HTOO - Earnings call 3 2023 | Fusion Fuel Green PLC

Due to licensing restrictions, you must log in to view earnings call transcripts.

Ben Schwarz

Hello, everyone, and welcome to Fusion Fuel's Third Quarter 2023 Investor Update. My name is Ben Schwarz, and I'm the 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. These statements are based on numerous assumptions such as 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 expressly obligation a forward-looking update, required to otherwise, result any law.Okay. obligation of or revise future whether by disclaims except events, otherwise or any alter statements, under is no and as new information, as

So greetings. Thank joining all today. us you for

of I'll we're our kick of Gavin of for the CFO agenda Fuel's an them.We'll facility with next hour, of and market financial the Fusion and third-quarter CEO, off respectively, terms overview things In a Fusion before share some the with perspectives then floor seeing will currently. along and Fuel, Frederico, for commercial on results, and then our what in progress XXXX open our priorities a up against wrapping highlights, recap Q&A. updates up with

in can brief submit your green begin As in the Fuel, hydrogen ir@fusion-fuel.eu.So the also mailbox, Alternatively, can our the entered point you the any value platform a in Fusion next let's previous in questions as positioning IR hour. during questions with quarterly be webcast at always, refresher the Relations the on at team Investor calls, our to Chatbox proposition sector.

developments Our mission is of delivery and the clean more the cost-effective solutions. energy through to make accessible hydrogen transition

de-risking robust advantages of block Europe, tied high of positions at - significant and us our hydrogen modular heart market in building to HEVO, third-party approach Our for unlocks crowded green architecture, and fit-for-purpose Many of the technology. for differentiator the them, investors. including unique in Southern create our throughput, a these everything do, create solutions.We've us that near-term patented to a a a have grant foundational is one us, production, miniaturized electrolyzer core to enabling PEM-based funding our that business customized demand simplified scalable multiple is of the we industrialized case a and â€“ market own actionable for built strengthening tendering projects pipeline projects electrolyzer

business We us value model that have chain. and differentiated the a across synergistic positions

project projects, this that the has underperformance, firm they've of offtake with trajectoryâ€”rampant delays, a on scarcity had fundamental agreements threaten as a set. navigate and of movers lofty expectations deliver challenges the work we and in compared of of doing obstacles. to believe velocity, positioned we with unique in the these our have head amongst meaningful are development, things, other so uniquely project our continues In And our of for with annum to tailwinds megawatts to and we're a mature third-party Portugal, the value ramp avenues a XXXX. hydrogen creation for an facility is growth end projects green originate to grappling green where develop we world-class market selling start customers, also XXX with located hydrogen addition by the and targeting from the significant Despite proprietary we promising diverse cycle. finally, development pipeline along we the technology, pipeline cases, rather, are technology positioned industry industry early to to per roadblocks are opportunity, to about finish as production the electrolysis long-term a monetizing in overcome And to extensive the peers. Nevertheless, long-term number project electrolyzer start with production of behind the handful our many

So, XXXX. from highlights share Fusion of Fuel, with Jones, quarter the some CFO to I'll of now third Gavin that, introduce

Gavin Jones

I'm investor or update from to call. Thank of joining joined in you, all who Ben. our Good afternoon Ireland. our third-quarter offices morning today you

XXX-kilowatt leading electrolyzer plant and solution the to system technology During quarter, contract a a of from supplier. third we sale were building a global awarded balance supply

green will fuel received to I and projects provide commented of represent discussions both efforts the with its plus on Fusion emerging prospective originating system.While providers I capital company for combined HEVO-Chain enabling hydrogen of with were the balance quarter, you This revenue. and in partnership will we in We in existing early with partnership Northern to and Fuel include a the EPC EUR company each X.XX-megawatt a of partnership Portugal Italy, commercial as third These to X.X plant North spoke orders along million X Europe.After projects and with Fuels, Clean existing add the also clean on separate near-term Elemental that exposure financing end purchase will focused with our supply services serve a developing North will in the equipment entered America. customers and focus Duferco our the into and market a American to Iberian about and in we product about solutions. Peninsula September,

are spanned culmination that that entered diligence of XX to due up USD to financing a the agreement we We pleased we an on process into with last multiple announced Macquarie have This week. share of facility represents agreement a months. which million,

The equal equal as facility, SEC price days average warrants trading of Macquarie certain in to cash by be a operationalize before the any filings. very aggregate for the will are to conditions with of such warrants are drawdowns be done completing will that basis of parties as is perhaps tranche volume The we and with required the on exercise X-year We XXX% depending receive importantly, of to terms amount term. the this the facility This quality size flow this funded. weighted a of immediately preceding at be Macquarie. an X phased counterparty structure will There our the debt convertible and the must mutually equally pleased on each have the issuance. both the needs agreed time. price facility tranche met a XX% with

million this of needed all otherwise. values us Madrid. We our are close during project disclosed project the capital acceptance of in million X.X will to in X.X XXXX. achieved is represents green EUR Euros days. are the Of working during note next on objectives.We the technology first this quarter This EUR on contract. cash move Please these September Back in revenue to quarter. is Provisional execute stated This and we the and accrued, sale now expect unless revenue facility related them million year. a provide the that will third X.X this the within recognized, of with XX to to in revenue the financial received first hydrogen XXXX of to expected XXXX, recognized for results quarter. quarter be EUR the the in third recognized our relating was We to

this of to part Our complete Portugal's program. was customer's project as intention First Green

to quarter, and project it as wouldn't set timeframe Portuguese volume this within sale the the completed this not We would The third still it sold During with of planned. out that in agreement amounted third reversal apparent quarter, comparative cost revenue they proceed projects part goods as reversed grant be the and with associated reverse second-quarter for further revenue X.X Please this for the contract purposes. became during complete we note of is this that million. the government. client have EUR shown with the this their to expect

legacy remember impairment of HEVO presentation, may our for we X.X our a provision As against EUR solar million investor you inventory. booked second-quarter from

sell scrap we've the continued During legacy quarter, to equipment. the this quarter third fourth or and into

EUR during an as We of part third infills million increase been expect for the provision by quarter. of the continue this this foreseeable offset process to X.X process to future. received the have The

to quarter continued base quarter. Our that a the saw quarter. the fourth was operating coupled further This somewhat the fees, vacation third expenses. when X.XX due headcount, costs decreased personnel-related employees. travel, R&D higher in cost our with offset typically reduction and for have paid EUR was reduction consecutive to to second legal and fact administrative, due million to We of our to by with an to our coupled but subsidies being second in the This compared the costs Portuguese-based consulting was increase reductions

to quarterly plan increased point incentive during the our charge by relating X.XX million third EUR Our quarter. equity

the number for new quarter. were the of a third The second one-off instruments. was fourth the quarter for lower and a of due quarter forfeiture amount significant expected There not reduction during awards no to

a amounted million. of EUR million until legacy We of compensation pre-tax XXXX. EUR The for noncash quarterly to the end loss X quarter the expect expense X.X share-based for

asset the of invoiced plant a this EUR was X and of was discussed is million. used, equipment value quarter balance recognized. net the the with quarter of decrease was then, by This Since down addition of to just equipment this part new second of year on in inventory inflows the is X.X to was of is the charge, X.X related impairment increased revenue, property since EUR production sheet, significant is we the EUR as by during the to booking shown equipment received further this earlier. increase that revenue is The Until million terms million driven of which revenue the EUR funding the we've inventory.Our in X.X In client XX. The the amount facility. bank grant for balance recognize recognized balance our before million out. over September Benavente we

which mostly be through We have Benavente significant will to for relating spend expected demands our R&D grant for facility. XXXX, production reimburses and

the inflows operational customer us drawdowns to we will that with facility a strong are from monthly, the Given Macquarie now XXXX. satisfied inflows, are that have coupled we receiving enable the

as million since of as quarter, of included warrants, we the the No fair shares raised received reduction payables movements a for we EUR XXth. value XX of grant made during Benavente, EUR book X.X million ATM XXX,XXX September EUR through of trading above, mentioned by and third ordinary income million our X.X the have days been notable other X equipment facility. The third in quarter. in sales selling increase Over the an cumulatively trade

this slide, guidance guidance and revised the please. second quarter, XXXX true. in hold We we our Next to expect

We have active X sell significant for deliver during technology contracts. December equipment to

expect to EUR of recognize million. XXXX, For we XX revenues

X and of and shows, and of technology are balance projects technology total own our of backed sales to The by orders. the portfolio. different be As attributed this equipment categories: already from plant demands sale slide this plant committed can balance

the estimate pipeline recognition equipment uncertain right awarded is sales from We now. have if too included of not of revenue further as were we our any contracts; timing

with development Portuguese are the a convert familiar and a general the infrastructure the given status EPC perspective, million uncertainties and that have funding our our services. project continue government. pipeline, those for and technology work later. costs grant through will Sines in will we project little X that as XXXX. It's that include in our we Sines, we possible from development we For budget The keep projects of cost a that guidance imperative From slim pipelines to upon into as we Portugal hydrogen project of sell to X will an to cost base XXXX our in of for awarded revenue EUR working plant and economy. touch combined the balance have the sale assumes project compared global XX.X have and diluting Frederico Right technology a fund the further our our lower a product to quality we our ancillary now, reduce this services. when competitors, without been

look As will X XXXX. trend noted earlier, consecutive quarters, reduced to has we base continue and this cost for our into

Our you Frederico, over to as reaching to and goal costs presentation. continues you of rest be critical self-sufficiently, will guide flow achieving this. our as as CEO, possible will quickly pass cash low who I through to the the keeping now

Frederico Figueira de Chaves

large production green that Thank from today I very about full activities share of Green seen with today only Gavin, the want latest plant having problems I'm are hydrogen morning and of first-hand have loss hydrogen plants. others to process plants that the producing have good and to on. and you, the to as Madrid news few we at going and shutdowns, companies have hydrogen the note safely. plant, benefits the occasional few install pleased than causing our days good have people announced a of green In plant all. few the afternoon, the expertise plant modular with to reality, suffered. solution numerous live many live, of speak have the future we the Through teething you rather

the to only as of but that versions testing plants run laboratory future have in pleasure the of Portugal thousands hours as of materials ensuring HEVO next we degradation of We existing from the is Spain also having generation material and well rates ensure not is behavior. on hydrogen releases, our

close knowledge our signed. During as The capabilities with Few these from hydrogen equipment including clients the but our into not another like are engineering and has been required we least from have plant. a a would design, to factor, and they hydrogen live first fully-fledged been to have facility experience experience have only to crucial put plants projects green own differentiating the we XXXX, also go at X sales today these highlight and various production I a operation. our green implement, to one, lab expect contracts. critical

projects, to addition licensing in the engineering processes proposals [collateral] than and date. HAZOP studies, equipment our plants experienced us equipment. value in has challenges and In projects of includes for plant.Given ATEX some hydrogen more a to over an have XX clients. create green to team the Spain and submitting specifications using for the This This is that fully & simply defining fully Portugal to XX experienced that clients with increasing recently, all the beyond allows proven player partnership delivering goes designed hydrogen

and for but will point alkaline confidence design these requests receiving major as in to specific more, I and and generate us next in we independent services from capabilities are received auditing to only full services requirements. We client for find a expect trust develop their selling for early Fusion engineering year. even plant fully revenues are solutions the requests addition tailored be the we plant as for to designs, these engineering, are not More to Fuel, systems. engineering where electrolyzer review already have This requests wants our to the proposal

trailer X We The also can provided of step, Stage are furnaces. so from type are projects and initial even X XXX the services in usage use barg here we beyond charge to up reaching plants specifications plants designed sizes have XX barg megawatts In far. plans hydrogen various kilowatt blending, industrial this at What well There the then see an for in for and way for X. from the preliminary XX and one include detailing for of that that offer, team you and cases and as gas with designed mobility, expertise. renders hydrogen full pressure engineering provide has a use for. the of all X,XXX companies filling we tube designs for engineering deliver equipment as

For few there deliver expertise. a are markets, that companies the can

capabilities, is establish partnership we where have into and full engineering markets in partnership good we for For look such cases. specific the market. of also do know-how Middle their a The that we in Italy have East TCC not a with entered players to example with

is hydrogen in with As plant full HEVO-Chain a in announced demonstrator cement the our our This XXX-kilowatt electrolyzer sector. September, the for at and at HEVO-Chain In synchronized of per uses in end we This announced will we tubes design in installed already a production. can HEVO-Chain global a see leader HEVO-Chain which you technology, local has the particular, been the with cube XX the plant multiple be delivering along plant first partner. the green image, includes which plant, already implementation modular solution, unit. kilowatts that along uses

oxygen the be In the system the hydrogen as for is as will capture addition, has well. it where new -- plant first green green the used we using oxygen client our

the oxygen XXXX. is new used in More of system, two oxygen expected first order in green that X.XX-megawatt currently to also fully client as project plants the HEVO-Chain for green use announced and we well. our using operational system be for has in the half hydrogen and capture is installation a This recently, we're installed So of development XXXX in sorry, Portugal. will the as

but unit, full and also purchasing design, we installation. see, the equipment the plant selection, POP and will do can not provide electrolyzer you only As the oversee

revenues and capacity, around for We reducing Render, HEVO-Chain reducing shown costs of used still these kilowatts of each X in significant providing modularity multiple connections, approximately valves, under the two and These the Cabinets million as by number the projects expect where the XX electrolyzer of in piping solution. XXXX. projects contains book in to clients EUR combined from consist

start significant As our we've of technology the said of a this before, sales push quarter year. the on we made efforts third at

to which generate continue for we will In services basis, evaluate for expect a this request that receive addition, we activity to during engineering from case-by-case we revenues XXXX. on

XX we projects third-party want for next on the providing has the large when taking executing commercial project. very clients outsized not being take a risks submitted And these believe where for projects. but such to than avoids leaders industry not primarily we it put, modular efforts, the HEVO-Chain several prepared is around the guarantees We such balance us This systems. many, more our projects, will few technology in that provide and not cannot have see to to shines, our if been projects several, with the have where proposals companies believe years. system. sheet in Simply below demonstrated We is X performance size implemented. all warranties the as risks only allow our next not see a cases, We do focused the industry XX-megawatt

XXXX As for target is Gavin EUR our XX revenue mentioned, million.

are differ may towards delivery the confirmed to These the and X can we given further We recognized XX new X already proceeds listed are room some engineering awaiting also and how I of from on projects hear signed would on alone inflows the targets, proposals to some of project. in selling our and based from right. the activities the Although EUR XXXX, Sines revenues from These services. only that negotiation back still to be allow we projects meet have are million for and our giving client. the us phase for projects end

predict. these have that project. only already XXXX, exact previous in we've confirmed As project we the those therefore, for and to date guidance, started, in I of revenue And the have years, seen included Sines hard our are is already have

we matures. guidance going We're clients one-off seen for previously. pipeline and well de-risked to there in we for slow we cash in as have as inflows from and off, been particularly as hydrogen the we market new a upside potential seeing to us still movements allowing are XXXX from expect significant The is as revenue to opposed significantly as we where where bookings position excel. quarterly have the believe revenue bookings -- now the So the take has size forward sales we but project

So, we briefly finish we part we are of I against its cover stand the excited as to laid strategic the very year really industry to the had for terms.To where out growth priorities up, and will capture comes those. this

in projects several with sales As I've in just slide progress before Europe. Southern beyond the we for the have proposals substantial being highlighted, made table activities the of in technology the

of tranche that the facility with company one our significantly of last the Macquarie, financing in focus several believe months announced only execution due on signed a was With the to result that not for the discussions but concerns with is we have allows of partner, This we diligence hampered facility, addressed future. so. first-rate us also or that largest the year of and a size business

with the reach related conditions providing is up are the simply and to In this we seen addition, as with capital goal only fair in the designed constraining partner a year, benefiting the brutal pricing tranche for only environment the the to to end throughout and design can its shareholders. They than its enabling avoid this had office each particular, deals in rather attractive company facility, many the of that executed in capital being. dilution

designing X projects blocks. and As building mentioned, using can we've such for larger And XX megawatts. in theory, projects we deliver been

large under XX ourselves as in hoping focus overextending our avoid seen we need the project midterm, others the warranty the market. be avoid for megawatts and the provisions for have on from However, will to to

our in beyond comment reach see except the in us and much in some help of we is flow strategic one can making the is the this to for this we that breakeven mentioned. say is Therefore, we the won't possible and to on also have of and that of the strong continue makes that production to North truly partnerships, business, aspects. can process commercial market need an This be resource costs we already both it Europe driven We've from for the substantial development industry. companies markets process organization and a the upcoming underway established will more progress. in that American on Italy European Middle allocation the expand and for sized believe to partnerships focus the in role still these in to we excited our this, is where We're Fuel market. approaching much as sense is with is East only industry. are but of And well in also to and all elements, chart Fusion be as company. Gavin highlight where key Growth the first reducing pivotal XXXX mentioned, but throughout play we're these progress As actively how and cash we

have We have revenue cost will books much peers be reaching terms lower and valuations some that already much we in run higher booked of rate.

technology in modular a risk provisions warranty provides expenses. future have and lower of that terms We

forward So plans and Q&A. to we executing driving XXXX. open up for our today that, With for with look on excellence I'll close

Ben Schwarz

Thanks, with for from Graham now, Instructions Partners. ]So let's Federico. from Operator begin Alliance some Global [ questions Jeffrey

any particular stronger are First tightened is, market. seeing hydrogen you models business this in use cases question having

Gavin Jones

take that I'll then. So

I a of So everything. hard. bit see that's we know

use basis the the in So more is uses where to have mobility, IRR what's hydrogen this fleet there expensive one the in highest point cases related of the time per kilo of industry. CapEx the is hydrogen a enough in of justify at terms is that the

forward, and before hydrogen. where a and with exactly companies one that a how really mixed business on react about for cases use The see furnaces a learn is mentioned when hydrogen, want that we lot of business where one is they they project this learn That to impacts projects the and well-leading element that's will how cement more the they're we project the hydrogen want the so expect of that So most said, of preparing core to attractive of people their it going be those do today. starting with future.

betting funds that industrials So seeing from but their longer-term on hydrogen views purposes an decarbonization IRR the it's and more the of mobility, perspective, and I findings. answer simply stage, and taking more for at we're would this

Ben Schwarz

on the you Northern on update submitting to made On or Can to progress allude an you projects offers slide, opportunities Europe. provide priority in that?

Gavin Jones

Sure.

these So Northern offers at we time mobility sector. And to the this continue all been Europe. have to around provide

we and France well. offers to other just have beyond So U.K., now countries as submitted with

between But expect offers of seeing We this what taking continue. project, we through offtake. FID submitted that they clients getting their the [indiscernible] on the to and negotiating is are takes mainly it go process as the

So some might expect more on to although to time Northern us on we do to see take continue hear offers back to Europe, decisions FID. it positive or negative

Ben Schwarz

One any your what Midu on of and might more for revenue projects [ of ]. might you you basis? per services megawatt type examples the Can provide where engineering be a monetize that opportunity

Gavin Jones

Sure.

per end this in client. the hard a case map complexity project, the due it's megawatt very on to of So the to often basis, mainly is out a project

So without purification very barg. needs XXX different a oxygen X project at the and/or barg that the at requires is hydrogen that pure one

So basis. it's on project-by-project a win

where of do the today only design we of do several of specifications all but the what people that full have projects as is. also balance to the We want projects, the plant have cases seen us of not the

hoping what million. what X as year them project. in being compressor to And numbers targeted to engineering we've right recently design, full so are through XXXX, some today reach even we the offers XXX,XXX use is and use, with the engineering services of as for or to, revenues buyers. mapping use, we engineering touch So purifiers system as Currently, hoping EUR This of do the still next early put power on each on. is terms to going having to that. We sent get we offers some in in that and

demand engineering do on be services. next also year. So, already we're case given the us revenues expect to But business booking we for building the still services, strong our

Ben Schwarz

Gavin, are to this target at question anything or of is time? Is there magnitude internal for potential reviewing? an you. this cost communicate you What's the reduction

Gavin Jones

very as trying QX from still been is that has mentioned our finalizing presentation I back of on to It So reiterate that previously, terms year [indiscernible] And looking again, we as detailed. our XXXX get budget, the review and where in cost cost very, that at to to mentioned see our why still a it's investor close percentage our we're of long in internally, currently on That we're driver in but September. to my base, being position number working full ongoing. embarked and because being so for taking continue well is important And as reduction XX% review for we successful. us SG&A. remarks, some a a to suppose time will I very key as I have us as that's

it's take no to comes the it and unturned we stone leave when important So, so that time costs.

that answers So yes, question. hopefully the

Ben Schwarz

A Gordon of Gavin. Thanks, question Erin from from Bank Canada.

X.X EUR On the Can previous EUR you EUR a million per for for million the XXX XX in a value show project or under X million order. to EUR any versus XXX slide, - on third commentary offers quarter in we XX per the that average proposals pipeline decline revenues proposals provide prospective outdated difference? the little parole implies or of in quarter that iteration the second from slide distinction million

Frederico Figueira de Chaves

Absolutely.

electrolyzer of from plants what balance the that the plants and will sales we sales So, providing we be plants equipment. will revenues done be as out to on of that can margin involved that determined equipment and project. that the gross have the rather focused project around we per the to balance will able those extent be In substantially pipeline, provide by in so we it's end, the balance sales plants of have stripped simply equipment balance than client

to proposals, the in more really -- for electrolyzer kept more purposes and of proposals. for the the like-to-like So we've [indiscernible] order portion it to the

Ben Schwarz

Thanks. Great.

Macquarie, the for strategy going in light how of utilizing ATM facility you, Gavin, you capital now, thinking the perhaps are ATM to look Moving we financing to about forward? recent with

Gavin Jones

Sure.

as haven't was the used I trading I since XX, So think September we last ATM the day. mentioned,

activity to clear very it. is on operationalizing on re-engage the the ATM. ATM of is It have the immediate deal, facility be one is to just canceled. We for plans no Macquarie And that conditions the

expected of is in that both of now answer, use the current terms or ATM. future So the

Ben Schwarz

solutions position Or the additional currently convertible funding. you project cash consider with to efforts? Great. get the in And place and Does you inflows the will that Macquarie needed? grant there without between fundraising

Gavin Jones

of I'll really phrase the start with depends. annoying it

both So we witnessed whether further it execution depends and project in those financing projects. delays on of

So will if of structure balance would that the sources move letter, change it investor other our given capital complementary forms our the Partly further sheet the in We financing importantly, Macquarie as and and they're recent substantially. capital delayed, to us allows most as delays stretch industry. can strategic facility noted here pursue the of required, could caution witnessed we throughout amount the probably of needed. of

Ben Schwarz

Thanks, Gavin. the timeline flow What hear you cash or profitability to about breakeven?

Gavin Jones

Sure.

XXXX. this during expect it previous some good to depends. then, follow-up point back a we to the as question again, So This of point is the at it time goes

if plays XXXX, out be will costs hope expect, as to as -- we finalized don't cost get and possible. everything during time it and but the we we forecast So, as during plan review and to year. it next it we our be as We be expect

Frederico Figueira de Chaves

the electrolyzer the reached or the still that will base. producers all first add be of that will milestone cost I first simply who one we given

Ben Schwarz

and delays the business, recent Portugal for in on you! in Frederico having issues permitting the an received for funds. Do example, in political or the form of you effect see

Frederico Figueira de Chaves

Portugal. the moving various the the grants. turn ago was had actually we big news seen that naturally, that that concerns, Since We've number items have So of off day the few with a then, government in monetizing on forward. one out political and recent kicked weeks of this especially we came of our the seen a

normal relatively government. So, we have within seen operations actually the

have note have So, point about or government launch. expect our just at we in this been affected. was the I around is that we not to where programs delays time, projects seen what will

of for that this of early XXXX. expect expected end not pushed hydrogen [auction] delayed, have, for there launch the was That of to happen example, have until will been in on awaiting the projects none government was to towards auction. be in we're -- hold that new green projects So some although Portugal But the the themselves year. elections naturally had were the we that programs the

given the So doesn't guidance of for XXXX. it we've impact sort revenue that

for which meant one have recently regulations it Bank, out European has launch go instead. opened for up been to clients this the for and Hydrogen all around of considered put has the the bank have auction calls now addition, Hydrogen In of European who auction that rules the also going and

Portuguese been from minimal. the government So has the impact

Ben Schwarz

mobility. A question on here

clearly, of for perspective a market the versus mobility on space. else company. note strategic a then regarding And to Does touch So the future on anything have management priority in of this partnerships in hydrogen EVs?

Frederico Figueira de Chaves

for to of Fusion sort which to So a l need know I of is charging, that in executive most a and particular, hydrogen made be case the for better fast there it well. believes personally, both, and hydrogen of sort of having of big is large or need multiple need between the [indiscernible] as be whether carry hydrogen market ammonia for discussion even debate There's Fuel you where or batteries the it committee by avoids loads. fuel EV which to think a the derivatives, places as

will there both and that is view hydrogen elements. our and EVs all think in be market we a So mobility their for

So this that in that our to it not across fact of discussions combination mobility. the but to an also we've to with seem clients either/or, decarbonize point both aim actually is all the seen a

Ben Schwarz

for particularly of provide in or touch need on Can guarantees, ability on larger space you projects. those the this to players

Frederico Figueira de Chaves

enough. important like or mind in which is XXX-megawatt plant is someone to in I not topic a the EUR have clients. project, the think a and is XXX hydrogen keep infrastructure this for Effectively million discussed CapEx risk that to do that on full we player a wants when they're really spending the substantial any industry

does Now provide the does of investment size. To would to to or industry as and warranties as that performance CapEx several get date, that, you expect years a traditionally, far back seen, guarantees large investment especially not for up with we put much provide have capital they large really for needs projects. not determine to performance guarantees, at full Therefore, can how risk. truly a doing whoever is very the

approach has have record. larger substantial years of banks U.S. of cash balance is and This especially and a with technology we So cash deposits equipment a seen putting years through in it, of track some the risk not finance large let's had that called to sheet, proven yet the sales. competitor to order collateral substantial with one, call anyone's has

majority being or both in why in will is So that done X the manageable. the large for equipment buyer as risk the few the both believe projects, the projects to mid-scale is small there the be will be we of projects this where a project And years. to well next the X parties, providing as investor companies the

large until in mature. industry to next this So the projects more X is limit important it years amount X will is the because really I think of the

to an really technology plays because of that For in us, area. it's advantage small sort mid-cap our

Ben Schwarz

current their in Can based a of of count comment and and current structure you on perhaps cost kind head context the the sales. on expected get need

Gavin Jones

Sure. Yes.

gone a we're we've past in months, roughly Munich, the XXX, the the the probably probably XX So XXX headcount at close terms I mark to think of around journey over on XXX.

the to also salary a of than likes the lot North I Australia. within point even the out countries are important is and lower compared lot of and think the EU thing cost a within that America Portugal other to

our process. we presentation from to within think and it in might included I the X this be more is the a and I that cost headcount, So rationalizing headcount reducing upon moving of case was people touched one review But that different a department quarter the department. but not think

of team assist that? even could Frederico purpose to stream have other engineering resources have do we and And organization for as I his out months. fit for come think in this in in has we further. it that fore areas recent slides, the stream that the promote even Do pointed that the

I and something that at basis. it's look as very now, something got it's we mix. a is we've positive ongoing we And question, that But -- actively on that's right look we said, that an at. So good a think something

Ben Schwarz

questions, in absence I think additional it any the of do quarter So our third that for will webcast.

everyone you joined. thank who's So for

additional IR@fusion-fuel.eu, and management, out look free again me forward we at you'd Thank our feel If IR speak team or to to the all you. if please myself next the like update. have Fuel to and reach Fusion questions you at with or you to seeing

Fusion Fuel Green (HTOO) 4 Dec 232023 Q3 Earnings call transcript