Earnings call transcript Q4 2022

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Ben Schwarz

Hello, everyone. And welcome to Fusion Fuel Green’s Fourth 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 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 around 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

agenda for thank again our quickly joining run today. us just next you I'll the So for hour. through

then So with value we'll hour fourth overview at up proposition. with in the a latest be an in Then financial open wrapping discussion hour. And share as entered before for then floor technology a in highlights, things will of platform on of any kick box off strategy previous milestones chat Q&A. of the We'll our quarterly update questions half and our the webcast the in our management quarter point for calls, can next commercial facilitated XXXX. results, team our the the

your also questions the mailbox, at Investor submit ir@fusion-fuel.eu. can You Relations to

So let’s slide. following with proceed that to the

with how Fusion are hydrogen delivering global proposition transition. cost we value is value solutions accelerate the overview we’ll hydrogen Fuel to in green an HEVO. At Fuel the PEM our electrolyzer, market. energy in of at nascent we our Fusion developing of and So creating At the are begin business of patented the miniaturized effective heart cleaning

this bespoke, ways, positioning mass the in a and hydrogen by which of and us of democratizes in green integrated enabling And co-located us and solutions the to deployment hydrogen production, our to markets access advantage Our scalable play. of advantages material create by by number generators. a technology fit-for-purpose simplified and unlocking gives we in

green highly the the but is are competitive but hydrogen. We that's we're able a This of ascribe comes innovations HEVO deliver for to often down further much to where that of demand for hydrogen green small-to-midscale within commercial will today, about value that is particularly some overlooked, projects. to that to the it highest levelized costs verticals segment is itself, talk the aligns with what the

last the for to per logistics. remains home a despite add progress an distribution complexity, hydrogen also kilogram of and and we've I north reality large of solution as cost downstream scale bottleneck demand want to that distribution for drive hydrogen production from infrastructure of both mile for key available sources $X centers cost meaningful estimated and moving the

remain production believe we that for an co-located, So and is offer the scalable will future. extremely foreseeable attractive

with Fusion So Fuel over it and update subsequent pass on events. I'll fourth of Co-Head Frederico to the Chaves quarter an for that, I'll,

Frederico Chaves

Great. Thanks very And much everyone us thank for joining you today. Ben.

of and some start to want the from of first quarter as fourth also highlights with quarter just I the quarter, first today.

So quarter, first, of in announced sales €X we been tech have the contracted. million fourth that

also We first and the U.S. in our Italy. project announced

and €X awarded were completed of our facility’s real million million a from Benavente sale-and-leaseback we we agenda, addition, C-XX Portugal’s In the estate. grant €XX

signed we contract offtake green Portugal’s quarter first Dourogás. first the In hydrogen with

grant were our recently news million million for have we for sales a that the Spain in as we we Portugal. We under selected C-XX joint project a our Spain €X.X And in awarded partners in €X.X our grant a €XX tender PERTE for also program. well from exciting and signed Spain, project were venture in tech million

about to in a well, disclose truly more really our part this we This efforts be Lastly, exciting MOU the strategic and signed partnership a is to hope future. with [indiscernible]. partnerships all you leading to move and an as strategic develop details of to we near spend able

€X of the €XX of In to driven financials. by recorded an we the million. the an loss quarter, increase operating third items. significant non-cash from on million This quarter, fourth Now is

to of incurred Our of consist goods Exolum two party related relating million €X.X of impairments we sold on items, cost project this that further main undertook. cost first third

financials, pursue this together contract in innovation with are we partially our working offset to to Exolum awards As loss. September disclosed

provision to We million. value discounting as the are cases also This rework that have suited as of taking the us in an of industry. be been well means for that The we speed to certain in and tech inventory items case developments. needs for €X.X has relating others evolution the the technology

non-cash these expenses. of First

I quarter expenses fourth increased significant by the non-recurring address X million our items by will operating driven Footnote €X.X that During shortly. in listed

costs just I the so, operating full to year. highlight do the I Before for want

So for XXXX, total identified a around we are €X significant The driven operating cost given here by is million. cost But €XX XXXX QX million. €XX provided for difference the of guidance of the around operating the million mainly figures. costs in one-offs

led money has our on potential But Firstly, to charge. given purchases. avoid raw in XXXX the €X.X partner, material future. use altered with we a we reserved this not agreement production which capacity certain to mainly this production to million avoid The charge project production did been more for spending has delays

HEVO we development QX, a three amortize Gen over of In useful suspected also and we'll this years. started X costs life advertising our

in same QX. had of totals year full €X cost the this to the item. million for we addition, demonstration R&D In And costs €XXX,XXX for our related around plants

of fees sale These items, fees. driven item During the when our guidance. were professional are significant one-off, back we by lease proceed first not also and some we of saw €XXX,XXX, mainly legal which we engagements partner one-off strategic to service provided transaction able and again, QX, XXXX costs,

this invoicing develop the provide In of may To of QX clients have we I that already both will the end note, year, incoming At XXXX. the started the sales. technology hopefully we'll quarters. and think slide guidance for for presentation,

sales first of to resources which considerations. following we flow were lease the of During net the quarter, received our the fourth million efforts, strengthened of our deposit we security and cash some able net activities, secure €X.X principally we with

was €X on So the net the €X.X million sale-and-leaseback the million sale.

on flows mostly we've to million in that Portuguese made we VAT, reimbursement €X.X of the authorities. from claims also, We saw

We of the the as portion million significant claims receivable first in balance submitted have quarter year-end. of additional €X.X for the

[indiscernible] received addition, we In fast so as received the to and of business to payment awarded, this prepayment the December. the of as a and portion we it possible. of grant C-X grant Portugal awarded were turnaround in reimbursement quickly cash million a commitment December, time the very actually this we the as Reemphasized in hydrogen operationalize

and quarter, During mid-February prior And a this the million we a to ATM million – further was the fourth the further ATM raised shelf through €X.X year $X.X sorry $X.X million raised through shelf.

the Recently, an in terms team signed million process the Prime Portugal. award, application to this to We working Minister on our similar CX and continue acceptance see the grant Portuguese increased in already efficiency the project, our for of €XX of the process. grant prepayment submitting is in C-XX

our In drawdowns as addition, we to XXXX grant operationalize expect under progresses. CX to award additional be able

to our grants and continue substantial possible early stage value makes to of hydrogen bring and projects green already grants Grants we'll viable. nearly projects to the continue where We'll this awarded emerging it secure add in million €XX us. the many market, for

are technology home moment to the now so would in as what our makes drive unique a take to special, market. we truly I

as replaced it system cell costs, issues design of and reduced and membranes and the you not HEVO, be HEVO-Chain. independently is centers as has allows system power modular using these and the picture a reduces electrolyzer, miniaturized can as unique HEVO-Solar heart that stack. reduces individually. for the use downtime structural both modules and further. materials electrochemical see It [indiscernible] at which technology It traditional complexity, around Our there simplified assembly, approach costs allows degeneration, well in the engineering our on O&M a can inexpensive slide, and membrane operate the system this and for costs which as We

projects. enables an which to is previously, in of green small industry further this an us to advantage of create All cost amplified Ben showed that leading hydrogen, mid-scale

we had note two core products. To

is of solar allows We PEM CTV familiar you who our levels HEVO-Solar, solution generator. an integrates for some that solar It land. electrolyzer, hydrogen integrated to for have have the to have those and independent following us hopefully radiation grid very miniaturized time modular been and technology HEVO This is which a good are the requires and available with. our

other highly is source The series. a also efficient interesting energy. PEM solution. and HEVO-Chain can solution miniaturized PEM we it a HEVO-Chain, our to are It working agnostic. any deployed, modular uses The is thing containerized of location also addition, end scalable becomes be and our that electrolyzer, in which HEVO connected, and have is In the power

implications European – HEVO-Chain Union’s So questions the nuclear are of European with what renewable, energy, what including but power we nuclear. Union’s of of any source as can consideration are work have the received

for So types we a that requirements. actually fits several have product of

Zach. onto pass now I'll

Zachary Steele

from to. the resource means clear you Jack all that's about to nice It's I this the compete. want start Strategy to with quote away Frederico. Strategy is you, allocation. morning. choices seeing Thank it a cut how what Welch. everybody When comes down strip noise, making simply great

You your no of is are. industry. timely, very not the but deep everything or the cannot size for to matter only This business everybody, entire what be your pockets how Fusion,

addressable boil down massive us we the a to competitive. market, Such need core to what makes

land our Our we've key secured people. technology, HEVO our strategic assets grants and and proprietary the are

development. scale track Our getting production, build allows operational a production business company, just through model getting technology up focusing technology facilities than transitioning provider numerous to up that solutions more on ramp is a hydrogen while as our to to to record,

under the particularly megawatts competitive execute of of on technology next We is a XX mid-size most projects, strong in market see HEVO at the years that pipeline as projects. small- focusing and than First, immediate to so efforts that's our opportunities less this. couple to projects XX-megawatt the

blending As logistics gas previously centers, mobility, market the and noted, industrial is opportunities.

we have equipment on Regarding the Project, the and partners out to Ballard upstream collaborated help signed logistic provider us Évora with as with applications. a we our build global and collaboration such technology our recently technology, mobility agreement

focus markets our with to years, by and is and few next the market HEVO-Chain. on our plan versus addressable markets with investing allows just This expanding to solar as strong Benavente of Europe Over in North our production core irradiance. us America all ramp-up

demands After driven project an from our portfolio are development cannot assessment sales largely our meet of and capacity ourselves, our the efforts. our production tech of

For to tech more destiny own by sales portfolio strategic. pipeline. future control Developing our is projects these reasons our our over having us so our control development allows own

in million land of of and capacity been an team Our the grants that's secured XXX has secured. €XX incredible job megawatts have and on done been equivalent hydrogen establishing approximately

a projects continue that development and megawatts work opportunities, between As we projects. scale distinction XX on larger under we're business to seeing are clear

gigawatts, which projects for production technology X.X I and we XXX the to which larger smaller development the to future with value develop pipeline the capacity be eye working stage, As megawatts substantially still is to providers this projects an us maximize a at nascent our of shareholder till mainly look having are our larger our but also technology estimated With noted, projects. also and other XXXX, to being allows estimated in by execute to demand. of portfolio current market, larger end

is kicked multiple oxide last strategy This development This strategy a holistic we large solidifies certain hydrogen off agreement have we Fuel a partnerships. year in provider. with projects. announced our dedicated To solution solutions Toshiba this, Fusion as – for explore decided green create scale solid already do and to

First, opportunities of to we incredible high Spain a various in that projects megawatts which have stages an quality of team build Spain, Fuel fantastic that's do a job. grown is Spain The in and continues to in job XXX pipeline Fusion are development. doing of

on on to focusing building Secondly, important of North a hydrogen out American the currently. development market, we are focus markets opportunities, creating most one company the development

to third-party long-term development customer will initiated to we've world-class recurring Given attractive with and Jason and de-risk be to combined expensive with risk this Baran. EBITDA. myself key engineering, These entitling procurement, certainty to construction by agreements make led and working our companies sign provide experience, what minimize revenues continue will and portfolio with our our construction elements this by of already portfolio capital. We'll

of get Europe work to we to of continue XX with aggregated portfolio projects is and at investors X.X an Portugal gigawatts. and the our megawatts capacity We total how in balance of

the from parties. third – development megawatts have sales megawatts from potentially over XX potential megawatts of tech of activities, We'll sales XXX technology XX

make and utilizing projects development that also technology HEVO further from de-risk sales overall that business. I'll the do will more development we easier the As record, potentially revenues model. operational having more recurring projects convert to will benefit the a again of from build traditional to And up projects track it our tech

sales with till XXX other forecasting our model our over we're Fusion sales technology Fuel sales potential strategy by technology projects creates based revenue on diversified and created a our forecast. the pipeline XXXX Fusion of megawatts traditional development We're Spain Fuel currently on currently and third-party and end company. focusing from current – our of

on focused seeing and sales another Fred third been Spain. technology megawatts recently in party Our earlier potential of mobility highlighted approximately Iberian this awarded XX another Italy. year, as sales in We're we're and Peninsula project grant winning are

explore additional work markets. on in core to other continue technology We'll and our them the sales and current

also for started total contracts our XXXX. invoicing in million have signed Alcalá commissioning a of We plans project €XX.X this to our KEME brings sales to for began All tech Portugal. of and Exolum and client committed

We are expand sale target to over other and million year. of awarded sale projecting to few additional the opportunities recently bring Alcalá, near also to €XX a opportunities the to term in in our Spain, technology this project a in revenue complete

Spain sales also them XXXX. into This Fuel steady based of sales will our noted strategy with and partnership other of XXX traditional and and up our core more megawatts are our pipeline in model we pipeline markets. opportunities development as monetizes this XXXX provides forecasting efforts. project have diet Fusion, for tech of tech while build entity a and our our Fusion recent most in brands further Duferco, – from Fusion Fuel of XXXX a for on over I of things exciting expect We

focus footprint noted XXX of up the being As is we on our and Canada. value tech and fees equity process. in as value of benefits in recurring earlier, the potentially Spain, five and potential USA, to a that Fuel also project to Portugal, I've Italy, from via record We're execute strategy development Fusion during our building We technology. sales for shareholders see markets: revenue noted, track megawatts and development the returns creating a core creating and

titling projects grants continue Our strategic development projects. available real licensing and to securing estate, strategy be our through will these were

our credible with de-risk our approach recently Secondly, development, additional This and gives selling to to move as our by securing we and pipeline the projects the backlog shareholder Dourogás controlling by investment potentially signed EPC by and decision. agreements construction. signing technology. our portfolio continue our that grants, offtake building offtake will We through final towards contracts agreements we'll agreement commercialize this destiny plan a increase own signing first our created We'll sales. own of we've monetizing having in project upside also value while the land capture tech off

how current far takes will to value exposure. be myself, our eye in maximize in additional to prior to third-party in on other support our phase. bring creating of capital construction entity capital we'll the this Frederico and we the development and attractive keeping funding portfolio Fusion will by and portfolio of opportunistically As also part balance and managers will This look The financial phase support more an senior by the it shareholder to both development the the portfolio team bringing third-party of more be to members to entitle will in the third-parties the effort. projects, this be commercialize projects, adding the managed

Frederico, back to you.

Frederico Chaves

Great. Thank you Zach.

outlook to overview XXXX, guidance some guidance. and I'm and XXXX going on So quarterly XXXX for forward now provide

for to achieve five XXXX, will been those that of be €XX of €XX to that contracted. which providing based want So guidance This have we're of revenues. projects million note on million already is seeking

As time we've with million. already mentioned technology this invoice €X clients before, over at little invoiced in point sales for

for revenue of secure. clear of of increases divide that we're simply projects people these of try calculate some that selling balance to the make megawatt to these equipment, and revenues cost so our [indiscernible] want I megawatt to able system. don't also the the megawatt by For we're just

that we These developing driven are million million note of in we revenues. over partly ourselves. ourselves is the by XXXX and effort XXXX, partnerships are revenues by development that €XX for largely we're development to like projects This in We'd €XXX for aiming of have. that

we're are that megawatts those the and of tech about XXXX for identified pipeline clearly So as and overall projects gigawatts XXX XXXX X.X talking both pure sales.

revise but might expect we reason just we or returns noted for any fees or to returns revenues equity from forecast [indiscernible], early not this reflected activities income able that shares. additional it's efficacy too so those is possible at it's development early. too that – income, to such for we accurately our as to such The As or we fees such have the or at be moment would be. of value The stage, have what

have to note of cash in so. that to always our I but previous we that income as do that able the first this aiming with noted be highlight Only If to XXXX. booking is net I included we – be core of successful, want positive flow revenues, are the targets be to Naturally sufficient self not obviously companies milestones and to have some industry first Also earlier. implied in deliver XXXX. we'll for one

our out Benavente. of of of to we've facility first want market keep from finalize development So the capacity be commercially the build and to want our it half as we want production, to XXXX. in the the out We number in expanding we production HEVO-Chain putting announced

make side, sure XXXX all we want commercial contracted. our From to have obviously we revenue

amount for for our at the this of are that our projects orders. are we've As developing to license keep and pipeline the downloads XX course remainder already already stage. to grants say and well our very company projects that that requires specific We'll phase as noted, hope the XXXX good advanced convert of a in also the well we outperformed it from we advanced securing stage. could of and this And projects. million clearly I'd is confirmed expectations at job advanced We've any pipeline there, done into that portfolio. grants on are coming on very secure

market we that is key sure in of we we this our want needs make our taking as industry always. the as and for noticed we technology clearer. our safety a core there is keep here clearer Safety that for a sure and XXXX shape as and to priorities shape, takes market Note, solution advantage that forefront we've are mind become that is always – us, particular keep in for make

In us development our apart of addition, sets advantage pipeline our from project competition. the

the ability Fusion market delivering value We revenues and to our – the recent products the the has share be has on to but history. over XXXX, course hope our with industry market change and we're the in that able that our and clear our recognizes delivering and have taken the of cap Fuel we

pause and I'll that, with Q&A. So open to I'll up

Ben Schwarz

to far. submitted have Frederico, and everyone questions thanks thus who

a have few. We quite

from about to some also was how begin off-take considered hydrogen it's from Evora Research. the will So be back be Dourogás Webber injected? announced being Chris Tsung where we'll in and of price, questions specifically produced, with of agreement, duration around will weeks He the which it the volumes that agreement, asks a where the couple transported

Zachary Steele

Would that thanks work, I'll I'll in work to inverse. you take like man. Frederico? the

working were us we So Evora carbon pipeline. volume and price market connect local the pipeline via forward-looking on it agreement take plan We the And connecting based gas is offsets. flow operator with natural the to nominating based grid. project. pricing the It's on based to in it on a The and from contract. is volume from

right what projects plan our expand having opportunity merchant and was. future selling could have to it through be that's That now, Evora for the capacity. was we but was, the So solution project, with we of out good this volume a sufficient what have

Ben Schwarz

Thanks, Zach.

$XX.X funding, is achieved? Fuel million of its the of Fusion be FID the are to was SINES HEVO-SUL million milestones all would Fuel will distributed as $XX.X $XX Will it a million when around receive CX or Fusion the reminder that Consortium company certain as for reached receive and was project. question Second which which

Frederico Chaves

amount have case we as the when related C-X is is there that and actually is received So expenses we and project. a certain C-XX. for actually equipment to the to it’s development also have That of expect certain for distributed available that costs delivered, achieved are milestones is the

Ben Schwarz

Yes.

to electives, Zach. Any your FID Bakersfield expectation is project is and the in one when California this for reach that’s needed Finally, updates on what of achieved? when with

Zachary Steele

Ben. Thanks,

a move study the of our and concluding then to and with quarter calls plan & our permitting subsequent first will concept that work, pre-feasibility month, So and which Black We guidance we’ll do call phase is partners the we at the timing. decision on make feasibility, to next is with next electives more to provide which Veatch. at are on

the late a report but So I is anticipation just California. – have don’t XXXX yet, our early in

Ben Schwarz

He Exolum. from Canada. some at to now of can Frederico, for touch about that? Moving revenue the Kerouredan recognition Erwan on Bank Royal questions asked if timeline you

Frederico Chaves

the acceptance starts start dependent can recognizing project the the goes. commissioning that of will we once So on revenues be how for the process Exolum

we noted, March, start during we process. the will – commissioning As

Ben Schwarz

separate around what question if there’s are expected that the And share. project, those related a can revenues – we to

Frederico Chaves

just by So $XX related to Exolum. million $X primarily million is contracted already

Ben Schwarz

Thanks.

in first with expectation is Erwan from is the charges, of beyond? XXXX question impairment additional any Second respect and to quarter there of impairment

Frederico Chaves

at Not stage. this

even we to had we it – only learned was already – In it fact about would’ve had it would’ve recognize we if had if QX, subsequently. we – in if even

taken this we we had advance. believe stage at So the

Ben Schwarz

that response Great. to U.S.? letter, in have of you but EU any the thoughts Last EU as What’s a the the in shareholder we latest the our question the or incremental green if plan touched view Reduction here Act near-term or on potential industrial additional expect funding opportunities the I you in here. Do on delegated in acts? in policy commercial developments, Inflation on somewhat the your developments result whether that’s know that. latest

Frederico Chaves

start the just phenomenal not IRA know is industry. Europe, actually level has another So high that on this has the Zachary markets. say the obviously But pushed it far I but then add. for note Europe can and that one been regarding I

industry. also So Europe, now their seeing similar we’re up for we beefing start the Australia support seeing start activities are developing hydrogen and

agnostic. the under Again, the the include cap. pressure been indifferent HEVO-Chain a us, to us this nuclear side power there obviously has that the Europe. renewable into energy Naturally, this from from some perspective, find exciting movement is source we in for So is for nuclear

So believe will the to this we’re see continue. We thrilled developments.

increasing the grants are hearing from been We’ve available. Spain actually that they already

lead consider awarded. some of funding reopening not that In to were fact, current some of projects already the the are programs they

expect to So and and we be a with will do trend auction also to the hydrogen Portugal, expected side more only to year front. CapEx there Europe on shape on this U.S., the In Hopefully in that later to that is not demand continue. take where similar the support it, similar green to of, call tariffs see hydrogen want do speed let’s sort Zach, grid. a add there also for blended the in that. the be will emerge to energy color natural any into of gas expect more to that Europe. you market, We

Zachary Steele

No.

things. In fact, two

piece California has renewable California and last low-carbon leader environmental the mobility the just a really Canada drive helped also doing for the market the markets pass another say working what be we’re that against general infrastructure. help the will So been standard counterbalancing refueling Inflation fuel and market in kind Act hydrogen, credit of Reduction even a tax U.S. CapEx. is reduce and to investment in And hydrogen that has I’d by in would also credit which XX% as in in

market throughout other United seeing mobility We’re that or kind a be Fusion which replicating a being States, Fuel. replicated core expand is of discussed states the help for will which

Ben Schwarz

here this Fuel tender Thanks. Fusion intends apply just recently parts There’s The green spoke whether and we question to was a tender. that. in question about you of Puerto announced Portugal hydrogen Rico, that the for to –

will might already explicitly, answer you I think did. even though you that

Frederico Chaves

hydrogen absolutely. So, I tender, mean yes, the

together partners well. with participate to expect as also own not but likely We for only participate our projects,

Ben Schwarz

early briefly, the from couple regarding to of HEVO-Chain? around Pivoting customer questions customers prospective reaction or interest HEVO-Chain here indications a to

Frederico Chaves

it even seems to I solution, us scalable think were Obviously significant markets additional fact the with for [indiscernible] there’s in But well that HEVO-Solar it as up with the been already existing substantial partners the be familiar new. interest helps. modular, that as HEVO-Chain that HEVO-Chain, fact is opens

Zachary Steele

Yes. announcement Only we global product. opportunities that in come recent what a And equipment is that the there’ll the fit with provider HEVO-Chain is be think unnamed a our good lot of of would thing add market. and that really logistic mobility I out of a

that product unique we’re in on the has. Frederico product, And to based we’re the our HEVO-Chain design compared the also of So excited quite opportunities peers. said about seeing what advantages the as just it’s

of unique of power system. the a fundamental solutions compared peers, our of putting quite costs and lot the seeing offer We’re mineral on just aside makes within curtailed us opportunity design to that based any

excited and other into we’re what curtail market really about gas So and power the opportunities market within mobility the and blending tapping European applications.

Ben Schwarz

Dayal H.C. sheet? development at basis? Wainwright. And expect from talk here upfront supported Question will do the about How you on can much incurred the economics and per from balance a Amit potentially that Thanks. megawatt you be cost by

Zachary Steele

Yes.

So it’s question. a great

projects As Fusion project’s end how it the to last is should can value standpoint? do way Fuel in add future and on we’re addressed it going in the remarks. plan once returns think ownership of that reached we where do projects those close about, until what unique, sales noted What a or equity capital fees? technology for piece the from I mean, we we, or quarterly to it? equity get the decision. the Did anything? I reach finance final third-party the our So projects the capital to is, that we balance is, to means of fund continue projects exposure. until investment my the enough the Fuel we plan not out then to in that seeding third-party plan seeding investment bring a the what balance, on and is so want it create we the point every development take But development Fred, company Did the there’s and I’m talk is presentation, calls smiling in of in highlight forward because And my a can interest? entire the an get as That to bring they right? you on does front a final the decision it is, of final There’s presentation the plan as investment decision, development a going to capital. plan in I a in we do is for Fusion

Frederico Chaves

Oh, perfect.

Ben Schwarz

I’ve, received news that on the about In [ph] it funding figure the of ask stack expect here. is we’ll a do occasions question in fact this you decision? When number

Frederico Chaves

I think – pattern will give are I here. a we’re no, you, on what we wasting

so we So guidance pipelines use. and to so the We distort this significantly is case has that as as this we’ve been we our figures the come, what haven’t included not further might have it first-come in wait we’ve on, news and don’t the numbers that it that giving, the right we done first-serve. while been and from this that what for beginning. stage take does we At what all what note

continue our projects. own to develop We

We continue projects our we clients accordingly. and see we’ll as our as don’t else? But When to anything and engage production this plans with with forward have announced, we how we moving at know to constraints we we’re stage, third-party gets handle can. say fast hydrogen

Ben Schwarz

plans Morocco, partnerships Frederico. places where in all here been Thanks, around, you can your elaborate Australia, have announced the Question East, on past? for Middle India,

Zachary Steele

you you me Do to? Fred, take or want want that

Frederico Chaves

as be into Yes, I that. to clear right, we’ve, the just strategy, just this on noted and of kind I again, goes want

Africa be are opportunities. or abandoning are, we North this, – want don’t signal to want I I look like Australia we’re don’t not are We us Morocco we or that

for five significant finite momentum opportunities see there have these resources, or in earlier. most opportunities, the development we we about talked We have sales pipeline term And we in near projects. markets created that technology, growth

months hope want been that we them in North are in pipeline discussion continue Africa. in having. into the and forward So, markets, identified we land, coming develop to getting market in in the we've some We to to those actionable have add that real Australia can push make being that sure in opportunities to to we path news customers licensing we then and that But we're give of our have are grants are the confidence have revenues. have pipeline forecasted licensed near where cognizant trying or order we in show and on a focused to term to so to

Zachary Steele

And that that meant partnerships those is I add just for our will we have the for focus reasons markets. that

right disclose us the maturity progress as and with least sole help have on those where at will the principle we're we stage well on further to so is on, start a Morocco in So to where partners both stage counting of where with [indiscernible] this control bring now. project this to at TCC, partnerships

Ben Schwarz

Thanks.

last Well, Okay. question here.

for final have that hydrogen X, levelized I'll HEVO-Chain, and correct HEVO-Solar, cost wrong. on me can or chart you them do one The guys do get if you I'm if take that in. So Slide questions, is the both? of

As cost the of still or in which industrializing HEVO-Chain that of the cost an impact chart estimated profile we process the the the levelized balance are the on systems will have that product, HEVO-Solar. for for of reflects an cost

right? from or is Europe highly on look In lot Of of Southern course, in would in Northern is that product where California. product the than a levelized that Europe different deployed, cost hydrogen dependent

is So, in we radiance, cetera. that deployed number solar superior do assume that's et range with that somewhere our benchmark below Portugal. again, we if southern location But that provided,

then. answer the that's So,

respect project one here's capital absence our in So question in the partners. company own and is potential discussion the here. to, liquidity final of with With I on financing portfolio general in think in and

Frederico Chaves

we'll, pieces so as on our the, project on on effort the side. So I capital that two think onto we'll break that

As sort our I side. is development development that of partnerships development idea the the on fund portfolio. of costs mentioned that with the to That's company, easy substantial to question have

the effectively we pursuing several On corporate are that ensure the as considering in options and before us for have we capital the to company and before capitalized. side are we mentioned is

getting that details board. on say want is keeping problems. on. would like for more strategic to stage is I is management certainly to acutely to eye management And But addressed by long-term this don't into that be the solution to and be looked something that something This give we is can't able capital myself is at a more, board an being this find and that the without

Ben Schwarz

it one question will Thanks, – insight here provide a make a for is future to really Yes, for that future presentations into possible request, be is not revenue one-off? of recurring Frederico. note much we versus a Last how will reference.

additional wrap of I absence the in questions, here. we guess up we'll So it

feel reach thanks again free next forward So at you look there and we team me in to out to that all up, seeing and please are joined everyone ir@fusionfuel.eu questions. additional who to update. our and If IR the come contributed questions

Frederico Chaves

you. Thank

Ben Schwarz	Head-Investor Relations
Frederico Chaves	Co-Head, Board and Executive Committee Member and Chief Financial Officer
Zachary Steele	Co-Head, Executive Committee Member and Co-President

Fusion Fuel Green (HTOO) 28 Feb 232022 Q4 Earnings call transcript