燃料電池能源 (FCEL) 2023 Q2 法說會逐字稿

Good morning, and welcome to the FuelCell Energy Second Quarter of 2023 Financial Results Conference Call. (Operator Instructions) Thank you.

早上好，歡迎參加 FuelCell Energy 2023 年第二季度財務業績電話會議。 （操作員說明）謝謝。

Tom Gelston, Senior Vice President, Finance and Investor Relations, you may begin your conference.

湯姆·蓋爾斯頓（Tom Gelston），財務和投資者關係高級副總裁，您可以開始會議了。

Thank you, and good morning, everyone, and thank you for joining us on today's call. As a reminder, this call is being recorded. This morning, FuelCell Energy released our financial results for the second quarter of 2023, and our earnings press release and our annual report on Form 10-K are available in the Investors section of our website at www.fuelcellenergy.com.

謝謝大家，大家早上好，感謝您參加今天的電話會議。提醒一下，此通話正在錄音。今天上午，FuelCell Energy 發布了 2023 年第二季度的財務業績，我們的收益新聞稿和 10-K 表格年度報告可在我們網站 www.fuelcellenergy.com 的投資者部分獲取。

Consistent with our practice, in addition to this call and our earnings press release, we have posted a slide presentation on our website. This webcast is being recorded and will be available for replay on our website approximately 2 hours after we conclude the call.

根據我們的慣例，除了本次電話會議和我們的收益新聞稿之外，我們還在我們的網站上發布了幻燈片演示。該網絡廣播正在錄製中，並將在我們結束通話後大約 2 小時在我們的網站上重播。

Before we begin, please note that some of the information that you will hear or be provided with today will consist of forward-looking statements within the meaning of the Securities Exchange Act of 1934. Such statements express our expectations, beliefs and intentions regarding the future and include, without limitation, statements with respect to our anticipated financial results, our plans and expectations regarding the continuing development, commercialization and financing of our fuel cell technology and our business plans and strategies. Our actual future results could differ materially from those described in or implied by such forward-looking statements because of a number of risks and uncertainties. More information regarding such risks and uncertainties is available on the Safe Harbor statement in the slide presentation and in our filings with the Securities and Exchange Commission, particularly with Risk Factors section of our most recently filed annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q.

在我們開始之前，請注意，您今天將聽到或獲得的一些信息將包含 1934 年《證券交易法》含義內的前瞻性陳述。此類陳述表達了我們對未來的期望、信念和意圖包括但不限於有關我們的預期財務業績、我們對燃料電池技術的持續開發、商業化和融資的計劃和期望以及我們的業務計劃和戰略的聲明。由於許多風險和不確定性，我們未來的實際結果可能與此類前瞻性陳述中描述或暗示的結果存在重大差異。有關此類風險和不確定性的更多信息，請參閱幻燈片演示中的安全港聲明以及我們向美國證券交易委員會提交的文件，特別是我們最近提交的 10-K 表格年度報告以及隨後提交的任何報告中的風險因素部分。表 10-Q 上的季度報告。

During the course of this call, we will be discussing certain non-GAAP financial measures, and we refer you to our website and to our earnings press release and the appendix of the slide presentation for the reconciliation of those measures to GAAP financial measures. Our earnings press release and a copy of today's webcast presentation are available on our website at www.fuelcellenergy.com under Investors.

在本次電話會議期間，我們將討論某些非 GAAP 財務指標，我們建議您訪問我們的網站、我們的收益新聞稿以及幻燈片演示文稿的附錄，以了解這些指標與 GAAP 財務指標的協調情況。我們的收益新聞稿和今天的網絡廣播演示文稿的副本可在我們的網站 www.fuelcellenergy.com 的“投資者”下獲取。

For our call today, I am joined by Jason Few, FuelCell Energy's President and Chief Executive Officer; and Mike Bishop, FuelCell Energy's Executive Vice President and Chief Financial Officer. Following our prepared remarks, we will be available to take your questions and be joined by other members of the senior leadership team.

FuelCell Energy 總裁兼首席執行官 Jason Few 也參加了今天的電話會議。以及 FuelCell Energy 執行副總裁兼首席財務官 Mike Bishop。在我們準備好的發言之後，我們將回答您的問題，並邀請高級領導團隊的其他成員加入。

I will now hand the call over to Jason for opening remarks. Jason?

現在我將把電話轉交給傑森致開幕詞。傑森？

Thank you, Tom, and good morning, everyone. Thank you for joining us on our call today. Today, we are pleased to announce another quarter of strong revenue growth. We also want to highlight our consistent operational progress on key projects and strategic objectives, including our Tri-generation distributed hydrogen platform at the Port of Long Beach, California, which has entered the commissioning phase, continued development of our solid oxide power generation and electrolysis platforms, carbon separation and carbon capture technologies and our continued focus on extending advanced applications for our platforms.

謝謝你，湯姆，大家早上好。感謝您今天參加我們的電話會議。今天，我們很高興地宣布另一個季度的收入強勁增長。我們還想強調我們在關鍵項目和戰略目標上的持續運營進展，包括我們位於加州長灘港的三聯分佈式氫平台已進入調試階段，我們的固體氧化物發電和電解的持續發展平台、碳分離和碳捕獲技術，以及我們繼續致力於擴展我們平台的先進應用。

For anyone who may be new to the FuelCell Energy story, we have included a company overview on Slide 3. Our purpose is to enable a world empowered by clean energy. We are proud to be a global leader in clean energy technology. In simple terms, our proprietary fuel cell technology platforms do 2 things: decarbonized power and produce hydrogen. We operate in North America, Asia and Europe, and we are focused on entering additional markets around the world. We have 95 platform installations in commercial operation and have generated more than 13 million megawatt hours to date. The technology behind these high-temperature electrochemical energy platforms underpins both our Tri-generation and carbon capture platforms, which we believe enables FuelCell Energy to leverage 20 years of operating history and sets the stage for us to meet the evolving needs of our current and future customers.

對於那些可能不熟悉燃料電池能源故事的人，我們在幻燈片 3 上提供了公司概述。我們的目的是打造一個由清潔能源驅動的世界。我們很自豪能夠成為清潔能源技術的全球領導者。簡而言之，我們專有的燃料電池技術平台有兩件事：脫碳電力和生產氫氣。我們在北美、亞洲和歐洲開展業務，並致力於進入世界各地的其他市場。我們有 95 個平台裝置投入商業運營，迄今為止發電量已超過 1300 萬兆瓦時。這些高溫電化學能源平台背後的技術支撐著我們的三聯產和碳捕獲平台，我們相信這使 FuelCell Energy 能夠利用 20 年的運營歷史，並為我們滿足當前和未來不斷變化的需求奠定基礎顧客。

Next, please turn to key messages for this quarter shown on Slide 4. First, we are very pleased to announce consistent operational progress on key projects. During the quarter, we completed new module exchanges at the plant owned by Korea Southern Power Company in Korea, which achieved commercial operations in fiscal year 2018. The new module exchanges were an important driver of our service agreements revenue in the quarter. At our Toyota Port of Long Beach, California project, the fuel cell platform has advanced to the commissioning phase of project deployment, and we anticipate that the remaining commissioning activity will be completed and commercial operations will be achieved in our third fiscal quarter.

接下來，請參閱幻燈片 4 所示的本季度關鍵信息。首先，我們非常高興地宣布關鍵項目的運營進展一致。本季度，我們在韓國韓國南方電力公司旗下的工廠完成了新的組件更換，該工廠於2018財年實現了商業運營。新的組件更換是我們本季度服務協議收入的重要驅動力。在我們的加州長灘豐田港項目中，燃料電池平台已進入項目部署的調試階段，我們預計剩餘的調試活動將在第三財季完成並實現商業運營。

Under our hydrogen power purchase agreement with Toyota, this project has a 20-year firm offtake commitment for hydrogen and power. And we have entered into a contract with Anaergia to supply renewable natural gas. We will continue to leg into gas supply over time, the renewable natural gas is produced from local food waste and municipal wastewater, which we expect will allow our Tri-generation system to produce 3 emission-free value streams, hydrogen, electricity and water for our customer, Toyota.

根據我們與豐田的氫電採購協議，該項目對氫和電力有 20 年的堅定承購承諾。我們還與 Anaergia 簽訂了供應可再生天然氣的合同。隨著時間的推移，我們將繼續涉足天然氣供應，可再生天然氣是由當地食物垃圾和城市廢水生產的，我們預計這將使我們的三聯產系統能夠生產 3 種零排放的價值流：氫氣、電力和水，用於我們的客戶，豐田。

In Derby, Connecticut, on-site construction of the 14-megawatt project continues to advance, and 4 of the 10 modules required for the project have been delivered for installation. On-site civil construction of the 2.8 megawatt project is also advancing. We expect to achieve commercial operation on both of these projects in the fourth quarter of calendar year 2023.

在康涅狄格州德比，14兆瓦項目現場施工持續推進，項目所需10個組件中的4個已交付安裝。 2.8兆瓦項目現場土建施工也在推進。我們預計這兩個項目將於 2023 年第四季度實現商業運營。

Secondly, we are progressing on the development of advanced applications of our platforms. We received an order from an affiliate of ExxonMobil Technology and Engineering company or EMTEC and ExxonMobil for long lead fuel cell equipment and tooling to be acquired from third-party vendors as well as engineering support from the company that would be required in connection with the implementation of a potential carbon capture demonstration. We continue to advance our testing work under our joint development agreement with EMTEC, which we believe validates our confidence in our carbon capture technology.

其次，我們正在推進平台高級應用程序的開發。我們收到了埃克森美孚技術與工程公司或 EMTEC 和埃克森美孚附屬公司的訂單，要求從第三方供應商購買長周期燃料電池設備和工具，以及實施過程中所需的公司工程支持潛在的碳捕獲示範。我們根據與 EMTEC 的聯合開發協議繼續推進我們的測試工作，我們相信這證實了我們對碳捕獲技術的信心。

In addition, we believe that this demonstration project would provide an outstanding opportunity to demonstrate our technology's ability to address one of the largest environmental challenges of today, efficiently and cheaply capturing carbon at the direct point of emissions and destroying NOx. Government incentives such as 45Q in the United States and the carbon border adjustment mechanism in the European Union are just 2 examples of the global support for reducing carbon emissions.

此外，我們相信這個示範項目將提供一個絕佳的機會來展示我們的技術有能力解決當今最大的環境挑戰之一，高效、廉價地在排放點直接捕獲碳並銷毀氮氧化物。美國的45Q和歐盟的碳邊界調整機制等政府激勵措施只是全球支持減少碳排放的兩個例子。

In addition, we recently announced that we have executed a memorandum of understanding with Chart Industries to partner and exploring opportunities in carbon capture for use or sequestration as well as generation in storage of gases or liquefied hydrogen. I will discuss this in more detail later in the presentation.

此外，我們最近宣布，我們已與 Chart Industries 簽署了一份諒解備忘錄，以合作並探索碳捕獲以供使用或封存以及生成氣體或液化氫的機會。我將在稍後的演示中更詳細地討論這一點。

Thirdly, we are continuing to focus on expanding our solid oxide manufacturing capacity. Our plan to expand manufacturing capacity in our Calgary facility from 4 megawatts to 40 megawatts is progressing. We have more than doubled our manufacturing square footage, and we have hired and trained additional team members for a third shift production operation.

第三，我們繼續專注於擴大我們的固體氧化物製造能力。我們將卡爾加里工廠的產能從 4 兆瓦擴大到 40 兆瓦的計劃正在取得進展。我們的製造面積增加了一倍多，並且我們還僱用和培訓了更多的團隊成員來進行第三班生產操作。

During calendar year 2023, our Calgary manufacturing operation is expected to build and deliver 4 units, 2 units that will run internally for advanced testing and two, first article production units for delivery externally. We have started manufacturing the 250 kilowatt electrolysis platform for delivery to Idaho National laboratories.

2023 年期間，我們的卡爾加里製造工廠預計將建造和交付 4 台設備，其中 2 台將在內部運行以進行高級測試，另外 2 台將用於外部交付。我們已開始製造 250 千瓦電解平台，並將交付給愛達荷國家實驗室。

In addition, we continue to opportunistically evaluate options to benefit from global policy tailwinds. In addition to the Inflation Reduction Act and the Infrastructure Investment and Jobs Act in the United States, global support for green energy includes the European Union's proposed approximately $270 billion program, also known as the European Green Deal and Korea's clean hydrogen energy portfolio standard, also known as Korea's Hydrogen Economy Roadmap. We believe that these policies will support and drive increasing demand for clean energy technologies to decarbonize power, produce hydrogen and deliver resiliency, reliability, redundancy, energy security, energy independence and affordability.

此外，我們繼續機會主義地評估從全球政策順風中受益的選擇。除了美國的《降低通貨膨脹法案》和《基礎設施投資和就業法案》外，全球對綠色能源的支持還包括歐盟提出的約2700億美元計劃，也稱為歐洲綠色協議和韓國的清潔氫能源組合標準，也被稱為韓國氫經濟路線圖。我們相信，這些政策將支持和推動對清潔能源技術日益增長的需求，以實現電力脫碳、生產氫氣並提供彈性、可靠性、冗餘、能源安全、能源獨立性和可負擔性。

Lastly, we continue to focus on maintaining liquidity and exercising a disciplined approach to capital allocation. Subsequent to the end of the quarter, we closed on an $87 million non-recourse project financing facility; the facility, which was oversubscribed due to strong lender interest further improves our balance sheet strength and flexibility.

最後，我們繼續專注於維持流動性並採取嚴格的資本配置方法。本季度末後，我們完成了 8700 萬美元的無追索權項目融資融資；由於貸方的強烈興趣，該貸款被超額認購，進一步改善了我們的資產負債表實力和靈活性。

Now, I will turn the call over to Mike to discuss the financial results for the second quarter as well as our new financing arrangements in more detail. Mike?

現在，我將把電話轉給邁克，更詳細地討論第二季度的財務業績以及我們新的融資安排。麥克風？

Thank you, Jason, and good morning to everyone on the call today. Let's begin by reviewing the financial highlights for the quarter shown on Slide 6. For the second quarter of fiscal year 2023, we reported total revenues of $38.3 million compared to $16.4 million in the second quarter of fiscal year 2022, an increase of 134%.

謝謝杰森，今天與會的所有人早上好。首先讓我們回顧一下幻燈片 6 中顯示的季度財務亮點。2023 財年第二季度的總收入為 3830 萬美元，而 2022 財年第二季度的總收入為 1640 萬美元，增長了 134%。

Net loss was $33.9 million in the second quarter of fiscal year 2023 compared to net loss of $30.1 million in the second quarter of fiscal year 2022. The resulting net loss per share attributable to common stockholders in the second quarter of fiscal year 2023 was negative $0.09 compared to negative $0.08 in the second quarter of fiscal year 2022.

2023 財年第二季度淨虧損為 3390 萬美元，而 2022 財年第二季度淨虧損為 3010 萬美元。由此產生的 2023 財年第二季度歸屬於普通股股東的每股淨虧損為負 0.09 美元相比之下，2022 財年第二季度為負 0.08 美元。

Adjusted EBITDA totaled negative $26 million in the second quarter of fiscal year 2023 compared to adjusted EBITDA of negative $21.2 million in the second quarter of fiscal year 2022. Please see the discussion of non-GAAP financial measures, including adjusted EBITDA in the appendix at the end of our earnings release. Finally, the company held total cash, cash equivalents and short-term investments of over $350 million as of April 30, 2023.

2023 財年第二季度調整後 EBITDA 總額為負 2600 萬美元，而 2022 財年第二季度調整後 EBITDA 為負 2120 萬美元。請參閱附錄中對非 GAAP 財務指標的討論，包括調整後 EBITDA。我們的財報發布結束。最後，截至 2023 年 4 月 30 日，該公司持有的現金、現金等價物和短期投資總額超過 3.5 億美元。

Next, please turn to Slide 7 for additional details on our financial performance and backlog. The chart on the left-hand side graphically shows our revenue composition by line item. Looking at revenue drivers by category. Service agreement revenues increased to $26.2 million from $2.6 million. Service agreement revenues recognized during the second quarter of fiscal year 2023 were primarily driven by new module exchanges at the plant owned by Korea Southern Power Company in Korea, while there were no new module exchanges during the comparable prior year quarter. The company expects a lower level of module exchanges during the balance of the fiscal year.

接下來，請參閱幻燈片 7，了解有關我們的財務業績和積壓訂單的更多詳細信息。左側的圖表以圖形方式顯示了我們按行項目的收入構成。按類別查看收入驅動因素。服務協議收入從 260 萬美元增至 2620 萬美元。 2023 財年第二季度確認的服務協議收入主要是由韓國南方電力公司在韓國擁有的工廠的新模塊更換推動的，而去年同期可比期間沒有新的模塊更換。該公司預計本財年餘下的模塊更換水平較低。

Generation revenues decreased to $8.4 million from $9.1 million, which is primarily the result of the timing of revenue recognition for the sale of renewable energy credits compared to the comparable prior year period. Advanced technologies contract revenues decreased to $3.7 million from $4.7 million. Compared to the second quarter of fiscal year 2022, Advanced Technologies contract revenues recognized under our joint development agreement with ExxonMobil Technology and Engineering company were approximately $0.3 million higher and revenue recognized under government and other contracts were approximately $1.3 million lower as a result of the allocation of engineering resources during the quarter.

發電收入從 910 萬美元下降至 840 萬美元，這主要是由於與上年同期相比，可再生能源信貸銷售的收入確認時間安排所致。先進技術合同收入從 470 萬美元減少至 370 萬美元。與 2022 財年第二季度相比，由於分配，根據我們與埃克森美孚技術與工程公司的聯合開發協議確認的先進技術合同收入增加了約 30 萬美元，根據政府和其他合同確認的收入減少了約 130 萬美元本季度的工程資源。

Looking at the top right-hand side of the slide, I will walk through the changes in gross loss and operating expenses. Gross loss for the second quarter of fiscal year 2023 totaled $6.1 million, compared to a gross loss of $7.3 million in the comparable prior year quarter. The decrease in gross loss is primarily due to favorable service agreement gross margins, partially offset by the decrease in generation revenue gross margin resulting from a project asset impairment and a decrease in gross profit for Advanced Technologies.

查看幻燈片的右上角，我將介紹總虧損和運營費用的變化。 2023 財年第二季度的毛虧損總計 610 萬美元，而去年同期的毛虧損為 730 萬美元。毛虧損的減少主要是由於有利的服務協議毛利率，但部分被項目資產減值導致的發電收入毛利率下降和先進技術毛利潤下降所抵消。

Operating expenses for the second quarter of fiscal year 2023 increased to $29.8 million from $20.9 million in the second quarter of fiscal year 2022. Administrative and selling expenses were higher during the second quarter of fiscal year 2023, primarily due to an increase in head count. Research and development expenses increased to $14.7 million during the second quarter of fiscal year 2023, primarily due to an increase in spending on the company's ongoing commercial development efforts related to our solid oxide power generation and electrolysis platforms and carbon separation and carbon capture solutions compared to the prior year period.

2023 財年第二季度的運營費用從 2022 財年第二季度的 2090 萬美元增加到 2980 萬美元。2023 財年第二季度的管理和銷售費用較高，主要是由於員工數量的增加。 2023 財年第二季度的研發費用增加至 1,470 萬美元，主要是由於與去年同期相比，公司與固體氧化物發電和電解平台以及碳分離和碳捕獲解決方案相關的持續商業開發工作的支出增加。上一年期間。

On the bottom right of the slide, you will see that we finished the quarter with backlog of approximately $1 billion, a decrease of 23% compared to backlog as of April 30, 2022. Reduction in backlog is due in part to the decision in the fourth quarter of fiscal year 2022 not to move forward with certain generation projects, given their economic profiles at the time as well as revenue recognition under product, generation and service agreements since April 30, 2022.

在幻燈片的右下角，您將看到本季度結束時，我們的積壓訂單約為 10 億美元，與截至 2022 年 4 月 30 日的積壓訂單相比減少了 23%。積壓訂單的減少部分是由於考慮到當時的經濟狀況以及自 2022 年 4 月 30 日以來產品、發電和服務協議下的收入確認，2022 財年第四季度不會推進某些發電項目。

On Slide 8 is an update on our liquidity and ongoing investment in project assets. As of April 30, 2023, we had total cash, cash equivalents and short-term investments of $353.5 million. This total includes $246.8 million of unrestricted cash and cash equivalents, represented by the darker blue bar on the chart in the center of the slide. $30.2 million of restricted cash and cash equivalents represented by the purple bar and $76.4 million of short-term investments represented by the lighter blue bar.

第 8 張幻燈片介紹了我們的流動性和項目資產持續投資的最新情況。截至 2023 年 4 月 30 日，我們的現金、現金等價物和短期投資總額為 3.535 億美元。這一總額包括 2.468 億美元的不受限制的現金和現金等價物，由幻燈片中央圖表中的深藍色條表示。紫色條代表 3020 萬美元的受限制現金和現金等價物，淺藍色條代表 7640 萬美元的短期投資。

The short-term investments represent the amortized cost of U.S. Treasury Securities purchased by the company during the first and second quarters of fiscal year 2023 as part of the company's cash management optimization effort, all of which are expected to be held to maturity. Looking at the right-hand side of the slide, there is a chart illustrating our total project assets, which make up our company-owned generation portfolio. As of April 30, 2023, our gross project assets totaled $273.2 million, which excludes accumulated depreciation.

這些短期投資代表公司在 2023 財年第一和第二季度購買的美國國債的攤餘成本，作為公司現金管理優化工作的一部分，所有這些投資預計將持有至到期。看幻燈片的右側，有一張圖表說明了我們的項目總資產，這些資產構成了我們公司擁有的發電投資組合。截至 2023 年 4 月 30 日，我們的項目總資產總計 2.732 億美元，其中不包括累計折舊。

As detailed on Slide 19 in the appendix of this presentation, our generation portfolio totaled 63.1 megawatts of assets as of April 30, 2023. This includes 43.7 megawatts of operating assets and 19.4 megawatts of projects in process. As projects in process begin commercial operation, they are expected to contribute to higher generation revenue.

正如本演示文稿附錄中幻燈片 19 所詳述，截至 2023 年 4 月 30 日，我們的發電組合資產總計為 63.1 兆瓦。其中包括 43.7 兆瓦的運營資產和 19.4 兆瓦的在建項目。隨著在建項目開始商業運營，預計將有助於提高發電收入。

Now please turn to Slide 9, which is a great example of how the company has been able to recycle cash from our generation portfolio. We were very pleased to close on a new project financing agreement subsequent to the end of our second quarter. In spite of the current challenges in the fixed income markets, we're able to diversify our sources of capital and increase the efficiency of our financing structure by entering into an $87 million non-recourse project financing facility. After a portion of the proceeds were used to repay some of the company's existing indebtedness and certain restricted and unrestricted reserve accounts and cash reserves were released at closing, this financing transaction yielded net cash proceeds to FuelCell Energy of $60.6 million, of which $46.1 million is unrestricted and may be used to accelerate commercialization of our hydrogen fuel cell technologies for strategic initiatives and for general corporate purposes. $14.5 million of the net cash proceeds is restricted and has been used to fund performance reserves.

現在請轉向幻燈片 9，這是公司如何能夠從我們的發電組合中回收現金的一個很好的例子。我們非常高興在第二季度末後達成一項新的項目融資協議。儘管當前固定收益市場面臨挑戰，但我們能夠通過簽訂 8700 萬美元的無追索權項目融資安排來實現資本來源多元化並提高融資結構的效率。部分收益用於償還公司的部分現有債務，並且在交割時釋放了某些限制性和非限制性準備金賬戶和現金儲備，此次融資交易為 FuelCell Energy 帶來了 6060 萬美元的淨現金收益，其中 4610 萬美元為不受限制，可用於加速我們的氫燃料電池技術的商業化，以實現戰略舉措和一般企業目的。淨現金收益中的 1,450 萬美元受到限制，並已用於為績效儲備金提供資金。

We partnered with a diverse bank group consisting of Investec Bank, Bank of Montreal, Liberty Bank, Amalgamated Bank and Connecticut Green Bank. This facility provides a 7-year term loan at competitive interest rates secured by 6 of our long-term contracted operating assets, which are contracted with investment-grade counterparties.

我們與包括天達銀行、蒙特利爾銀行、自由銀行、聯合銀行和康涅狄格綠色銀行在內的多元化銀行集團合作。該貸款以具有競爭力的利率提供 7 年期貸款，由我們與投資級交易對手簽訂合同的 6 項長期合同運營資產作為擔保。

Finally, please turn to Slide 10. I would like to confirm that our projected investments that we introduced at the beginning of the fiscal year are on track. The 3 primary targeted areas for investments are: capital commitments for property, plant and equipment, research and development and continued build-out of our generation portfolio. Capital commitments for property, plant and equipment are expected to range between $60 million to $90 million for fiscal year 2023. We expect cash for these commitments will be extended over fiscal years 2023 and 2024.

最後，請參閱幻燈片 10。我想確認我們在本財年年初引入的預計投資是否步入正軌。投資的 3 個主要目標領域是：房地產、廠房和設備的資本承諾、研發以及我們發電組合的持續建設。 2023 財年，不動產、廠房和設備的資本承諾預計在 6000 萬美元至 9000 萬美元之間。我們預計這些承諾的現金將在 2023 年和 2024 年財年延長。

CapEx includes expected investments in our manufacturing facilities for both carbonate including carbon capture and solid oxide production capacity expansion. The addition of test facilities for new products and components, the expansion of our laboratories and upgrades to and expansion of our business systems. The solid oxide production capacity expansion is well underway in our Calgary, Canada facility. In addition, we are evaluating the potential for additional manufacturing facilities in the United States to complement Calgary and support the growth that we anticipate.

資本支出包括對碳酸鹽製造設施（包括碳捕獲）和固體氧化物產能擴張的預期投資。增加新產品和組件的測試設施、擴建我們的實驗室以及升級和擴展我們的業務系統。我們加拿大卡爾加里工廠的固體氧化物產能擴張正在順利進行。此外，我們正在評估在美國增加製造設施的潛力，以補充卡爾加里並支持我們預期的增長。

Looking at research and development, our R&D efforts continue to be focused on commercialization of our hydrogen technologies, including long duration energy storage and carbon capture. We estimate that full year R&D expenses for fiscal year 2023 will be in the range of $50 million to $70 million. We estimate that full year expenditures for project assets will be in the range of $45 million to $65 million. This includes the amounts being expensed for the Toyota project.

在研發方面，我們的研發工作繼續專注於氫技術的商業化，包括長期儲能和碳捕獲。我們預計 2023 財年全年研發費用將在 5000 萬美元至 7000 萬美元之間。我們估計全年項目資產支出將在 4500 萬至 6500 萬美元之間。這包括豐田項目的支出金額。

As projects in our generation portfolio begin operation under long-term power purchase agreements and hydrogen power purchase agreements, we expect this investment to translate into growth in recurring revenues and provide continued opportunities for tax equity and back leverage debt financing. All of the investments that I have described on this slide are expected to drive future growth.

隨著我們發電組合中的項目根據長期購電協議和氫能購電協議開始運營，我們預計這項投資將轉化為經常性收入的增長，並為稅收股權和反槓桿債務融資提供持續的機會。我在這張幻燈片中描述的所有投資預計將推動未來的增長。

In closing, I am pleased with the progress made this past quarter. From a financial perspective, we believe that we remain well positioned to execute on our near, medium and long-term Powerhouse business strategy.

最後，我對上個季度取得的進展感到滿意。從財務角度來看，我們相信我們仍然能夠很好地執行我們的近期、中期和長期業務戰略。

I will now turn the call back over to Jason.

我現在將把電話轉回傑森。

Thanks, Mike. As we have stated in previous quarters, our Powerhouse business strategy serves as our framework for achieving long-term growth. I will summarize our approach on Slide 12. The first tenet is growth. We are working to optimize our business for achieving growth in markets where we see significant opportunities for our platform technologies. We have created geographic market segment and application-specific playbooks that are focused on building a robust sales pipeline. Our business development team is focused on moving the pipeline from prospects to executed agreements.

謝謝，邁克。正如我們在前幾個季度所述，我們的 Powerhouse 業務戰略是我們實現長期增長的框架。我將在幻燈片 12 上總結我們的方法。第一個原則是增長。我們正在努力優化我們的業務，以在我們看到平台技術具有重大機遇的市場中實現增長。我們創建了地理細分市場和特定於應用程序的策略，專注於建立強大的銷售渠道。我們的業務開發團隊專注於將管道從潛在客戶轉移到已執行的協議。

The second is scale. We plan to scale our existing platforms by investing in, extending and deepening our leadership and total human capital across the organization. Across our operations, we are focused on optimizing manufacturing capacity for our carbonate platform with the goal of achieving 100 megawatts of annualized integrated on-site manufacturing and conditioning capacity.

二是規模。我們計劃通過投資、擴展和深化我們整個組織的領導力和總人力資本來擴展我們現有的平台。在我們的運營中，我們專注於優化碳酸鹽平台的製造能力，目標是實現年化 100 兆瓦的綜合現場製造和調節能力。

We are also working to expand our solid oxide manufacturing capabilities with a goal of adding an additional 400 megawatts of manufacturing capacity in the United States. We believe that the legislation enacted and being contemplated around the world will, over time, serve as a catalyst to support the acceleration of adoption of products like ours and to ultimately drive down cost.

我們還致力於擴大我們的固體氧化物製造能力，目標是在美國增加 400 兆瓦的製造能力。我們相信，隨著時間的推移，世界各地頒布和正在考慮的立法將成為催化劑，支持加速採用我們這樣的產品，並最終降低成本。

And third, innovate. Over our 50-year history, we have never stopped innovating. As shown on the earlier slide, we have hundreds of patents granted or pending in jurisdictions around the world. We believe our technologies and our culture provide the opportunity for our participation in the growth of the hydrogen economy and carbon capture market and will enable us to deliver on our purpose to enable a world empowered clean Energy. We are working to develop diversified revenue streams by delivering a range of solutions and services anchored by our multi-feature platforms that support the global energy transition.

第三，創新。在我們 50 年的歷史中，我們從未停止創新。如前面的幻燈片所示，我們在世界各地的司法管轄區擁有數百項已授予或正在申請的專利。我們相信，我們的技術和文化為我們參與氫經濟和碳捕獲市場的增長提供了機會，並使我們能夠實現我們的目標，為世界提供清潔能源。我們致力於通過提供一系列以支持全球能源轉型的多功能平台為基礎的解決方案和服務來開發多元化的收入來源。

Please turn to Slide 13. Our collaboration with Chart Industries announced after the end of the second quarter is a great example of how we plan to innovate and work with partners to deliver complete solutions to our customers. We are excited to collaborate with Chart Industries with the goal of delivering innovative, sustainable solutions for our customers. As you may know, Chart Industries is a leading technology company that provides equipment and services for a range of applications, including CO2 and hydrogen liquefaction and compression.

請參閱幻燈片 13。我們在第二季度末宣布的與 Chart Industries 的合作是一個很好的例子，說明我們計劃如何創新並與合作夥伴合作，為客戶提供完整的解決方案。我們很高興與 Chart Industries 合作，目標是為客戶提供創新、可持續的解決方案。如您所知，Chart Industries 是一家領先的技術公司，為一系列應用提供設備和服務，包括二氧化碳和氫氣液化和壓縮。

We at FuelCell Energy plan to bring our expertise in manufacturing high-temperature electrochemical fuel cell energy platforms to the collaboration. Our intent is to apply our 2 companies' complementary strengths to deliver reliable and efficient carbon dioxide capture for use for sequestration as well as generation and storage of gaseous or liquified hydrogen. As an example, in the food and beverage industry, beverage-grade CO2 is a critical input, but is often in short supply, lacks clear price signals and generally does not offer long-term price or supply hedging. We believe our combined capabilities can help provide this sector with consistent pricing, surety of supply availability and quality. We look forward to providing updates as this relationship further develops.

FuelCell Energy 計劃將我們在製造高溫電化學燃料電池能源平台方面的專業知識帶入合作中。我們的目的是利用我們兩家公司的互補優勢，提供可靠、高效的二氧化碳捕獲，用於封存以及氣態或液化氫的產生和儲存。例如，在食品和飲料行業，飲料級二氧化碳是關鍵的投入，但往往供應短缺，缺乏明確的價格信號，並且通常不提供長期價格或供應對沖。我們相信，我們的綜合能力可以幫助為該行業提供一致的定價、供應可用性和質量的保證。隨著這種關係的進一步發展，我們期待提供最新信息。

Before moving to Q&A, I will conclude with takeaways on Slide 14. I'm excited about how over the last 4 years, our company has navigated our transformational journey. Our technologies under development are progressing toward commercialization, and we believe that these technologies proving the capabilities of our multifunction technologies with 2 projects expected to begin commercial operation in the next 6 months. We are making progress on developing advanced applications of our platforms and are continuing to collaborate with EMTEC and working to develop new collaborative relationships with companies like Chart Industries.

在進行問答之前，我將在幻燈片 14 中總結要點。我對過去 4 年裡我們公司的轉型之旅感到興奮。我們正在開發的技術正在向商業化邁進，我們相信這些技術證明了我們多功能技術的能力，預計未來 6 個月內將有 2 個項目開始商業運營。我們在開發平台的高級應用程序方面取得了進展，並繼續與 EMTEC 合作，並努力與 Chart Industries 等公司建立新的合作關係。

We are working to expand our solid oxide manufacturing capacity. We believe that our investment in such expansion will support our future ability to capture market opportunities for sub megawatt power generation and high-efficiency electrolysis products. Globally, policies to support the energy transition are gaining momentum with the Inflation Reduction Act in the United States as well as efforts we are seeing internationally, and we believe we are well positioned to benefit from these tailwinds.

我們正在努力擴大我們的固體氧化物製造能力。我們相信，我們對此類擴張的投資將支持我們未來抓住亞兆瓦發電和高效電解產品市場機會的能力。在全球範圍內，隨著美國《通貨膨脹削減法案》以及我們在國際上看到的努力，支持能源轉型的政策正在獲得動力，我們相信我們已經做好了從這些順風車中受益的有利條件。

We have worked to maintain our liquidity, have remained focused on disciplined capital allocation and have expanded our banking relationships. We believe we are positioned for future growth. We believe FuelCell Energy is well positioned to capture market opportunities over the coming years and deliver enhanced shareholder returns over the long run.

我們努力維持流動性，繼續注重嚴格的資本配置，並擴大了我們的銀行關係。我們相信我們已經為未來的增長做好了準備。我們相信 FuelCell Energy 處於有利地位，能夠在未來幾年抓住市場機遇，並從長遠來看提高股東回報。

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

我現在將其交給接線員開始問答。

(Operator Instructions) Your first question comes from the line of George Gianarikas from Canaccord.

（操作員說明）您的第一個問題來自 Canaccord 的 George Gianarikas。

Congrats on the financing. Maybe just to start, you're very close to commercial launch of your Toyota Tri-gen project. And I'm curious as to if you can kind of help us understand what the bottlenecks that are left are and making sure that you get that up and running shortly. And whether or not you have seen any additional interest from others as you approach commercial launch with Toyota?

恭喜融資。也許只是開始，您已經非常接近豐田 Tri-gen 項目的商業啟動。我很好奇您是否可以幫助我們了解剩下的瓶頸是什麼，並確保您盡快啟動並運行。當您與豐田一起進行商業發佈時，您是否看到其他人有任何額外的興趣？

George, thank you for being on the call. This is Jason. I'll ask Mike Lisowski to give you a little bit more detail on where we are on the commissioning phase of our project at the Port of Long Beach with Toyota. But the first thing maybe I'll just say, and then I'll pass it over to Mike, is that we really are not seeing bottlenecks relative to getting to the COD is just a normal part of our commissioning process that we go through on a platform like our Tri-gen platform. But Mike, maybe you can give some more insight on where we are on commissioning and our timing for Q3 COD.

喬治，感謝您接聽電話。這是傑森。我將請邁克·利索夫斯基（Mike Lisowski）向您提供更多有關我們與豐田合作的長灘港項目調試階段進展情況的詳細信息。但也許我要說的第一件事是，我們確實沒有看到與實現 COD 相關的瓶頸，然後我會將其傳遞給 Mike，這只是我們所經歷的調試過程的正常部分。像我們的 Tri-gen 平台這樣的平台。但是邁克，也許您可以更深入地了解我們的調試進度以及第三季度 COD 的時間安排。

Yes. Thank you, Jason, and thank you, George, for the question. So the Toyota project is advancing steadily forward. And Toyota is pleased with the progress and the status. As we've reported, the construction work is now complete, and we're in the final phase of the work, which is the commissioning phase. Overall, the system process and controls testing has been successfully completed, and we're focused on the process of finalizing the subsystem optimization. This is the work that we'll do prior to preparing the plant to ramp up to commercial operation, which, as we've reported, is expected and will be achieved this summer.

是的。謝謝杰森，也謝謝喬治提出的問題。所以豐田項目正在穩步推進。豐田對進展和現狀感到滿意。正如我們所報導的，施工工作現已完成，我們正處於工作的最後階段，即調試階段。總體而言，系統流程和控制測試已成功完成，我們的重點是完成子系統優化的過程。這是我們在準備工廠投入商業運營之前要做的工作，正如我們所報導的，預計將在今年夏天實現。

Great. And just as a follow-up, I'd like to switch gears a little bit and ask about things related to Washington and the Inflation Reduction Act. There are a few issues outstanding in terms of additionality, deliverability and matching. I'm curious as to whether -- what your view is on where you think Washington ends up and how that could impact your business?

偉大的。作為後續行動，我想稍微轉換一下話題，詢問與華盛頓和《通貨膨脹削減法案》有關的事情。在額外性、可交付性和匹配性方面還存在一些突出問題。我很好奇您對華盛頓的最終結局有何看法，以及這會對您的業務產生什麼影響？

It's a great question. And we clearly don't have a crystal ball in terms of where Washington is definitely going to land, but we expect that we'll get more clarity this month is kind of our view of where things stand today. We think that the IRA in general, is a real positive for us as a company. We think that the -- what the IRA is trying to deal with is both kind of driving demand and then also helping on the supply side. When you look at the ITC and the ability to get somewhere up between 50% to 70% cost recovery on these projects, that's really helpful to drive momentum from an adoption standpoint, really helpful to help drive scale to bring down costs. And we saw this play out with wind and solar.

這是一個很好的問題。顯然，對於華盛頓肯定會在哪裡著陸，我們顯然沒有水晶球，但我們預計本月我們會更加清楚地了解我們對當今局勢的看法。我們認為，總體而言，IRA 對我們公司來說是真正的積極因素。我們認為，愛爾蘭共和軍試圖解決的問題既是推動需求，也是對供應方面的幫助。當你看到 ITC 以及這些項目的成本回收率達到 50% 到 70% 的能力時，從採用的角度來看，這確實有助於推動勢頭，有助於擴大規模，降低成本。我們看到了風能和太陽能的發展。

We think ultimately, decisions around additionality when the DOE and the treasury department really looks at that or the administration, I think that they're going to land probably in the right place and really look at the practicalities of implementation around IRA, how they're going to get the biggest momentum around this and then phasing in maybe more aggressive things over time. But I think initially, I think they're going to be really constructive on supporting projects that we're engaged in.

我們認為，最終，當能源部和財政部真正考慮這一問題或政府時，圍繞額外性做出的決定，我認為他們可能會落在正確的位置，並真正考慮圍繞 IRA 實施的實用性，以及他們如何'我們將在這方面獲得最大的動力，然後隨著時間的推移逐步採取更積極的措施。但我認為最初，我認為他們會對支持我們正在進行的項目具有真正的建設性。

And your next question comes from the line of Manav Gupta from UBS.

您的下一個問題來自瑞銀集團 (UBS) 的馬納夫·古普塔 (Manav Gupta)。

I want to go back to the May 1 announcement of ExxonMobil. It looks like you are making strong strides towards commercializing your carbon capture technology for you guys. And what else should we watch for more customers, patents, like how should we track the progress of this specifically as it relates to the last May 1 announcement that you had?

我想回到埃克森美孚 5 月 1 日的公告。看來你們在將碳捕集技術商業化方面正在取得重大進展。對於更多的客戶、專利，我們還應該關注什麼，比如我們應該如何跟踪具體進展，因為它與你們 5 月 1 日發布的最後公告有關？

Manav, thank you very much for your question. This is Jason, again. Look, we're really excited about the progress that we're making on our carbon capture technology as a company, right? We believe very strongly that carbon capture is one of the essential elements to achieving decarbonization. I think if you look at the IRA and legislations, like we talked about the EU carbon border tax, you see clear policy driving the need for solutions around carbon capture technology. If you look at just recently, in May, the EPA ruling around power generation and decarbonization and what needs to happen there, you've got really strong support globally to address what the EIA forecast to be roughly 38 gigatons of CO2 that we need to -- that we need to deal with.

馬納夫，非常感謝你的提問。這又是傑森。看，作為一家公司，我們對碳捕獲技術所取得的進展感到非常興奮，對吧？我們堅信碳捕獲是實現脫碳的基本要素之一。我認為，如果你看看愛爾蘭共和軍和立法，就像我們談論歐盟碳邊境稅一樣，你會看到明確的政策推動了對碳捕獲技術解決方案的需求。如果你看看最近，5 月份，EPA 對發電和脫碳的裁決以及那裡需要發生的事情，你會發現全球範圍內都得到了強有力的支持來解決 EIA 預測的大約 38 吉噸的二氧化碳排放問題，我們需要——我們需要處理的問題。

With our technology in Exxon and the May announcement, what that is driving toward is long lead items in support for the possibility of doing a demonstration project. That is driven largely by our demonstration of technical milestones that we continue to demonstrate with our carbon capture technology and the enhancements that we're making really around 2 things, we refer to as carbonate transfer and power density, and we feel really good about that.

憑藉我們在埃克森美孚的技術和五月份的公告，正在推動的是長期項目，以支持開展示範項目的可能性。這主要是由我們對技術里程碑的展示所推動的，我們繼續通過我們的碳捕獲技術來展示這些技術里程碑，以及我們圍繞兩件事所做的增強，我們稱之為碳酸鹽轉移和功率密度，我們對此感覺非常好。

So we think, over time, as we outlined previously in an Analyst Day little over maybe a year ago, we see carbon capture. And our technology really being able to participate in about $1 trillion market between now and 2030. So the things that you should look for are additional demonstration announcements, not only with Exxon, but with other customers where we have the ability to showcase the technology, which is differentiated from the aspect of the only technology we're aware of that can capture carbon from an external source, produce power, and hydrogen simultaneously. And the extra benefit of doing something that is really also unique to our platform and that's the destruction of NOx. So we feel really good about where we are, we think it's a big market opportunity, and we look forward to pursuing it.

因此，我們認為，隨著時間的推移，正如我們在大約一年前的分析師日所概述的那樣，我們會看到碳捕獲。從現在到 2030 年，我們的技術確實能夠參與約 1 萬億美元的市場。因此，您應該關注的是額外的演示公告，不僅是與埃克森美孚，而且是與我們有能力展示該技術的其他客戶，這與我們所知的唯一可以從外部來源捕獲碳、同時產生電力和氫氣的技術有所不同。做一些我們平台獨有的事情的額外好處就是氮氧化物的破壞。因此，我們對自己的處境感到非常滿意，我們認為這是一個巨大的市場機會，我們期待著抓住它。

Perfect. My quick follow-up is if you could also help us give some more details around the commercialization of your solid oxide fuel cells and electrolyzers. And a decade down the line, do you actually think that solid oxide could be a more prevailing technology and you would be bigger in solid oxide than other technologies, so how does it shake out? Would you be like a 50-50 company in terms of solid oxide or would that become the dominating technology even for fuel cell?

完美的。我的快速跟進是，您是否也可以幫助我們提供有關固體氧化物燃料電池和電解槽商業化的更多細節。十年後，您是否真的認為固體氧化物可能是一種更流行的技術，並且您在固體氧化物方面會比其他技術更大，那麼它是如何擺脫困境的呢？在固體氧化物方面，您會像一家 50-50 的公司嗎？還是說這會成為燃料電池領域的主導技術？

That's a really good question. I think if I go a decade out and I tried to use a crystal ball of what I see, I think that we will see strong growth in our solid oxide platform for kind of two primary reasons. One, we see time to power as a really significant issue, when you look across not only the U.S., but around the world and just interconnection and other issues and transmission and things that are creating significant delays to implementing power infrastructure. And we see that our ability to now have a sub megawatt platform will give us a chance to participate in more opportunities than we've traditionally participated in as a company, so we see growth there.

這是一個非常好的問題。我認為，如果我再花十年時間，嘗試使用我所看到的水晶球，我認為我們將看到我們的固體氧化物平台的強勁增長，原因有兩個。第一，我們認為供電時間是一個非常重要的問題，不僅是在美國，而且在世界各地，互連和其他問題、傳輸以及對電力基礎設施的實施造成嚴重延誤的因素。我們看到，我們現在擁有亞兆瓦平台的能力將使我們有機會參與比我們傳統上作為一家公司參與的更多機會，因此我們看到了那裡的增長。

We also see really strong growth around one of the second things that we consider really important to the decarbonization effort and that is hydrogen. And so electrolysis and with the growth of hydrogen, both as a replacement fuel or an additive fuel to traditional hydrocarbons, as well as transportation, we see strong growth there. We think our differentiation on solid oxide electrolysis, both from an efficiency standpoint, reversibility, the ability to use the same stack for hydrogen production and power generation, we think will give us some advantages in the market.

我們還看到圍繞我們認為對脫碳工作真正重要的第二件事之一的強勁增長，那就是氫。因此，電解和氫的增長，無論是作為傳統碳氫化合物的替代燃料或添加劑燃料，還是運輸，我們都看到了強勁的增長。我們認為，我們在固體氧化物電解方面的差異化，無論是從效率、可逆性還是使用同一堆棧進行製氫和發電的能力來看，都將為我們在市場上帶來一些優勢。

So I think, looking 10 years out, we certainly see strong growth on solid oxide, we think it will be a significant part of our portfolio. Where we see growth in carbon, though, as you think about the platform today, but ask you to maybe think about it slightly differently, 10 years from now, because our carbonate platform is the driver for carbon capture. And we think that is a big market, like I talked about, that's $1 trillion TAM in the way we see it between now and 2030. So I think what you'll see is strong growth in solid oxide, and perhaps some power generation, pure power generation applications. Maybe solid oxide becomes a bigger part of our portfolio.

因此，我認為，展望 10 年後，我們肯定會看到固體氧化物的強勁增長，我們認為它將成為我們投資組合的重要組成部分。不過，當您今天思考這個平台時，我們會看到碳的增長，但請您以稍微不同的方式思考，十年後，因為我們的碳酸鹽平台是碳捕獲的驅動力。我們認為這是一個很大的市場，就像我談到的那樣，從現在到 2030 年，我們認為這是 1 萬億美元的 TAM。所以我認為你會看到固體氧化物的強勁增長，也許還有一些發電，純發電應用。也許固體氧化物會成為我們產品組合中更重要的一部分。

I think when you think about hydrogen generation, we certainly see that solid oxide and electrolysis takes on a bigger piece of the opportunity for us. But we still see opportunity for carbonate like for our Tri-Gen platform, like we're building in California, because there are going to be markets where water is going to be a constraint. There's going to be markets where there's strong power markets where a platform like Tri-Gen actually is the better solution for that particular application. So we see strong opportunity for carbonate there as well over time. So I think you're going to see an application makes difference. But you'll definitely see strong growth in solid oxide for sub-megawatt and electrolysis.

我認為，當您考慮制氫時，我們當然會看到固體氧化物和電解為我們帶來了更大的機會。但我們仍然看到碳酸鹽的機會，就像我們在加利福尼亞州建設的 Tri-Gen 平台一樣，因為有些市場將受到水的限制。在某些市場中，會有強大的電力市場，像 Tri-Gen 這樣的平台實際上是針對特定應用的更好的解決方案。因此，隨著時間的推移，我們看到那裡的碳酸鹽存在巨大的機會。所以我認為您將會看到應用程序帶來的改變。但您肯定會看到亞兆瓦和電解固體氧化物的強勁增長。

Thank you so much for detailed response.

非常感謝您的詳細回复。

Your next question comes from the line of Eric Stine from Craig-Hallum.

您的下一個問題來自 Craig-Hallum 的 Eric Stine。

So maybe just on the product side, I know with the POSCO settlement, you are kind of freed up in Asia and you've been made -- you've been making a number of investments in this area. And over the last couple of quarters, more optimism of traction there. So just maybe if you can give an update, I don't know if it's by geography, but just looking for any details on a potential pickup on the product side?

因此，也許只是在產品方面，我知道通過浦項製鐵和解，您在亞洲獲得了自由，並且您已經在該領域進行了許多投資。在過去的幾個季度裡，人們的情緒更加樂觀。因此，也許您可以提供更新，我不知道是否是按地理位置劃分的，但只是尋找有關產品方面潛在提貨的任何詳細信息？

Yes. So I assume you are maybe referring to like product sales, is that what you mean by pickup on the product side?

是的。所以我假設您可能指的是類似的產品銷售，這就是您所說的產品方面的提貨嗎？

I mean, product side. Yes, product sales adding a backlog and obviously traction there, something you've been targeting?

我的意思是，產品方面。是的，產品銷售增加了積壓訂單，並且明顯具有吸引力，這是您一直以來的目標嗎？

Sure. So I think when we look at our pipeline today, we see pretty good diversification geographically. So if I look at Asia and North America, probably representing the biggest aspect of our pipeline, Oceania and Europe kind of making up the balance, or the larger portion of the balance, and then other markets around the world. So we see good geographic diversification in terms of the opportunities that we're pursuing.

當然。所以我認為，當我們今天審視我們的管道時，我們看到了地理上相當好的多元化。因此，如果我看看亞洲和北美，可能代表了我們管道的最大部分，大洋洲和歐洲則彌補了平衡，或者平衡的較大部分，然後是世界各地的其他市場。因此，就我們所追求的機會而言，我們看到了良好的地域多元化。

As we speak -- as we look at the pipeline, and we look at it from an application standpoint between hydrogen and electric power generation or traditional combined heat and power, we see strong opportunity in our pipeline across both of those. I mean, hydrogen is obviously growing as an opportunity in our pipeline. A lot of those projects are kind of longer dated projects, but certainly a lot of activity in hydrogen. And then we're seeing strong growth around CO2 utilization actually, as there continues to be regional constraints on CO2 and just vast differences in pricing across CO2 in various markets.

正如我們所說，當我們審視管道時，我們從氫氣和發電或傳統熱電聯產之間的應用角度來看待它，我們看到了這兩個管道中的巨大機會。我的意思是，氫顯然正在成為我們管道中的一個機會。這些項目中有很多都是時間較長的項目，但肯定有很多氫方面的活動。然後，我們實際上看到二氧化碳利用的強勁增長，因為二氧化碳仍然存在區域限制，而且不同市場的二氧化碳定價存在巨大差異。

And then, between our technologies, between solid oxide -- solid oxide electrolysis and our carbonate platform, kind of based on -- kind of falling on the last question, we're seeing really strong uptake around electrolysis and our solid oxide fuel cell, and kind of steady mix around carbonate. A lot of that carbonate growth in the short run, we see as opportunities because of the Korea market being a strong opportunity for us.

然後，在我們的技術之間，在固體氧化物——固體氧化物電解和我們的碳酸鹽平台之間，有點基於——有點落在最後一個問題上，我們看到圍繞電解和我們的固體氧化物燃料電池的真正強勁的採用，以及碳酸鹽周圍的穩定混合。我們認為短期內碳酸鹽的大量增長是機遇，因為韓國市場對我們來說是一個巨大的機遇。

As we indicated, we had been out of that market for almost 6 years. We've been back in the market for a little over a year now, and starting in January of this year, the restrictions around actually offering long-term service agreements to the existing customer base that was sold to by POSCO has expired as well. And so we see that as a really strong opportunity for the company as we are the only alternative, if you will, to do a module replacement against that set of opportunity.

正如我們所指出的，我們已經退出該市場近 6 年了。我們回到市場已經一年多了，從今年一月開始，向 POSCO 出售的現有客戶群實際提供長期服務協議的限制也已經到期。因此，我們認為這對公司來說是一個非常好的機會，因為如果您願意的話，我們是唯一的選擇，可以針對該機會進行模塊更換。

So we think there will be strong pickup in Korea is our expectation. There are some things that still need to be worked out, they are relative to those customers, because those customers had over the last call it 5 years or so, had been working under an LTSA with POSCO. So there were some things that we're working with those customers to work through, but we feel optimistic about the opportunity there. And then when you look at programs like the clean hydrogen portfolio standard in Korea, that's all greenfield opportunity. That's 200 megawatts of opportunities a year that Korea intends to deploy. So we'll compete very aggressively for those opportunities.

因此，我們預計韓國將出現強勁回升。有些事情仍然需要解決，它們與這些客戶有關，因為這些客戶在過去五年左右的時間裡一直在與 POSCO 的 LTSA 下合作。因此，我們正在與這些客戶合作解決一些問題，但我們對那裡的機會感到樂觀。然後，當您查看韓國的清潔氫組合標準等計劃時，您會發現這都是全新的機會。韓國打算每年部署 200 兆瓦的機會。因此，我們將非常積極地競爭這些機會。

Okay. That's great color. I guess, maybe I should -- I could have asked another one as well. I mean, if you look out 2 to 4 quarters, do you think that there is some product backlog to go along with obviously the $1 billion plus in the rest of your business?

好的。那顏色真棒。我想，也許我應該——我也可以問另一個人。我的意思是，如果您展望 2 到 4 個季度，您是否認為在您的其他業務中顯然還有 10 億美元以上的產品積壓？

Yes. We certainly don't give kind of outlook that way. But what I would say is, yes, that's clearly an expectation that we'll build product backlog. And we've invested money in our sales organization. We brought in a new sales leader about a year ago, Mark Feasel that we brought in from Schneider who is a very experienced sales leader. And the playbooks that we've developed from a sales opportunity standpoint we feel good about. We feel good about the pipeline, the quality of the pipeline, our move of deals into contract and negotiation phases. So we should expect that you'll start to see backlog for product sales as well.

是的。我們當然不會那樣給出展望。但我想說的是，是的，這顯然是我們建立產品積壓的期望。我們還對我們的銷售組織進行了投資。大約一年前，我們從施耐德引進了一位新的銷售領導者馬克·費塞爾（Mark Feasel），他是一位經驗豐富的銷售領導者。我們從銷售機會的角度製定的行動手冊讓我們感覺良好。我們對管道、管道的質量以及我們將交易轉入合同和談判階段的情況感到滿意。因此，我們預計您也會開始看到產品銷售積壓。

And your next question comes from the line of Chris Souther from B. Riley.

您的下一個問題來自 B. Riley 的 Chris Souther。

Maybe just a little bit more on the timing of the solid oxide deployment in Idaho and any update as far as what customer engagement looks like for that segment specifically, as you're building up the pipeline. Do you think potential customers are waiting to see that project up and running? Is it kind of more clarity on kind of IRA, like what our customer's kind of looking for and where are we in the education process?

也許只是更多關於愛達荷州固體氧化物部署的時間安排，以及在建立管道時具體針對該細分市場的客戶參與情況的任何更新。您認為潛在客戶是否正在等待該項目的啟動和運行？ IRA 的類型是否更加清晰，比如我們的客戶想要什麼以及我們在教育過程中處於什麼階段？

Yes. So maybe just to start with INL. If we expect to deliver INL this year, as we've talked about publicly, we expect to build and deliver 4 solid oxide platforms through our manufacturing capacity in Calgary. We think that the demonstration of the INL project will certainly serve as a catalyst to show what we believe will be strong differentiation of our product versus other products available on the market or other products that are in development on the market. This application in INL is going to be a strong example of the power of integrating our platform with nuclear. And that really does 2 things, it demonstrates not only just the efficiency of our product, but the added value of being a high temperature fuel cell and being able to use waste heat from nuclear to even drive greater efficiency to get the efficiency to 100% electrical efficiency. So we think that that'll serve as a catalyst.

是的。所以也許只是從 INL 開始。如果我們預計今年交付 INL，正如我們公開談論的那樣，我們預計將通過我們在卡爾加里的製造能力建造和交付 4 個固體氧化物平台。我們認為，INL 項目的演示肯定會起到催化劑的作用，展示我們的產品與市場上現有的其他產品或市場上正在開發的其​​他產品相比的強大差異化。 INL 的這一應用將成為我們平台與核能集成的強大力量的有力例證。這確實有兩件事，它不僅展示了我們產品的效率，還展示了作為高溫燃料電池的附加值，並且能夠利用核廢熱來提高效率，使效率達到 100%電力效率。所以我們認為這將起到催化劑的作用。

With respect to IRA and more clarification around that, I mean, look, part of the IRA is clear, ITC has been available for a while, that's pretty clear. The PTC is getting clearer in terms of how that's going to work. So as those things get finalized, that will also serve as another key to opening the gate to some of these opportunities as customers get much more comfortable in terms of how they're going to be able to take advantage of the tax attributes.

關於 IRA 以及對此的更多澄清，我的意思是，看，IRA 的一部分是明確的，ITC 已經存在一段時間了，這非常明確。 PTC 對其運作方式越來越清晰。因此，隨著這些事情最終確定，這也將成為打開其中一些機會之門的另一把鑰匙，因為客戶對如何利用稅收屬性感到更加放心。

Okay. And then maybe a separate one. On the generation gross margin, you call that an impairment, could you kind of talk about that a little bit? And then can you talk about how overall generation gross margins should evolve with Toyota, Derby and Trinity College coming online this year?

好的。然後也許是一個單獨的。關於發電毛利率，您稱之為減值，您能稍微談談嗎？然後您能否談談隨著豐田、德比和三一學院今年上線，整體發電毛利率應如何發展？

Sure. Good morning, Chris. This is Mike. And I'll take those questions. So as we look at generation, yes, we did have one impairment which came through generation related to an old development assets that the company chose not to move forward with. As we think about generation margins going forward, one thing that has been coming through the P&L which has been a drag on generation margins as we've been expensing capital costs related to the Toyota project, I believe there's about $4.5 million coming through this quarter. Certainly, as Toyota comes online, those costs will mitigate. What we target for our generation portfolio is EBITDA in the 40% to 50% range. So when you do the math and you essentially back out the charges for Toyota impairments as well as depreciation, we're in that range this quarter and are for the fiscal year. So that's how we think about the EBITDA margins in that portfolio going forward.

當然。早上好，克里斯。這是邁克。我將回答這些問題。因此，當我們審視發電時，是的，我們確實存在一項與公司選擇不繼續推進的舊開發資產相關的發電減值。當我們考慮未來的發電利潤時，損益表中出現的一件事一直拖累發電利潤，因為我們一直在支出與豐田項目相關的資本成本，我相信本季度大約有 450 萬美元。當然，隨著豐田上線，這些成本將會降低。我們發電組合的目標是 EBITDA 在 40% 至 50% 範圍內。因此，當您進行數學計算時，您基本上會扣除豐田減值和折舊費用，我們本季度和本財年都處於該範圍內。這就是我們對該投資組合未來 EBITDA 利潤率的看法。

(Operator Instructions) Your next question comes from the line of Noel Parks from Touhy Brothers.

（操作員說明）您的下一個問題來自 Touhy Brothers 的 Noel Parks。

I was wondering, could you talk a bit about -- I'm thinking in particular about the partnership with Chart. It seems that we are seeing more lately partnerships between standalone public companies rather than what maybe what we've been seeing in the past sort of like public companies taking a smaller private under their wing with a potential for vertical integration and some functions. And so I just wonder if you see these sort of partnerships as sort of a one off for you, or something that's more inevitable or a harbinger heading towards consolidation across some related clean tech sectors?

我想知道，你能談談——我特別想談談與 Chart 的合作關係。我們似乎最近看到了獨立上市公司之間更多的合作夥伴關係，而不是像我們過去所看到的那樣，上市公司將一家規模較小的私營公司納入其旗下，具有垂直整合和某些功能的潛力。因此，我只是想知道，您是否認為此類合作夥伴關係對您來說是一次性的，或者是更不可避免的事情，或者是一些相關清潔技術行業整合的先兆？

Yes. Noel, this is Jason, maybe I'll start here. I don't -- I won't make any comments relative to M&A or consolidation, but I'll talk about partnerships more broadly. We think that a partnership with Chart is a great example of our commitment to be able to take fully integrated solutions to our customers. Customers really want to buy energy as a service. They're not looking to be the integrators of energy technologies. So when you think about our platforms, just as an example, and if you were to use an analogy of our platform to like an enterprise software platform. So our platform has a number of different capabilities, and you can plus those capabilities on or you can plus those capabilities off. So when you begin to plus those capabilities on, let's take something like carbon utilization in food and beverage category, as an example. There are elements of that solution for a customer that we need, that we feel so energy, don't manufacture, and we don't intend to manufacture, because there are other people that do that, and we'll leverage those technologies.

是的。諾埃爾，這是傑森，也許我會從這裡開始。我不會——我不會對併購或整合發表任何評論，但我會更廣泛地談論合作夥伴關係。我們認為與 Chart 的合作是我們致力於為客戶提供完全集成解決方案的一個很好的例子。客戶確實希望購買能源作為一種服務。他們並不希望成為能源技術的集成商。因此，當您考慮我們的平台時，僅舉個例子，如果您將我們的平台比喻為企業軟件平台。因此，我們的平台具有許多不同的功能，您可以添加這些功能，也可以關閉這些功能。因此，當您開始添加這些功能時，讓我們以食品和飲料類別中的碳利用為例。對於我們需要的客戶解決方案的某些要素，我們感到精力充沛，不製造，我們也不打算製造，因為還有其他人這樣做，我們將利用這些技術。

So Chart, as an example is one of those companies that gives us the ability to go to a customer and say, we can deliver you on-site generation, we can deliver to you thermal energy, so you can either reduce boilers or replace boilers. And we can deliver to you beverage grade CO2 for use in your food or beverage process. And so doing that with someone like Chart, we can take a full solution that will include not only our platform, but other elements that you need, storage for the CO2, purification of the CO2 which we don't do. And so that partnership and having integrated solutions that you know you can take to customers and can replicate, also helps you close transactions faster, because you have an integrated solution to a partnership.

例如，Chart 就是其中一家公司，它使我們能夠向客戶說，我們可以為您提供現場發電，我們可以為您提供熱能，這樣您就可以減少鍋爐數量或更換鍋爐。我們可以為您提供飲料級二氧化碳，用於您的食品或飲料工藝。因此，與像 Chart 這樣的人合作，我們可以採取完整的解決方案，其中不僅包括我們的平台，還包括您需要的其他元素，二氧化碳的儲存、二氧化碳的淨化（我們不這樣做）。因此，這種合作夥伴關係以及擁有您知道可以向客戶提供並可以復制的集成解決方案也可以幫助您更快地完成交易，因為您擁有針對合作夥伴關係的集成解決方案。

So I think you're going to see more of that. If you look at the work that we're doing at Toyota, right, we -- our platform is delivering power, hydrogen, and water. But, we don't make fueling stations and so there's another provider that's delivering the fueling station infrastructure that's also needed to fuel the Mirai, and to fuel the Class 8 heavy duty truck they've jointly developed with PACCAR. So we see these kinds of partnerships as really important to our overall strategy, just like the one we announced with MMHE, where there we are working towards to do large scale solid oxide electrolysis opportunities. So those kinds of partnerships become really important to total solution delivery. And we'll continue to do those things where it makes sense.

所以我想你會看到更多這樣的事情。如果你看看我們在豐田所做的工作，對吧，我們的平台正在提供電力、氫氣和水。但是，我們不製造加油站，因此還有另一家供應商提供加油站基礎設施，這些基礎設施也需要為 Mirai 提供燃料，並為他們與 PACCAR 聯合開發的 8 級重型卡車提供燃料。因此，我們認為此類合作夥伴關係對我們的整體戰略非常重要，就像我們與 MMHE 宣布的合作夥伴關係一樣，我們正在努力實現大規模固體氧化物電解機會。因此，此類合作夥伴關係對於整體解決方案交付變得非常重要。我們將繼續做那些有意義的事情。

Great. It's really illuminating. And you talked a little bit about margins you are looking for with the generation portfolio. I just wondered if you could talk a little more broadly about sort of what's next for the portfolio. If we look ahead to the next few quarters, are you seeing more interest or more urgency around utility projects or more like the municipal or industrial water project?

偉大的。這確實很有啟發。您談到了您希望發電產品組合的利潤率。我只是想知道您是否可以更廣泛地談談該投資組合的下一步計劃。如果我們展望未來幾個季度，您是否發現人們對公用事業項目或市政或工業水項目更感興趣或更緊迫？

Yes. So we see a few things, right? When you think about -- if I just take North America, the government has been pretty clear about we're focused ought to be, right? They'd said, infrastructure is really important, the IRA is really important, and chips are really important. We participate in 2 of those things, right, infrastructure and the IRA and we have solutions that deliver on the grid side, resiliency, reliability, redundancy, and affordability. We think that's important and we are seeing more and more time to power projects, more desire to do distributed power generation where there's actually demand for -- in those demand centers, because -- and a lot of that is also being driven by just the amount of time it's taking to permit to interconnections or build new high-voltage transmission, which is well chronicled and the challenges that exist around that.

是的。所以我們看到了一些事情，對吧？當你想一想，如果我只拿北美來說，政府已經非常清楚我們應該重點關注，對吧？他們說，基礎設施真的很重要，愛爾蘭共和軍真的很重要，芯片真的很重要。我們參與了其中的兩件事，即基礎設施和 IRA，我們擁有可在電網方面提供彈性、可靠性、冗餘和可負擔性的解決方案。我們認為這很重要，我們看到越來越多的時間來為項目供電，人們越來越渴望在有實際需求的地方進行分佈式發電——在那些需求中心，因為——而其中很多也是由允許互連或建立新的高壓輸電所需的時間，以及與之相關的挑戰都有詳細記錄。

So we are seeing more opportunity there. We're seeing really solid opportunity around like I talked about CO2 utilization. We have a number of opportunities in our pipeline around carbon capture and that's consistent with the work that we're doing with Exxon as an example. So we are seeing that across our technology, there's real market interest for what we're doing. And we're seeing interest in sub-megawatt around our solid oxide platform, and we talked earlier this year around a sale that we've closed there. And so we look forward to continuing to move forward with those -- with both our platforms and addressing specific applications where we think we have a right to win.

所以我們在那裡看到了更多的機會。我們看到了真正堅實的機會，就像我談到二氧化碳利用一樣。我們在碳捕獲方面有很多機會，這與我們以埃克森美孚為例所做的工作是一致的。因此，我們發現，通過我們的技術，我們所做的事情確實引起了市場的興趣。我們看到人們對我們的固體氧化物平台的亞兆瓦級感興趣，並且我們在今年早些時候討論了我們在那裡完成的銷售。因此，我們期待繼續推進這些工作——通過我們的平台並解決我們認為我們有權獲勝的特定應用程序。

And as there are no more questions, I'd like to turn the call back over to Jason Few for final closing remarks.

由於沒有其他問題了，我想將電話轉回給 Jason Few 進行最後的總結髮言。

Rob, thank you. We will continue to execute on our Powerhouse business strategy with the goal of delivering growth and optimizing returns. Thank you all for joining the call today and for your interest in FuelCell Energy. We look forward to updating you again next quarter. Hope everyone has a great day. Thank you very much.

羅布，謝謝你。我們將繼續執行我們的 Powerhouse 業務戰略，以實現增長和優化回報為目標。感謝大家今天參加電話會議以及對燃料電池能源的興趣。我們期待下季度再次為您提供最新消息。希望每個人都有美好的一天。非常感謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。