燃料電池能源 (FCEL) 2023 Q3 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the FuelCell Energy Third Quarter 2023 Results Conference Call. (Operator Instructions) Tom Gelston, Senior Vice President, Finance and Investor Relations. You may begin your conference.

早上好。我叫羅布，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 FuelCell Energy 2023 年第三季度業績電話會議。 （操作員指示）Tom Gelston，財務和投資者關係高級副總裁。您可以開始您的會議了。

As a reminder, this call is being recorded. This morning, FuelCell Energy released our financial results for the third quarter of 2023 and our earnings press release and our SEC filings are available on the Investors section of our website at www.fuelcellenergy.com. Consistent with our practice, in addition to this call and our earnings press release, we have posted a slide presentation on our website.

提醒一下，此通話正在錄音。今天上午，FuelCell Energy 發布了 2023 年第三季度的財務業績，我們的收益新聞稿和 SEC 文件可在我們網站 www.fuelcellenergy.com 的投資者部分查看。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。

This webcast is being recorded and will be available for replay on our website approximately two hours after we conclude the call. 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.

該網絡廣播正在錄製中，並將在我們結束通話後大約兩小時在我們的網站上重播。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。

Such statements express our expectations, beliefs and intentions regarding the future and included, without limitation, statements with respect to our anticipated financial results, our plans and expectations regarding the continuing development, commercialization and financing of our FuelCell technology and our business plans and strategy.

此類聲明表達了我們對未來的期望、信念和意圖，包括但不限於關於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。

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 in the safe harbor statement in the slide presentation and in our filings with the Securities and Exchange Commission, particularly the Risk Factors section of the most recently filed annual report on Form 10-K and any subsequent filed quarterly reports on Form 10-Q.

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，特別是最近提交的10-K 表年度報告和任何後續提交的年度報告的風險因素部分。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.

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。

Our earnings press release and a copy of today's webcast presentation are available on our website. Again, it's www.fuelcellenergy.com under Investors. For our call today, I'm joined by Jason Few, FuelCell Energy's President and Chief Executive Officer; and Mike Bishop, Executive Vice President, Chief Financial Officer and Treasurer.

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上獲取。同樣，它是 Investors 下的 www.fuelcellenergy.com。 FuelCell Energy 總裁兼首席執行官 Jason Few 也參加了今天的電話會議。執行副總裁、首席財務官兼財務主管 Mike Bishop。

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

在我們準備好的發言之後，我們將可以回答您的問題，並由我們領導團隊的其他成員加入。現在我想將電話轉交給傑森致開幕詞。

Today, we are pleased to announce another quarter of strong operational execution. We will highlight our consistent progress on few projects and strategic objectives, including the commissioning of our tri-generation distributed hydrogen platform at the Port of Long Beach, California, the extension of our term of our joint development agreement with ExxonMobil Technology and Engineering Company, or EMTEC as well as our success in reentering the Korean market.

今天，我們很高興地宣布又一個季度的運營執行力強勁。我們將強調我們在一些項目和戰略目標上的持續進展，包括在加利福尼亞州長灘港調試我們的三聯供分佈式氫平台，延長我們與埃克森美孚技術與工程公司的聯合開發協議的期限，或EMTEC 以及我們重新進入韓國市場的成功。

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 FuelCell technology platforms do two things: decarbonize power and produce hydrogen.

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個作用：電力脫碳和生產氫氣。

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 power today. The technology behind these high-temperature electrochemical energy platform underpins both our tri-generation and decarbon capture platform, which we believe enables FuelCell Energy to leverage 20 years of operating history and set the stage for us to meet the evolving needs of our current and future customers.

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，目前發電量超過 1300 萬兆瓦。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脫碳捕獲平台，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 were thrilled to announce that the Toyota project located at the Port of Long Beach in California is online, producing power, hydrogen and water, including delivering hydrogen that meets the stringent purity specifications required for Toyota's mobility applications.

接下來，請參閱幻燈片 4 中顯示的本季度的關鍵信息。首先，我們很高興地宣布位於加利福尼亞州長灘港的豐田項目已上線，生產電力、氫氣和水，包括提供符合要求的氫氣豐田移動應用所需的嚴格純度規範。

At this time, we are only waiting on the repeat final fire department and related building permits required to fully declare achievement of commercial operations. This marks a tremendous accomplishment in our technology development in partnership with Toyota and evidence of the power of collaborating on innovation as we did with the Department of Energy on the initial Tri-gen development.

目前，我們正在等待消防部門的重複最終申請和相關建築許可證，以完全宣布商業運營的成就。這標誌著我們與豐田合作在技術開發方面取得的巨大成就，也證明了創新合作的力量，就像我們與能源部在最初的三代發電開發中所做的那樣。

Our innovative Tri-gen system will help Toyota achieve it's decarbonization goal by producing a methane-rich hydrgen electricity and help meet United Nations Clean Water and Sanitation Goal 6 by producing water every day to support their port operations. Secondly, we are making progress in growing our business in Korea.

我們創新的 Tri-gen 系統將通過生產富含甲烷的氫電來幫助豐田實現其脫碳目標，並通過每天生產水來支持其港口運營來幫助實現聯合國清潔水和衛生目標 6。其次，我們在韓國的業務發展正在取得進展。

Most recently, through a new service opportunities, during the quarter, we signed a long-term service agreement with Noeul Green Energy and executed a memorandum of understanding that outlines the potential business arrangement that could see us take over the long-term servicing of the world's largest fuel cell park.

最近，通過新的服務機會，在本季度，我們與Noeul Green Energy 簽署了一份長期服務協議，並簽署了一份諒解備忘錄，概述了潛在的業務安排，使我們可以接管Noeul Green Energy 的長期服務。全球最大的燃料電池園區。

Thirdly, the development of our carbon capital technology in partnership with EMTEC is advancing well. In August, we were very pleased to announce the extension of the terms of our joint development agreement through March 2024. Fourth, in Derby, Connecticut On-site construction of our 14 megawatt project continues to advance with installation largely complete.

第三，我們與EMTEC合作的碳資本技術開發進展順利。 8 月，我們非常高興地宣布將聯合開發協議的條款延長至 2024 年 3 月。第四，在康涅狄格州德比，我們 14 兆瓦項目的現場施工繼續推進，安裝已基本完成。

On-site civil construction of our 2.8-megawatt project is also advancing. We expect to achieve commercial operations on both of these projects in the fourth quarter of calendar year 2023 and upon declaring commercial operations. This will increase the size of our generation portfolio by 38%.

2.8兆瓦項目現場土建施工也在穩步推進。我們預計這兩個項目將在 2023 年第四季度並在宣布商業運營後實現商業運營。這將使我們的發電組合規模增加 38%。

In addition, we are advancing our plans to expand manufacturing capacity for our high-efficiency oxide power generation and electrolysis platform. Lastly, we continue to focus on maintaining liquidity and exercising a disciplined approach to capital allocation. Our liquidity position remains strong with a cash and short-term investment position of approximately $414 million, which we were able to increase through both project financing and equity offerings during the quarter.

此外，我們正在推進擴大高效氧化物發電和電解平台製造能力的計劃。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。我們的流動性狀況依然強勁，現金和短期投資頭寸約為 4.14 億美元，我們在本季度通過項目融資和股票發行增加了這一頭寸。

Now I will turn the call over to Mike to discuss the financial results for the third quarter.

現在我將把電話轉給邁克，討論第三季度的財務業績。

Let's begin by reviewing the financial highlights for the quarter, shown on Slide 6. For the third quarter of fiscal year 2023, we reported total revenues of $25.5 million compared to $43.1 million in the third quarter of fiscal year 2022, a decrease of 41%.

首先讓我們回顧一下幻燈片6 中所示的本季度的財務亮點。2023 財年第三季度的總收入為2550 萬美元，而2022 財年第三季度的總收入為4310 萬美元，下降了41 % 。

Excluding the revenues generated by the sale of modules in the prior year quarter, overall revenues in the third quarter were up slightly compared to the prior year quarter. Net loss was $23.6 million in the third quarter of fiscal year 2023 compared to a net loss of $29 million in the third quarter of fiscal year 2022.

剔除去年同期模塊銷售產生的收入，第三季度整體收入較去年同期略有增長。 2023 財年第三季度的淨虧損為 2360 萬美元，而 2022 財年第三季度的淨虧損為 2900 萬美元。

The resulting net loss per share attributable to common stockholders in the third quarter of fiscal year 2023 was negative $0.06 compared to negative $0.08 in the third quarter of fiscal year 2022. Adjusted EBITDA totaled negative $31.6 million in the third quarter of fiscal year 2023 compared to adjusted EBITDA of negative $20.8 million in the third quarter of fiscal year 2022.

由此產生的2023 財年第三季度歸屬於普通股股東的每股淨虧損為負0.06 美元，而2022 財年第三季度為負0.08 美元。2023 財年第三季度調整後EBITDA 總計為負3160萬美元，而2022 財年第三季度調整後的EBITDA 總計為負3160 萬美元。 2022 財年第三季度調整後 EBITDA 為負 2080 萬美元。

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 $410 million as of July 31st, 2023.

請參閱我們收益發布末尾附錄中對非公認會計準則財務指標的討論，包括調整後的 EBITDA。最後，截至 2023 年 7 月 31 日，該公司持有的現金、現金等價物和短期投資總額超過 4.1 億美元。

Next, please turn to Slide 7 for additional details on our financial performance and backlog. The chart at the left-hand side of the slide graphically shows our revenue composition by line item. Looking at revenue drivers by category. Service agreement revenues increased to $9.8 million from $9 million. The increase in service agreement revenues for the third quarter of fiscal year 2023 was primarily driven by two new module exchanges at the plant owned by Korea Southern Power Company in Korea and a module exchange at the plant at Trinity College.

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。幻燈片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 900 萬美元增至 980 萬美元。 2023財年第三季度服務協議收入的增長主要是由韓國南方電力公司旗下工廠的兩個新模塊交換和三一學院工廠的模塊交換推動的。

Generation revenues were consistent period-over-period, increasing to $11 million from $10.9 million in the comparable prior year period. Advanced technology contract revenues decreased to $4.7 million from $5.2 million. Compared to the third quarter of fiscal year 2022, Advanced technology contract revenues recognized under our joint development agreement with ExxonMobil Technology and Engineering Company for approximately $0.3 million higher and revenue recognized under government and other contracts were approximately $0.8 million lower as a result for the allocation of engineering resources during the quarter.

發電收入與上年同期持平，從去年同期的 1090 萬美元增至 1100 萬美元。先進技術合同收入從 520 萬美元減少至 470 萬美元。與2022 財年第三季度相比，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80 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 and gross loss and operating expenses. Growth loss for the third quarter of fiscal year 2023 totaled $8.2 million compared to a gross loss of $4.2 million in the comparable prior year quarter.

查看幻燈片的右上角，我將詳細介紹這些變化以及總虧損和運營費用。 2023 財年第三季度的增長損失總計 820 萬美元，而去年同期的毛損失為 420 萬美元。

The growth loss increased for the third quarter of fiscal year 2023 compared to the third quarter of fiscal year 2022, primarily due to the fact there were no new module sales during the third quarter of fiscal year 2023.

與2022財年第三季度相比，2023財年第三季度的增長損失有所增加，主要是由於2023財年第三季度沒有新組件銷售。

The prior year period included favorable product margins as a result of module sales to Korea Fuel Company. Operating expenses for the third quarter of fiscal year 2023 increased to $33.2 million from $23.8 million in the third quarter of fiscal year 2022.

上一年期間，由於向韓國燃料公司銷售模塊，產品利潤率良好。 2023財年第三季度的運營費用從2022財年第三季度的2380萬美元增加到3320萬美元。

Administrative and selling expenses were higher during the third quarter of the full year 2023, primarily due to an increase in compensation expense from an increase in headcount in support of sales and business expand center.

2023 年全年第三季度的管理和銷售費用較高，主要是由於支持銷售和業務擴展中心的人員數量增加而導致補償費用增加。

Research and development expenses increased to $15.6 million during the third 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 platform and carbon separate and carbon capture solution compared to the prior year period.

2023 財年第三季度的研發費用增加至 1560 萬美元，主要是由於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'll see that we finished the quarter with backlog of approximately $1 billion, a decrease of 17% compared to backlog as of July 31st, 2022. The reduction in backlog is a result of a reduction in generation backlog due to the decision not to move forward with certain generation projects during the fourth quarter of fiscal year 2022 given their economic profile and also due in part to the timing of revenue recognition under product, generating and service agreement since July 31st, 2022.

在幻燈片的右下角，您會看到我們本季度的積壓訂單約為 10 億美元，與截至 2022 年 7 月 31 日的積壓訂單相比減少了 17%。積壓訂單的減少是由於發電積壓的原因是考慮到某些發電項目的經濟狀況，決定在2022 財年第四季度不再推進某些發電項目，部分原因是自2022 年7 月31 日起根據產品、發電和服務協議確認收入的時間。

This decline was partially offset by an increase in service backlog related to a new service agreement with Noeul Green Energy entered into during the third quarter of fiscal year 2023, which has a contract value of approximately $73 million.

這一下降被 2023 財年第三季度與 Noeul Green Energy 簽訂的新服務協議相關的服務積壓增加部分抵消，該協議的合同價值約為 7300 萬美元。

On Slide 8 is an update on our liquidity and our ongoing investment in project assets. As of July 31st, 2023, we had total cash, cash equivalents and short-term investments of $413.9 million. This total includes $303.7 million of unrestricted cash and cash equivalents, represented by the darker blue bar on the center of the slide, $32.7 million of restricted cash and cash equivalents represented by the purple bar and $77.4 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 7 月 31 日，我們的現金、現金等價物和短期投資總額為 4.139 億美元。這一總額包括3.037 億美元的非限制性現金和現金等價物（由幻燈片中心的深藍色條代表）、3270 萬美元的限制性現金和現金等價物（由紫色條代表）以及7740 萬美元的短期投資（由淺色條代表）。藍色酒吧。

The short-term investment represents the amortized cost of U.S. treasury securities outstanding as of July 31st, 2023, which were purchased by the company during fiscal year '23 as part of the company's past management optimization efforts and all of which are expected to be held in this period.

該短期投資代表截至 2023 年 7 月 31 日已發行美國國債的攤餘成本，這些證券是公司在 23 財年購買的，作為公司過去管理優化工作的一部分，預計所有這些證券都將被持有在這個時期。

Looking at the right-hand side of the slide, there is a star illustrating our total project assets which make up our company-owned generate and portfolio. As of July 31st, 2023, our gross project assets totaled $289.4 million, which excludes accumulated depreciation.

看幻燈片的右側，有一顆星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和投資組合。截至 2023 年 7 月 31 日，我們的項目總資產總計 2.894 億美元，其中不包括累計折舊。

As detailed on Slide 20 in the appendix of the presentation, our generation portfolio totaled 63.1 megawatts of assets as of July 31st, 2023. This includes 43.7 megawatts of operating assets and 19.4 megawatts of projects in process.

正如演示文稿附錄中幻燈片 20 所詳述的，截至 2023 年 7 月 31 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。

Projects and process begin commercial operate them, they are expected to contribute to higher generation revenue. In closing, I am pleased with our continued progress 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. I will now turn the call back over to Jason.

項目和流程開始商業運營，預計將貢獻更高的發電收入。最後，我對我們上個季度的持續進展感到高興。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 POWERHOUSE 業務戰略。我現在將把電話轉回傑森。

I will now cover our business and operational updates in more detail beginning with Slide 10. We have stated in previous quarters, our POWERHOUSE business strategy serves as our framework for achieving long-term growth.

我現在將從幻燈片 10 開始更詳細地介紹我們的業務和運營更新。我們在前幾個季度中已經說過，我們的 POWERHOUSE 業務戰略是我們實現長期增長的框架。

I will summarize our approach. The first is growth. We continue to focus on optimizing our business, we're achieving growth in markets where we see significant opportunities for our platform technologies, create a geographic market segment and application specific playbooks that are focused on building a robust sales pipeline.

我將總結我們的方法。首先是成長。我們繼續專注於優化我們的業務，我們正在市場中實現增長，我們看到了我們的平台技術的巨大機會，創建了一個地理細分市場和專注於建立強大銷售渠道的特定應用手冊。

Business development team is focused on moving the pipeline from prospects to executed agreements. Second is scale. Plans that scale our existing platforms by investing in, extending and deepening our leadership and total human capital across the organization. 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.

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。其次是規模。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平台的計劃。我們的運營重點是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。

Also working to expand our solid oxide manufacturing capabilities with the goal of adding an additional 400 megawatts of manufacturing capacity in the United States. We believe that legislation inacted 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 costs.

我們還致力於擴大我們的固體氧化物製造能力，目標是在美國再增加 400 兆瓦的製造能力。我們相信，隨著時間的推移，世界各地尚未實施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。

Third, innovation. Over our 50-year history, we have never stopped innovating. On an earlier slide, we have hundred of patents granted in jurisdiction around the world. We believe our technology and our culture provides the opportunity for our participation in the growth of the hydrogen economy and carbon capital market and will enable us to deliver on our purpose to enable the world empowered by clean energy.

第三，創新。在我們 50 年的歷史中，我們從未停止創新。在前面的一張幻燈片上，我們在世界各地的司法管轄區授予了數百項專利。我們相信，我們的技術和文化為我們參與氫經濟和碳資本市場的增長提供了機會，並使我們能夠實現我們的目標，讓世界擁有清潔能源。

Working to develop diversified revenue stream by delivering a range of solutions and services that exploit the multi-feature capabilities of our platforms as exhibited by Trident and support our four strategic focuses intended good vans, the global energy transition.

致力於通過提供一系列解決方案和服務來開發多元化的收入來源，這些解決方案和服務利用我們平台的多功能功能（如Trident 所示）並支持我們的四個戰略重點，即優質貨車和全球能源轉型。

Those contributed focuses are distributed power generation, distributed hydrogen, electrolysis and hydrogen storage and carbon recovery and capture solutions. We are making good progress in the execution of our strategy, and I will discuss specific highlights in more detail on the following slides.

這些貢獻的重點是分佈式發電、分佈式氫、電解和氫存儲以及碳回收和捕獲解決方案。我們在執行戰略方面取得了良好進展，我將在下面的幻燈片中更詳細地討論具體亮點。

Please turn to Slide 11. We had a very exciting announcement during the quarter as we are growing and strengthening our presence in Korea by developing relationships with two domestic clean energy electric utilities. The first is the long-term service agreement with Noeul Green Energy, whose plant has a total output of 20 megawatts using 8 or 3,000 FuelCell .

請參閱幻燈片 11。本季度我們發布了一項非常令人興奮的公告，因為我們通過與兩家國內清潔能源電力公司發展關係來擴大和加強我們在韓國的業務。第一個是與 Noeul Green Energy 簽訂的長期服務協議，該工廠使用 8 或 3,000 個燃料電池，總輸出功率為 20 兆瓦。

Under the current agreement, FuelCell Energy will oversee the operation and maintenance of these aged to restore 3,000 fuel cell over the next 14 years. This project is expected to have a total contract value of approximately $73 million. Which is added to our total backlog.

根據目前的協議，FuelCell Energy 將監督這些老化設備的運行和維護，以便在未來 14 年內恢復 3,000 個燃料電池。該項目預計合同總價值約為7300萬美元。這已添加到我們的總積壓中。

In addition, we signed a memorandum of understanding with Gyeonggi Green Energy or GGE. GGE has the largest buildup power platform operating anywhere in the world. GGE plant has a total output of 58.8 megawatts using 21 SureSource 3000 fuel cell platform.

此外，我們還與京畿道綠色能源公司（GGE）簽署了諒解備忘錄。 GGE 擁有全球最大的發電平台。 GGE工廠使用21個SureSource 3000燃料電池平台，總發電量為58.8兆瓦。

The MOU provides a framework for negotiating the proposed business relationship between GGE and FCE, including future module replacement and service as well as developing new opportunities in Korea. We are currently negotiating the detailed terms of that proposed agreement with GGE.

該諒解備忘錄為GGE和FCE之間擬議的業務關係談判提供了一個框架，包括未來的模塊更換和服務以及在韓國開發新的機會。我們目前正在與 GGE 就擬議協議的詳細條款進行談判。

In addition, we see future opportunity for operations and maintenance agreements with a large potential market of over 100 megawatts in Korea. We are focused on winning these opportunities and look forward to providing updates on our progress in Korea in future quarters.

此外，我們還看到未來與韓國超過 100 兆瓦的巨大潛在市場簽訂運營和維護協議的機會。我們致力於贏得這些機會，並期待在未來幾個季度提供有關我們在韓國的進展的最新信息。

Please turn to Slide 12. We continue to advance our decarbonizing power solutions. At the end of the quarter, we announced an exciting development and our partnership with EMTEC, which is part of our innovation strategy. We have extended the term of our joint development agreement for carbon factor technology through March 2024.

請參閱幻燈片 12。我們繼續推進脫碳電力解決方案。在本季度末，我們宣布了一項令人興奮的發展以及我們與 EMTEC 的合作夥伴關係，這是我們創新戰略的一部分。我們已將碳因子技術聯合開發協議的期限延長至 2024 年 3 月。

This extension is intended to provide the opportunity to continue derisking the generation to the technology fuel-cell module demonstration and the joint marketing and sales efforts to inform development of a new business framework between the parties beyond the current joint development agreement structure.

此次延期旨在提供機會，繼續降低燃料電池模塊技術演示的發電風險，以及聯合營銷和銷售工作，為雙方在當前聯合開發協議結構之外開發新的業務框架提供信息。

We are continuing to finalize the engineering cost element of a potential demonstration of the technology with EMTEC. We are extremely pleased that our jointly developed carbon capture technology has been found to be feasible for the commercial use applications we are targeting.

我們正在繼續最終確定 EMTEC 潛在技術演示的工程成本要素。我們非常高興我們共同開發的碳捕獲技術被發現對於我們目標的商業用途是可行的。

We are excited about the promising potential of this technology to capture CO2 emissions from industrial and commercial developing with the goal of helping to solve one of the world's biggest environmental challenges. The final investment decision on the demonstration project is expected later this year.

我們對這項技術的巨大潛力感到興奮，它可以捕獲工業和商業發展中的二氧化碳排放，從而幫助解決世界上最大的環境挑戰之一。該示範項目的最終投資決定預計將於今年晚些時候做出。

Next, our two projects in Derby, Connecticut continue to progress on schedule and are expected to soon contribute meaningful growth through our generation portfolio. On-site construction of the 14-megawatt project is continuing to advance, and we have largely completed the installation of the majority of the balance of components as well as in modules required for the project.

接下來，我們在康涅狄格州德比的兩個項目繼續按計劃進行，預計很快將通過我們的發電組合做出有意義的增長。 14兆瓦項目現場施工持續推進，項目所需的大部分組件及模塊已基本完成安裝。

On-site construction of the 2.8-megawatt project is also advancing well, and we expect to achieve commercial operation of both these projects in the fourth calendar quarter of 2023. Moving to our focus on producing hydrogen. We continue to invest in product development and manufacturing for our two solid oxide platform, power generation and electrolysis.

2.8兆瓦項目的現場建設也進展順利，我們預計這兩個項目將在2023年第四季度實現商業運營。我們的重點是生產氫氣。我們繼續投資於發電和電解這兩個固體氧化物平台的產品開發和製造。

To enable our growth, we are expanding our Calgary manufacturing operations with the goal of increasing the capacity of the facility from 4 megawatts to 40 megawatts per year of solid oxide electrolysis cell production. In addition, we see the potential to further increase our annual production capacity to up to 80 megawatts by leasing additional space and investing in various process optimizations intended to increase throughput and yield.

為了實現我們的增長，我們正在擴大卡爾加里的製造業務，目標是將該工廠的固體氧化物電解槽產能從每年 4 兆瓦提高到 40 兆瓦。此外，我們還看到了通過租賃額外空間和投資各種工藝優化以提高吞吐量和產量的潛力，將我們的年產能進一步提高到 80 兆瓦。

We have hired and trained additional staff for a 3-shift production operation to support the initial planned expansion to 40 megawatts, and we need to add additional staff as required in the future to realize the potential 80 megawatts of annualized solid oxide electrolysis production capacity.

我們已經僱傭並培訓了更多員工進行三班制生產操作，以支持最初計劃的40 兆瓦產能擴張，並且我們需要在未來根據需要增加更多員工，以實現潛在的80 兆瓦年化固體氧化物電解產能。

Please turn to Slide 13. In terms of delivering hydrogen to our customers, we offer two solutions, our Tri-gen platform, which has just been completed for Toyota at the Port of Long Beach in California as well as our thalidoxide-based electrolysis platform.

請參閱幻燈片 13。在向客戶提供氫氣方面，我們提供兩種解決方案：剛剛為豐田在加州長灘港完成的 Tri-gen 平台以及基於鹵化物的電解平台。

First, with regard to our Tri-gen solution. We deploy our innovative net 2.3 megawatt tri-generation platform to produce emission-free hydrogen electricity and water every day. In the Toyota example, the hydrogen produced will be used to fuel Toyota vehicles, while the electricity produced will be sufficient to power the Toyota Logistics service center with additional electricity being sold into the grid and the water that is generated will be used for car washing.

首先，關於我們的 Tri-gen 解決方案。我們部署創新的淨 2.3 兆瓦三聯產平台，每天生產零排放的氫電和水。以豐田為例，產生的氫氣將用於為豐田汽車提供燃料，而產生的電力將足以為豐田物流服務中心供電，額外的電力將出售給電網，產生的水將用於洗車。

Given the use of carbon negative renewable natural gas for this project, this can demonstrate our ability to generate renewable hydrogen at the point of consumption, avoiding the cost and emissions associated with delivery of hydrogen to remote users.

鑑於該項目使用負碳可再生天然氣，這可以證明我們在消費時產生可再生氫氣的能力，避免了與向遠程用戶輸送氫氣相關的成本和排放。

We see tremendous potential to apply our cryogen technology and other location utilizing its space that is the equivalent of three NBA basketball courts. Providing energy that is distributed at the point of consumption and avoiding most, if not all, of the permissions and permitting required for centralized production and distribution infrastructure, and we look forward to pursuing those future opportunities.

我們看到了應用我們的冷凍劑技術和其他位置的巨大潛力，利用其相當於三個 NBA 籃球場的空間。提供在消費點分配的能源，並避免集中生產和分配基礎設施所需的大部分（如果不是全部）許可和許可，我們期待著抓住這些未來的機會。

Turning to our solid oxide electrolysis platform. We believe solid oxide presents one of the best opportunities to minimize overall cost while maximizing efficiency and that our platform will give more organizations the option to implement a flexible energy strategy.

轉向我們的固體氧化物電解平台。我們相信，固體氧化物是最大限度降低總體成本、同時最大限度提高效率的最佳機會之一，我們的平台將為更多組織提供實施靈活能源戰略的選擇。

We will touch more on our design attributes and differences in a moment. While our Tri-gen platform benefits from reducing the cost of hydrogen through the sale of electricity, solid oxide electroylsis is an ideal solution for geographies that have low to no-cost power and hydro, strong wind and/or sun covered.

我們稍後將更多地討論我們的設計屬性和差異。雖然我們的 Tri-gen 平台受益於通過電力銷售降低氫氣成本，但固體氧化物電解對於擁有低成本甚至無成本電力和水力、強風和/或陽光覆蓋的地區來說是理想的解決方案。

Because most of the cost of hydrogen produced by electrolysis is related to the cost of input power. Efficiency is one of the most effective ways to lower hydrogen cost. We believe FuelCell Energy's solid doxide platform is among the most efficient electrolysis technology available.

因為電解制氫的成本大部分與輸入電力的成本有關。效率是降低氫成本的最有效方法之一。我們相信 FuelCell Energy 的固體氧化物平台是現有最高效的電解技術之一。

Our platform can generate 600 kilograms a day of hydrogen without any incremental heat stores only using a 1.1-megawatt power. Adding a heat store just increases the benefits of our platform high efficiency. As an example, process heat from the nuclear power plant further increases platform efficiency, lowering the required power to produce the 600 kilograms a day of hydrogen to 1 megawatts.

我們的平台每天可以產生 600 公斤氫氣，無需任何增量熱存儲，僅使用 1.1 兆瓦的電力。添加熱庫只會增加我們平台高效率的優勢。例如，核電站的工藝熱量進一步提高了平台效率，將每天生產 600 公斤氫氣所需的電力降低至 1 兆瓦。

A low temperature electrolyzer would require about 35% more power to produce the same amount of hydrogen. Turning to Slide 14. I would like to emphasize how FuelCell Energy solutions are highly differentiated versus other solid oxide technologies. Our first generation high-efficiency solid oxide product comes in two different configurations.

低溫電解槽需要多出約 35% 的電力才能產生相同量的氫氣。轉向幻燈片 14。我想強調燃料電池能源解決方案與其他固體氧化物技術的高度差異化。我們的第一代高效固體氧化物產品有兩種不同的配置。

One is our 250-kilowatt power generation platform, and the second is our electrolysis platform capable of producing 600 kilograms of hydrogen per day. Delco Energy Solutions produces a number of heat performance advantages. Our platform is compact and lightweight, our design, heat cost low and avoid, with minimal need for rare earth minerals and no use of platinum group metals.

一是我們的250千瓦發電平台，二是我們每天能夠生產600公斤氫氣的電解平台。德爾科能源解決方案具有許多熱性能優勢。我們的平台結構緊湊、重量輕，我們的設計、熱量成本低且可避免，對稀土礦物的需求極小，並且不使用鉑族金屬。

Our integrated active product provides complete relief for our customers. Our electrolysis platform is powered with water, not steam. Steam is generated on board using internal heat and electric power. Our power generation platform is capable of combined heat and power operations at up to 80% efficiency and our power generation platform is flexible in its ability to operate on various fuel, hydrogen, biogas, fuel blend or natural gas.

我們的集成活性產品為我們的客戶提供了徹底的緩解。我們的電解平台由水驅動，而不是蒸汽。船上利用內部熱量和電力產生蒸汽。我們的發電平台能夠以高達 80% 的效率進行熱電聯產運行，並且我們的發電平台能夠靈活地使用各種燃料、氫氣、沼氣、混合燃料或天然氣。

All of these different data gives us confidence in our ability to grow in the solid oxide market. Our thin cell architecture leads to a very low stack weight per kilowatt, the power rating, which translates directly to lower material costs and which also provides benefits in fact for heat up.

所有這些不同的數據讓我們對我們在固體氧化物市場的增長能力充滿信心。我們的薄型電池架構使得每千瓦的堆疊重量和額定功率非常低，這直接意味著材料成本的降低，而且實際上還為加熱提供了好處。

As we increase our solid-oxide production capacity, we see significant market opportunities in hydrogen generation applications, particularly given the cost advantage of distributed production. We also see market opportunities in power generation as low carbon solutions increasingly displaced gas and diesel generator.

隨著我們提高固體氧化物產能，我們看到了製氫應用的巨大市場機會，特別是考慮到分佈式生產的成本優勢。隨著低碳解決方案日益取代燃氣和柴油發電機，我們還看到了發電領域的市場機會。

In addition, renewable energy and nuclear power represent thin end markets where solid oxide electrolyzer cells and be operated in tandem with power generation, yielding, high efficiency, hydrogen and increasing overall efficiency and flexibility.

此外，可再生能源和核電代表了薄終端市場，其中固體氧化物電解槽電池與發電、產量、高效率、氫氣以及提高整體效率和靈活性同時運行。

Before moving to Q&A we conclude with takeaways on Slide 15. I'm excited about how over the last four years, our company has navigated our journey. We are commercializing technology and advancing new technology toward commercialization.

在進行問答之前，我們以幻燈片 15 中的要點作為結束語。我對過去四年來我們公司的發展歷程感到興奮。我們正在將技術商業化，並推動新技術走向商業化。

We believe that our technologies will have a positive impact on our world. We are demonstrating the commercial value of our technology with our Tri-gen platform operating for Toyota and Long Beach, we are delivering commercial results for our customers and for the planet.

我們相信我們的技術將對我們的世界產生積極的影響。我們正在通過為豐田和長灘運營的 Tri-gen 平台展示我們技術的商業價值，我們正在為我們的客戶和地球帶來商業成果。

We are succeeding in our international growth efforts, most notably in Korea during the third quarter. We are making progress in developing advanced applications for our platforms, specifically through our collaboration with EMTEC on carbon capture technology. We are making progress on large projects, including the Derby, Connecticut project, which we expect to achieve commercial operation during calendar year 2023.

我們的國際增長努力取得了成功，尤其是第三季度在韓國的增長。我們在為我們的平台開發先進應用程序方面取得了進展，特別是通過與 EMTEC 在碳捕獲技術方面的合作。我們正在大型項目上取得進展，包括康涅狄格州德比項目，我們預計該項目將在 2023 年實現商業運營。

In addition, we are making progress in increasing manufacturing capacity for our high-efficiency solid oxide power generation and electrolysis platform. Which we believe will give us a different data position in the market. We have remained focused on disciplined capital allocation and have increased our liquidity through both debt and equity financing, we believe we are positioned for growth.

此外，我們在提高高效固體氧化物發電和電解平台的製造能力方面也取得了進展。我們相信這將使我們在市場上獲得不同的數據地位。我們仍然專注於嚴格的資本配置，並通過債務和股權融資增加了流動性，我們相信我們已經做好了增長的準備。

We believe FuelCell Energy is well positioned to capture market opportunities over the coming years and deliver shareholder returns over the long run. I will now turn it over to the operator to begin Q&A.

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，並從長遠來看為股東帶來回報。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 Genuity Group.

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

You mentioned in the press release that you're examining additional facilities for the build of your solid oxide platform. Could you just help illuminate a little bit of additional interest that you've seen? What gives you the confidence to continue to build up the capacity there?

您在新聞稿中提到，您正在檢查用於構建固體氧化物平台的其他設施。您能幫忙說明一下您所看到的一些額外的興趣嗎？是什麼讓您有信心繼續在那裡建設能力？

Yes, we continue to use the interest that we're seeing from customers and the pipeline that we're building as how we think about the need to expand capacity for our solid oxide manufacturing. In addition to that, we continue to look for ways in which we increase our capacity in our existing footprint or making small additions to our existing footprint even in Calgary.

是的，我們繼續利用客戶的興趣和我們正在建設的管道來思考擴大固體氧化物製造產能的必要性。除此之外，我們繼續尋找方法來增加我們現有足蹟的容量，或者對我們現有的足跡進行小幅增加，甚至在卡爾加里也是如此。

Today, we believe that we can get to 80 megawatts of capacity from originally where we thought we were at 40 just based on additional process optimizations and things that we're doing at that facility. Our decisions will be driven by demand in the pipeline that our business development team is building. But we're seeing really strong support for solid oxide for power gen and for electrolysis.

今天，我們相信，僅基於額外的流程優化和我們在該設施所做的事情，我們就可以從最初認為的 40 兆瓦容量提高到 80 兆瓦。我們的決策將由我們的業務開發團隊正在構建的管道中的需求驅動。但我們看到固體氧化物在發電和電解方面得到了真正強有力的支持。

Do you still expect a reversibility to come into the platform in 2027?

您仍然期望 2027 年該平台能夠實現可逆性嗎？

We do. We believe that, that's going to be a significant opportunity for us in the longer term as energy storage continues to be a more important part of the energy transition as we continue to add more and more intermittent technologies to the grid.

我們的確是。我們相信，從長遠來看，這對我們來說將是一個重要的機會，因為隨著我們繼續向電網添加越來越多的間歇性技術，儲能仍然是能源轉型中更重要的一部分。

Our view is that hydrogen works as an excellent energy store and that it's far more practical for long-duration energy storage versus mineral-based solutions. Our ability to leverage reversibility of our platform. The same stack that's going to make hydrogen is the same stack we can reverse and feed that hydrogen to, to produce power, we think, is going to be a real opportunity for us.

我們的觀點是，氫是一種出色的能源儲存方式，並且與基於礦物的解決方案相比，它對於長期能源儲存更為實用。我們利用平台可逆性的能力。我們認為，用於生產氫氣的同一堆燃料電池，我們可以反轉並供給氫氣，以產生電力，這對我們來說將是一個真正的機會。

I'm wondering if you could share your thoughts on the upcoming decision by Treasury to give us more detail around additional deliverability and matching and your thoughts as to how that decision will turn on.

我想知道您是否可以分享您對財政部即將做出的決定的看法，以便向我們提供有關額外可交付性和匹配的更多詳細信息，以及您對該決定將如何實施的看法。

I think it was on the 7th, the Deputy Secretary of Treasury said that they plan to clarify more of the rules by the end of this calendar year. One, I would say we're excited that there's, we're going to get to real clarity around the rules. As a company, we've continued to be in a position to leverage the ITC, and we've demonstrated our ability to attract tax equity as part of the way in which we recycle cash in our business.

我想是在7號，財政部副部長表示，他們計劃在今年年底之前澄清更多規則。第一，我想說我們很興奮，我們將真正明確規則。作為一家公司，我們繼續能夠利用 ITC，並且我們已經證明了我們有能力吸引稅收公平，作為我們在業務中回收現金的方式的一部分。

We think that the Treasury department and overall, the administration is really trying to listen to the voice of the market in terms of how it's making these decisions. When you think about things like additionality or matchability, they're really trying to get this right, we believe, and we think that they'll ultimately get to the right decision and put together more of a transition path than a clear, hard determination one way or another in terms of how they're going to account for whether it's additionality or matching.

我們認為，財政部以及整個政府在如何做出這些決策方面確實在努力傾聽市場的聲音。當你考慮額外性或可匹配性等問題時，我們相信，他們確實在努力做到這一點，並且我們認為他們最終會做出正確的決定，並製定出更多的過渡路徑，而不是一個明確、艱難的決定。以一種或另一種方式來考慮他們將如何解釋它是額外性還是匹配性。

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 actually quickly wanted to focus on this SRI study from California that came out on Friday that's calling for 90% emission reductions for 2045. It lists a number of fuels, including hydrogen. It's pretty bullish on hydrogen. I'm basically trying to understand now that California, it seems would be very supportive of alternate fuels. Does that change your plans?

事實上，我很快就想關注加利福尼亞州週五發布的這項 SRI 研究，該研究呼籲到 2045 年減排 90%。它列出了多種燃料，包括氫。它非常看好氫。我現在基本上想了解加利福尼亞州似乎非常支持替代燃料。這會改變你的計劃嗎？

Also in the report, it's basically saying a book and claim would apply to even green hydrogen, which is they are encouraging the sale of green hydrogen within the state of California, that's when you can get the credit. If you could talk around your plans of California based on what we are seeing with SRI, which basically would support alternate fuels in a big way in the state of California.

此外，在報告中，它基本上說一本書和聲明也適用於綠色氫，即他們鼓勵在加利福尼亞州內銷售綠色氫，那時你就可以獲得信用。如果您能根據我們在 SRI 看到的情況來談談您對加利福尼亞州的計劃，SRI 基本上將在加利福尼亞州大力支持替代燃料。

We were strong supporters of using biofuels, not only for power production, which we've done on a number of different installations in California. We support the methodology in terms of how you think about using alternate fuels to produce green hydrogen, which is exactly what we're doing with our tri-generation platform at the Port of Long Beach.

我們是使用生物燃料的堅定支持者，不僅用於發電，我們已經在加利福尼亞州的許多不同裝置上使用了生物燃料。我們支持您如何考慮使用替代燃料生產綠色氫氣的方法，這正是我們在長灘港的三聯產平台所做的事情。

We're really supportive of this move that they're making. As you know, as a company from a CARB standpoint, who's driving this movement in California, we've been CARB certified for a long time. We're the first fuel cell provider to get there. As we think as air quality issues and the real focus around things like SOx and NOx and other particulars it's coming back into focus, we think strong supportive alternate fuels, our platform that doesn't combust those fuels, we don't produce SOx and NOx and other particular just show stronger support for what California is trying to do.

我們非常支持他們正在採取的這一舉措。如您所知，從 CARB 的角度來看，作為一家在加州推動這一運動的公司，我們長期以來一直獲得 CARB 認證。我們是第一家實現這一目標的燃料電池供應商。當我們認為空氣質量問題以及對 SOx 和 NOx 等問題的真正關注以及其他細節重新成為焦點時，我們認為替代燃料具有強大的支持性，我們的平台不燃燒這些燃料，我們不生產 SOx 和氮氧化物和其他特殊物質只是對加州正在努力做的事情表示了更強有力的支持。

We're really excited about it, and we think it's a real positive. We think that opens the door for us from a distributed power generation, it opens the door for more opportunities around tri-generation to actually produce carbon-neutral power, green hydrogen and water like we're doing in California. We think it's a very positive thing.

我們對此感到非常興奮，我們認為這是一個真正的積極因素。我們認為這為我們打開了分佈式發電的大門，也為圍繞三聯產的更多機會打開了大門，以實際生產碳中和電力、綠色氫和水，就像我們在加利福尼亞州所做的那樣。我們認為這是一件非常積極的事情。

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

您的下一個問題來自 B. Riley Securities 的 Ryan Pfingst。

On product sales, can you provide any color around demand? Any progress you might be making with new customers potentially outside of Korea?

在產品銷售上，能提供一些圍繞需求的顏色嗎？您在韓國以外的潛在新客戶方面可能取得任何進展嗎？

Yes, as we've indicated as a company, we've began to really focus on creating a better balance between our power purchase agreement opportunities that we drive and product sales. We're building a pipeline that enables us to do both of those things because we think continue to offer multiple ways for our customers to purchase from us is a benefit to us as a company.

是的，正如我們作為一家公司所表明的那樣，我們已經開始真正專注於在我們推動的購電協議機會和產品銷售之間建立更好的平衡。我們正在建立一條管道，使我們能夠做到這兩件事，因為我們認為繼續為客戶提供多種從我們這裡購買的方式對我們作為一家公司來說是有利的。

We see strong pipeline builds not only in our traditional markets, but as we expand into new markets outside of our core, we're seeing strong product demand and those generally tend to be more product sale-focused markets as opposed to PPAs.

我們不僅在傳統市場中看到了強大的管道建設，而且當我們擴展到核心之外的新市場時，我們看到了強勁的產品需求，而且這些市場通常更傾向於以產品銷售為中心，而不是購電協議。

We think that over the coming quarters, you'll see more from us on product sales as an overall opportunity.

我們認為，在接下來的幾個季度中，您會從我們這裡看到更多關於產品銷售的整體機會。

Then turning to the Generation segment. Can you talk a little bit about the economics of the Derby projects or maybe at a higher level, how they might help the profitability of the Generation segment as a whole?

然後轉向一代部分。您能否談談德比項目的經濟效益，或者在更高的層面上談談它們如何幫助整個發電部門的盈利能力？

Mike can give you a sense of how we think about margin and on our generation business and what we've seen happen over the last several quarters and certainly this quarter, but Mike can walk you through that.

邁克可以讓您了解我們如何看待利潤率和發電業務，以及我們在過去幾個季度和本季度所看到的情況，但邁克可以引導您完成這一點。

As we think about the two Derby projects that will add meaningful generation revenue right now today, we're producing about $44 million on an annualized rate. We did about $11 million of generation revenue this quarter. $44 million today, but adding, obviously, the large Derby project, another 14 megawatts will make a meaningful increase there.

當我們想到今天將增加有意義的發電收入的兩個德比項目時，我們的年化收入約為 4400 萬美元。本季度我們的發電收入約為 1100 萬美元。目前為 4,400 萬美元，但顯然，加上大型德比項目，另外 14 兆瓦將帶來有意義的增長。

When we think about profitability of the generation portfolio, we target EBITDA margins in our generation portfolio of between 40% to 50% when you -- if you look at just last quarter's results, when you back out the Toyota onetime charges as well as depreciation, we're in the 46% range right now. We would expect that to continue as we add additional operating assets in the portfolio.

當我們考慮發電組合的盈利能力時，我們的目標是發電組合的 EBITDA 利潤率在 40% 到 50% 之間，如果你只看上一季度的業績，當你取消豐田一次性費用和折舊時，我們現在處於46% 的範圍內。隨著我們在投資組合中添加額外的運營資產，我們預計這種情況將繼續下去。

(Operator Instructions) Your next question comes from the line of Eric Stine from Craig-Hallum.

（操作員說明）您的下一個問題來自 Craig-Hallum 的 Eric Stine。

Curious, now with Derby coming on, I think you'll be at, you'll be around 60 megawatts, and this goes back a while. This isn't necessarily a target you've given, but at one time, you had a 50- to 60-megawatt area where you thought you'd breakeven. Obviously, you've got a lot of irons in the fire, you've taken on more expenses. Do you have a high-level megawatts in generation portfolio breakeven number?

很好奇，現在隨著德比比賽的到來，我想你會達到 60 兆瓦左右，這可以追溯到一段時間之前。這不一定是您給出的目標，但您曾經有過 50 到 60 兆瓦的區域，您認為可以實現收支平衡。顯然，你有很多事情要做，你承擔了更多的費用。您的發電組合盈虧平衡數字是否達到高水平兆瓦？

Yes, historically, if you go back 4-plus years ago, we were really centering the business around the generation portfolio with a meaningful backlog of projects that we had. To your point, we've been working really hard at getting those projects up online. We'll be north of 60 megawatts after Derby comes online.

是的，從歷史上看，如果你回到四年多前，我們確實將業務集中在發電產品組合上，並積壓了大量的項目。就您而言，我們一直在努力將這些項目上線。德比上線後，我們的發電量將超過 60 兆瓦。

At that time, we were focusing the business on getting to EBITDA positive around the generation portfolio. Fast forward a couple of years, with the energy transition now being here in a big way with global support around what we're doing, we've accelerated investments around our different technologies, and Jason talked about, both solid oxide but also carbon capture, that has increased both our operating expenses and CapEx, which has pushed our profitability into the future.

當時，我們的業務重點是圍繞發電組合實現 EBITDA 為正值。快進幾年，隨著能源轉型正在大規模進行，我們正在做的事情得到全球支持，我們加快了對不同技術的投資，傑森談到，包括固體氧化物和碳捕獲，這增加了我們的運營費用和資本支出，從而推動了我們未來的盈利能力。

We made that trade-off in order to get these technologies to market. When we look at the external targets we've put out there, we're targeting getting over $300 million of revenue in 2025 and over $1 billion by 2030. We're still confident in those targets. With the increased revenue, we would expect profitability to come as well.

為了將這些技術推向市場，我們做出了這種權衡。當我們審視我們制定的外部目標時，我們的目標是到 2025 年實現收入超過 3 億美元，到 2030 年實現收入超過 10 億美元。我們對這些目標仍然充滿信心。隨著收入的增加，我們預計盈利能力也會隨之提高。

Is this something where we should think about, is there a time in the future, say, when carbon capture when maybe that has progressed, you've gotten through the pilot project program, where that spending maybe tails off a little bit?

這是我們應該考慮的事情嗎？將來是否有一個時間，比如說，當碳捕獲可能已經取得進展時，你已經完成了試點項目計劃，支出可能會減少一點？

I know this is all dependent on what your spend looks like. Maybe how do you think about those things? Or do you think that you're going to have this elevated spend for the well, foreseeable future or longer term than that?

我知道這完全取決於您的支出情況。也許你如何看待這些事情？或者您認為在可預見的未來或更長期的情況下您會增加如此高的支出嗎？

When we look at the R&D spend, we ramped that up here over the last couple of years. We've not put out guidance of when that would come back down. Clearly, as we've talked about, we're investing in first article products that we're building here in our Connecticut facilities and as those become commercial, that will shift up to cost of sales, which would likely drive down research and development expenses in the future.

當我們審視研發支出時，我們在過去幾年中加大了研發支出。我們還沒有給出何時會回落的指導。顯然，正如我們所討論的，我們正在投資我們在康涅狄格州工廠生產的第一批產品，隨著這些產品的商業化，這將轉向銷售成本，這可能會降低研發速度未來的開支。

We haven't put out a specific guidance around that. Then just going back to the question around megawatt guidance. As we look at the revenue potential for different products that we have out there now, it's a different math than just dollars per megawatt.

我們尚未就此提出具體指導。然後回到關於兆瓦指導的問題。當我們審視現有不同產品的收入潛力時，我們發現這與每兆瓦美元不同。

We can potentially see higher revenues, particularly around a project like Tri-gen that has multiple attributes coming out, not just power generation, but hydrogen and water and then obviously, with government incentives out there around, like the PTC credit that was not there a couple of years ago, potentially higher revenue opportunities for those projects than just $1 per megawatt.

我們可能會看到更高的收入，特別是圍繞像Tri-gen 這樣的項目，該項目具有多種屬性，不僅是發電，還有氫和水，顯然，還有政府的激勵措施，比如不存在的PTC 信貸幾年前，這些項目的潛在收入機會不僅僅是每兆瓦 1 美元。

Our final question today comes from the line of Noel Parks from Tuohy Brothers.

我們今天的最後一個問題來自 Tuohy Brothers 的 Noel Parks。

Talking about the generation business and more recent investments in new technologies. Can you just talk about the state of your business momentum with generation, new customers, anything that shifted in terms of how you characterize the customers that are being more aggressive, whether they're moving any faster or as with so many things waiting for more of the IRA and infrastructure guidance?

談論發電業務和最近對新技術的投資。您能否談談您的業務勢頭狀況，包括一代、新客戶以及您如何描述更具侵略性的客戶方面發生的任何變化，無論他們的行動速度更快，還是有很多事情等待更多IRA 和基礎設施指南？

As we think about what we're seeing with customers and you think about what we've just done with Toyota, many of the things that we're doing are new applications in the way in which we're using our platform. What's important to note about that is that it's our same existing platform, we're just extending the capabilities of that platform to deliver additional value.

當我們思考我們在客戶身上看到的情況以及我們剛剛與豐田所做的事情時，我們正在做的許多事情都是我們使用平台的方式的新應用程序。值得注意的是，它與我們現有的平台相同，我們只是擴展該平台的功能以提供額外的價值。

The same carbonate platform that we commercialized in 2003 is the same platform we deployed at the Port of Long Beach in support of the Toyota opportunity, yet we're delivering hydrogen and water from that platform in addition to power.

我們於 2003 年實現商業化的碳酸鹽平台與我們在長灘港部署以支持豐田機遇的平台相同，但除了電力之外，我們還從該平台提供氫氣和水。

We see that as a great example of where customers will now be able to see a real commercial implementation of that platform, and we think that will help us drive additional opportunities around the Tri-gen platform as an example.

我們認為這是客戶現在能夠看到該平台真正商業實施的一個很好的例子，我們認為這將幫助我們圍繞 Tri-gen 平台帶來更多機會。

We are seeing customer interest and the way in which we're building our pipeline, growing even without the clarity around IRA and especially when you think about globally because we're not just focused in the U.S., but you've got programs in the EU.

我們看到了客戶的興趣以及我們構建渠道的方式，即使 IRA 不清楚，尤其是當你考慮全球時，因為我們不僅專注於美國，而且你在美國也有項目。歐洲聯盟。

You've got programs in Korea, all of which drive strong tailwinds that really support the business that we're in. When you think about what's really happened net 0 in countries around the world have been legislated in. Companies are going to find ways to get there, and we think that you'll see even more states in the U.S. take more progressive attitudes like what you're seeing in California like what we just talked about and the expansion of and support for renewable fuels, we think that all serves us really well to help drive our business, especially some of the advantages we have, for example, in when you think about renewable fuels, the fact that we can use renewable fuels directly coming out of an anaerobic digester as opposed to needing those fuels to get the pipeline quality gas as an example, which we think gives us an advantage, lowers the cost of the fuel and puts us in a position to deliver carbon neutral to carbon-negative power.

你在韓國有一些項目，所有這些都帶來了強大的推動力，真正支持了我們所處的業務。當你思考真正發生的事情時，世界各地的國家都已經立法了淨零。公司將找到方法為了實現這一目標，我們認為您會看到美國更多的州採取更進步的態度，就像您在加利福尼亞州看到的那樣，就像我們剛才談到的那樣，以及對可再生燃料的擴大和支持，我們認為所有非常有助於我們推動我們的業務，特別是我們擁有的一些優勢，例如，當您考慮可再生燃料時，我們可以使用直接來自厭氧消化器的可再生燃料，而不是需要這些燃料以管道優質天然氣為例，我們認為這給我們帶來了優勢，降低了燃料成本，並使我們能夠提供碳中性到碳負的電力。

We're really excited about that. As we look at our pipeline, we're seeing growth happening despite of IRA, but there's no question that customers really want to understand in the U.S. how to really fully maximize the IRA, but we'll continue to take advantage of the investment tax credit. We think we're in a really strong position around a project like Toyota to take advantage of the production tax credit.

我們對此感到非常興奮。當我們審視我們的渠道時，我們看到儘管有 IRA，但仍在增長，但毫無疑問，美國的客戶確實想了解如何真正充分利用 IRA，但我們將繼續利用投資稅信用。我們認為，在像豐田這樣的項目上，我們處於非常有利的地位，可以利用生產稅收抵免。

When you think about the incremental benefits, we are a U.S. manufacturer. We largely use U.S.-based content in our platform, and we use labor that are at prevailing wages. All of those things continue to ladder up as just incremental benefits to bring down the cost for the customer and to create a different set of economics for us.

當你考慮增量利益時，我們是一家美國製造商。我們在平台上主要使用美國內容，並使用現行工資水平的勞動力。所有這些事情都在不斷增加，作為增量效益，降低客戶的成本，並為我們創造不同的經濟效益。

There are instances where you can get almost up to 50% through the IRA based on the way in which we're configured as a company. We're pretty excited about that.

在某些情況下，根據我們公司的配置方式，您可以通過 IRA 獲得幾乎高達 50% 的退休金。我們對此感到非常興奮。

I just wanted to turn to the ExxonMobil JV. I was just curious about a couple of things. I guess, just the working relationship. They're a huge company and their internal process and maybe how it affects progress in the JV.

我只是想求助於埃克森美孚合資公司。我只是對幾件事感到好奇。我想，只是工作關係。他們是一家大公司，他們的內部流程以及它可能如何影響合資企業的進展。

You've had a number of extensions of the agreement. I guess, just even more on a practical level, do you have any thoughts about the process that's left before in the pipeline before, they will be more in full about, for example, the timing of plans at Rotterdam for a capture installation there.

您已對該協議進行了多次延期。我想，在實際層面上，您對之前留在管道中的流程有什麼想法嗎？他們會更全面地了解，例如，鹿特丹在那裡進行捕獲裝置的計劃的時間安排。

I don't want to speak on behalf of Exxon, but I think it's clear from their public pronouncements that they are committed to their low carbon business. Our technology is directly supportive of what Darren has talked about and Dan Ammann, have talked about in terms of their low carbon business. We feel really good about that.

我不想代表埃克森美孚發言，但我認為從他們的公開聲明中可以清楚地看出他們致力於低碳業務。我們的技術直接支持 Darren 和 Dan Ammann 所談論的低碳業務。我們對此感覺非常好。

They have been clear that they expect to get to FID decision later this year on a demonstration project. We think that will happen. I think you're seeing Exxon operate very differently with their low carbon business, and they've -- and we think that, that will be a benefit for us as well. They've got a strong commitment there, and we're excited about it.

他們明確表示，預計將在今年晚些時候就示範項目做出最終投資決定。我們認為這將會發生。我認為您會看到埃克森美孚在低碳業務方面的運作方式非常不同，而且我們認為這也將為我們帶來好處。他們對此做出了堅定的承諾，我們對此感到興奮。

This ends our question-and-answer session. I will now turn the call back over to Mr. Jason Few for some final closing remarks.

我們的問答環節到此結束。現在，我將把電話轉回賈森·法夫先生，讓他做最後的總結髮言。

We want to take a moment to acknowledge and honor the victims families and communities impacted by September 11. As a Connecticut-based company today, our thoughts are with those impacted in our community. As a company, 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, and have a great day.

我們想花點時間向 9 月 11 日受影響的受害者家庭和社區表示感謝和敬意。作為一家總部位於康涅狄格州的公司，我們與社區中受到影響的人們同在。作為一家公司，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。我們期待下個季度再次為您提供最新消息，祝您度過愉快的一天。

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。