However, our where to and believe are faster [Inaudible] some also cheaper. we the I could ramp on be new as solutions working we ability up, before, scale

quarter not hopefully you all. one will that next with we after potentially sharing that if be So

Ben Schwarz

Thanks Frederico.

Can that about here. projects get Let's potential project. those an you means, involved refers projects? technology those sale of talk to Zach own what presentation bit Slide --are a those the turnkey XX EPC little or are

Zach Steele

Thanks Ben.

are as I we're applications, building project. mean offering and the development, grants, permitting, support includes turnkey and my, slides, of entire we the in EPC also one sales, grant noted they technology So

equipment, So HEVO-Solar’s not all plants balanced just technology.

Ben Schwarz

and Thanks. tech varies projects On how how the the that the XX rather to projects may implied understand two for the same cost another? you from Italy. the slide varies for looks the like from HEVO-Solar per XXk it us sales, differ pricing works one Can one help for from Portugal the cost

Zach Steele

Thanks.

other that unit a So up per cost that plant the embedded on that in which equipment as system compression, that's we storage, it's why projects, and is higher is drives cost equipment balance basis. have noted, some additional on such the overall of of

Ben Schwarz

for Question our here Great. Chairman.

or in we a potential market. Nikola So question customer the partner received as a alluding to US

your the perhaps can't So process while perspective team or you partnership share how are we companies it. touch about executive the on strategic can on individual and you any counterparts, thinking and

Jeffrey Schwarz

scale. partners occasions, Yes, or trajectory, said, growth numerous steep in on have so understand we've as company opportunity. with approaching can financial either that a materially we operational we're a who today small with very And our large

we've with Toshiba, conversations in with they're we've providers, partners with companies be in in might partners, are So our be interested us co-investing strategic or pipeline and businesses, deploying that project in mentioned conversations funds. potential infrastructure whether technology our purchasing projects solution, ongoing, their with might are and in interested for which interested who it HEVO-Solar been or

of those formal ongoing all that a are in is So conversations process are that a process.

Frederico once technology And you obtained that process. in into step want could of out that that they went in we probably have of Veatch and deliver been electrolyzers. conversation we for independent again, the a & process, partners confirmation their Black with, will validation the of of something we've could the putting confirmation party, a you potential If who of third been and financial to And would to SUD understood, shoes now through shoes, in economics yourself had described that you that's largest able a shoes various strategic imagine I strategic the think of interested TUV moment, our their party efficiency that reasonable the important evaluation of those receive strands grants -X stages received these impact offering that that our as that it on a so the information single regard, C-X But without C compromise are that in would of seem of partnership an coming these process have that we far. negotiation. any final the together. are would would It's we ongoing the for conversations, that or in projects major like. might one. have is the are what projects we And grants imagine we our production size

front one to with be process we our from. additional is that to wanted We be options able of party conclude choose significantly this maybe have disclosure operation debt, of multiple with call to that a we board that any order provide kind out have I to has And all sheet yearend. far to to others we a to how not assets, touch is folks ongoing before have just would on what able I in too significant would And balance on these might hope to a present which do no and both free. that debt would would potential finance what is projects factory Benavente be out an is be and adjacent question, the in in

We grants have receivables, be assets from receivables VAT against government claims would that debt have entities, we be attractive so are whether those receivable, whether significant financing. for those or

for have significant X look then company level per We project those at board both of determine also development. have equity I and referred to for capital of and the project for those quarter to holding will our operations investment the we options likely the raising which live as partners, expenses Frederico all finance a view operating to a would at EUR level, million the us like mix and through from of potential the those roughly what potential financial raise most all ongoing as

a we're the So available company our us. comfortable with position very financial and as options to we're

Ben Schwarz

Thanks.

couple the let's ATM facility. on So here stick with, a we've of questions got

being and use strategy point, theme. its be stick Talked on would to undervalued it dilute the better faster about the limited relative a on or board we'll concentrate ATM to Thoughts this the partner either a peers. Isn't instead finance shareholders on so of get at potentially on with further it And production? using portfolio capital to the company's the return big to that on equity company textile ATM that. counterintuitive

Frederico Chaves

one, So our alluded, that. so jump to we product that portfolio, Zach need what mentioned runway naturally cover strategically we us. have has think Jeff will ahead to how massive also of a on in and we I’ll And about

The We opportunity right a into available mentioned be to of facility look partnership find interest, we I also tap and have will into to options volumes rush. before, the that us. to opportunistically several and and allows something a us ATM, see not when is something we in forced it's that as

do slow our And activities. for industry So an share has to an we want that. massive, see ramp to given the not The to we want opportunity market in outsize up we here maturity. take down push the

opportunistically announcements movements in mentioned just actually is tool provided And this as so we tap market the IRA another our US in And into. box. I could that before, the

Jeffrey Schwarz

just wanted other to Then or one I thoughts. add two

finished or where both built they The and up Frederico on where are us been those inventory components first have is and grants construction by goods to enable as that begin mentioned, received have grants of quickly we lost. that will a an move need that projects else key deadline to

are been said, will to we in been to half. is necessary that us built our be position we the having looking materially a inputs projects So the that a Frederico inventory, get on now our on up developers that. clock there ticking. time. back are But like to projects and in to decline And it as in now move indeed position to spent quickly projects to want complete We the complete at haven't brought that are in the equipment able the have because

about it So to tech I, to question an better that on focus isn't answer sales.

involved to think of financing we need be that going think to something of some all be, options trying the should I new be for are that that lag of had as of investing development timing exploring should in is acknowledge mentioned, we that of we on that then bit than a I be grant not do think the and receivables. those we have on up to to grants expect catching some they has funding encourage we also, the choose year. for slower that working against we This also, the little is process, it approved forward, has And the funding. And grant building proactively anticipated. positioned the on something to green receipt of very are grants I once governments been both them than it that. longer the did in are I will little part hydrogen taken government getting the a now And but have But expected. would debt capital, And industry. approval secondarily, first in the been

reduce that short of. term too funding should another our need an opportunistic for source can ATM So be which

Ben Schwarz

for no which much on a last quarter’s using own choice towards using our of on pipeline financing, one we obtain let's, and projects, development being Great, on you announcement maybe these leaning described last company projects, there Are on our your own now capital being fusion Zach for yet to versus partnering projects? call field here. capital question In partners. between

Zach Steele

that's should great question. clarity Thanks, some We provide too. a Ben. Yes,

speaking And stated, as development noted the that and Jeffrey was we this first recognize in on and funds intensive looking other I I to fund infrastructure alternatives we pipeline. equity are at we recognize of slide set with projects. our actively a and that, it's So Frederico sources discussions just capital to

costs, on capital reduce So fund sheet to the structures us forward. use which stress the our the capital to party those balance majority third will will of allow going

Ben Schwarz

Thanks Zach.

small our our we One in Let's around very would even technologies, expect turn such and that there the case at to it project when lower a hydrogen cost of levelized farms, the we would a at larger cost that own increased even of small modular scale one. for ability have you certainly scale. advantage. megawatt That's a size? produce to sub estimate projects cost as solar for this It’s question low is a cost, no modularity despite small panels, over solar levelized one our describe

Jeffrey Schwarz

is, additional costs? question The any there Ben are

Ben Schwarz

about on the the our flip scale talk develop do of is as guess, larger portfolio? can you benefit not we or do or we I Yes, that projects side or economies from

Zach Steele

technology think as compression an presentation. that on even prove to units, Evora benefit prices able stated we We be our balance like Frederico. you at take we electrolyzer, or the from other we'd far kind we would in that we're, that smalls that as our scale in as peers plant compete equipment or at the that XX with one, our on of purification, of storage opportunity. can I'll But Sure, into

Ben Schwarz

will technology profitable. recognize Fusion I that I to a that, Green guess, case this or what Fusion Fuel’s and Fuel and use at application depend kilogram Related on hydrogen price is per specific the

Zach Steele

question. it’s Yes, a great

So on question, that's market. also very right? a the depends It loaded

So a let's little that bit. unpack

focused Portugal. look at know, right? We're, really we Europe, let's in So we're as

is can need. blending gas you we plus, north four one reduces the directly gas balance strip, XX at into if look That so the gas of bar, that right at the carbon we avoidance that of today would at tax you market amount year of equipment $X.XX grid, inject If plant look per natural kilogram.

noted our is we So $X. becoming that levelized around cost

key selling heads put XXX us is that to $X bar profitable had including compete And by to seeing XXX and spot as just then looking still on – markets, and markets, market as markets, but to market high the able margin to and the seeing a into definitely just requires make level, however, technology be to to IRA and being there we're being we we're $XX even up incentives select dispenser storage, example. as pricing offered market under Mobility, today. providing other the US that not not what pricing. in pricing mobility requires is which the us, our in other below current California be there's we're get So for what can current on including to gas compression the close a at to is grid kilogram, the

Ben Schwarz

to long given the It’s grants, current seem the fairly short to grants advantage, the that that firm great the next it in why market EU, the both translate energy in segue materialize even cost this EU particularly would so the think order. without market does that in one US cost given take obvious question, to the would to advantage with orders in for with

Zach Steele

permitting, into heavy and noted, projects, right. complexities, industry is doing think I everybody I land, that as additional scale wide meaning additional really additional requires centralized large large,

study, & other Black a show and really, a out Italy, our a got to really really explain as people them just even technology what us, to are we're for to and risks. study our of think pushing the can be I in the commercialization So and showing we've binary able of come are we're in planned we're more see, can really level to be balance ramps, kind Spain, two there this lot Portugal, doing I competitive, reaching recently, risks, that Evora, them America. has noted, able as starting momentum reduce certain giving without And we of opportunities Veatch approach seeing our story we're, and of that they North

Frederico Chaves

around industry in this there's significant way, and Zach, I’d Evora. licensing. so just a took all us on. there get so is recall the Evora recently how clause to it licensing I'll to changing more the process, as for and change that legislation been the like then just long in around made legislation a of licenses a progress nascent and add And And was in on

is things several So why happen developments. And regulatory just going is with reasons to the market the markets. this is one have catching this Europe, of longer up the taken legislative also with in environment

Jeffrey Schwarz

practical a to there's amount like one funding just huge I of available. offer more which is element,

the pulling economically you considering you is grant. ahead. that get there ahead And grant with to move today the an provide you incentive highly go the the to knowing But The pull installing companies is is, your green If are project, knowing for also that trigger a and it unlikely is is the plant, that hydrogen government that project going is viable. and if trigger choice today

grants But more people so these move we break ahead to why to move are projects then with And of quickly. back grants being on hopes win see of loose, projects. understand that will in that the talking I and are grants start before to think wanting understandably quite And wait able you the as hanging projects. committing clients frankly, finalization are the I to to

Ben Schwarz

the stand could on with Frederico, for if mentioned permitting quick providing a update things you where just Thanks. process Evora. Evora, process you the of, on touch

Frederico Chaves

and license Evora, will hydrogen all have the with grid. we license production So for the to to and permits connect

fall out is ready are, to We be fuel cell connected.

start. physical for actually to We we the grid, to company regulator actual to connection expect the just Portuguese do are waiting the

shortly, tanks producing we after. that early that, into as grid, start into producing week week, the the to electricity if will potentially the connecting, start expect not will to next we to And we sell the As as be as as with soon grid. storage we're connected

into the need Portugal. we the that, producing clear, fill bit start electrical now will to the in we little up literally storage the in physical So are tanks. just grid before And a plug here we

Ben Schwarz

countries Frederico. Question, European more broadly, or market northern cost about latitudes German a questions couple Thanks the the limited I sunny benefit Northern or to here the guess, regions. of and avoidance perhaps the Is and isn't transportation longitudes. of --

So for production. countries benefits Germany of only have Northern cheaper we the like Europe, would or

this clarifying the making, markets about we think to more I the the we're in markets, that play. which going is are choices

Zach Steele

advantage radiance, That's able our on best markets correct, offer focused as as strong Ben. the with solar be for And projects, we well are to customers. to to own our

that radiance. up its and Portugal, then specific whole we're Greece, So that's the focused areas why, Canada, as and I within Italy, on noted, United States Spain,

Ben Schwarz

Yes, more just, produces I would we it produces may, would technology more if only hydrogen what thanks. but I cheaply. say greater that in that hydrogen with I radiance, green not would our green is that areas add solar

about there days, heap these early allocate know, days, supply that the suppose in discrete are to where So constrained choices it's we be a, you of when and the to made scarce solar units. I

to value have time? those the time. run from extract get the we before those most, regions employees out Couple do we to questions at of we allocating How quick this here, can want we where So we the many be most deployments.

Frederico Chaves

sort We relatively and the R&D or our administrative commercial have natural Benavente is profit of large XXX, and a Benavente around rest obviously, little bit significantly driven is the third both is time the by our production and teams. facility so facility of EPCTs of in that

Ben Schwarz

mentioned on Can process next, the is over on And then building the out that and Benavente touch facility cadence the with slide that progress. sticking you go term? of will what near in milestone live look still full the like that Benavente, we in mentioned you

Frederico Chaves

production units us that's concentrator come those lines So have a manufacturing produce partner These facility next unit before the module. the followed that sort the, or is our the top. one current by solar on to the for little who production can And two solar small two with concentrator, prism with arrive, the, of the of already. the are a we electrolyzer

less ground those So the live. we why terms from need can urgent likely they in of And service the already current the production so that's in projects facility. are that go the

prism been live So QX, and lines live concentrator megawatts with the module HEVO the in production XXX solar Benavente. production the line, line full sort the the for of critical unit, of piece we'll then the output very have of QX small expect has go the small and capacity full in

Ben Schwarz

thanks Okay, Frederico.

That it's hour. Thanks of joined. the the will who's quarter So second do it top to webcast. our for everyone

update. to and to our the additional you next out If forward have seeing to team get to ir@fusionfuel.eu or questions, we answering IR around look reach feel all you if question, your me again free and we didn't at at

Fusion Fuel Green (HTOO) 8 Sep 222022 Q2 Earnings call transcript