HTOO - Earnings call 4 2023 | Fusion Fuel Green PLC

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Benjamin Schwarz

Hello, everyone. Welcome to Fusion Fuel Green's Fourth Quarter 2023 Investor Update. My name is Ben Schwarz, and I'm Head of Investor Relations at Fusion Fuel. I'd first like to remind everyone that some of the information provided during the conference call may contain statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. some actual results financial in the affect and statements.For Report discussion XX-F our from may these Form Fusion that and on the a anticipated risks company's see SEC. the financial of factors Fuel's possible future results that with the condition and differ forward-looking important results It's factors these risk could in of filed condition Annual indicated latest provided or Fuel action conference during no such information to any Fusion be taken any upon the update and for revise not assumes reliance should information. call forward-looking obligation liable in

Okay. thank way, With you today. joining us of that out all the for

the on our an and industry the things XXXX agenda commercial IPCEI of up of on our then the next designation quarter the dynamics.Frederico facilitated floor then off Q&A. and this terms Gavin for updates, with year overview earlier recent hour, results announcement wrapping highlights Fuel with Fusion priorities. fourth will from up XXXX, open kick thoughts before including hydrogen In of of the review our market discussion for some We'll with a exciting

previous our the box any questions the could quarterly be chat at next entered point webcast in platform hour. the calls, in during in As

proposition You value let's and your Relations positioning begin hydrogen can Investor the Fusion questions ir@fusion-fuel.eu.So our also in submit mailbox with on at directly the to Fuel, a market. refresher green

a for and a value along as diverse industrialized robust Common high hydrogen we scalable the cycle the is simplified the built an employs Important the including More for that through projects, the unlock is and monetizing design Interest. us highlighted by development approach, actionable micro-electrolyzer everything of to of our play where So pipeline a later. that considerable designation solutions. seeing enabling throughput today.We've creation production of of European avenues mid-scale green multiple to Projects sources architecture projects Project HEVO modularized segment market technology, with HEVO-Portugal on building a our green do demand the transition recent we're At small block of advantage creates of and mission to competitively in us, heart and near-term of European development proprietary which our innovative hydrogen

We production finally, project can of take of the model and complementary credibly a plan a few production. have differentiated a world-class in positioned business their megawatts Portugal as positions mentioned of solutions, that throughout we're develops as and end-to-end we pipeline growth supporting to truly facility players well as hydrogen extensive hydrogen us annualized clients journey.And that deliver green market an significant XXX one located long-term advantage with green the for

dynamic, this activity.There On to inflection It ground difficult the and ways, year slide; come expected drove a was uncertainty, you maturity, many deceleration the discussion. space. access an to of turned including lack surprise technological know of premium great saw some financing factors a be, point a step in What of so observations as among market project we today's to hydrogen in next green help we've molecules multi a green previously, of as to cost commercial green on are a on out for XXXX the couple which others. touched be back persistent that that should regulatory was a hydrogen

did life the an HyXInfra on of from present opportunity signs see the It's see headwinds challenges to potential which development of more the expect we'll triggering infrastructure persist and timeline for by in some the impacts quarter, which start that market prompting greater sustainable has European unreasonable long-standing in a the the shift capital more not many to -- strategy is has fourth balanced hydrogen attention capped green delay downstream investors the IPCEI last extended bottleneck. profitability of later, in some and to these discipline a market XXXX, participants, little differentiation. of towards of for One to the it catalyze also but these announcement structural to bit address month, discuss market program a growth.We into

Fusion some of -- fourth with from front that, the highlights Jones, will the and Gavin third Fuel I and Fuel, capitalize to Gavin us.So Frederico of now opportunities quarter, should we As the half course well share explain these believe next of in I'll see the we introduce of on XXXX. challenges positioned CFO is emerging Fusion over hour, quarter overcome to say,

Gavin Jones

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

and a separate represent supply During million will a EPC orders the and along plant with X.X quarter, for received customers we combined equipment bonds two our products each include the and of X.XX-megawatt serve fourth These projects revenue. in of will services of purchase will EUR system. HEVO-Chain as Portugal,

being during witnessed is this X And were award. facility we the through Commission we means net later the our value consortium.The a separate million. we share finally, last on addition, February, as into volume award raised European an Project of just Important part Frederico the his Macquarie of Nominees, grant the as total end will EUR lion's We when HEVO-Portugal In trading presentation. ATM Group this unprecedented securities of Project fourth agreement above with notification of what proceeds of this IPCEI the purchase awarded a EUR for received XX week, Interest. quarter, the our the raised X.X Commission's European Belike Company.After of Fusion a entered Common IPCEI February cover from in following of Fuel million we acceptance stamp HXtALENT European with of

note revenue otherwise. in CSIC. We our production EUR related results the stated discussed that the represents will unless now manufacturing system move million Please during and on a to recognized all to revenue of the fourth values the quarter. with hydrogen for This are in fourth euros We quarter. X.X financial supply

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we As booked quarter within provision to our you that against may design. investor from legacy were our presentation, remember inventory our components manufactured second

EUR components to one development impairment million of During the for the reviews XXXX, second significant legacy projects. the HEVO of fourth specific solar party. impairments expect we of million increase a half during net components to fully are impairment we third included to bracket.When recorded the charge to these the provision X.X a These relating in our inventory of we components X.X quarter, utilize and sales of EUR this out a recorded separate for carried

that in HEVO that As saw a recently as that noncurrent not that have installing solution week, materials.Some assets within short-term of prospective it management components scrap regulation capitalized recorded a on selling has HEVO solar apparent us with such on buyers more decided with ability as these components the last and stalled. make within project further the certainty until to inventory. became negotiations up be and the sell changes have licensing give to coupled these will were full we these complicated with significantly -- our solar time impair remainder value the units or When

the been our and company. we've that February cycle impairments to possible we legacy We expect has to on We to solar, the impairment been look much turning feeling components, HEVO forward letter, of of investor towards recognize recent a as stage impaired and to Chain. X.X during alluded started a HEVO people life which first page is write-downs the fully able forward these and next step we close fully of XXXX. been received we and the as these our have legacy before In inflows from to of several EUR legacy dedicated XXXX million, inventory recovering of XXXX. as our chapter Since August after.The the to to have between materials scrap another to related

Our consecutive was of when a due for the This grant third mainly allocation compared to personnel inflow against the operating saw quarter. personnel-related We our to reduction the quarter. costs to a costs. fourth costs decreased qualifying

runway announcement sheet equipment and we X.X our legal, of impairment which revenue were update continued recently, adoptions more the the we our then, we X.X facility. received share-based million; provision spike the decrease the million received over was capital and raising as Other the fourth million.Both to of been X.X quarter acted options [indiscernible] assets reduction until of inventory our noncash million to the of X.X compensation ATM the the ATM award. impairment during be this charges. were in term. fast cease and its various Around and grant achieved these the fees. to X million relating options impairments it X.X This loss related pretax for of the time, used some share and balances trading the as on Most investor of to ATM consequent of have loss the recorded Based net utilized million, for in ATM have a our months. facility of notable recorded short-term XXXX charges was meeting, include Until had commented XX warrants our volumes that further million December themes during onerous of inventory. inflows provide of are Since provisions raise.On we the with the on EUR in that considering inventory associated EUR possible. last shown a our fair position during way recognized position quarter.Our which the X.X contracts expense financing of I EUR was above-mentioned we were XX. soon us, utilize in the to our Both just longer noncurrent has the and mostly the was of over The capital short quarter in front bank travel as a down EUR we price and recognize is EUR December balance was million, through IPCEI that and value to us a that and further management capital balance activity IPCEI inventory recognized. as movements use the EUR EUR on addition, with to part intention ATM. to consulting would common by XX.X In strategic that The with to EUR items driven amounted revenue,

remaining have raising that Meeting would and securities of some warrant to greater could with our Irish in in February which update. provide to the at notice now didn't as the end was all our for XX.Under filed of lockup Extraordinary back securities of line tranche that This consider law, our impacted is is also its authority $X.XX to have so the facility manoeuvre enable have as the are XX interest company's sufficient its The projects. agreement while This been down an given related expectations now in authority during February's facility, and March to an will the making to that be the sheet challenges cap. customer shareholders December securities securities. concern we were with grant set it in seek the capital XXXX, the draw and of working valuation the us the request dilution for strategic do and remedy any of XX% to met issue time the is capital for of with constraints remaining under important market capital were and calendar the shares. mostly this will engineering entering that to that no to We discounts, operational receiving authorized be inflows, shareholders strategic the company resolving company year, from reason issue shareholders any our production that ability the that have The up balance of and on beyond company's for approval to raise. XXXX. that strengthening We also coupons we communicated of provide EUR is shareholders, to our meaningfully from that before must regularly, our the best million quarter which to Macquarie expected in take coverage, milestone longer spend to company around place of more ordinary company equivalent The threshold.We are significant what's a X.X our inflows will million position determined a our relative with to are to amends drawdowns General will an for are raise.On services capital.We our previously market we have we we uncertainty this ATM to have first believe bells XX% have of from issue million Macquarie the more coupled expanded which to the company the to X% above caused a able the has purchase shareholders whistles the reimburse room runway conditions ample interest shares R&D, peers. the long-standing ensure runway, the have faced our Due disconnect greatest satisfied first we execute periods closely such facility do will of and to acquired the company to sales

noted being we we not equipped that that strategic be that of than are burn shareholders to solidify teams, imperative achieve exit to clear, for part lead been end the to fully the multiple strengthened and provides our offered quickly reinforce event will a As cap. are that our cash and and fulfilled. of we prospective company sufficiently decisively partnership. sheet.A contracts to need provide be It ours the can securities A XXXX, company as assurances goals we our our further not of support. the can is also specific is this move to have in capital To some should to comfort technology sheet direct further of raise no selling basis warranties been as shares a our with updates, priority with looking number mislead to balance [indiscernible] have and the and this, exploring balance its but indirect customers targets, in investors anyone the through putting inferred communications didn't issue only have position, both more to entail previous when want may to is XXX has by options notice currently stakeholders.We we in which by million capital

consider X.X the Of have and meaningful any that long-term for noted the aligned dilutive offering from Fusion the on been are forecasted, its maintaining in revenue in up we shareholders this contracted significant financing are management that As negotiation. our will investor amongst therefore Board company fully has XX existing ensure of of largest we sensitive and equity creates EUR the EUR are the are securities, and made Fuel's impact letter, our to-date. and value to XXXX. remainder be shareholders.We million holders this and guidance to would any are million sales currently for The motivated

but negotiations Some taking for client the longer also and are broadened progress company. these our are means to that portfolio the significant of the are significantly has Sines discussions linked those the This projects. around negotiations IPCEI more

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cost other evenly acceptance we full or quarter. project and for million to XX and From EUR lower of XX forecasting SG&A over will costs million million an received.For compared and base, this X basis recognized when without cases CapEx EUR As and of to has over cost shown a be the EUR it's for XXXX. the of further and could a cases, between to of Right time, outflow XXXX see product that a on quality be phase our fully have perspective, revenue been the million each linear further with a in be delivery and not point different. are a cost has ancillary slide, we EUR between of in reduce target on reminder, working each recognition this diluting XX recognized in In are and reason, delivered our can the expect timing XX and was lower we project we client some million our the contract at usually benefits EUR revenue XXXX. during been when spread competitors services.As now, our reduced base

be to self-sufficiency cash to continues noted if and our flow we goal reaching we as Our this can expect during execute XXXX plan. earlier, happen business

to will value you will the legacy to reiterate shareholders our term.Frederico, to and our pass create I Before we products not just migrate that like that I near to yours. is Frederico, effective would in the floor a the manage company and continue from projects over cost in manner the commitment

Frederico Figueira de Chaves

Thank to good going today and latest to we you all. numerous the you you morning share have on. good Gavin afternoon with activities from pleased or news I'm the

piece remiss that informed and I XXXX in project for is we This on received which worked start IPCEI four if with years Firstly, I'd submitted now. a be consideration, important were project for of major didn't background milestone its We such having finally our approval. an nearly this for the us, portfolio, Sines in news.

For to the have figures what many a lead uncertainty we been the a company. boost given early for in on forward. I'm and At dependent solely was than courses, cautious the building would large clarify foundation it these decided distort our be counts and today the on was to the business the a note means we've want pleased quiet thing the plans also project the we And what we them.Today, and to put we do. project publish.We front, effort more substantially around communicate and not years this we and as to project that rather to the that a its IPCEI same to any Sines how the mistake this that megaprojects, made on going business into our is substantial potential decision, time, significantly very given something IPCEI project very times prudent that, IPCEI that long to on

have Firstly, two XX totalling the EUR of Portugal's phases, which first includes the and awarded million been grants Plan. three IPCEI already Resilience from Recovery

years inflows these million. XX already EUR we announced awards received in have these have We from recent and

of It's benefits expect of makes not to be ambitious phase of important an the project The Fusion designated process company Being it to agreements the funding The is projects end can the the is the for local this ourselves, with is common simply green across producing the makes Investment a European total having long-term led investor. on part to to of for it a around of Fuel. without has spillover is third today value local and truly size portfolio interest that eventual but with for we beyond key also production the foresees several ammonia.This incredibly megawatts a enter is XXX,XXX make three possible given and bilateral conditions programs, large by viable, in the partners. of several green multiple of governments Portugal to a to northern green the with support. Bank Europe. last industry.Therefore, project into the its expected to and of means of and larger valuable. Fuel, project now countries possible and project in of simply of financing engagement execute COX partners project of existing this hydrogen of and take of with of possible avoidance to enabling options tonnes It phases not dimension green into IPCEI plans It economies. nearly execute.With decade early is which XXX,XXX be enter XXX Fusion will a for project, consideration ammonia the tonnes the project a than European this shipping by of substantial quite a this significant type driver production hydrogen executed substantially the this can more any of immense support, Financing and discussions value is solutions these the grant we stage

contributor to our lifetime. As noted, to its over this expect a business we be long significant

guidance our be provided take parts I to governments the with Today, look the only on information. expected the gone continue Fuel more have execute our partners, through business like some I and engineering and various and Fusion relationships. through our players.This will we we financing see you by drive further. activities. will XXXX to and However, provide we or many Last amounts still we will on point negotiations as and months meantime, capabilities the this relentlessly to implemented to to we to once update brings In XXXX would information quarter regarding it benefits have

us everything project services Fuel Iberia or allows true three and The around come and and With partner we plant and also EUR electrolyzer that slide, remaining deliver from for services be design, large top to the potential the business and equipment our a we supply being Already allows a [ recognize plant lower contributor us the the [ of for plants. operators related stage and all of not submitting to capture to proposals of with we us in and XXXX, less designing in to have we're mentioned, overall share allows hydrogen and two clients each to ] grows services of clients.This nearly can to million partner many for expect offering, close are latest a although Chain a the It at plant margin, for full product and wallet for is the business the follow-in with and to of information and the X that note dealing one services alone million on regarding solution and in one, plant and Fusion are we equipment planning pulls but clients.It's repeat times HEVO than To provision client lower with engineering EUR ahead equipment XX a that cost, expertise with plant a electrolyzer legalization. offer share designing total pure [ trusted as the every in procurement needs and larger has XX warranty some suite so of plants can fill This we able balance equipment.This to-date, be bring spend and of plant. be advisory that further for supervision CASP offering are ] line the to XX% truly modular from in be revenue significantly repeat containerized EUR us to as of that the guidance risks. a the we the deliver outlined industry. I've construction positions do as sizes important seen note this our early already reality. the procurement ] projects. As we and for balance of we capture interact customizable are studies, where has various developers, we plant for coming which beyond cubes and the clients, advisor larger to solutions question support is well producing here I will require Gavin just each engineering up. of pause the and million

solution, its we on is client.So project to tailor we each scope and at started XXXX, Chain, delivery continue because We client our engage data to point. the the full a truly which projects already provided in to sheet we The this has proposals interest and modular needs. within production and designs began as a for that on our something past nearly effectively design website we mid client's given the we the the that we commercialization it's strong see Benavente are haven't the openly the do such this in customized in basis solution weekly the facility delivering HEVO and project at

and provision us be our to to allows will includes this Chain delivering first is footprint. currently we the significantly mix This the fuel tune very equipment The a project plant to HEVO month the site.This use at where and client our other services. system a industrial see the value with to installation and their out generated carbon support.This enough shows solution economically the full the delivering hydrogen carbon the the mix viable, even allows cost HEVO grants the us to bookings seven finish, and on that remaining cover six delivery Xx To Chain Chain briefly be XXXX I'll year. full interesting the savings and electrolyzer project we stage the their of they systems European We priorities change the plant use the to cases, deliver are we of client have without furnace during them into is install of HEVO strategic the of cubes reduce fuel changing of for from reductions laid industry. and the to that needing are southern grant In plan clients. plant at five early for certain these, offset without are expected full deliveries. to Of in to this permits

will projects just balance in as the projects this start our the priorities expect in before, to the megawatt to be on be the size range project In for on from this megawatt year Gavin XXXX. our well work way all the addition, engineering also work I as already X working for sheet. and seen mentioned we one already of These to continues as be certain of XX we but of last and delivered mentioned kilowatt strengthening year.One preparatory what and XXX year infer was by to most one

backup. midsize to breakeven to to capital have warranty the milestone. this close company project and properly be cash to capitalized need stronger confidence sales be credible and on able A are We of to flow provide reaching we allows position clients reach to laser-focused in front

we Macquarie it as plan. be with to step disconnect to value needs to into strategic now addition, the but as be addressing opportunities In to capital our that is peers.The to this able are we base we tap provides facility would last significant arise our significant additional revenues, line believe the and the booking valuation where company a see

to value generate capital company. partners longstanding have facility capital discussions the with potential and combined these Macquarie value. believe We several the complement in effect sources is that will and shareholder great a we additional strategic bring been can to The substantial

able hand deal With the quite continue at Gavin before, to mentioned the be we continue for the the will capital right do and raise, have we to pursue been strengthening facilities some to ago.We we so. recent launched time and the company, cautious do as ATM to activities value that add

just As America sell great market a for Chain, broadening solution in With addressable solution markets, also XXXX have the HEVO is targets we've northern Australia. certify want do noted, to that. a for important. to in European us to we we North use but and to only in We the plan not

We and delivering continue that designs reach of will regions part the flow proposals achieved. our part solution activities.As cost significant local reduction to to of regulations ensuring savings cash the to are multiple duly is focus will for our both XXXX these be and breakeven, push to efforts add certified already for plant already so we

allocation that stages by costly an In Committee. the making but mistake inventory Executive example impacted be In In again. a and we ensure see fast cancelled changes.This aligned addition, moving made resource resource the our strategy. with for make building reassessment bound not industry, to we ongoing and to as projects advanced adjustments the spend a will mistake of are are of we is investment in to investments our for that task were allocation to of be our could adjustments or such past, we priority will regulatory continue our an they we and make

targets. short or be deployed clients, we We capital working revenue and providing aligned is will will to and the ensure not that projects with capital our advances mid-term

partnerships range mentioned partnerships part with for are way past to as with Toshiba.But North suppliers already with the solutions. they Lastly, from power such we've commercial system these, with as angle integrators we've a on Spain, partnerships of compressor ones and creation, key a our as in value partnerships; and and Italy and plant strategic before the of balance to America, adding all with such the building equipment are Fraunhofer ones the relationships developers technology close of mentioned components such we and

possible. are to new brings a scope really Our that IPCEI partnerships project completely the

some and that have fully not that the Fuel.These it it begun understatement fit time, size, feels Solar these expect are have noting legacy, started want closing the a to during news for a to to facility, reached by an the partnership delivering also to with before few of forward and Q&A. we'll right look again. lasting quite we Therefore, have forward with the year.Now the on type for them close have taking have the months been that very we able year today ATM be partner we that more excited capacity to XXXX, impact company. time you move broad the find the and move with HEVO what mentioned in last of throughout It including in the of eventful the counterparts overall ahead by company. with are of We're several very on we're the that the to work months and our on ensure raise, now much here opportunities dimension some market combined its open that on dealing and so many Fusion front. to once we long after see we're focused in up very would the right what lie hydrogen and IPCEI relationships Given large a client the that, to ago we note and has that continue discussions with I has on projects forward been a moment the approval.We to that and we Macquarie providing are

Benjamin Schwarz

Great thanks, Frederico.

questions the [indiscernible] from the its a As guidance in of Gavin with U.S. the as update and Act? of ambitions Inflation has sit company reviewed of one, if invite we'll speaking whether who asks Bank to analysts, a Canada, but U.S., like. or from result with chime adjusted the Reduction World beginning So, take I XXV here they'd Frederico in that couple I'll

and it following of remains year. were The at laid we more the point Directive definition U.S. year the last mirror and rules cycle. will kind European early still I the in note that some than think have expected.Important that guidance stringent implemented additionality see is I to in adopted certainly proposed current which what Renewable Delegated election Acts, phase correlation last and the time happen Energy those out market to certainly think

North broadly margin So gross XXXX? constraints. that This to near-term with engage we're more can U.S. Partners. in from continue a expectations for commercial with The and counterparts for within America discussions those remain Gavin, Gavin. Jeff very you Global and we priority for operating us, geography.Questions discuss one's familiar important in all at Grampp Alliance

Gavin Jones

Jeff, question. thanks, and the Thanks, Sure. Ben, for

along approximately three balance margin So, expect that and services. equipment be our HEVO margins in have for elements combination, gross XX% of for is margins, region XX% in projects different plant include The of all our product, forecasted. these will projects Chain with but of a to EPC of the we core XXXX,

As expect increase within average XX% Benavente as mark, the to we we production to volumes to ahead XXXX, our increase facility. this look the we closer particularly

Benjamin Schwarz

with see can our address place in do you are the mitigants are hitting you Frederico have to What to in. join XXXX Stick you Gavin. Thanks, what main those? but potential risks and guidance, there

Gavin Jones

Sure.

So again, last stage the contracts from then many and on execution. risk takes and on it months, even XX times call, tender is this over long how as sign to we and said the biggest time

at risk probably that's So the biggest minute. our

I both Frederico projects. lot with interest the process, earlier, a more mentioned our IPCEI As there's in and

a have for potential those now. We client larger base

doing delays? in navigate more conversations a potential bit of kind scenario, that the and the think announcement. What are ekes to more So positive patient of more that more.But out on because brings need now I we a with that We timeline probably IPCEI are be just those have us the discussions, to strong bit negotiations, project pipeline. we a the foot

including prudent terms our that contracts quite been discussions in could, we've proportion guidance that think or the of a convert in I potential we contracts. of not we into could

looking side revenue the convert pipeline that to will So the if optimistically contracts there's on like look any to as the of guidance. at project realign it delays we

Benjamin Schwarz

thanks. Great,

of also You was are to keep what audience eye asked This by respect the milestones IPCEI the IPCEI to out for with one members, an project? mentioned project. the or the next steps

Frederico Figueira de Chaves

to Again, the happy difficulties for with camera take So technical apologies that. here.

to I seeing avoid just having talking favour did about we a while I slides. think were me for everyone

great IPCEI, now. fronts many there's work in to the note a parallel with it's question that need So to

negotiations So our with we have to move partners. with the forward

least don't able I large us But that the detail at will kicked the to in on you substantial mean bit will process, EIB.This guidance project, take relationship to for we imagine, concrete have off parallel. As the on this for is ago, be the sort support amount to a I been in to project, well the or of will want parts the Again, that we two there's still clarify, with a as of of courses. XXXX. the that's with the nearly in changes definition Green, to especially what four IPCEI of us project can as for government years there give going months as expect note of evolution really now partners as several on Sines we sort the working need is that to with be only the and Portuguese well those begin discussions the financial and in be kickoff, the one

next that a up ammonia financing as front, partnerships steps really the be the technology the side. offtake the includes us, well partnerships.And for the includes firming will front, the on on side, partners as So

the will So shape. to IPCEI and now. a projects, note manage ones to be those take that and start few all just expectations, while years ago, all of were intense announced very quite we'll take including discussions I a would

projects want But of our credibility be the I success. It with will our driver have. be and large projects we're amount and of value for us. a to this highlight already XXXX driver the long-term a it of has interactions positive not We effect spillover the XXXX will that clients. see having with significant So it other onto our other

Benjamin Schwarz

Thanks Frederico.

You're jumping a around bit.

mentioned ammonia that ammonia partner project. the There green for HEVO a green some into on you in You can project. on markets. European question was of Northern the sold production how the the clarification ecosystem estimated be cost provide Portugal broader that for Perhaps to figures

Frederico Figueira de Chaves

project. main as We component is the right of the One of part the we always lead, the partner roles. two but developer So or had hydrogen front. sort overall also ammonia the the IPCEI, of beginning, project for from project a have

So longstanding this partnership long partner ammonia already, ammonia standing a is who green project. project with a has a

And in for also not our note, This competitive we that to very material to cheap the green region by fact So the with is partner. of our production quarterly But very is Fusion disclose Sines competitive energy is production. a there backed be future hope one with updates. green produced that to the endeavour. raw a hydrogen Fuel is in renewable the this being that ammonia able

Benjamin Schwarz

Thanks.

that more commercialization Grampp's cost subsequent on final Let's off the Jeff program and we've of past, remain are or generations discussed an cover the ongoing technology. of efficiency generation? In on improvements efforts the to focused question. now HEVO Does existing

Frederico Figueira de Chaves

Ben, is further the cost to we and good reduce third. what we both, To a by It's believe stack do pathway a have question. note

So a substantial cost reduction.

work do. current the there's do commercialization order version plan to R&D fully savings, the as of still achieve those some to committed to be the we cost in However, to of Chain, HEVO

markets a relevant those costs. we reduce is a years. for So coming we substantially of the And we to path competitive have that of think product for the sort have today and today

So we fronts. are both on actively working

Benjamin Schwarz

market. here off the fee the conventional a equity banks recall offering. the I Great, to be investment fees or agent about which If thanks. cover than placement the just There's selling think would to fees this. paid shares that in ATM quickly facility bankers for I'll on X% correctly, is a is the considerably paid for question so, cheaper in I

production perhaps Evora the hydrogen you just green that's can of of think the perhaps that. I misunderstanding. a Question comment on at project. So Frederico, about cost

Frederico Figueira de Chaves

two The our of for facility. is project there us, Evora note, That project you R&D a small have as extension one. live So that an that is we projects. we Evora have it is

that for in order have HEVO example, of of in the units Chain the several installed it at. we that site currently of So do because a connected we to is sort test sort our series, there cubes

rather our large extension R&D scale moving technology So we being facility there.It being the purpose that note. always of is to are and the the target to from is have a This of updating we we currently constantly there testing. an a plant only sort the hydrogen own sort R&D is pure and commercial cost actually of facility of changed an to have of for because bit purpose of sort plans operate a

the because it because non-answer capex a to it's deploy new keeps R&D question our related of directly technology So is site. changing to we to continue sort the as

Benjamin Schwarz

chat in of the questions the Thanks in box Frederico. A project couple status Bakersfield California. around the

Frederico Figueira de Chaves

Sure.

a we've project, these large made similar not projects. So extended decision project, updating large like to any Bakersfield a to deliberate on has IPCEI very Again, the be the time period.

for really projects followed that sort North delivering are we and us medium a engaged in and we meaningful heard focused For news, on in offers will and other we moment. have To still What large will there Australia always up. both locations XXXX these a we in projects when the we've American is could of will binary background. you outcome.They for in at and you market. in big end, who've some die any are have time, actively that sort we There's bring before that in sized of other risk and it of working those noted note of the that small on are XXXX, projects. If

space under than So and something the or or earlier projects. mega of be of where these Bakersfield size IPCEIs megawatt offering projects those for both the XX U.S. execution and will much the believe Canada the of in sort we the

Benjamin Schwarz

respect Thanks length we've on on that what the about is that the process Frederico. meaningful to if company at with any, Sticking and with progress expectations, should excited strategic the are timeline you, have shareholders what partnership most to front? alluded

Frederico Figueira de Chaves

partnership in been the counterpart where sort the or sense of IPCEI, there to discussions. accelerate halo I think from been of in effect sort discussions the the the has most order it a IPCEI part from exciting really the has of of urgency the part effect of all

So most to in we in the forward. the discussions past looking move the had urgency

a there the lock order is opportunity. competition in Now to new sense of down

project well a this roof that number project has where where us, financing the as These solution which development more discussions.Now, whole, for partnerships would most strategic projects in possibilities. could not concretely, partnerships in as gone the also shift through has as a partnership engagement of as as of exciting for big specifically company, direction something IPCEI is and Sines, it our company And seen sort levels sort are a partners' do the the thing project the in on is to so portfolios be for specifically ideal of as and of these general investment of of be sort to the but potential course course portfolio. different

Benjamin Schwarz

Thanks momentum seeing market guess HEVO Frederico. you What's could current out for commercial any and the the its of that cash we're the that do company feedback from constraint? demand Chain grow the see help I solution? And

Frederico Figueira de Chaves

Sure, the large. interest is very It's significant.

weekly doing projects designs As for plants I a new feels nearly mentioned it are during like and and we proposals on my update, basis.

of exciting in a is of where lot in to demand pipeline. projects delivering sort the very multiple to addition projects the have there people development we're So

project tens same also we has have plants were could to such this the two that the just are but we projects week, delivering of client, employed. we sold system a So we system asked kilowatt proposal as as where for as where same third client.The XXX recently be client a for noted,

this really hydrogen.A and technology seeing the HEVO dormant of the sort So months dormant implementation phase. completely the been for been this of of have in a probably of has are last of the momentum and again we mid life [indiscernible] six now that only we're lot not and new sort believe the a we our year, in seeing with or market re-emerge of to those some say general relatively the but last I'd Chain commercialization thing so us, projects of have momentum increase is that move into projects for launch was for

team for and our demand projects Chain very commercial substantial engineering team HEVO and So for busy. itself for both its support keeping our engineering

Benjamin Schwarz

the a proceeds runway think the February's of Gavin little we here. activity. question current of the A on involved should ATM light I in get bit

Gavin Jones

bit I was out Sure. a Thanks, feeling left there. Ben.

up as Tranche in runway and running, noted we operationalize following most on, be needed X. the to earlier of facility going very Once now agreements that, anticipate in my can terms is received update we which priority operationalize flexibility facility much in from down greater should Macquarie, our that So have the February monthly. get draw XXXX, forward.As grant the I and we will inflows throughout of accessing contracts client cash activity,

to for updates runway, right the have of next it's I counterparts of me but not we'll our with update. discuss hopefully specifics and terms now, now quarterly partnerships, strategic probably financing some given discussions stage In regarding solutions, think between various appropriate

Benjamin Schwarz

that This for get in. station Frederico. if client? Thanks, operational feedback company anybody else question, The questions, Gavin. what, please that from received so is Back any, refuelling is and additional the currently do in our if has them has final to Exolum, Madrid

Frederico Figueira de Chaves

is yes, the don't the number to-note. have exact So, buses of numbers is refueling. operational it I or

As have that delivered noted, we this a to plant Exolum. is

and buses So although is hydrogen we it daily do know is believe that producing refueling, it on a basis.

is contracted quite and in be client a years So spends with the have sort time operational the of client. of the the handholding in we approach of very of much in bit constant a first a plant as plant, contact will two them.So that field sort is with the with that team for we

of deployment electrolyzer say, I'd of, its noted teething sort the today, modular issues. solution. any with it As where is advantage This had our we actually

side, modular of a that any down emerge of been, is and sort solution note, the a plant most attractive that outcome. it the with of able of our this systems, allows it produce. shuts plant, teething And electrolyzer of solution operating.So have any off points availability have client has continue one the is solution been sort when it and actually is In modularity keep problems a our issue, sort whatever there switch the the us or of lot to sort the production from this selling for case, of So can address of plant they live. issues to binary gives. the that hydrogen it's again, parts of currently The to and

to of pain operate solution [Technical minimize say, Difficulty] able that station its continue allow deliver and every sort had and to the operate. refueling hydrogen happy teething project and say is has our the hydrogen to to plant the has issues. to continued As I We're to

So with our is on that Exolum. we with going and with partner how are that happy

Benjamin Schwarz

one, increase Thanks, Frederico. which and we number here, One on good shareholders in the voted proposed the which at later important by is EGM of question very with issueable more securities the a drawn the month, to this I shares value, down additional time will management's as appreciates. share price that period of one over in maximize transaction those be, is expectation or guess, hopefully a

Frederico Figueira de Chaves

the raise for we're jump take I'll noted Gavin, the transactional in speak with strategic and element that put any deal through.So that from of us there a critical here the ensure to need, to that be to very a doubt it to get we're company as the pack small So, right flexibility sort People for partner probably that or have the to can capital management on able and effort and board on can and execute need our significant that partners and and dilution for on into can I'll are this bottleneck are process emerge be so of reluctant [ costs the that understandable deal full size. is letter make capital critical in we shareholders. them to conscious is legal of then if a reaching management order and able have give the perspective of company. flexibility making the you right in the or impact We of the the to note make discussions continue part Board's in. point, sort without request if very, feel ], to we I'll the from just Board

we do fairly alleviated the and have for for of are sort the make However, valued the facility. shareholders.Now, concerns eyes the our we been company ATM kept concerns the want past believe substantially able capital the company Macquarie we But to our that from that and best competitors. the being in which those to of to sure with in

value. issue that significantly actually So addressing shareholder will we that unlock of any believe

first that's So the problem.

concretely to depends Now on the it question. counterpart the

with dilution tranche there we counterparts, the piece, as like this varies the of Macquarie by Macquarie and do one is tranche. reasons the why facility.The So are

have long-term a So the strategic some have it mispricing we and shareholders. allows that have our bringing for us on of in said, or is for value dilution revenues example, to to which a us for value. one combined one that wants and sort to substantial the best in off our to project a clients, transaction long-term a projects influx to be additional but doesn't company, might to all hit with interest value That the valuation revenue revenue, partner address of would eyes, projects brings gap if sales shareholder because do capital and off

transaction and a pursue we capital half the So efforts the lastly flexibility types deal raise the and our discussions year for we been feels vague right potential for depend to type is I note partners.And having partners nearly shareholders. a the what have here, and we are that being the would of the company in now. for like request will of the on of we're the reason why several with partners, need in

our offered those and say tight are very been destructive for term best as the We managing have several can cash value our we avoid to which managing to have be budget, we that board company, would sheets best I we done substantial and flow would pursue value company. focused to make to very on sure the that we the the very, a creates into not deal making that.I would management that sure has been that shareholders pushed say

we are mature. those as negotiations, and now discussions, need and the in We discussions ability been those to those have pursuing they and execute we

Benjamin Schwarz

Terrific.

Okay, thank you, Frederico.

Thanks think everyone absence questions. questions, quarter we'll any and update. I for of investor additional the in fourth to call it joined who asked So, our

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

Frederico Figueira de Chaves

Thank you all.

Gavin Jones

all. you Thank

Fusion Fuel Green (HTOO) 6 Mar 242023 Q4 Earnings call transcript