HTOO - Earnings call transcript Q1 2024

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Ben Schwarz

Hello, everyone. Welcome to Fusion Fuel Green First quarter 2024 investor update. My name is Ben Schwarz and I lead Investor Relations. I would like to first 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. It's possible that our actual results and financial condition may differ from the anticipated results and financial condition indicated in these forward-looking statements.

For a discussion of some of the risks and important factors that affect Fusion Fuel's future results, please see the risk factors in the company's latest annual report on Form 20-F filed with the SEC. in obligation the or not conference for action no information any be assumes information. any during such provided call taken Fuel to revise update forward-looking liable Fusion upon reliance and shall

So with thank for our us joining through the I'll run you briefly again today. agenda. out that of way,

XXXX quarter observations Green I'll platform Alternatively, and you Q&A first the which the industry market checking begin during of subsequent hydrogen entered As our then progress floor in the and Investor highlights, hour. an We'll always, previous will Fusion at Fuel up the the on box mailbox, in next updates, can deep within up the commercial on for as overview with the followed in space. Gavin Frederico questions our any be pipeline against chat by facility by your to including Relations point ir@fusion-fuel.eu. some webcast into dive developments then quarterly priorities. can open dynamics in calls, before review a wrapping submit also our is questions

So the our Fusion hydrogen positioning value and with ado, in begin brief Fuel, refresher prop sector. let's without a further on green again

unlocks multiple efficiency advantage industrialized It modular market-leading decentralized throughput of proprietary through simplified unchanged unlock design architecture a sources is our Fusion green So emission Fuel and the hepamicroelitrolyzer production. the energy development that solutions. employs us, a long-term at to we high the technology. is including everything do transition Again, design and hydro innovative for and performance, superior of heart of parallel

capture positioned spend. continue approach significant We've to a IPSA us for that along finally, monetizing to actionable demand take unprecedented advantage pipeline their solutions large help in in they ramp electrolyzer of to to of journey, more We've play to flexibility a a featuring the dozen the enabling no we technology proposition see and projects, highlighted block our well microlaser develops lent a in development portion us positions our diverse to end-to-end we flagship repeated to delivers meaningfully service green for with hydrogen our where CNS with greater project are creation of where production countries mid-scale a of turkey complementary projects by robust are developed deliver the Portugal. And growth competitively as hydrogen in small market to built that a enables development pipeline, underpinned segment diverse project the growth. clients by Our than considerable to market us building and facility across projects world-class project a cycle, avenues value Portugal. near-term matter

for within hydrogen last perspective that help of thus few hope So, far XXXX is green as our will contextualize the we've we quarters, the some want of share to at done a on today. green dynamics hydrogen our crossroads. we presentation sector story one The

electrolyzer and technology the production market the further over the improving few years value of seen at last chain we've and investments activity lot as Looking whole, up in a a ramping capacity.

molecules offtake very a we of as been the proven of to would on focused hopes downstream and hydrogen large-scale demand, other forcing happen demand is function green the on that create environment a emerging much solutions mobility, that programs much use for be projects and cement, deployment have across part on-site asymmetry side, consumers capital sign These a cases scale, we continued it subsidy work many still is like manufacturing smaller are looking segment This commercial uptick projects not and picture and tend of has banking in created the We're keeping where sidelines. typically legacy has the The be significant progress. steel, for serve systems. electrolyzer for for to self-consumption consumed the commitments. commercial we're also where their applications. a long-term centralized We're demand a ego modular the premium to seeing market that manufacturers, But However, of challenging of to in is the as uniquely bloomy. in our are These insufficient hydrogen process. historically relevant believe commercial market. chain our have production scalable is efforts as industrial

customers we them. tech our the our ways hope Over the create which in grow value positioned presentation, end-to-end to and to convey proposition alongside us well course this our and service for of leaves

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

Gavin Jones

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

this X.X net during During being proceeds raised of the our the Portugal ATM separate February first an in when this European European the witnessed received we from acceptance of as the grant ] important our trading were project common notification the presentation. We on XX lion's unprecedented Commission of following project or EVO volume [indiscernible] the a awarded of an above later on quarter, of the focused Commission's share European approval project EUR with the We supporting we page. which our hydrogen approval value facility renewable the provide X grant Federico [ million, million February second on through raised update will of fund. interest grant hydrogen awarded green gases. The we as grant accelerating the just estimated above funding EUR EUR grant this an Talent and HEVO-Aveiro Portuguese of received and Consortium. our of other rolldown. We by X projects. production for the of finalizing part currently transition This are total call provisional represents XX-megawatt as award program, of million first part CXX energy was HX The is government awards. was grant

approval. of is a received in XX-megawatt first second hydrogen same the with X was involved of industrial fuel call by the funding submission XX familiar a has The our part of project in for funding CNA company EUR green previously those story, as a projects which For Fusion led awarded Portuguese program. million the company, also also

along will produce HEVO-Chain projects per to the with associated estimated technology equipment. is industry. by installed of plant our HEVO-Aveiro plant annum. be balance hydrogen used an green have ceramic Which local Our of X,XXX expected will tons This the

HEVO-Chain Finally, This we we Macquarie to the end law. an first convened technology the continue the and of reflect annual our EGM an we also to HEVO The to aimed a technology. of first finally, to securities Irish completed to soon up Directors green approval, allot to tranche down also a strategic XX% sale technology under created shareholder medical finalize Iberia. secure we HEVO-Chain facility. to perception of bit to the a relationships installation we with R&D project $X.XX work the the as closing XXX-kilowatt and widen system developing electrolysis process a a These second at morning, After project stream the for relationships. XXX-kilowatt intends new the for amounted our commercial applications the for testing cement of discuss facility, hospital this green on The capabilities. contract for leader. Macquarie strong work Board our possible. We the that of quarter, and client includes materials more drew for And power company's Federico by-product We oxygen global engineering signed which hospital of on system announced generated produce emissions-free hydrogen a the intend to in cap imposed the a of for as a allowing facility million. as to capture use in detail. will

creating on technology. of small- is increase we turn HEVO opportunities, As the in to value we record track deliver to mid-scale our laser-focused add as follow-on continue to projects, will company our which strategy the

had first to that now during first At all otherwise. later that $X.X was for results the quarter, quarter. we XXXX. disclosed revenue recognition recognized financial revenue the these in move of values instead, of in note inflows as amounts end on euros quarter. the recognized be meet the No unless will revenue We million requirements. not are will the And stated Please did the

of second recognition would of year. key our the I is of XXXX or the contracts, our weighted that previously half delivery Given revenues the the noted acceptance. client driver nature be towards had revenue

the the been XXX-kilowatt This is for our will system phase after has For client revenue commissioning acceptance. take is place milestone recognition installed, that completed. HEVO-Chain

X.XX We EUR previously quarter. the continue have continued inflows and during to sell did we quarter. realize or We any impaired. impairments sales These the received million scrap first components our of during legacy will to materials possible not as HEVO-Solar second from the and quarter, the much as book continue first into

is this quarter our the during we fifth credits were an fourth Once grant our base may that quarter You credits is inflows. the cost had our recorded expenses, we we presentation credits cost operating quarter against our cost EUR some repeated remember base. increase showing by from are excluded not in quarter, decreased SG&A. operating This base a our X.X recorded relating the million. first and the to reduction we from to that consecutive These fourth why

assets of to Our compensation source the for One general projects. recognize to quarter current to our and maintain global as equity. further to our sold from technology the of cost of fair reduction pretax our rules notice EUR EUR noncash million and with associated items. base increase we The X.X amortization sales, X continues and relating being million deficiency listing we this of NASDAQ X.X X.X in travel, The the inventory of NASDAQ like legacy to loss part EUR focus noncurrent revenue shareholders' the fulfill are charges. and inventory. In made and companies equity. revenue The our million, purchases or items to are materials a as being amounted down areas of expenses. inventory EUR and and the net scrapped share-based is inventory equipment provision achieved to liability regarding to shown minimum required balances impairment received we of operating a Until the in the related be Under the historical million market, the million increased. were a derivative of reductions technology for loss with May, included and a expense $XX X.X depreciation remain second of value shareholders' associated motor, legal of warrants items impairment

compliance. agreed can to If days plan XX up accepted, to execute time an We a regain to NASDAQ have grant submit that days to NASDAQ XXX extension is plan. of to the

days plan shares finalizing XX advance in the no this on the and listing ordinary global market has are be of the HXXX. continue our on it which will submitted to trade the permitted. under The NASDAQ symbol of notice We effect immediate

then, balance other Since March from customer have just received with Our along XX. we $X.X various bank was million million over inflows. on $X.X Macquarie,

notified we facility, the one of Macquarie Following placement the drawdown tranche agents the ATM of of agreement. the sales the at termination

authorized issued our securities. to from earlier, the took company's place have must EGM its authority to the issue We to the during company above XX% any up cap. calendar company ordinary issue company the securities with quarter. during The the mentioned shareholders of of sought approval shareholders the any previously of As the Law, issue first Under company the shareholders Irish to authority year. securities received XX% and provide shares and beyond company to from

greatest valuation continue that market peers. our our capital position the capital long-standing around remedy to and to constraint concern the will relative that We resolving our of believe the uncertainty disconnect is

the in strength exit to of the provides of As our targets. sheet. A continue will for as that solidify our allows sufficiently are customers to we we can facility are provide inflows in a the the projects. in and the sheet receiving event contracts regularly, raise to Macquarie noted And balance company and to is we the runway be to our do as for us shareholder and burn are ours technology balance progress. engineering coupled explore by decisively teams, fulfilled. quickly offered we and cash operational approval options priority management assure of A It strengthening the being drawdowns shareholders efforts Due part assurances capital from our with and further capital end prospect to XXXX. in The this, our customer investors services the that that need the move with equipped balance sheet February and to achieve satisfied also should our execute its now capital to our goals multiple that reinforce warranties of inflows updates, [indiscernible] to position. is previous with

As intend us and letter, noted secure strategic our to in plan will and we our financing to structural investor enable accelerate execute growth. business that

this our was will over guidance year. I communicated we want are to who maintaining will I a earlier CEO, for update. confirm provide Finally, XXXX, to commercial our which now that pass you Frederico,

Frederico Figueira de Chaves

today. able a today. already XXX-kilowatt first share key commercially Fuel. installation We is and installation in thrilled a project with in is This the cement through pretty the viable world the took commercial of Good Thank time hydrogen also by the finally, with first for project latest thank is you in on and financial be oxygen required market grants. green work Spain. our design you facility it capturing was process. and supervision images afternoon, unique Fusion major to special system only engineering hydrogen support everyone, I'm HEVO-Chain project the solution conceptual all the you, delivered where It's the the joining from work the Gavin. and commissioning. in of without from also as us are the but release we This a the This the not it's to

One both and any XX production of of such and issue the underlying advantages. differentiates not an others continuity of stop system this of have follow-on system cubes, impact availability our not is HEVO-Chain client for And requests and our the of The independently. itself. sector, HEVO-Chain solutions is made the operating the that our same letter, in up each from the received see installation will operation significant with the as impact kiln. the Therefore, truly a ensuring This advantage where and We for for system we with already plant main the any is in concerns industry. [indiscernible] the availability in does hydrogen proposals the the HEVOS our of multiple outlined performance operation. competitive

Market we are focusing on.

space. challenge the in We are every sub are green But the concerned, excellent for hydrogen solution. an not the plants have solution we XX-megawatt availabilities and for when

through hydrogen system We we well range, industry-leading that hydrogen efficiency thereby ensure a power the even to electrolyzer can produce can smallest the produced. availability with as a hydrogen both system cost an have reducing green of nominal market-leading a load the strong work strong We system, for modular to advantage. of plant, I risk solutions. the the with independent meaning the inputs previously, The as operational system. the of both also us design modularity be clients. modularity thereby for to maintenance brings is shutdowns production partial when This of allows do system mentioned and cube operation This the required, applies able to stoppages and minimizing container another as

systems. In therefore, accelerated of one our HEVOs its Given does able each membrane the we're systems, system. the that stack, case, our each impact own of if and it significantly in are operational has contaminate reduce entire HEVO independence an the In effects to of performance not contagion many caused stack. degradation can issues, broader in X independent is traditional an issue

need for sized later increases. us plug a modules allow also our hydrogen client while scale deliver play needs Lastly, and the allowing a system models to perfectly a to part a with of their to up simple

been have and system over a requirements they increase our well. recently phased capacity working manage several have We years, extremely requested those with in electrolyzer can where partners

next X that commercial have to the on focus For our like offers we pipeline outstanding. I'd and slides, the

easier very of we broaden Also, have as made see We're made for seeing beyond megawatts. our a in our and our these most projects our tenders system XX we pleased of happy markets. over you for our are home markets solution increased in concerted mentioned, Portugal may further segment note markets. the the broadened expand different recall, markets of energy understand given market Portugal quarter and the system. expected, we're traction clients started with the it although our as HEVO-Chain HEVO-Solar large very to renewable the massively As strong of the that Spain. Since XXX of our in clients our and last year market reach the solution on in local And be under to year. have itself most HEVO-Chain truly presence and offers makes from I'm towards last to then, to The strong continue our to launching with shift reach to end and significantly we pipeline megawatts the we is year, last addressable from made profile to HEVO-Chain really third market. To a the the pipeline, This offering. XX where substantially, rest we differentiates offers Spain, our effort

to World. In terms further outstanding, growing Rest over and we XX-XX time. of continue of split believe number A it's the will of offers of Rest Iberia a between with near develop trend World

majority with the small yet systems around to of installation as be majority types The government because project of has being range. the actually of megawatts from will fits fits well. delivered proposals, to and particularly being that ability in in terms this not small commercial this X couple are and the In delayed. Therefore, category, the most actual made outstanding years a actions the But hydrogen offers we deliver strategy has projects. efforts solution projects lie apart of our the continuously of few are the that undertaken early our industry green projects, also believe midsized next proven its consistently in of large and

in the asset real we discussions in experience in been As proposals past, highlighted market has and engineering our clients. with a hydrogen our expertise, have

product, be hydrogen solution engineering the projects spirit on full needs well it expertise. that our bigger as client seeking or well you As push hydrogen our the offers, electrolyzer in electrolyze the can share we're purchasing. of or as focus to wallet able as of a all here, of equipment small include see of funds offer is means of projects addition as of we're services services involved engineering that balance capture plant over who XX% in provision in. The the This

player third-party with the to to the To the years projects our of interest portfolio. slightly, our portfolio saw as briefly development sell designated currently to project new. very hydrogen [indiscernible] have than everyone, heart projects We update go gears own a project by was that our an projects intention in a remind I'll focus player infrastructure or project. technology either quarter We [indiscernible] capital our Fuel, was was changing this I'd Fusion develop important we own European owned to is The where to create pipeline like ago, our are on this. Now and common fully own X have with first the on I several partner

details more journey, was awarded X slide. hydronofftagers recently, during quarter as a ground with the the that as on their next as the project into Aveiro here development listed on in well remaining The investors. continued projects Most negotiations potential project the both well. with first

all government We and we added funding outlined believe our to of investors in now stages negotiations to shareholders well. portfolio with projects add and value substantial that pipeline bring various portfolio our this provide have before in are a partners. will So substantial the as value awarded

you For those website. quarter that have we this that on same is slide a good last used our notice [indiscernible] will that the memory,

is to wanted stage. that highlight provide a we short it what again and say However, such we can this this substantial project a with at update

have green of projects [indiscernible] tonnes as This per already the of that the X submitting COX incorporates consideration, time X our designated then after of the and Portuguese was over to this the X the along which hydrogen [indiscernible] [indiscernible], being European work end that of in to replying all tonnes received XXX-megawatt with and substantial from with a by goal year avoid finally the various supplies confirmation seniors XXX,XXX decade. we years by project, XX,XXX well, grant Commission. project and project of So installed for all queries request our government.

company with alone, the large Fuel production the mentioned and value government, we negotiations With This before. We're hydrogen European hydrogen partners meaningful we've support secure to project provides and this help from substantial as a Fund, the Bank get production regarding to Investment Innovation undertake green green Fusion to designation, the looking actively Portuguese with applied the discussions the over versus the to premium value. all us to project the with to shareholders cover project, in [indiscernible] European can associated traditional The term. and long very has costs.

Talent, build its these work of substantial we required long due which Given quite say are you and [indiscernible] time. Recently, outcome the for plant includes still of capabilities part [indiscernible] XX these of government a grants. of can to before the a we backbone [indiscernible]. X as the markets X the our future it the we work with project project further obviously by ongoing be includes is size studies it consortium pleased the XX is developing negotiations, for We're for and worth and package the projects. It into expect our of of for but supported relates we for those be other consortium. would part end parties directly to were discussions. having on months demonstration million this and project hydrogen go a relationships as to summer, of [indiscernible] our can share several that diligence EUR This HX and Earliest the the injection FELX a and in to spans awarded members called also opportunity X paying with

joint from the Portugal, this in to cementing Europe's undertaking, our clean of led Valley addition, proud market. green hydrogen hydrogen we're has In position be in that only part leadership

cover we go want priorities before Now XXXX we into to drivers. and Q&A, value the

full We deliveries. year, our are systems -- deliver X clients of X [indiscernible] are to project X X way which on to this to European

Ben than Gavin, the note, the on that close. course, and line I sheet in Strengthening less nature. mentioned weeks is previously an task install effort. important Having the in we the HEVO-Chain for a given this play critical its company system now operational with [indiscernible] we tool Macquarie vital which the balance Of can a project and X To a plug of installation step first is system journey. and our remains in today

between cash can through long to that feel go to we looking sources find breakeven address way will secure capital so ourselves more the valuation course, mentioned, a to flow that and as Gavin disconnect we we're strategic Fusion something Of competitors. Fuel our clearly of

we As mentioned Australian in during have earlier markets. this we that products significant the to solidify year, reach. further the North want broadening strides our made And by certifying and in American presentation, our commercial for

cost X the to operational costs heard time, reduced you quarters. At increased the for With that efficiency line. continue front, single consecutive of progress, produced. before now the we production same HEVOs from have On we've than make Gavin the more XX,XXX we HEVO

a As team XX% about transformation the a reminder, HEVO a a our each reach production not raw the costs, of cost material year in already has team. and to product product significantly cost expect phenomenal XX% creation we've generation related the of stack, but process reduction by ago optimized year-end. production unitized this from a production in-house. is of current transformation This to the achievement surpassed the are of and the on the by These reduction costs the

EUR with that pipeline. working have in developers that million portfolios those of potential are clients for Fuel. efficiently we signify we our established Fusion around Lastly, relationships can grow currently for Three we with XX have would multiproject business

For Thank include relationships. With move the engineering first important portion I'll we provision electrolyzer pursue services that, Q&A update. the these And to that angle the of and we keep much. an us continue as type services. We quarter very on session. of for to this you see and close will to also developing,

Ben Schwarz

Federico. Thanks,

submit please in we've well as some So via questions, e-mail them. webcast as ask anybody got platform. questions the Reminder

some couple update we RBC guidance. Markets, from a elected analysts while record a from of revenue XXXX who or Capital with not So with asks formal I'll our our to begin on questions provide

Gavin Jones

Ben. Thanks, Yes.

decider the So estimate. I in I XXXX my it in our that think story we're terms of we're as best previously that guidance session mentioned we remains maintaining that the just our maintaining communicated, guidance for

haven't had any substantive information we last communicated. We since

felt we appropriate it to is. keep it So it as

us revise include we're will portfolio Federico be still now, further guidance. why will monetize same I we during portfolio, the that's that on mentioned But decision. previously SNAs for to this with time take As the inappropriate revenues current from the think we're hard had in to but [indiscernible] included until right it we -- remaining working have our guidance process, his session, the and clarity or

Ben Schwarz

Gabin. Thanks,

What and certification the the concerns North question achieve that milestone. steps America in Next Australia. are HEVO-Chain required process to for

Frederico Figueira de Chaves

Ben. Thanks,

TUV. external So is company engaging as with this really certification an such

that them HEVO- So on them is combined all what And of those markets. we for [indiscernible] we partners. to working are neutral going requirements this with with be testing the our needed goes to line year-end. certifications able with have to out those. And capturing the by and is a then This all expect external something is on we execute time that for

Ben Schwarz

respect feedback received Sticking solution? can HEVO-Chain, you that any customer the provide has with company that with to

Frederico Figueira de Chaves

So the the factory. -- customer we as I noted, the cement unit at first now are installing

X will is they that are So going as fact I process. say, plants indication note -- a -- good for there. the would solution to the we're the some have -- by currently that finishing [indiscernible] of provide our service installation the with other into and I we other been pretty content the be asked of plan cement the the that client same proposals our

However, the plant hasn't yet gone live.

Ben Schwarz

this looking capital strengthen on company to balance the or question is Irwin final from much to commentary sheet secure raise to side, year. a any And the how

Frederico Figueira de Chaves

don't we I I in number into get ourselves think a think provided have we before specific trouble. the we provided past.

So move to sure I don't want make space. into that we that

someone exactly It's for range et month. a cash before, want sorry. our to of of and And However, indication X.X, between from per that noted themselves. clients, breakeven to grants, have, Apologies. on as flat bare the an that from give rough looking year inflows to average, is get XXXX, we X.X of reach -- work towards cetera, we around we the end we because month-by-month sort have somewhere we could -- flow not Gabin if end but of that noted

execute how on we we well. as it course, raise Macquarity how to Of on -- the want the actively so much depends facility

Gavin Jones

that's if okay. that, to add I Exactly

our EUR part guidance, to expect X throughout CapEx between As EUR of have previous to we million million XXXX. in XX

reiterate that on that working again, mentioned Frederico out. that continue to point dependent But I to spend the that in terms to kind of on inflows. be will again, So the want adds of that just

mentioned So recently. have grants the billings, whether be activities have financing and that to decline that been it important us those so been

Ben Schwarz

from Moving you Partners. on additional you a that may around customer at customer. the you timing touched Global the on that Do decide cement on couple Jeff from a to Gramp of these have Alliance proposed. have opportunities customer touched follow-on for been expectation questions when Frederico projects the feedback, on question

Frederico Figueira de Chaves

the other call X X different are the for X let's X markets, projects -- X don't and We projects for markets. market different in it X

those with now. So them on projects we're through working

the natural here the the go days decision of final taken to be any stage when less being with course, decision. For in live can than go before would after plant. in only as I be lives decisions we've always XX -- to is But seen be the for hydrogen go-live delayed. expect us, that don't any

Ben Schwarz

sales in X of to under We size? mentioned bucket, business. subject the project with Sticking are technology you the of presentation, the that average parse megawatts or pipeline the further that XX% that to an able projects part in of are within

Frederico Figueira de Chaves

size. project average megawatts X Sure. under megawatts around from size those The is X

to all I note the X. all range the the will However, way X.X way from

is range. the average ones So the at -- amount But that of in X simple that X% megawatts. a substantial are bucket of the

Ben Schwarz

update prospective there the grant of the on or an the expiration any product provide risks Can sales? related you to of development status of those of timing Are funding. to Great, subset business. the side some project

Frederico Figueira de Chaves

Yes.

projects, grants the deadline good XXXX have a or a Of question. the of So XXXX. very

the in [indiscernible], year. the data expression the because the it exception already for our which overall with of said, [indiscernible] [indiscernible] fit That has an this have of timeline asked we portfolio, to of IPs. extension is incorporated With

package. extension discussed So all that X and the and has as being been discussed This with grant is is why authorities, required. set explained this because

at not the to expect be do we down that further an the but for [indiscernible] line. on So issue, only others this see that time are the the currently that be would we risks

Ben Schwarz

you And any for due at on project? lastly, diligence. conversations what can for you with have the the would time prospective And the expectations line you on characterize partner touch stage may

Frederico Figueira de Chaves

ongoing been the for a have they due substantial a couple external X involved process months diligence. This of or Also, now. put has policies including in team, X

the would starting I this stage, just So point but pretty at say in the stage negotiation due advanced diligence time. on

Ben Schwarz

good. very Thanks

on moving the the plan questions noncompliance questions requirement the on can respect comply here X a are equity couple XX-day the $XX you Now period perhaps provide the that million from to noting some with getting There audience. in NASDAQ with to notice to of commentary ends weeks.

Gavin Jones

Thanks, Yes. Ben.

So going detail I within NASDAQ the not in is to appropriate. in a plan terms here think requirement I our through XX is think days in the of plant submit

at is and numbers We part March with this and are where as XX we're comfortable plan Again, our of the confident looking presentation. pretty equity currently.

mentioned things obviously I in improves changed, have as equity situation. obviously Macquarie the chart the as So as think, with drawdown which well, the

plan we discussions to we we will And respectful So conversations. press appropriate to our filings be I them, with have present will make to NASDAQ, those the think to appropriate and once then them. releases the subsequent

Ben Schwarz

I would things. X just note

first in XXXX. drawdown -- The and with the February that sufficient a following published How that the end Macquarie not requirement respect then question the that of tranche was the is the proceeds meet of financials to from the first on equity based ATM company on at noncompliance have facility. our does that the audited was the to it ATM, sales the

notice delisting So additional not during any or generated created the XXXX. into equity account does take

other Capital I have other I'd $X.X The the a Markets, we to is less to among lower, has which thing NASDAQ think equity requirement option also the million it's stringent mention criteria. transfer

could audience context management there's would market -- the that source per with respect guidelines kilogram to here PTC. other finalizes company once on that provide question market anticipated opportunities growth represent treasury there the to some that, a would and the for the the -- that's department So could a provide feels U.S. $X of in the highly whether significant that I comfort those

Frederico Figueira de Chaves

Look, this the absolutely, as today, recently is market. just offer for we've submitting even been an U.S. as

sure for our certainly the North market is hydrogen to industry we product the is for certified critical in think So future. make why and American Fuel market. that a reason is U.S. a we that target the Future want the for There

definitely Obus. books. elemental with and number do partners the yes, We like as energy is announced that [indiscernible] market already, energy, something in is the work So expansion into region, that U.S. we've a in our of

of do our where time put that to relationships develop possible we significant So market. amount for

Ben Schwarz

an now to with is this provide announcement Sticking partnership can have it project ago, there an project with believe was is years couple of Bakersfield the of market, which green -- Electus do if in Energy I update you a project, was folks [indiscernible]. U.S. a you that the on -- a develop a it's XXX-megawatt

Frederico Figueira de Chaves

projects also significantly are we've in large the project everywhere California. of megawatts XX seen as noted delayed. getting scale as all and But

put money effect [indiscernible] the the IRA encourage guidelines the that for clarity the U.S. on doesn't get talent to people risk. substantial course, at and the Of

So we lead. in But are that are project. we on side, our for partners not the

So view significant as the think, we, as onset that I has delays. with project expected, and

is with Our market, under in the priority on and to U.S. project next focus XX megawatts trying the of now, few especially right for the years.

Ben Schwarz

audience concerns current it cash Last runway is here for the from Gavin, provision. question the the and for

Gavin Jones

sure. Yes,

client inflows coupled as to I us capital grant satisfied we're think payments, such efforts on mentioned with on, mentioned have this Macquarie the and I VAT raise the So receipts the from earlier provides that this runway the execute a drawdowns operational as or I and with with facility Nicole current call. inflows

and the we as the think [indiscernible] was the provide at that operating facility. that greater I the facility events us in Macquarie key flexibility look up it now recently we have running, with And should needed. if accessing

back remember, who that November. in will those For we announced

for multiple provide that And longer with we've draw it. said, taken flexibility think, us we're as bit to to So a will it forward. I I reasons. going But has done down us the

Ben Schwarz

production Benavente, capacity touch with anticipated at that I production missed question from can current to more that you and on One respect facility? capacity here

Frederico Figueira de Chaves

mentioned, as the job increasing done I'm of Sir, the I happy producing efficiency production a HEVOs. to team the very actually phenomenal have -- as the

of the XXXX maybe continue X production million, than X mentioned CapEx Gavin the and per the the before the or the Great to of that of more that production to we've somewhere on -- actually already have of year. is invested, is less point about So the to double and we EUR rest line, that will EUR goes X.X to now than production production million facility on also electrolyzers way between the thing our capacity. that this XX structured with also throughout line pay can make we investment going megawatts need some

well side spend, very way to to XXX effectively So production grow we're cost-efficient all like a in really manner really, minimal the into most from to grow robot placed really a we and the to be [indiscernible] million good the with of machines million every given an sort the to EUR have doubling a question. it's between on so X EUR production capacity investment with X.X of from

Ben Schwarz

field shares Okay. Thank in, the you, touching Frederico. to how respect moment believe issue. outstanding NASDAQ at I million many shares the question the is One equity million XX.X on $XX again, last has issue that with that asking

I this -- have requirement are period. submit $X.X that and question But the equity criteria capital think is less requirement, twofold billion to our the answer listing So requirement. of dollar shareholder that equity One, plan again, compliance stockholder to have we again. XX-day has option regain with stringed to which $XX a markets, to only additionally, we required the to we transfer million

concern I believe which need have we and company, concerns, So clear would address that doing we -- X the so presenting days that we went been frankly have about compliance I capitalize certainly only think multiple to plan. in our to and we gain XXX intention

to just of so. compliance with So at we again, don't that XX-day NASDAQ to a need period end the to provide do credible regain plan

we that early guess question. hopefully, any a call little quarter answers questions, it bit And for webcast. first additional our that absence I the will So of

out questions iR@fusion-fuel.eu, the me So schedule you'd joined we again, a like call please and and free forward to either update. who with thank to at if at look or feel seeing If team and our IR next again management, of questions. all you to to ask there additional are or everyone myself you members reach to

Fusion Fuel Green (HTOO) 5 Jun 242024 Q1 Earnings call transcript