FCEL - Earnings call transcript Q3 2024

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Operator

Thank you for standing by, and welcome to the FuelCell Energy Third Quarter of Fiscal 2024 Financial Results Conference Call. [Operator Instructions] Thank you. I'd now like to turn the call over to Tom Gelston, Senior Vice President of Finance and Investor Relations. Please go ahead.

Thomas Gelston

Thank you. thank joining and call on everyone, today. morning, you us for the Good

website. this recorded. the quarter is Energy a XX-Q addition www.fuelcellenergy.com. Consistent press slide and call As our practice, reminder, on after report being of our press financial Form in for our to for webcast our release, presentation call. have our and our at available earnings conclude quarterly this and we recorded with our available released website being results This section a the we XXXX, third in posted on of are earnings be release hours and Investors This is call our the approximately FuelCell will X on morning, website replay

some regarding Securities the please statements the to regarding our technology, business strategies. of Exchange hear beliefs, and will begin, you results, will with fuel that the be respect statements and of forward-looking expectations XXXX. consist statements of our financial and our we of plans the that and note or meaning expectations, information limitation, without provided intentions our financing today, express plans Act Such cell the our of within development, anticipated with commercialization, continuing and include, and and Before future

information statements results safe any Form risks filed differ such the Factors section Form filed most forward-looking number future and of our because quarterly in available with XX-Q. Securities Risk reports uncertainties. Commission, regarding such presentation materially is could subsequently by Annual a XX-K More Exchange actual on risks or particularly recently statement Our in from slide those the and the and implied and filings the Report on in of described harbor the in of uncertainties and

deck the we release course you to appendix those measures, to of measures. to earnings this discussing ] your our press our non-GAAP for will and call, [ website presentation to be reconciliation we During slide and measures certain refer financial the of and GAAP financial

release available of press website a are earnings copy under webcast today's presentation and our Our on Investors.

our President, FuelCell Energy's For Vice Officer Officer; Jason today, President and Chief Executive and by and Executive Bishop, Financial joined Mike our Treasurer. am call Chief Few, I

remarks, available questions be Jason to opening joined be to the prepared Jason? hand over we of our call other remarks. team. I Following members will your will and take by leadership the now for

Jason Few

call advance Thank and you, morning, performance today. the Tom, joining strategy. everyone. quarter, achieved you and third our our powerhouse us Thank to ] good continued for we solid on In [

compared expected, growth strong this on were focus Year-over-year our sequentially to there and against prior decreased in Advanced year management. the our while revenues and none Generation quarter. and increased second revenue comparison continued quarter, Technology as quarter. expense capital We X in revenue replacements Our deployment given disciplined module the in had

work do, by provide of in Slide world who our highlights all also quarter an will of give like the overview purpose detail on FuelCell committed a To to nonfinancial our X. shown we support We more presentation. Each in are at some FuelCell and us Energy, in energy. we empowered financial for short, portion Energy are our share of to we enable to of what clean

technology fuel the and ] world We by around cell this and accomplish [ industry decarbonizing are our energy management to hydrogen. emissions purpose deploying applications, delivery working to proprietary producing fundamental platforms achieve and power technology for X

to Turning Slide X.

for key at the Let's look the quarter. messages

over with fuel a agreement XX we GGE, X of modules a upgraded commercial cell long-term during quarter, in First, the win Gyeonggi which execution to South years. third we replacement will provide the or pursuant service Green announced next significant the Energy Korea

Hwaseong GGE service long-term allocated infrastructure. our operations agreement end, backlog in our for Baran order these its the with revenues. Industrial and as with The important fuel billion, GGE, between for and GenCo major embraced In X the an [ GGE's that quarter single installation we confidence Complex, in a service long-term of a maintenance milestone the our the essential under addition provide modules, world. At cell from ] product from largest GGE represents brought largest in platform agreement sale backlog will us years, cell in vote has primarily total of to a country services technology to site company the fuel $X.X energy power and to

August. modules manufacturing off capabilities quick get start, we first GGE allowed in to a Our to replacement us and the X to shipped

monitor at facility inventory and low-carbon to current cost, project while ExxonMobil We, and progress. with and I solutions, are our in our is along details will meet testing advancing Torrington more is module Rotterdam. and managing We progress share making moment, at modules. In the team adjust projects demand. to and major in capture on Esso position site carbon the building work to refinery carbon reduce on deployment also X ExxonMobil's Energy our production FuelCell continue a advancing Rotterdam, validation our forecasted and

of cell the at hydrogen, first modules our services recovery-ready Beach production FuelCell with also Long our deployed commercially Ameresco, bio-generation to Ameresco site will carbon-neutral agreement advancing our electricity on-site the we fuel and District Additionally, for renewable Energy. also into X.X similar project of megawatt has future comprehensive cell from electricity. this for clean be be biofuels recently Sacramento manufactured usable powered produce heat area by by fuel convert Port our announced system. maintenance and project modules platforms, COX to project The potential by biogas for we will our installation. The carbonate developed of Sewer will the one which Under Toyota are will of green provide installed

into build with see we establish focused service opportunity in the the sales. product our reputation service through a the South have We expanding reach and market, agreement as on our Third, done tremendous agreements long-term and presence to Korea upon long-term with market GGE. we our

set geographies. And fourth, proactive and to balance a taking gaining among are power time electrolysis, of like a are and COX product steps strength to delivered applications our of customers as sheet. we maintain the Additionally, broader momentum

manufacturing in including to future to our We FuelCell continuous are performance making for process, critical Energy growth. investments improvements safety support position

a We this linked while establish are maintaining to liquidity disciplined and to approach key to triggers investment managing doing cash milestones.

so we quality we cost-effective safety As of will way, a maintaining grow, our the in do and operations.

Now, let's and to operational updates on items. turn development a couple key of commercial

a Korean is in Korea Energy from agreement per hydrogen NGE year trust long-term Turning Energy and in cell to been in this a will and NGE commitment but are to a park, agreement, XXX XX-year the at Energy wider look service spoken of relationships kilowatt operations agreement. Under power Korea to This illustrates relationship the also market, eco-friendly partner I electricity by by now to the XXXX. and to Korea details producing about of like late fuel Noeul placed GGE, Company. I Green million FuelCell its XX production. and owns the South is perspective. a long-term trusted we service demonstrates government history for where or capable history cell give with have at Slide operation of update long fuel X. has hours to maintain NGE, would is servicing under commercial and plant XXXX. our power power Power oversee GGE, our Southern replacement on to of NGE, length our example, in park important has a would the a with which The like think since approximately the I which I we it highlight FuelCell modules

XX past Advanced FuelCell XXXX, build industry KOSPO. this Accelerating we In as as time of hours with Energy requirements. This energy. megawatts to June vision we approximately to of held our Korean in our cutting-edge an gathering Korea meet future. energy XXX well strategic Company, to Next, attended showcasing and Southern Korea completed power a date, for Fuel relationship The I just X-month in has event the or technology Power ability the highlight with FuelCell demonstrates of to energy platform Cell want Korea's leaders sustainable produce large-scale by X time The Transition megawatt electricity. executives. produced Energy's To nation's XXX,XXX clean, XXth, months was Energy titled, Solutions, of platform construction

extensive business their markets, and decarbonization. Ko positive group press on this regaining Energy's in invest the of to generated building a platforms December pipeline needs the FuelCell in hydrogen of CEO, Chang support in Andy Korea they broader Suk also aggressive commitment and organization The established how Importantly, toward economy map, opportunities coverage to continued and NGE, access Korean Kim choice that scaling FuelCell technology commercial should and market. where the have the a Korean GGE, Energy's market. Since provide in for that desirable perspective addressed of in Korean technology we has opportunities great their we of create It is utility Asian day projects. we believe cell which fuel South to of of continue CEO, was an government in market in support XXXX, Asian South the and differentiated to scale road a our believe

Turning to Slide X.

capture We we and Connecticut. in on update recovery have demonstration an the Torrington, constructing carbon are

XXXX. recovery As add to SureSource have engineered the we you may to carbon recall, since capabilities been year, working last

commercial and and We excited industrial expect quality the and verify of requirements. We're high-quality exhaust complete food COX solve plant customers promise can operating providing believe one prospective this while world's testing certainty allow sampling allow our COX mission-critical streams. and of recovered to from observe which help also biggest emissions COX for capture to the of quantity, challenges, about will purity We environmental this to supply of of later technology the construction the really year, industry. and calendar technology to for beverage the and price

] design image our improve its carbonate and commercial [ uptime module. be integrated X, is XXX flexibility. Flexibility of essential balance design is also the and enabling We is to modular unit multiple it is full-scale continuous [ capabilities capability kilowatt the rack-mounted Slide or And industrial greater vertically. The plant one that expected carbon of an will module on stacked the for first support ] level differentiated capture an This be believe traditional commercial inside by from design. our unit. will to of maintenance is Next, to of with that the what ways improve large-scale units operations. a have this deployment given GenX modularity to support is we

to ship would I fiscal X Rotterdam units to to over to Our Bishop. scheduled year are call CFO, like Mike now, XXXX. And turn our in the first

Michael Bishop

Jason, to the on everyone call and Thank today. morning you, good

for on by XX highlights financial quarter. begin reviewing Slide Let's the the

end to year $XX.X negative in quarter the million XXXX compared prior For of to of of the quarter the discussion included in XXXX, to gain totaled revenues $X.XX reported year of a third XXXX, total negative $XX.X comparable the million obligations the of of fiscal the the to year of compared in $XX.X appendix third quarter approximately year our loss benefit quarter was of EBITDA fiscal and $X.XX we common million in measures fiscal million of at quarter. In quarter the XXXX loss on the ] third in share. Adjusted negative ] fiscal year in non-GAAP per a of third $XX.X third million per XXXX. see million and of Please compared net The fiscal in year onetime financial of [ benefit fiscal early year $XX.X XXXX. EBITDA attributable gain finance on prior net adjusted quarter negative net the year adjusted third finance a year extinguishment to loss XXXX, the million. The stockholders early [ earnings third compared which of release. a debt of included fiscal $X.XX quarter reported in the including we EBITDA of quarter $XX.X obligations the net share net of loss the net of of $XX.X of extinguishment resulting debt

a reported cash in of consisting restricted total position U.S. July cash XXXX. strong equivalents, short-term cash and and approximately of investment treasuries $XXX we Finally, of investments XX, million, cash, as

from by quarter Esso recognized the under recognized slide, financial contract affiliate $X.X during will contracts with the contracts module ended revenue of from and were XX, fiscal fiscal last from is joint at recognized ] were And absence exchanges the ExxonMobil million $X.X related agreement recognized see agreement period. ended projects, year under under $X.X revenues Power product to prior revenues Higher graph million and million. Revenues Engineering of our revenues XXXX, million approximately X under approximately Nederland's for XX% project our $X.X of decreased revenue and year revenue $X.X $XX Esso, by million. to was received to at approximately from months $X.X In the XXXX. were comparable broken Company purchase on recognized $X.X compares contract Slide company's details to Toyota performance the entered down million of agreement The for X quarter XX, million period, million. the driven joint recognized of Advanced contracts Company, backlog. third in arising [ were the quarter Corporation, Rotterdam to were to the EMTEC prior was This Technology increased from contract or or July under XXXX. other Ameresco in Product and development a Technologies year new revenues revenues left-hand the million $X.X with agreement $X.X the BV, contracts operations increased the other that order category. for the Trinity side College. Generation by $XX.X months third Korea our XXXX the million during from the and an were began at July you on EMTEC into Derby decrease and related on year of primarily sales fiscal contract and government revenues Technology module government year million period. of XX% first additional revenues XX, module exchange revenues XXXX. Advanced were Next, third which in quarter. Service year driven there the the quarter with no primarily of primarily and service development exchanges by revenue the prior driven any during the prior revenues year plant in Korea owned the the Southern $X.X in quarter. approximately approximately ExxonMobil EMTEC, plants and million These the

to additional in be consistent selling expected the million right expected $X.XX see prior and million service supporting by lower the XXXX. relations prior slide, that of loss prior development prior slide, at X.X gross third an megawatt higher cell increased efforts cell and Backlog favorable from XX, The third to first calendar expenses comparable as The the be agreement margins on unfavorable margin offset over to Commissioning the of in allocated on $XXX spending quarter commercial activities. At cell $XX.X reduction decreased the top the backlog be will X, development quarter. fuel million XXXX quarter, between $X the to [ of expenses year replacement X.X XX, of million, course replacement and year funded partially towards year modules $X.X compared a million sold loss result million GGE as as fall margins $XX.X to the from as expense. Research compensation completed reflecting in loss with Generation the decreased replacement modules in the resource for well million. the $X.X the of in of decreased XXXX. Looking with by year from legal, the the and replacement primarily be the year of resulted quarter. a be right-hand million XXXX. Administrative third of service expenses part ] year shareholder product expected engineering $X.X are the with XXXX, will completes of calendar July for Technology gross margins consulting quarter year totaled agreement of of $X.X billion X.X quarter July lower product million fuel as of year of into XXXX. compared a calendar of of a quarter, allocation of in to to decrease recognized backlog fiscal remained of as shift Advanced is commissioning during for third primarily quarter-over-quarter. Operating increase the a the and Technologies backlog Service and Advanced gross unfavorable increase commissioned to fuel XXXX first remaining by of side revenue compared X, gross fiscal $XX.X throughout commissioned expenses in $X third the the entered lower half to as GGE in you time modules megawatt quarter $X.X billion for million megawatt The in was GGE. result ] million. Product was during year [ backlog as company modules [ ] long-term $X.X the to XX, bottom for

performs revenue a the service with backlog GGE at as term as GGE. the company site be agreement of As recognized the service reminder, will the over

Next, on update have liquidity. our we an on Slide and XX, cash

and restricted totaled million cash cash cash $XXX.X cash equivalents of XXXX, treasuries investments As includes $XXX.X July cash U.S. million and approximately and treasuries of equivalents, cash short-term restricted unrestricted equivalents. XX, million. cash This and $XX.X million U.S. investments $XXX and in equivalents, cash in of of and

months stock X market the proceeds net shares company's July at of approximately common open average $XX.X sold share, XX.X agreement amended XXXX, million. sale XX, of ended company an sale in price the the of During to $X.XX million resulting per approximately under were

and article that [ in I year has development certain expenditures the as research and expected of solid quarter, company efficiency. Adjustments company's work timing extended and discussed spending units XXXX reductions to oxide its of solid and to due fiscal just company's pace oxide the and performance certain during company improving the as has fiscal to a year and to result company-funded deployment adjustments technology, As on ] factors optimizing and a XXXX mentioned. need made of to first downward spending of result also continue expected focus last the market the The for optimize development the including life, expenses. stack the have capital included

of expects cost continue market company additional current by future is measures, part made salaries targets included reductions as percentage in to its areas to which the reduced. the in presentation. In in company of to Our approximately XXXX, a on spending are which saving certain in and spending XX headcount its also result eliminations calculated The Slide to as total X%, may conditions, this appendix reduced of being workforce its and periods. September focus strategy respond job

financing efforts, market, back slide, Korean updates the the as management commercial to I Jason. to pursuing project. our call to activities includes now Finally, We on cash also in including opportunities is the modules deployment to further the and in repowering turn look support months. I this mentioned company will GGE providing the the coming of forward financing on which our

Jason Few

will Mike. operator Q&A. to Thanks, turn now I the it over begin to

Operator

first from of line Your Genuity. Instructions] Canaccord the question [Operator from Gianarikas comes George

George Gianarikas

just understood there? Toyota And about first, other looked any the interest to any and project, its Maybe follow-on have who update ask from parties performance? at facility the

Jason Few

for you Thank your question.

project, for transportation here vehicle hydrogen in well as advanced their as some heavy-duty the Toyota we in we that we that's -- requirement ] the of have the of at Toyota couple of addition communicated And water time of are as passenger to On [indiscernible] the Class zero fully X Toyota ago. next their combustion power hydrogen Mirai, well. the public to [ access in years. And and the are trucks support to port operational since have providing in as fueling support heavy-duty

around expect But one efforts to that our be follow-on of at are the projects in certainly, of things And on for being certainly an tax the about there at and are of opportunities. of rules advance I made the different a election continue decisions we the so, how point, is having impact And least projects, finalization see to domestically to hydrogen this we respect cycle. those interest there. With is number don't from department. think, excited follow-on treasury waiting

George Gianarikas

to great question. Actually, it's segue my a follow-on

that? of what [ thoughts X your see be expressed around could there? And thought competitors the timing of Any XXV One relaxation we the had pillars. that any relaxation ] on could quantification

Jason Few

the of if if were with legislation. great be, what's I want likely does require I because language how to George, comports some treasury think ruling, this, that in I it's at this that ] thoughts you that really Chevron And question. the the that department the [ look how reassess what crystal their they the think intent to would actually that's of and a with happened rules implement and the around legislation the ball

to that making -- such, some ours the the hydrogen. have how positive that, will which intent capability terms are like impact be for companies that X clean do likely have the I think that probably about treasury pillars more the in of department As should thinks of legislative align

George Gianarikas

you don't Is [ that any But that on till thought? ] the expect clarity your after election.

Jason Few

guess before would my -- -- doesn't come clarity that, be would guess that purely election. a That the

Operator

next Ryan of comes from Your question Riley. from the line Pfingst B.

Ryan Pfingst

manufacturing thinking you U.S. you are potential expansion with the today? for about solid are DOE still oxide working there? the How funding And in on

Jason Few

Yes.

the in the ]. And manufacturer to been full to our first DOE part XX-plus so a believe first. question obviously we maybe today be And we able So the company, from relates continue the in for a the of of have last we years. as RA as manufacturing The important and I'll programs start are on a XXC to active your to with are it U.S.-based There [ that's yes. capitalize be there. intent the of loan number U.S., program answer is efforts to that

manufacturing part terms thoughtful capital So an think, [ our this, are ] we in build indicated some milestones more and of at going that's look capacity. being aspect additional last we're when as of clarity to who we're we out is we we with the question, one capital as additional deploying trigger ] scaling. And in important of getting around a to [ is about published company. important how an materials, we very the consistent But just are

Ryan Pfingst

meaningful ago? you you announced projects guys? projects second just Appreciate my that Canada about color, the talk question, bit e-fuels for where of you if Jason. weeks little And couple And a a then for represent grant opportunity in a similar could a

Jason Few

Yes.

to is our What makes as opportunity really and is to for opportunity leveraging e-fuels. opportunity term company, for leveraging to longer the medium one and us, we nuclear partner a the interesting that Canada, a is of around technology think doing our that can produce a in advantage So we take which e-fuels, is efficiency that, and obviously And be of then includes ability heat [ that really of process. leverage heat, efficient strength when ]. that with heat. And to core the electrolysis even technology high coupled more you're part us

think, be components we continue those emerge integrated us these so able to think given to technology compete economics our more And as things advantage opportunity we to that better to for as certainly make and are effectively technological an with ]. [ traditional fuels, creates

Operator

Your next Saumya question the line comes of UBS. from from Jain

Saumya Jain

was playing do any is in center how the in -- I that? regards I updates have front? just wondering, to guess, that FuelCell data you on out guys

Jason Few

Great question.

coal our to coming of strengths. One center We our that, really couple sales things think we And a like center number two, about more it. shuttered we time the team got excited reason has of our leverage [ from see continue gas starting of an in a most on oceanfront only ] much largest shuttered real real place, where about it's and opportunities. you've growth of plants infrastructure particularly really is estate. already we're There's to that that really pipeline to the that. a existed or that's in so think in lot or that estate think engaged plants to we in amount excited challenge and again, project hyperscalers. ] look data is important a centers nicely And data we're is the conversations play of some aspect. opportunities. that And power, to [ for And clearly opportunity Number here recently

really solutions for to a a are the And on-site that us as need opportunity company. find generation so growth is really

advantageously gives feel that if platform don't when to ] and other XX NOx be thermal centers perspective. the really be to Thirdly, a California sizes showing proven to that about a benefit our our one case, requirements. have our quite [ good lot ability things the to centers feel -- I of run think holistic the use on-site just really there's a ability baseload also the [ as edge piece rest are We the needs right to of the megawatt us the advantages a call shorten CARB range, really of permitting a tough big our we to fact A use we centers ] fact helping California. that power in And megawatts technology air of plays we're chilling about those compared our products data provide certified, customer are periods ], of and and large-scale is of we them do for or with the the chilling, last ] at large-scale up may think XX really of gas-fired then enable [ permitted significant fact country, to fact ability example, let's edge you in for very an good possible demonstrate the energy that where center to data the of reliable power a in these where track issues. And then, have finally, backup to you [ SOx, or for XX us the offer that have generation from customer and generation don't megawatts also solution a record, meets absorption particulates, to area issues look edge cities electric absorption combust deploy diesel to unique advantage be degree to of deploy And to them that XX need, we the a urban not needing that we an permitting if that's where chilling, closer solutions. And a we the as plus projects we that that's long integrate the emit solution aerotainment direction typical these is is and data they to the again, part the centers, can even cooling fuels, generation. goes. And of customer that data customer those edge customer. the that with that going data to chooses would where

to power assets, And becomes being is batteries for compelling other to those a to micro-grid of so paradigm think create solutions. reliable the the whether in and well things integrate backup robust a offer our solution. And grid with would all to where the ] you or and generation [ all the really around those avenues us micro-grids, we demonstrated or start really I capabilities our where say complete a thing final be solar able technology resiliency things as shift

data excited really we're the opportunity. center about So

Operator

the comes line question next of Brothers. from Noel Tuohy Your from Parks

Noel Parks

couple a specifically Just things. sort bit terms I seeing the in wondered a that's you're easing -- just in touched the of you're talk a about little wastewater on was pipeline? or But I ] with down ] could -- little It of you earlier. a up Just indirectly of [ if seeing or increase on increases what little your whether the projects [ same?

Jason Few

to other we the is do directly pipeline we to question, capabilities that that to of to is great is core that number digesting And utilize there that and fuel a fuel. capability we I treatment you take ability to leverage mean, In demonstrated of -- just what as generate a platform's we're advantage to power. doing Noel. wastewater an facilities of fuel carbon-neutral anaerobic a need growing Yes, quality. example wastewater a utilize words, that think don't way then to one of to Ameresco movement projects. have I And the our project on upgrade benefits have at our our

So premise, leaves fuel will. that if you never the

energy that the to we're about able digester anaerobic to that, to benefit [ to again, like back feed thermal and accelerate I absorption to use the thermal that into just talked In addition process. just -- our leverage chilling ] energy,

I thing out, -- there that point other that's could production are other the Ameresco, to that what and there deployed we our potentially leverage with I that just the prepared with of, to doing we're being then carbon take are modules that of these advantage also technology recovery capable. similar X Toyota, the and So at would solution hydrogen, we're would my want say doing there's remarks, in I that opportunities to mentioned and

to a for that sequestration for -- or that created so, product there. be stream that, otherwise, whether be And can there degree another is need be just we a or that the that's can it'd or utilize value carbon

market we And and for along grow. near-term with opportunity the that so that's as to will revenue that us Ameresco a continue see project,

Noel Parks

you little you partnership in from there. bit example, for mentioned work seeing if Rotterdam, talk on any wonder the you with thoughts progress site maybe there I your more Exxon? a joint was that And if you going just of agreement and maybe marketing might what could there have on aspect be about

Jason Few

Yes.

that's at we matter needed in and where platform the the that project. be Rotterdam the or located. to [ standpoint feed going our Esso Esso Connecticut. the included if one commissioning we part in for facility The is Danbury, picture at work facility, plant conditioning in about direct Rotterdam a deck, the to the slide our preparing here into that's that that's carbon done On that, company, is Exxon the a capture of So shows move is to being which and modules. an being this the capture to And will project modules are side, any process and that capture facility from in done site It's ]. located an about able all you work air our looked do modules all carbon be the building flue of is you're gas at of how

in business low-carbon demonstration development joint overall ultimately we, product the and of the the But Energy as customers will Exxon scale all the engaged these that type more number we stages, it's are solutions part product. projects. early marketing around how In of see we about commercialize FuelCell with a leveraging side, technology. On and conversations

those so and would I well a And conversations, number say, going are of play. them in have we

Noel Parks

general And of sort just other one question.

interest improving Just finally it since looks rate like be bit. we the environment reached that point could wondering, the a

other ] done to sorts about waiting Whether those this investments? of if as kind of discussions start those or investment? reached point anything for are that [ as projects projects wondering Just point having resuming thinking of inflection any -- financing has far

Jason Few

But we're the Mike The I hand over Yes. I Mike, give just I'll is that. to like to it happens, this -- September to it turn this going We're as hoping would Jinx. color meeting No, Mike say going let Illustrated it going [indiscernible] over can at they're Sports next here. said, actually Fed I but we're one some ] [ go before ] not to hope you on [ thing I'll to --

Michael Bishop

Thanks, Jason. Yes.

being with profile cash So able our given financing doing We've loans potentially project -- our able to relatively lock low been through rate in actually obviously, projects. interest on the environment. changing of the we're projects, to about excited this flow changing navigate

we're elsewhere also in repowering. As work we're I financing and Korea commercial pursuing to in that my support doing mentioned remarks, around

we We into of have contracts in those parties our a interested backlog. as bring supporting number those

new positioned So on financing we forward. go as to execute we here feel like well we're

Operator

[Operator Your the line next Jeffrey Research Partners. from Seaport comes of Instructions] question Campbell from

Jeffrey Campbell

an on I to reference expand projects? wanted emissions Canadian to projects your bit side? efforts Laboratory sequestration a ] sounds if the [ to [ and dealing the versus approach could Nuclear carbonate carbon the alternative you in ask like on concentration molten co-electrolysis ] It with

Jason Few

that's great it a The we question, is that about you're reductions to No, as to that a of to way in need community, have Yes. achieve going global things. do order different think we Jeffrey. the number emission that, a

Exxon certainly talk and some efficient more platform other customers. We think absolute always capture case addition directly power effective believe to But the as We the that be also of leveraging and carbon, an or capturing than carbon. And e-fuels One that decarbonize directly is with capture today. core think to going their point of those and our to solution you're ability emissions create is source are ability do ] and in are be this to now going or unique that's a from leveraging could industrial to to actually number on, that got is the around you because be about replacement would if fuels industries And is that. or without for operations. that could opportunity -- alternative the just differentiated need hydrogen to industry do there's [ existing we capabilities what things e-fuels is the that you've really at another the of that you ability which in capturing way. produce of carbon produce how that carbonate that one synthetic there's nuclear an though for a capturing that, we it elements then fuels, don't about or available recipe of all in the it our challenged total the and to to the in worked decarbonize going to

those streams value drive And but leverage gives some energy sources so, we think sources the other through nuclear, different like of of emissions help decarbonize us create that to technology of value will operations non-carbon to yet our an aspect of or leverage to chain generation those decarbonization other use e-fuels. opportunity and that of different the

Jeffrey Campbell

Just one. [ last ] a quick

presentation Just wondering and what's response you going up the World you're think And Brewer impressive. for effort? I food-grade it's the Association. initial COX [ that seen did pretty receiving the a ] I've from unit myself recently

of sort what initial wondering of getting? kind just you So are response

Jason Few

Yes.

the opportunity has positive we're that far, I and doing. really the work think response so the about been

of utilization, about COX COX [ look think to ]. food beverage utilization roughly I I at it's XX% category and the goes if you think

the as even opportunity. But core wants a And drinking have the we you to And that to or COX [ ] to test [indiscernible] COX beer the it's for sizable important different in really ingredient COX right. pretty imagine, impacts that as a case. relative a other that itself we've there's that ] can [ and it's get as a ]. things, the So learned, product, right, customer offering can a those [ source are taste of that

to COX be [ ability purification to process, demonstration [ the taste the platform, our sample the sample they the would and to get give offer test us this that and from that ] for actual so, produced will COX and And opportunity witness and customers ]. purification the

think move so, technology. that's get customers that, us our the a to to food going we with for beverage and to And be catalyst forward

Operator

final other this will At the remarks. back over there closing Jason for call time, are Few now turn questions. I to no

Jason Few

the strategy, to Thank this strategy great you, We'll us joining which us of the day. delivering with growth for all today. call we allow thank world. and largest in returns. technologies optimizing a committed will develop for Powerhouse Rob, business remain continue you Have done of of our execute you goal to and as Thank with our joining to companies the today. again have We some

Operator

participation. your This concludes today's conference call. Thank you for

disconnect. may You now

FuelCell Energy (FCEL) 5 Sep 242024 Q3 Earnings call transcript