Earnings call transcript Q1 2023

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Ben Schwarz

Well, thank you all for joining us today.

So, I'll quickly run through our agenda for the next hour.

We will begin the call with some remarks from Fusion Fuel's Chairman, Jeffrey Schwarz, followed by an overview of Fusion Fuel at a glance; our management team will then present first quarter highlights, financial results, project and commercial updates and the latest on our HEVO-Chain technology, wrap it -- before wrapping up with a discussion of our priorities and milestones for 2023; we'll then open up the floor for a half hour or so of facilitated Q&A.

As always, like the previous quarterly calls, questions can be answered in the chat box in the webcast platform at any point. Alternatively, you could also submit your questions to me at the investor relations mailbox at ir@fusion-fuel.eu.

I'll Fuel over for ado, Chairman Jeffrey further Fusion of some without pass to it Schwarz, So, opening remarks.

Jeffrey Schwarz

hello. and Ben, Thanks,

As to Schwarz, PLC, Jeffrey investor update. my Ben Fusion today's said, Green Fuel welcome Chairman to and able be of happy to add I'm I'm

XXXX, HEVO market-leading mobility fuel a HEVO agreement the you These the our exciting in seen recent Madrid; a in had production with firmly Fusion. our addition signed flag a times In forklifts signed begun this a for a and Benavente, months, we've off grant solution, if last for [indiscernible] HEVOs that have Exolum of year-end; have commissioning we Italy, will employ in project using for would be project installation contract of of project coming a Fusion for country holistic the Handling providing been project, in collaboration by green the a just another awarding we'll And complete our expect generation España, you the hydrogen Portugal, generation, customer HEVO-Solar newest with CSIC of the been newest the our week, those HEVO-Chain; cell to Toyota's the for to we at recent line, first inaugural third-party line. with Material technology. Toyota which production solution, product hydrogen combining we've planted

hour You'll hear these detail in about more ahead. all and the

Figueira Those you Fusion Frederico. pleasure I to to is able call But is and followed these Chief Officer. of be Chaves. already him have real as accomplishments. of Frederico joined introduce it Executive proud today But Fusion's the have introduce know my reason first I'm the honor who to today de

process putting with this the XX of organizational morning, goal Frederico's to renewable and would of team vision Board position by culmination is player the CEO, the announced the we elevation to ecosystem. in Fusion hydrogen of a believed changes Directors months particular, in in fast-growing ago making best to initiated leading and a structure the place organizational shared that The grow a our of company achieve the

role build that chose has is Executive and the Co-Head, executive Frederico Officer. trust factory the the He assuming to respect in from the of in culture has room. to accountability. floor, appoint That values the the tirelessly Chief the worked Since Board the Board and at teamwork of everyone as unanimously committee, and organization, company why him earned

call take With back that, the over turn Frederico quarter Gavin, the Ben, to to first and I update. you through

Ben Schwarz

very Great. Thanks much.

So, and I'll positioning of things green hydrogen overview proposition with value off our sector. the an in kick

to the solutions. effective, of Fusion energy hydrogen So, and Fuel's make is clean accessible transition development cost delivery the to mission more

Our which patented the approach number advantages, the miniaturized we throughput of everything block modular PEM building including do. heart at HEVO, It's unlocks simplified, industrialized a of is a electrolyzer, scalable production, is that a cost architecture create production infrastructure, solutions, mitigating the the a us a for costly market critical decentralized today. positions need and competitive hydrogen in of and distributed fit-for-purpose bottleneck to customized hydrogen distribution or

to and We derisking the projects built and significant investment United Europe States actionable near-term pipeline our foundational core funding of grant the economics markets projects strengthening a strong in of tied with of Southern the many case. those

us position across model value business complementary and the chain. unique Our

we proprietary projects third-party solutions electrolyzer originate to hydrogen customers, for monetizing develop value also creation. to addition selling green diverse our avenues In with and

of in per XXXX. end targeting growth the and for positioned electrolysis a poised of XXX the we're Portugal production annum market world-class capacity an And, in matures significant finally, megawatts are ramp project long-term with located extensive we as pipeline facility by where

with the XXXX a CFO decade Interim So, Chief over spent Jones, has in been well role Gavin Accounting -- Ireland. officer. at introduce the of in to he Fuel. now company over Prior with appointed that, since newly KPMG I'll Gavin that, of Fusion

So, share some it's from pleasure my his of highlights first the new to quarter XXXX. to great him to into role invite and welcome Gavin

Gavin Jones

who good you, call. or Ben. investor morning, Thank to afternoon, all Good our of joined have you QX update

I'm to really month act first as ended for March pleased XX. the period my our Interim that highlights financial is CFO present three

and space. we key also, to ESG with agreements hydrogen CSIC; Ventures; three of highlights and agreement report, in invoices today Some sustainability also targets external purchase sales ESG ourselves Jeffrey spirit of commissioning ambitions awarded the clients; the at issuing a as in technology marks Exolum; grant funding phase of with and mobility we include: mentioned, the and Hydrogen project two commenced Dourogás the Italy; headlining governance, also, signed the in launch first corporate towards a for our entering

sale XX move of want an we from We as that for we This and supply this quarter first We previously recognized revenues. to milestone to during slide, technology HEVO-Solar next announced. revenue resulted please. installation the the reached important third-party units a our

at Our cost QX contract by that XXXX. compared with service scheduled offset a million charge production €X.X inventory costs, to Benavente fees. reductions during to relating scrappage were facility provisions, when was and onerous a XXXX relating somewhat base professional be consulting our line reduced to to notable These production installed reductions

requirements as the production capitalization it this and no expensed. longer did will installed be planned, not was line meet As

gains continue to equity previous warrants that to our we In mark net instruments. plan in market items value recognize These fair are incentive with non-cash line a million. the €X.X expenses for for under loss of our culminated and quarters, awards

Can we move to -- perfect.

and production Notably, plants, HEVO our inventory. in assets production assets and development invest we depreciation technology During our Any these our the in increases amortization offset were hydrogen by assets. quarter, Benavente continue generated core facility internally our charges. to

we quarter-end. received As a our slide the consequence of this to shown has -- receivables. amount on was And trade revenues, first recognizing subsequent also recognized the

also quarter As I to we've during further issued previously noted, clients invoices other two.

quarter amounts two-to-date, received we million quarter. Our the the of In XX. VAT balance at by increased during March €X.X receivable €X.X million outstanding

free entered term in we drew nature, firsts, of and facility financial which during trends our short debt up and is some repaid is we the were €X its been Portuguese Portuguese quarter the VAT already is with government. purpose received. first the €X significant second a This the amounts the have receivables during into quarter with institution, down This million of has facility, to million. continue To as

for income not €X.X further million as did customers The increased meet C-X deferred revenue from our balance the from recognition. by we grant and that installments amends award yet requirements received

ordinary ATM proceeds net which of slide, through million. We Next please. sold facility, shares our raised €X.X

our we our directors. to share-based reserve we -- as RSUs employees granted issued as Our also compensation options increased to and non-executive

both we their in awards wave and of both supporting use is proposals grant that already grants. partners on numerous our intend would and that next for successful This really been activity securing to have in at Spain working and are an direct we the continue, submissions We technology. Portugal

you update Frederico, provide an will the Now, to I who will on pass business.

Frederico Figueira de Chaves

and me you taking at as for beginning. And very much, on well. for the Thank you, Great. kind thank also of Jeffrey, words CFO Gavin, you from thank the role the

and So, commercial on I and our will projects starting an cover update, both activities with my technology update pipeline. in

notably, project award of Exolum are The offering in just currently have from our where year process months already. our Italy go HEVO-Chain our actively to coming we delivery live Spain. we project, project the only it. projects technology, commissioning XX majority already first So, commissioning We're a as launching few using a as pipeline. for mid-term we've currently -- this for after to early in Most a Spain, already over our received grant this in advancing short- in

develop activities this continues States and be recently continue United launched with enter in market year our opportunities with other strategic to aim North in with Zach The us. importance the to two portfolio. in We technology last opportunities significant a to this into project, the brought have Bakersfield with in the for market future America partnerships them them. and and Jason to market to more

to our hurdles. is we into licensing regulatory pipeline progress projects given mature in contracted, have focus the able make or something execution been and some to finally Our

we're we've on picking our activities more other in business QX. As now Gavin posted momentum QX, up noted, we from In two the front. revenues clients, first invoiced development and the our traditional

as So, to that we so mature. continue projects these to XX or expect XX

fleet to working solution Material holistic a Fuel competitive financing Spain on leading electrolyzer renewable sourcing created Fusion introduce together logistics Fusion with Fuel (ph), with want with Spain, centers. provides options. to best-in-class [levelized also I hydrogen energy our opportunity have partners. two mobility hydrogen] we've partnership The Toyota and together our this vehicles, for therefore cost along of Handling, been for concept an exciting European solution, companies, highly take hydrogen energy and

companies So true as-a-service competitive offer centers. region. options logistic a holistic can solution green mobility and hydrogen logistic for We the in to it's

matching demand stages, deployed Zaragoza deployment. is expected be and hub to in fleet various The hydrogen growth

first our for Spain other In executing to now, this fact, interesting We execution step executing, find Iberia. which we're we're particular the and highly as of which in concept now areas replicate CSIC we truly so the it partnership, in hub. aim project concrete already logistic the a project, this on across second and serves

the just So, where a captive example, market you this a is logistic traditionally be deployment. world green and a of hubs logistic although as several have see for we to concept this is core We fleets market targeting fast one want hydrogen can and

here in have technology of is started that our progress I Gen more eight HEVO, the front, want week than in evolution. is this we that I used actually have that first powerful of HEVO me. is one to X production one in front of This I pride note substantial project. have the in which that also On some a a last our Evora me It times front

also Fuel. significant it and speed that's therefore of place and the have taking in at innovation reduction the we Fusion costs, complexity, So, showcases unit

this The of it's launch HEVO operational production of lower system, simpler project, solutions, built sort and also overall lower the integrating the generation this from than be core We're reduce project, this projects, balance maintenance system CSIC but power HEVO-Solar ongoing a generation already HEVO. continues HEVO-Chain maintenance designed cheaper is costs, be modular to and taking for and costs HEVO. that losses, already benefit will equipment and The around scalable new deployment. it starting that processes so of latest to our others with will in

want product this I overall the Speaking concept introduce of on to line. HEVO-Chain,

HEVO again, once HEVO-Chain So, of the the at offering. lies the new heart

XXXX. solution. previously will the for announced deployment project solution, production any announced types: commercial to but operating and size. tailored right was has you on X a the on in in container, in Our also X.X at what from its system containerized two and offering ranges production in on we a that be the plan option XXXX, which together the of core, We December, centralized this size string with hand megawatt in depending product enter electrolyzer which deployed this together a Still and non-containerized can side; HEVO series that of already commercial see

want milestone highlight the strategic of than business bit had XXXX on. a some that we our priorities going I to little different general

offering, HEVO-Chain The the power, Europe Southern market although this we with market so offering, been HEVO-Chain addressable year. have we faster has the and Northern the of Europe moving competitive now already deploying in electrolyzer Europe highly renewable moving -- from actually cheap do been becomes and terms European us. where And So, Northern to enter this market a our readily now we European in market, can benefits will for very solution With plan electrolyzers. available a market quickly. has market Northern potential

position. Also, sheet capital to our our we want strengthen balance and

target and offering at robust second to flow of XXXX. being half tech strong point pipeline the some cash enable us in Our self-sufficient

explore to that options we allows balance on to have a to strategy. our sheet ensure continue execute all We us

able the mentioned, evolve to continue version, On previously previously. to that to the non-containerized I point mentioned projects that be in, on we're large we'll be HEVO-Chain engaged the deployed particular, as three, sorry, scale offering in

to a as As elements in mature by is published processes. and we we around need being grow strong and safeguard as core quickly ensure industry, in We've been fast-growing our also This young a today. maintain and successful company corporate team, nimble as operating a ensuring element first quick purpose robust that ESG a a we to culture critical report executing and it's we're our a company. we governance these of now

can our or our funding, the we offering. to strategically production see Lastly, Across explore I'll strong our add partner on Spain, industry, the the they technology, these with in where our Toyota to we continue opportunities, strategic be proposition membrane, we note add can. partnerships focus the in partnerships. the value handling Already, ensuring Fuel we Fusion our that we're side our are space. to propositions even Toshiba to efforts development, make some just undergoing We'll and sure examples on to that to exciting on bring of pursue

our do, against I minimal on to, more we capacity have for powerful new expanded an just additional as key cost. tackling With well finish Lastly, HEVO, we progress milestones to up underway a production XXXX want our them. and always are at

As it. eight one time I is mentioned me times more eight doesn't before. times Yes, before, this it the front HEVO to make of powerful in the than take now

able which course, this now our offering, are produce electrolyzer helping, capacity with we to So of lot a production is capacity. more

The unit for HEVO-Chain ready the weeks. non-containerized be in deployment will coming

will that and we ready as -- deployment. it ready trials be So to finalize for for finalize

payments milestone to continue our contracts. on in and the recognizing to been front. invoices execute clients a revenues that Obviously, able issue major receive We being from has

interest for continue negotiation for even our of We in deployments are also projects early launch coming to team as projects And in see full as this later year. contract we year. this wave we have and to deployment a commercial two that currently

side, and several in years had of bottleneck hoped, some Now, on a regulatory Portugal situations, ago. than we has in frameworks in projects several slower particular. to progress the started progressed but project see development licenses some Spain these be have we continue we do major but

of we from projects for larger while maturity now that So, you've levels those they that hoping are heard some deploying we start us reaching can are of now. where a

of governments live Europe. action. but large never actually going the only announcing for overall. both change We're ambitions, Examples finally hydrogen to these about and up finally on banks, the in appetite or start the in hydrogen hydrogen later European of this urgency scale are cusp promises Portuguese year; auctions greater, making has it's a and and deployment the we're and step industry very seeing in been taking a projects The not

this Fusion market. and have colleagues, leading thrilled powerful opportunity hydrogen play a with the in work my I'm to to to role

we your you I time, go can thank the So, all so I'll through back pass Q&A. and for to Ben,

Ben Schwarz

Frederico. you, Thank

you as to at direct or in platform submit Just can a those box chat them you reminder of have webcast ir@fusion-fuel.eu. mailbox questions, in the who for IR the them the

question from handful the in open that questions the the His things in let's on I So, XX-F via with with Bakersfield JV received first is Webber and Tsung Research. the U.S. that Chris at of filing. provided up the around Electus, email commenting the information here latest

prospective JV Fusion on update of structured Energy. an Fuel is perhaps on just also and So, there, Electus commentary how the the and roles

Frederico Figueira de Chaves

take I'll Ben. that Thanks, one.

that we continue noted, this work on feasibility The the start project, work study Energy. Veatch with with the of so So, & still to to Electus engage details early we It's development time. of partnership, But as at and for we the continues. now did can't too that stage. Black disclose

updates still progress, able that process on in location started, likely it to of its meaningful California, be which amount we some will fair has but give licensing does before a time to require expect continue make Given we're sort to time it lengthy of will although side.

that very a large note that, I project. will is

electrolyzer earlier in terms We I in megawatts do, new as announced, Jason the we was slightly scale North in earlier opportunities sorry, in XX it deployment two faster. size. and -- tackle Zach smaller and of mentioned about could and in before, we America which U.S. the created for for As

Fusion the that we be to of be important to It's Fuel. priority details to announcing So, a further U.S. those note soon. projects for to continues hope us able be market for

Ben Schwarz

Federico. Thanks,

question year Second against we our was, tracking full guidance? XXXX how are

Gavin Jones

I'll this take Ben. one,

during costs. towards and it currently when and investor full Federico comes projections, XXXX, those to presented revenue for we are QX think I and tracking So, guidance our positively update, the XXXX especially

€X think provided guidance cost QX, per million have I €X.X operating between and of maybe for Federico would quarter. previous million to even So,

focus. which Excluding efficiencies, us were that the my that on cost we one-off we plans during charge, as within mentioned in we slides, put with I that And we and reduce further in to reduction cost continue year. expect place

parameters were So, provided of within to still yes, your we Ben, the guidance we question, the answer previously.

Ben Schwarz

with this strategy, through beyond? planning requirements can walk as -- fund we a Sticking you and to us CapEx year question plan can Gavin. on through Thanks, capital and our you, how you

Gavin Jones

No problem.

various So, where think into areas mentioned Europe sheet, and we're most multiple as here strengthen discussions recently, can I in currently capital investigating we balance financial institutions with wider. and looking our based Frederico

as outset, entered at XXXX. mentioned in momentum clients far agreement into hydrogen Hydrogen I into purchase so Ventures. we've As the And We invoiced as to Dourogás a and well, I we and external the latter continue of QX. that we as stages push three well with again, want into QX mentioned, as

any as from it conclusion. would inflows a but means we capital will to continue through So, discussions CapEx, those be our contracts reach to use look those raising

Ben Schwarz

Thanks, Gavin.

Frederico. ahead, Go Sorry.

Frederico Figueira de Chaves

I clarity -- with to that around the associated also just might add want around be needs the CapEx projects.

do us we development while, ourselves. we So, for of a the do a number projects following been anyone -- of who's

However, projects millions, for to before, clarify to but projects. noted triple-digit the financial to partners again, the just total is those investment those have we say. value for intend this We've significant in

projects to a create in CapEx funding financial into short-term but those and the takes We it, intend investor, opportunity not responsibility. those projects to SPVs the owned is we to in deploy that our are our completion So plan. capital by be through on which technology

Gavin Jones

may or the forgot which months And I or to was alone. receiving if last well as four started then grant one just mention piece recognizing that over we've inflows, five I the now

paid received Some months been and out. the of actually the have last we've that awards XX over provided

hope 'XX. will again, continue trend during that's that, and XXXX So, positive and we a

Ben Schwarz

Gavin. Thanks,

bit, a grants. with Just that around sticking with -- I'm point going order out sticking of little

delays to any So this expect paid being liquidity around, we delays grants challenges expect question the road? lead continued And out? should project or in down we to here do

Frederico Figueira de Chaves

that. take I'll So,

delays. unpredictable. is can grants payments that be always not necessarily I what have It's think noted we

taking other quick to and have paid being a week. nearly them get times sometimes We as year seen one as

are that payment the what of to from a commercial we of to normalized the some since sort so is take banks So, function. that timing I can we away and in looking to with of operate more do proceed partner uncertainty want us,

could projects could of Of course, sell to delay take projects, investment to delay we we'll once if that party. not on note to the them third are that's possible, on the not that risk the looking Otherwise, again ourselves activities.

timing So, take they depending risk third party, they want on have position of to that that themselves. decide the how capital will to

Ben Schwarz

Amit Dayal question here This covered, confident There's that We think, for yes, from changed Great. outlook, H.C. outlook we're and and with XXXX. already XXXX I maintaining has question our since at around a XXXX Wainwright. guidance. XXXX 'XX that our call? XQ Preliminary said,

Frederico Figueira de Chaves

maintain the the same can impact Again, deployment timing targets. and we when projects those of so be these those guidance. noted, the as start obviously, chunky, the some Yes, of can

With our ambitions those the have to continues we be and information targets. available,

Ben Schwarz

of Great. of morning, the Sticking with In Canada. Royal changes Kerouredan how Should reporting Americas question analysts the of Head appointment Bank leadership Frederico from light be should to here, anytime thinking about the announced expect Erwan we at of Americas? soon? a this we

Frederico Figueira de Chaves

be still is this So, determined. to

be working It's strategic And naturally cover As a to the for on a projects likely be market America a some our are multiple the for American partnerships, future. we large such still going expect We time and that and strategic still and is will partnerships is developing working mind. some as that early on, but us. there question Jason noted, days. solutions States also It's in still do market scenario noted that's the priority the for principal with obviously strategic something to through on us. in United Americas continues North Zach be to

Ben Schwarz

pace and to continue foreseeable through expect be through future? this to these of pass Do both ATM at would for be it of we sales take securities to -- award I'll increase rate Gavin question. or the the current steady Frederico. options to the of this for Thanks, for over decrease? What levels next dilution the to

Gavin Jones

Thanks, Ben.

reduced. not I steady, think if definitely

the new issued attract predominantly options -- RSUs, also these in So, employees predominantly are and if we were to about hires. key retain think

to those XXX, headcount As past, we've in grown the very XXX us small people. followed amounts who from have our

options So, we future. be granting expect the in more or to issues too don't near many

not in obviously, ATM as of various will we from amounts we're myself well. But, ways again, strengthening looking date. one capital sales ATM, the our in the to position. any On have the if under And, without that sold at dilution of we're any future facility QX successful obviously those, ATM again, reduce repeating

Ben Schwarz

Thanks, Gavin.

economy one obstacles? is space? of primary build for is Question you more perhaps the long? so to changes address this and the order some do see as challenges Frederico. a And the evolution needed in about think the around question hydrogen and and what I that development why competitive strategic in What taking momentum green

Frederico Figueira de Chaves

Ben. thanks, So,

higher traditional historically which that note activities. from we as margin, And to as in to hydrogen, commoditized. activities is it a used a or market, call the to chemical mobility, uses are to So, seeing, hydrogen. premium increases support these low for early very naturally, for of has been justify they're has to truly the therefore, the come used hydrogen, grade. how that new grade hydrogen cost first should very and can to be is, premium the obviously, seen in the hydrogen with to of point been stages blue sensitive let's we're still of green cost. These able we've such and time governments course, processes What are in replace -- Green it, operates support say, hydrogen, takes clean

to The in scale a framing regulatory economically is where been environment, together licensing hydrogen viable environment, sort working large all and start have use. as green slowly as demand world well truly of

green in the activity think to that case. seeing the now up both And activities, hydrogen rapid latest we're ramp a starts markets. the be in with truly I such IRA, that's why in European with interest

dynamic seen to are was to world something of the moving. we're was And everyone before. waiting sort the seeing think move. sort that we we I haven't get for that of U.S. -- now else So, catalysts the in The market

Ben Schwarz

the about just attention I on and are a -- before, I actually is which think announced being a a if dollar would my multibillion more a much mega lot being I small- developed Frederico. of the soapbox projects, moment, which capital market, in for this requirement. mid-scale space that modest between field, Thanks, kind predominantly in talked really what's large what's a of can projects have in and I that mention, drawing are get and dislocation there up what's to also

We are the rest well scales competitive that the pretty support of adoption and, the more our the value positioned given of virtue of infrastructure to while in unique and widespread small- space technology the our more advantage side, hydrogen. mid-scale while rest importantly, of by industry chain, particularly green on up

Question and clarify each to of here I to around solutions. would [more you two between differences guess, the importantly, the request HEVO-Chain, they speak (ph)? benefits and a Can significant] benefits be and, the where the

Frederico Figueira de Chaves

having issue, an take out an it can an maintenance normal. So, the operating product of using operate to of having offending something back modular and to operating as to repaired, issue benefit shut rest relatively draw, needs that or send simply can sort smaller from using the our these the stack there's can with we'll solution. down we of it's a easy opposed Any if the advantages the for to start namely cube, HEVO if HEVO-Chain, be plant there's the will continue allows the again, or -- or unit, entire modular as full advantages, plant, fact

system the system much actually and a on each level at have we any which that We in system. they string, in little so -- level, individual HEVO the losses only on though mismatched operates from not also the independently means the membrane are unit full are losses each even

HEVO the these the So are some large of the advantages itself. scale of

system, takes have those those HEVO-Chain, amps, HEVO the a can overall I HEVO-Chain advantage or just power and and to reduces through the -- much to the then a the go the lot scaled. cheaper able Both power containerized current is require HEVO-Chain. The of non-containerized units, cost them, of say, version, be this less to who so because should

in we the one all need container example, fill For go. to not do

be they and can scaled up be as can in phases they ramped needs. So, client

do they a phase we phase X projects have So, X. where and have

which the and complemented then system, half solution, HEVO-Chain as its deployed. power fleet containerized in is system full containerized be -- megawatts the water mobility the case, included, second this in one megawatts, So, electronic half the system is as to for has included. has a But

Now, water version, competitive able the size, of markets. large and you use the be non-containerized to the cases system, systems, the say, the and tailor if advantage in you're and you would it both, that's then to replicating in have their very a containerized. whereas have the these versus power different non-containerized They I'd

Ben Schwarz

Thanks, cycle after like? here What tend fashion? Is process? what's that Frederico. it done comment upfront? those Is and around technology Is sales, how Yes. A structured? sales looks payment be that an And [indiscernible] contracts to delivery? it

Frederico Figueira de Chaves

Yes.

us to certain capital in its the is upfront This amount negotiation on, needed taking invest of which of is payment. unit. production until remainder each commissioning end, world. in successful a is it be the then, more for the buy at working production call But allows a after is the own Let's There that general, materials, approach to certain we're items that there buy of only is there of payments. the item. so and the acceptance phase could amounts paid certain milestones withheld -- And delivered stage certain subsequent that are or

is So, production. ease way that a the payment required and working is capital to phased, designed it in for the

Ben Schwarz

efficiency of of then around XXXX, the is how Frederico. required kilogram a kilowatt to Question hydrogen? HEVO produce hours here and Thanks, many

chime that it's the let to I'm -- at between the know and that. important efficiency Frederico, level unchanged you versions, relative on but in to it's stack that say the I'll distinction the going system to prior versus not level. But

Frederico Figueira de Chaves

right. that's Yes,

therefore, number, The stack attractive. kilo. the XX-dot-something again, cell, hours sort efficiency it system. numbers per estate more we've XX production the level, and on more stack powerful. electrolyzer And, maintain So, the we are making same And extremely [indiscernible] and to highly competitive sort those been same around of or at that's by able to it's level, system overall the And of with people continues level. powerful, the an it's the and kilowatt it unit same real numbers advancing space, then, decimal but be and for [indiscernible]. in we're mean more full exact electrochemical hydrogen a account higher These as the

Ben Schwarz

Great. Thanks, Frederico.

not, So of it further time Frederico I we there with think we've you to reached share? to spare. the Gavin of questions any want thoughts you Unless of, or the wrap can, session end unless plenty kind have If some or here. up final Q&A then

everyone So, thank big you a to joined. who's

felt me do any out at -- you to to questions seeing will if team update. next our and you If we you reach And come your sufficiently, up forward was look ir@fusion-fuel.eu. again the please at answered or do IR question not

Frederico Figueira de Chaves

Great. Thank you.

Fusion Fuel Green (HTOO) 5 Jun 232023 Q1 Earnings call transcript