燃料電池能源 (FCEL) 2024 Q3 法說會逐字稿

Thank you for standing by and welcome to the FuelCell Energy third-quarter of fiscal 2024 financial results conference call. (Operator Instructions)

感謝您的耐心等待並歡迎參加 FuelCell Energy 2024 財年第三季財務業績電話會議。 （操作員說明）

Thank you. I'd now like to turn the call over to Tom Gelston, Senior Vice President of Finance and Investor Relations. Please go ahead.

謝謝。我現在想將電話轉給財務和投資者關係高級副總裁湯姆·蓋爾斯頓 (Tom Gelston)。請繼續。

Thank you. And good morning, everyone, and thank you for joining us on the call today. As a reminder, this call is being recorded. This morning, FuelCell Energy released our financial results for the third quarter of 2024, and our earnings press release and our quarterly report on Form 10-Q are available in the Investors section of our website at www.fuelcellenergy.com.

謝謝。大家早安，感謝您今天加入我們的電話會議。提醒一下，此通話正在錄音。今天上午，FuelCell Energy 發布了 2024 年第三季的財務業績，我們的收益新聞稿和 10-Q 表格季度報告可在我們網站 www.fuelcellenergy.com 的投資者部分取得。

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簡報。該網路廣播正在錄製中，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 with 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 technologies, 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 number of risk factors 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 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，您今天將聽到或收到的一些資訊將包含具有1934 年《證券交易法》含義的前瞻性陳述。 ：未來，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策略的聲明。由於許多風險因素和不確定性，我們未來的實際結果可能與此類前瞻性陳述中所描述或暗示的結果有重大差異。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。

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 deck presentation for the reconciliation of those measures to GAAP financial measures.

在本次電話會議期間，我們將討論某些非公認會計準則財務指標。我們建議您造訪我們的網站、我們的收益新聞稿以及投影片簡報的附錄，以了解這些措施與 GAAP 財務措施的協調一致。

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

我們的收益新聞稿和今天的網路廣播簡報的副本可在我們的網站「投資者」下找到。

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, Chief Financial Officer and Treasurer. Following our prepared remarks, we will be available to take your questions and be joined by other members of the leadership team.

FuelCell Energy 總裁兼執行長 Jason Few 和 FuelCell Energy 執行副總裁、財務長兼財務主管 Mike Bishop 參加了今天的電話會議。在我們準備好的發言之後，我們將可以回答您的問題，並由領導團隊的其他成員加入。

I'll now like to hand the call over to Jason for opening remarks. Jason?

現在我想將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.

謝謝你，湯姆。大家早安。感謝您今天參加我們的電話會議。

In the third quarter, we achieved solid performance and continue to advance our Powerhouse strategy. Our revenue increased sequentially compared to our second quarter. Year-over-year, revenue decreased as expected. given the comparison against three module replacements in the prior quarter, while there were none in this quarter.

第三季度，我們取得了紮實的業績，並繼續推進我們的強國策略。與第二季相比，我們的收入連續成長。與去年同期相比，營收出現預期下降。與上一季的三個模組更換進行比較，而本季沒有更換。

We had strong growth in generation and advanced technology revenues and continued our focus on disciplined expense and capital deployment management. We will provide more detail in the financial portion of our presentation.

我們在發電和先進技術收入方面實現了強勁成長，並繼續專注於嚴格的支出和資本部署管理。我們將在簡報的財務部分提供更多詳細資訊。

Each quarter, we also like to share some non-financial highlights for FuelCell Energy shown on slide 3. to give an overview of who we are and what we do. In short, all of us at FuelCell Energy are committed to our work in support of our purpose to enable the world empowered by clean energy.

每個季度，我們還想分享幻燈片 3 中所示的 FuelCell Energy 的一些非財務亮點，以概述我們是誰以及我們做什麼。簡而言之，FuelCell Energy 的所有人都致力於支持我們的目標，即讓世界擁有清潔能源。

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

我們正在努力實現這一目標，透過在世界各地部署我們專有的燃料電池技術平台進行能源輸送和排放管理，以完成兩項基本技術應用：電力和工業脫碳以及氫氣生產。

Turning to slide 4, let's look at the key messages for the quarter. First, we announced a significant commercial win during the third quarter. The execution of a long-term service agreement, pursuant to which we will provide Gyeonggi Green Energy, or GGE, in South Korea with 42 upgraded replacement fuel cell modules over the next two years. In addition to the sale of these modules, under the long-term service agreement with GGE, we will provide long-term operations and maintenance services for GGE's Hwaseong Baran Industrial Complex, the largest single site fuel cell power platform installation in the world.

轉到投影片 4，讓我們來看看本季的關鍵資訊。首先，我們宣佈在第三季取得了重大的商業勝利。執行長期服務協議，根據該協議，我們將在未來兩年內向韓國京畿道綠色能源公司（GGE）提供 42 個升級的替換燃料電池模組。除了銷售這些模組外，根據與GGE的長期服務協議，我們將為GGE的Hwaseong Baran工業園區（全球最大的單點燃料電池發電平台安裝）提供長期營運和維護服務。

At quarter end, the agreement with GGE brought our total backlog to $1.2 billion, our largest backlog in two years, allocated primarily between product and service revenues.

截至季末，與 GGE 達成的協議使我們的積壓訂單總額達到 12 億美元，這是我們兩年來最大的積壓訂單，主要分配在產品和服務收入之間。

The order from GGE represents an important milestone for us and a vote of confidence in our company from a major genco in a country that has embraced fuel cell technology as essential to its energy infrastructure.

GGE 的訂單對我們來說是一個重要的里程碑，也是一個將燃料電池技術視為其能源基礎設施必不可少的國家的主要發電公司對我們公司投下的信任票。

Our manufacturing capabilities allowed us to get off to a quick start, and we shipped the first six replacement modules to GGE in August. We continue to monitor and adjust production at our Torrington facility to reduce costs while managing our Carbonate inventory position to meet current and forecasted demand.

我們的製造能力使我們能夠快速起步，並於 8 月向 GGE 運送了前六個替換模組。我們繼續監控和調整托靈頓工廠的生產，以降低成本，同時管理碳酸鹽庫存狀況，以滿足當前和預測的需求。

We, along with ExxonMobil Low Carbon Solutions, are also making progress on our carbon capture project at the Esso refinery in Rotterdam. ExxonMobil’s major projects team is advancing site work in Rotterdam, and FuelCell Energy is advancing module testing and validation and building the two deployment modules. In a moment, I will share more details on our progress.

我們與埃克森美孚低碳解決方案公司一起，在鹿特丹埃索煉油廠的碳捕獲計畫上也取得了進展。埃克森美孚的主要專案團隊正在鹿特丹推進現場工作，FuelCell Energy 正在推進模組測試和驗證，並建造兩個部署模組。稍後，我將分享有關我們進展的更多細節。

Additionally, we are advancing our recently announced bio-generation project developed by Ameresco for the Sacramento Area Sewer District to convert on-site biofuels into clean electricity. The project will be powered by one of our 2.8 megawatt carbon and fuel cell platforms, which will produce carbon neutral electricity and usable heat from biogas and has the potential for future production of renewable green hydrogen, similar to our Port of Long Beach Toyota installation. The modules installed at this project site will also be our first commercially deployed CO2 recovery ready modules manufactured by FuelCell Energy. Under our agreement with Ameresco, we will also provide comprehensive maintenance services for the fuel cell system.

此外，我們正在推動 Ameresco 最近宣布的為薩克拉門托地區下水道區開發的生物發電項目，將現場生物燃料轉化為清潔電力。該項目將由我們的2.8 兆瓦碳和燃料電池平台之一提供動力，該平台將產生碳中性電力和沼氣中的可用熱量，並具有未來生產可再生綠色氫的潛力，類似於我們在豐田長灘港的安裝。此專案現場安裝的模組也將是我們由 FuelCell Energy 製造的第一個商業部署的二氧化碳回收就緒模組。根據我們與Ameresco的協議，我們也將為燃料電池系統提供全面的維護服務。

Third, we focused on expanding our reach into the South Korea market, as we have done with our long-term service agreement with GGE. We see a tremendous opportunity to build upon our presence and establish reputation in the market through the long-term service agreements and product sales. Additionally, applications like electrolysis, time to power, and CO2 as a delivered product are gaining momentum among a broader set of customers and geographies.

第三，我們專注於擴大韓國市場的影響力，正如我們與 GGE 簽訂的長期服務協議所做的那樣。我們看到了一個巨大的機會，可以透過長期服務協議和產品銷售來擴大我們的影響力並在市場上建立聲譽。此外，電解、供電時間和二氧化碳作為交付產品等應用在更廣泛的客戶和地區中獲得了發展動力。

And fourth, we are taking proactive steps to maintain the strength of our balance sheet. We are making critical investments to support continuous improvements in our manufacturing process, including safety performance, to position FuelCell Energy for future growth. We are doing this while maintaining a disciplined approach to managing cash and liquidity to establish investment triggers linked to key milestones. As we grow, we will do so in a cost-effective way, maintaining the quality and safety of our operations.

第四，我們正在採取積極措施來維持資產負債表的實力。我們正在進行重大投資，以支持我們製造流程的持續改進，包括安全性能，從而為燃料電池能源的未來成長做好準備。我們在這樣做的同時，保持嚴格的現金和流動性管理方法，以建立與關鍵里程碑相關的投資觸發因素。隨著我們的發展，我們將以具有成本效益的方式做到這一點，保持我們營運的品質和安全。

Now let's turn to a couple of operational updates on key commercial and development items. Turning to slide 6, I would like to give a commercial update on the Korea market where Fuel Cell Energy has a long history and is a trusted partner to GGE, Noeul Green Energy or NGE, and Korea Southern Power Company.

現在讓我們來看看關鍵商業和開發專案的一些營運更新。轉向幻燈片 6，我想介紹韓國市場的商業最新情況，燃料電池能源公司擁有悠久的歷史，是 GGE、Noeul Green Energy 或 NGE 以及韓國南方電力公司值得信賴的合作夥伴。

I have spoken at length about the details of our agreement with GGE, but I think it is also important to look at our relationships in Korea from a wider perspective. I would like to highlight our relationship with NGE, for example, which owns a fuel cell park, which we are now servicing under a 14-year service agreement.

我已經詳細介紹了我們與 GGE 協議的細節，但我認為從更廣泛的角度審視我們在韓國的關係也很重要。例如，我想強調我們與 NGE 的關係，該公司擁有一個燃料電池園區，我們現在根據 14 年的服務協議為其提供服務。

Under this long-term service agreement, we will oversee power plant operations and the replacement of 16 modules in 2030. The NGE fuel cell park is capable of producing approximately 150 million kilowatt hours per year of eco-friendly electricity and has been in operation since late 2016.

根據這項長期服務協議，我們將監督發電廠營運並在 2030 年更換 16 個模組。

This history illustrates the long-term commitment to hydrogen power by the South Korean government and demonstrates the trust placed in diesel energy by NGE to maintain its power production.

這段歷史說明了韓國政府對氫能的長期承諾，並表明了 NGE 對柴油能源維持電力生產的信任。

Next, I want to highlight our relationship with Korea Southern Power Company, or KOSPO. In 2018, we completed construction in just nine months of a platform to produce 20 megawatts of clean, sustainable energy. To date, this platform has produced 896,971 megawatt hours of electricity. The nine-month build time demonstrates our ability to meet large-scale time-to-power requirements.

接下來，我想強調我們與韓國南方電力公司（KOSPO）的關係。 2018 年，我們僅花了 9 個月就完成了生產 20 兆瓦清潔、永續能源的平台的建造。迄今為止，該平台已發電896,971兆瓦時。九個月的建造時間證明了我們滿足大規模供電時間要求的能力。

This past June 28, we held an event in Korea titled Accelerating Korea's Energy Transition with Advanced Fuel Cell Solutions, showcasing FuelCell Energy's cutting-edge technology and strategic vision. for the nation's energy future. The gathering was attended by approximately 140 leaders of the Korean energy industry, as well as fuel cell energy executives, importantly, CEO Andy Kim of GGE and CEO Chang-suk Ko of NGE also addressed the group to provide their perspective on FuelCell Energy’s fuel cell technology platforms and how they support the needs of their business and commitment toward decarbonization. It was a great day that generated extensive and positive press coverage in the Korean market.

今年 6 月 28 日，我們在韓國舉辦了一場題為「利用先進燃料電池解決方案加速韓國能源轉型」的活動，展示了 FuelCell Energy 的尖端技術和戰略願景。為了國家的能源未來。大約140 名韓國能源行業的領導者以及燃料電池能源高管出席了此次聚會，重要的是，GGE 首席執行官Andy Kim 和NGE 首席執行官Chang-suk Ko 也在會上發表了講話，提供了他們對燃料電池能源的看法。這是美好的一天，在韓國市場引起了廣泛而積極的媒體報導。

Since regaining access to the Asian market in December of 2021, we have continued to invest in scaling our commercial organization in South Korea in support of building a pipeline of opportunities in the Korean and broader Asian markets, where we believe that FuelCell Energy's differentiated technology is a desirable choice for utility scale projects. The South Korean government has established an aggressive hydrogen economy roadmap, which we believe should continue to create opportunities in this market.

自 2021 年 12 月重新進入亞洲市場以來，我們繼續投資擴大我們在韓國的商業組織，以支持在韓國和更廣泛的亞洲市場建立一系列機會，我們相信 FuelCell Energy 的差異化技術是公用事業規模項目的理想選擇。韓國政府制定了積極的氫經濟路線圖，我們認為該路線圖將繼續在該市場創造機會。

Turning to slide 7, we have an update on the carbon capture and recovery demonstration we are constructing in Torrington, Connecticut. As you may recall, since last year, we have been working to add engineered carbon recovery capabilities to the SureSource 1500. We expect to complete construction later this calendar year, which will allow prospective customers to observe the operating plant and allow for the sampling and testing of recovered CO2 to verify quantity, quality, and purity requirements. We're really excited about the promise of this technology to capture CO2 emissions from industrial and commercial exhaust streams.

轉向幻燈片 7，我們更新了我們正在康乃狄克州托靈頓建造的碳捕獲和回收示範計畫。您可能還記得，自去年以來，我們一直致力於為 SureSource 1500 添加工程碳回收功能。的二氧化碳進行測試，以驗證數量、品質和純度要求。我們對這項技術有望捕獲工業和商業廢氣流中的二氧化碳排放感到非常興奮。

We believe our technology can help solve one of the world's biggest environmental challenges while also providing mission-critical certainty of price and supply of high-quality CO2 for the food and beverage industry.

我們相信我們的技術可以幫助解決世界上最大的環境挑戰之一，同時也為食品和飲料行業提供價格和高品質二氧化碳供應的關鍵任務確定性。

Next, on slide 8. We have an image of what will be the first full-scale commercial unit for carbon capture with our Gen 2 design. This is a 600 kilowatt unit, and one of the ways it is differentiated from our traditional Carbonate module is the level of balance of plant that is integrated inside the module. We believe that this modular design will improve large-scale deployment capabilities by enabling multiple units to be stacked or rack-mounted vertically. The design is also expected to support greater uptime given its modularity and to improve maintenance flexibility. Flexibility is an essential capability to support continuous commercial and industrial operations. Our first two units are scheduled to ship to Rotterdam in fiscal year 2025.

接下來，在投影片 8 上。這是一個 600 千瓦的機組，它與我們傳統的碳酸鹽模組的區別之一是整合在模組內部的工廠平衡水平。我們相信，這種模組化設計將透過使多個單元能夠垂直堆疊或機架安裝來提高大規模部署能力。鑑於其模組化性，該設計還有望支援更長的正常運行時間並提高維護靈活性。靈活性是支持持續商業和工業運作的重要能力。我們的前兩台設備計劃於 2025 財政年度運往鹿特丹。

And now, I would like to turn the call over to our CFO, Mike Bishop.

現在，我想將電話轉給我們的財務長麥克畢肖普。

Thank you, Jason. And good morning to everyone on the call today. Let's begin on slide 10 by reviewing the financial highlights for the quarter.

謝謝你，傑森。今天參加電話會議的每個人都早安。讓我們從幻燈片 10 開始回顧本季的財務亮點。

For the third quarter of fiscal year 2024, we reported total revenues of $23.7 million compared to $25.5 million in a comparable prior year quarter. In the third quarter of fiscal year 2024, we reported a net loss of $35.1 million compared to a net loss of $23.6 million in the third quarter of fiscal year 2023.

2024 財年第三季度，我們報告的總收入為 2,370 萬美元，而去年同期為 2,550 萬美元。 2024 財年第三季度，我們報告淨虧損 3,510 萬美元，而 2023 財年第三季淨虧損 2,360 萬美元。

The net loss in the prior year quarter included the benefit of a gain on early extinguishment of finance obligations and debt, net of $15.3 million. The resulting net loss per share attributable to common stockholders in the third quarter of fiscal year 2024 was negative $0.07 compared to negative $0.06 in the third quarter of fiscal year 2023, which included the one-time benefit of a gain on early extinguishment of finance obligations and debt net for approximately $0.04 per share.

去年同期的淨虧損包括提前清償財務義務和債務帶來的收益，淨額為 1,530 萬美元。 2024 財年第三季歸屬於普通股股東的每股淨虧損為負 0.07 美元，而 2023 財年第三季為負 0.06 美元，其中包括提前消除財務義務帶來的一次性收益每股負債淨額約為0.04 美元。

Adjusted EBITDA totaled negative $20.1 million in the third quarter of fiscal year 2024 compared to adjusted EBITDA of negative $31.6 million in the third quarter of fiscal year 2023. Please see the discussion of non-GAAP financial measures, including adjusted EBITDA in the appendix at the end of our earnings release.

2024 財年第三季調整後 EBITDA 總額為負 2,010 萬美元，而 2023 財年第三季調整後 EBITDA 為負 3,160 萬美元。的財報發布結束。

Finally, we reported a strong total cash and short-term investment position approximately $326 million consisting of cash, cash equivalents, restricted cash, and investments in US Treasuries as of July 31, 2024.

最後，我們報告稱，截至 2024 年 7 月 31 日，現金和短期投資頭寸總額約為 3.26 億美元，包括現金、現金等價物、限制性現金和美國國債投資。

Next, on slide 11, you will see additional details on our financial performance and backlog. In the graph on the left-hand side of the slide, revenue is broken down by category. Product revenues were $0.3 million during the third quarter of fiscal year 2024, and there were no product revenues in the comparable prior year period. These revenues were recognized under the company's new sales contract with Ameresco that was entered into last quarter.

接下來，在投影片 11 上，您將看到有關我們的財務表現和積壓工作的更多詳細資訊。在投影片左側的圖表中，收入按類別細分。 2024 財年第三季的產品收入為 30 萬美元，去年同期沒有產品收入。這些收入是根據該公司上季度與 Ameresco 簽訂的新銷售合約確認的。

Service agreement revenues decreased to $1.4 million for the third quarter of fiscal year 2024 from $9.8 million in the prior year period. The decrease was primarily driven by the absence of any module exchanges during the quarter.

2024 財年第三季的服務協議收入從去年同期的 980 萬美元減少至 140 萬美元。下降的主要原因是本季沒有任何模組交換。

Higher service agreement revenues recognized during the prior year third quarter were driven primarily from the module exchanges at the plants owned by Korea Southern Power Company in Korea and a module exchange at the plant at Trinity College.

去年第三季確認的較高服務協議收入主要來自韓國南方電力公司在韓國擁有的工廠的模組交換以及三一學院工廠的模組交換。

Generation revenues increased 22% to $13.4 million from $11 million in the prior year period, primarily driven by revenue related to the Toyota and Derby projects, which began operations in the first quarter of fiscal year 2024.

發電收入從去年同期的 1,100 萬美元增長了 22%，達到 1,340 萬美元，這主要是由與豐田和德比項目相關的收入推動的，這些項目於 2024 財年第一季開始運營。

Advanced technology contract revenues increased 84% to $8.6 million from $4.7 million. Advanced technologies contract revenues recognized under our joint development agreement with ExxonMobil Technology and Engineering Company, or EMTEC, were approximately $1.8 million.

先進技術合約收入從 470 萬美元增長 84% 至 860 萬美元。根據我們與埃克森美孚技術與工程公司 (EMTEC) 的聯合開發協議確認的先進技術合約收入約為 180 萬美元。

Revenues arising from the purchase order received from Esso Netherlands BV, or Esso, an affiliate of EMTEC and Exxon Mobil Corporation related to the Rotterdam project, were approximately $3.5 million. And revenue recognized under government contracts and other contracts were approximately $3.3 million for the three months ended July 31, 2024. This compares to contract revenues recognized under our joint development agreement with EMTEC of approximately $2.8 million and revenue recognized under government contracts and other contracts of approximately $1.9 million for the three months ended July 31, 2023.

從埃索荷蘭 BV（即 EMTEC 和埃克森美孚公司的附屬公司埃索）收到的與鹿特丹計畫相關的採購訂單產生的收入約為 350 萬美元。截至2024 年7 月31 日的三個月，根據政府合約和其他合約確認的收入約為330 萬美元。根據政府合約和其他合約確認的收入截至2​​023年7月31日的三個月約為190萬美元。

Looking at the top right-hand side of the slide, gross loss for the third quarter totaled $6.2 million compared to a gross loss of $8.2 million in the comparable prior year quarter. The reduction in gross loss resulted in part from higher favorable margins for advanced technologies of $1.9 million and lower unfavorable margins for generation of $1.1 million, partially offset by unfavorable product margins of $1 million. Service gross margin remained consistent quarter-over-quarter.

從投影片的右上角可以看出，第三季的毛虧損總計 620 萬美元，而去年同期的毛虧損為 820 萬美元。毛虧損減少的部分原因是先進技術的有利利潤率提高了 190 萬美元，發電的不利利潤率降低了 110 萬美元，部分被不利的產品利潤率 100 萬美元所抵消。服務毛利率季維持穩定。

Operating expenses for the third quarter of fiscal year 2024 decreased to $27.4 million from $33.2 million in the prior year third quarter. Administrative and selling expenses decreased by $3 million from the prior-year quarter, primarily as a result of lower legal, consulting and shareholder relations expenses and lower compensation expense.

2024 財年第三季的營運費用從上年第三季的 3,320 萬美元減少至 2,740 萬美元。管理和銷售費用比去年同期減少了 300 萬美元，主要是由於法律、諮詢和股東關係費用以及薪酬費用的減少。

Research and development expenses decreased by $2.8 million compared to the prior year third quarter, reflecting a decrease in spending on commercial development efforts during the quarter as well as a shift in engineering resource allocation towards supporting the increase in funded advanced technology activities.

與去年第三季相比，研發費用減少了 280 萬美元，反映出該季度商業開發工作支出的減少以及工程資源分配轉向支持資助的先進技術活動的增加。

At the bottom right of the slide, you'll see the backlog increased to $1.2 billion as of July 31, 2024 compared to $1.06 billion as of July 31, 2023. The increase was primarily as a result of the long-term service agreement entered into with GGE during the third quarter of fiscal year 2024. Backlog for the agreement with GGE was allocated between product backlog of $126 million and service backlog of $33.6 million. Product backlog will be recognized as revenue over time as the company completes commissioning on the replacement modules to be sold to GGE.

在投影片的右下角，您會看到截至2024 年7 月31 日的積壓訂單增加至12 億美元，而截至2023 年7 月31 日的積壓訂單數量為10.6 億美元。簽訂了長期服務協議2024 財年第三季與 GGE 簽訂協議。隨著公司完成出售給 GGE 的替換模組的調試，產品積壓將隨著時間的推移被確認為收入。

Commissioning of the first six 1.4 megawatt replacement fuel cell modules is expected to be completed in the fall of calendar year 2024 with an additional 30 1.4 megawatt replacement fuel cell modules expected to be commissioned throughout the course of calendar year 2025. The remaining six 1.4 megawatt replacement fuel cell modules are expected to be commissioned in the first half of calendar year 2026. As a reminder, service backlog will be recognized as revenue as the company performs service at the GGE site over the term of the agreement with GGE.

首批 6 個 1.4 兆瓦替換燃料電池模組的調試預計將於 2024 年秋季完成，另外 30 個 1.4 兆瓦替換燃料電池模組預計將在 2025 年全年調試。預計將於2026 年上半年投入使用。

Next, on slide 12, we have an update on our cash and liquidity. As of July 31, 2024, cash and cash equivalents, investments in US Treasuries and restricted cash and cash equivalents totaled $326 million. This includes approximately $159.3 million of unrestricted cash and cash equivalents, $107.8 million of short-term investments in US treasuries and $58.8 million of restricted cash and cash equivalents.

接下來，在投影片 12 上，我們更新了現金和流動性。截至2024年7月31日，現金及現金等價物、美國公債投資以及受限制的現金及現金等價物總計3.26億美元。其中包括約 1.593 億美元的非限制性現金和現金等價物、1.078 億美元的美國國債短期投資以及 5,880 萬美元的限制性現金和現金等價物。

During the three months ended July 31, 2024, approximately 95.2 million shares of common stock were sold under the company's amended open market sale agreement at an average sale price of $0.71 per share, resulting in net proceeds to the company of approximately $65.9 million.

截至2024 年7 月31 日的三個月內，根據公司修訂後的公開市場銷售協議，以每股0.71 美元的平均銷售價格出售了約9520 萬股普通股，為公司帶來約6590 萬美元的淨收益。

As discussed last quarter, the company has made certain downward adjustments to expected spending during fiscal year 2024 as a result of the pace of market development. and due to the need to continue the company's work to optimize and focus on optimizing and improving the company's solid oxide technology, including its stack life, performance, and efficiency.

正如上季所討論的，由於市場發展的步伐，該公司對 2024 財年的預期支出進行了一定的下調。並且由於需要繼續公司的優化工作，重點優化和改進公司的固體氧化物技術，包括其電堆壽命、性能和效率。

Adjustments to expected spending for fiscal year 2024 have included reductions in capital expenditures and company funded research and development expenses. The company has also extended the timing and deployment of certain first article solid oxide units as a result of the factors that I just mentioned. The current spending targets are included on slide 19 in the appendix of this presentation.

對 2024 財年預期支出的調整包括減少資本支出和公司資助的研發費用。由於我剛才提到的因素，該公司也延長了某些首件固體氧化物裝置的時間和部署。目前的支出目標包含在本簡報附錄的投影片 19 中。

In September 2024, as part of its cost saving measures, the company also made job eliminations in certain areas and reduced its workforce by approximately 4%, which is calculated as a percentage of total salaries being reduced. The company expects to continue to focus its strategy to respond to market conditions which may result in additional spending and headcount reductions in future periods.

2024年9月，作為節省成本措施的一部分，該公司還在某些領域進行了裁員，並減少了約4%的員工，這是按減少的工資總額的百分比計算的。該公司預計將繼續將其策略重點放在應對市場狀況上，這可能會導致未來一段時間的額外支出和裁員。

Finally, as I mentioned on this slide, the company is also pursuing financing to support our commercial efforts which includes deployment of modules to the repowering opportunities in the Korean market including the GGE project.

最後，正如我在這張幻燈片中提到的，該公司還在尋求融資以支持我們的商業努力，其中包括部署模組以抓住韓國市場的重新供電機會，包括 GGE 專案。

We look forward to providing further updates on our cash management and financing activities in the coming months.

我們期待在未來幾個月提供有關現金管理和融資活動的進一步更新。

I will now turn the call back to Jason.

我現在將把電話轉回給傑森。

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

謝謝，麥克。我現在將其交給接線員開始問答。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

（操作員說明）George Gianarikas，Canaccord Genuity。

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

也許首先只是詢問豐田項目、那裡的任何更新以及看過該設施並了解其績效的其他各方的後續興趣。

On the Toyota project, we are fully operational, as we communicated some time ago, and we are providing hydrogen in addition to power and water for Toyota at the Port of Long Beach in support of their importation of the Toyota Mirai, their passenger vehicle, as well as Class 8 heavy duty trucks that have public access to hydrogen fueling as well. And that's in advance support of the requirement to have zero combustion heavy duty transportation in the port here in the next couple of years. And so, we continue to be excited about our efforts there.

在豐田計畫上，正如我們之前溝通的那樣，我們已經全面投入運營，除了電力和水之外，我們還在長灘港為豐田提供氫氣，以支持他們進口豐田 Mirai（他們的乘用車），以及可供民眾使用氫燃料的8 級重型卡車。這提前支持了未來幾年港口實現零燃燒重型運輸的要求。因此，我們繼續對我們在那裡的努力感到興奮。

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

對於後續項目，人們對後續機會感興趣。但我認為，至少在國內，其中一件事肯定會對許多不同的氫氣項目以及決策方式產生影響，那就是等待財政部最終確定稅收規則。目前，我們當然不希望在選舉週期之前看到這些。

Actually, great segue to my follow-on question. One of your competitors had expressed a thought that we could see 45V codification relaxation around the three pillars. Any thoughts on that and what the timing could be of any relaxation there?

事實上，很好地解決了我的後續問題。你們的一位競爭對手錶示，我們可以看到圍繞三大支柱的 45V 法規放鬆。對此有何想法以及放鬆的時機是什麼？

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

喬治，這是一個很好的問題。如果我要預測這一點，因為這就是真正的情況，我認為如果你看看雪佛龍裁決所發生的情況，我認為這可能確實需要財政部重新評估他們關於他們想要的方式的一些想法實施規則以及其如何與立法中的語言和立法的意圖實際相符。

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

因此，我確實認為這可能會對財政部如何看待可能更符合立法意圖的三大支柱產生一些影響，這對於像我們這樣有能力製造清潔氫氣的公司來說應該是積極的。

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

但你預計直到選舉之後這個問題才會有任何澄清。這是你的想法嗎？

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

我的猜測，純粹是猜測，這種明確性不會在選舉前出現。

Ryan Pfingst, B. Riley.

普芬斯特 (Ryan Pfingst)，B.萊利 (B. Riley)。

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

您如何看待當今美國固體氧化物製造的擴張？您是否仍在與能源部合作尋求潛在的資金支持？

I'll start with the first part of your question first. The answer is yes. There are a number of programs from 48C to the DOE loan program that we continue to be active in our efforts there. And as it relates to manufacturing in the US, we obviously believe that's important to be able to capitalize on the full intent of the IRA. And as a company, we are a US-based manufacturer today and have been so for the last 20 plus years.

我先從你問題的第一部分開始。答案是肯定的。從 48C 到 DOE 貸款計劃，我們將繼續積極開展多項計劃。由於它與美國的製造業有關，我們顯然認為能夠充分利用 IRA 的全部意圖非常重要。作為一家公司，我們今天是一家總部位於美國的製造商，過去 20 多年來一直如此。

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

因此，這是我們公司的重要組成部分。但正如我們在已發布的資料中指出的那樣，我們正在非常認真地考慮如何部署資本和擴大規模。與最後一個問題一致，我們認為更清楚地了解這一點是一個重要面向。這是我們考慮何時觸發額外資本來建立額外製造能力的里程碑之一。

For my second question, could you just talk a little bit about the eFuels projects in Canada where you announced a grant a couple of weeks ago and if similar projects represent a meaningful opportunity for you guys.

對於我的第二個問題，您能否簡單談談加拿大的 eFuels 項目，幾週前您宣布了一項撥款，以及類似的項目是否對您來說是一個有意義的機會。

Yeah. So, in Canada, the opportunity is to partner around leveraging our technology and nuclear to produce eFuels. What really makes that an interesting opportunity for us, and we think one that is a medium to longer term opportunity for us as a company, is leveraging the core strengths of our technology which include really high efficiency electrolysis, and then coupled with that, the ability to take advantage of heat.

是的。因此，在加拿大，機會是圍繞著利用我們的技術和核能來生產電子燃料進行合作。真正使這對我們來說是一個有趣的機會，我們認為對我們作為一家公司來說這是一個中長期機會，是利用我們技術的核心優勢，其中包括真正高效的電解，然後再加上這一點，利用熱量的能力。

And when you're doing eFuels, heat is obviously part of that process, and we can leverage that heat to even be more efficient. And so, we think as these things continue to emerge and as technology components are integrated to make those economics better, to be able to compete more effectively with traditional fuels, we think that certainly creates an opportunity for us given our technological advantages.

當您使用 eFuels 時，熱量顯然是過程的一部分，我們可以利用熱量來提高效率。因此，我們認為，隨著這些事物的不斷出現，隨著技術組件的集成，使這些經濟性更好，能夠更有效地與傳統燃料競爭，我們認為，鑑於我們的技術優勢，這肯定為我們創造了機會。

Saumya Jain, UBS.

Saumya Jain，瑞銀。

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

我只是想知道，你們有關於資料中心方面的任何更新嗎？我猜想燃料電池在這方面的表現如何。

Great question. We continue to see the largest amount of growth in our pipeline coming from data center opportunities and our sales team is engaged in a number of conversation or project opportunities and we're really excited about that. And the reasons we're excited about that really center on a couple of things that again we think play really nicely to our strengths.

很好的問題。我們繼續看到我們的管道中最大的成長來自資料中心機會，我們的銷售團隊正在進行許多對話或專案機會，我們對此感到非常興奮。我們對此感到興奮的原因實際上集中在一些我們認為非常能發揮我們優勢的事情上。

One is time to power, and we think that's an important aspect and it's clearly a challenge for data centers and in particularly hyperscalers. Number two, we think that some of the opportunity that has existed here most recently to leverage shuttered coal plants or shuttered gas plants where you've got infrastructure already in place, that real estate is starting to look a lot more like oceanfront real estate. There's only so much of it. And so, the need to really find solutions that are on site generation is really a growth opportunity for us as a company.

一是供電時間，我們認為這是一個重要方面，這對資料中心，特別是超大規模企業來說顯然是一個挑戰。第二，我們認為，最近這裡存在的一些機會可以利用已關閉的燃煤電廠或已關閉的燃氣廠，而基礎設施已經就位，房地產開始看起來更像海濱房地產。就只有這麼多了。因此，真正找到現場產生的解決方案的需求對我們公司來說確實是一個成長機會。

Thirdly, when you look at these edge data centers and typical sizes of power generation needs, and let's call that the 30 megawatt to 50 megawatt range, we feel very good about our ability to demonstrate proven track record, long run periods of large-scale projects of 20 megawatts plus up to 58 megawatts, showing that we have the ability to deploy those large-scale solutions.

第三，當您查看這些邊緣資料中心和發電需求的典型規模（我們稱之為30 兆瓦至50 兆瓦範圍）時，我們對我們展示經過驗證的追蹤記錄、大規模發電的長期運行週期的能力感到非常滿意。

And then the last piece of that we think where our technology really plays quite advantageously is the fact that these edge data centers have significant cooling requirements. And our thermal energy of our platform and the ability to integrate with absorption chilling, where absorption chilling is going to be part of the solution for those data centers, again, gives us a unique advantage to provide a really holistic solution to a customer. And even to the degree that the customer chooses to use electric chilling, the fact that they would have on-site base load reliable power also meets that need if that's the direction the customer goes.

我們認為我們的技術真正發揮相當優勢的最後一點是這些邊緣資料中心具有顯著的冷卻需求。我們平台的熱能以及與吸收式冷凍整合的能力（吸收式製冷將成為這些資料中心解決方案的一部分）再次為我們提供了獨特的優勢，可以為客戶提供真正的整體解決方案。即使客戶選擇使用電製冷，如果這是客戶的發展方向，他們擁有現場基本負載可靠電源的事實也可以滿足該需求。

And then finally, one of the things I think that's also really a big benefit for us that we can offer a customer is advantages from a permitting perspective. A lot of edge data centers are needing to be in cities where there's air attainment issues. And the fact that we don't combust fuels, we don't emit SOx/NOx and other particulates -- and if you just use California as a tough case, compared to rest of the country, the fact that we're CARB certified, our products are air permitted in California.

最後，我認為我們可以為客戶提供的一大好處是從允許的角度來看的優勢。許多邊緣資料中心需要建在有空中達標問題的城市。事實上，我們不燃燒燃料，我們不排放 SOx/NOx 和其他顆粒物 - 如果你只是以加州為例，與全國其他地區相比，我們獲得了 CARB 認證，我們的產品在加利福尼亞州是允許空氣流通的。

We feel really good about helping a customer shorten the permitting issues or enable them to deploy a data center closer to the edge in an urban area where that may not be possible for them to do with gas fired generation, as an example, or diesel backup generation. And so, we think all of those things create avenues for us to offer a compelling solution.

我們非常樂意幫助客戶縮短許可問題或使他們能夠在城市地區更靠近邊緣的地方部署資料中心，例如，他們可能無法使用燃氣發電或柴油備用一代。因此，我們認為所有這些都為我們提供令人信服的解決方案創造了途徑。

And the final thing I would say is our demonstrated capabilities around microgrids where you start to really shift the paradigm where the grid becomes the backup power and being able to integrate our technology in a microgrid as well with other generation assets, whether those be solar or batteries or all things that complete a really robust resiliency and reliable solution. So we're really excited about the data center opportunity.

我要說的最後一件事是我們在微電網方面展示的能力，您開始真正改變電網成為備用電源的範式，並能夠將我們的技術整合到微電網以及其他發電資產中，無論是太陽能還是其他發電資產電池或所有能夠構成真正強大的彈性和可靠解決方案的東西。因此，我們對資料中心的機會感到非常興奮。

Noel Parks, Touhy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

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

只是在幾件事上。早些時候間接談到過這一點，但我只是想知道您是否可以談談您在管道中的廢水項目中所看到的具體情況，無論是您所看到的增加還是緩解上漲一點還是一樣。

Great question, Noel. I think the Ameresco project we're doing is just an example of our platform's capability to take advantage of what is a growing movement to leverage anaerobic digesting at wastewater treatment facilities and then to utilize that fuel as a way power. And we have demonstrated our capabilities to do that on a number of wastewater projects. And one of the core benefits that we have there is our ability to directly utilize that fuel. In other words, we don't need to upgrade that fuel to pipeline quality. So that fuel never leaves the premise, if you will.

好問題，諾埃爾。我認為我們正在做的 Ameresco 專案只是我們平台能力的一個例子，我們的平台能夠利用日益增長的運動，利用廢水處理設施的厭氧消化，然後利用該燃料作為一種動力。我們已經在許多廢水處理項目中展示了我們的能力。我們在那裡擁有的核心優勢之一是我們能夠直接利用這種燃料。換句話說，我們不需要將燃料升級到管道品質。這樣，如果你願意的話，燃料永遠不會離開場所。

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

除此之外，就像我剛剛談到吸收式製冷和利用熱能的好處一樣，我們能夠利用該熱能反饋到厭氧消化器中以加速該過程。

So the other thing that I would say there that I would just want to point out, and I mentioned in my prepared remarks, with the solution that we're doing with Ameresco, there's two other opportunities there that we could potentially leverage our technology take advantage of, and that's the production of hydrogen, similar to what we're doing at Toyota. And then also, these modules that are being deployed are carbon recovery capable. And so, to the degree that we can utilize that carbon or there's a need for that, whether it be for a product or sequestration or otherwise, that's just another value stream that can be created there.

因此，我想說的另一件事我只想指出，我在準備好的發言中提到，透過我們與 Ameresco 合作的解決方案，我們還有另外兩個機會可以利用我們的技術優勢，那就是氫氣的生產，類似我們在豐田所做的事情。此外，正在部署的這些模組具有碳回收能力。因此，就我們可以利用碳或有需要而言，無論是產品、封存或其他，這只是可以在那裡創造的另一個價值流。

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

因此，與 Ameresco 項目一起，這對我們來說是近期的收入機會，我們認為這是一個將繼續成長的市場。

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

例如，您提到在鹿特丹，那裡正在進行現場工作。我想知道您是否可以多談談那裡的進展，也許您對從與埃克森美孚合作的聯合行銷協議方面可能看到的內容有什麼想法嗎？

The Rotterdam facility is an Esso facility, which is an Exxon company. It's located in Rotterdam. And part of being able to do this carbon capture project, or for that matter, any carbon capture project, the site work that's needed to be done is all about preparing where the modules will be located. It's all about how you're going to move the flue gas from a direct air capture standpoint to feed that into our platform. And that's the work that's being done at the Esso plant.

鹿特丹工廠是埃索公司的一個工廠，埃索公司是埃克森美孚旗下的公司。它位於鹿特丹。為了能夠完成這個碳捕獲項目，或者就此而言，任何碳捕獲項目，需要完成的現場工作都是關於準備模組的位置。這一切都與您如何從直接空氣捕獲的角度移動煙氣以將其送入我們的平台有關。這就是埃索工廠正在進行的工作。

On our side, we are in the commissioning and building process of the modules. And we included a picture in the slide deck, if you looked at that, that shows one of the modules at our conditioning facility here in Danbury, Connecticut.

就我們而言，我們正在進行模組的調試和建置過程。我們在幻燈片中添加了一張圖片，如果您看過的話，它顯示了我們位於康涅狄格州丹伯里的空調設施的一個模組。

On the joint marketing side, we, FuelCell Energy, and Exxon Low Carbon Solutions business are engaged in a number of conversations with customers about leveraging the technology. In these early stages, it's more around demonstration scale type projects. But we see that as all part of the overall product development and ultimately how we will commercialize the product. And so, those conversations, I would say, are going well and we have a number of them in play.

在聯合行銷方面，我們、FuelCell Energy 和埃克森低碳解決方案業務部門正在與客戶就利用該技術進行多次對話。在這些早期階段，更多的是圍繞示範規模類型的專案。但我們認為這是整個產品開發的一部分，也是我們最終如何將產品商業化的一部分。因此，我想說，這些對話進展順利，我們正在進行其中的一些對話。

Just one other sort of general question. Just wondering, since we finally reached the point that it looks like the interest rate environment could be improving a bit. I just wonder if having reached that inflection point has done anything as far as financing discussions or other sorts of investment, whether those parties -- any of those parties were waiting for this point to start thinking about reserving investment.

只是另一個一般性問題。只是想知道，既然我們最終達到了利率環境可能會有所改善的程度。我只是想知道，達到這個拐點是否對融資討論或其他類型的投資產生了任何影響，這些各方是否正在等待這一點開始考慮保留投資。

I'll let Mike to give you some color on that. One thing I would just say before I hand it over to Mike, we're going to hope this is not like the Sports Illustrated jinx. They said they're going to -- but we're hoping at this next September Fed meeting that that actually happens, but I'll turn it over to Mike here.

我會讓麥克給你一些解釋。在把它交給麥克之前我只想說一件事，我們希望這不像《體育畫報》的惡咒。他們說他們會——但我們希望在明年 9 月的美聯儲會議上這確實會發生，但我會把它交給麥克。

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

顯然，我們對潛在變化的利率環境感到興奮。考慮到我們專案的現金流量情況，我們已經能夠透過實際對我們的專案進行專案融資來解決這個問題，能夠鎖定相對較低的利息貸款。

As I mentioned in my remarks, we're also pursuing commercial financing to support work that we're doing in Korea and elsewhere around repowering. We have a number of interested parties in supporting those contracts as we bring those into our backlog. So we feel like we're well positioned to execute on new financing here as we go forward.

正如我在演講中提到的，我們也正在尋求商業融資，以支持我們在韓國和其他地方圍繞電力改造開展的工作。當我們將這些合約納入待辦事項時，我們有許多有興趣的各方支持這些合約。因此，我們認為，隨著我們的前進，我們已經做好了在這裡執行新融資的準備。

(Operator Instructions) Jeffrey Campbell, Seaport Research Partners.

（操作員說明）Jeffrey Campbell，海港研究夥伴。

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

我想問您是否可以參考加拿大核子實驗室專案對共電解專案進行一些擴展。與熔融碳酸鹽方面的濃縮和封存工作相比，這聽起來像是一種處理碳排放的替代方法。

That's a great question, Jeffrey. The way that we think about it is that in order to achieve the emission reductions that we have as a global community, you're going to need to do a number of different things. One of those is leveraging nuclear, in this case, and the ability to create eFuels as an alternative or in addition to existing fuels that are available today. We don't think, though, that that is an absolute total replacement for how you're going to decarbonize industry or industrial customers. We think that there's a number of industries that are just going to be really challenged to decarbonize without actually capturing the emissions from their operations.

這是一個很好的問題，傑弗裡。我們的想法是，為了實現全球社會的減排目標，您需要做許多不同的事情。其中之一是利用核能，以及製造電子燃料的能力，作為現有燃料的替代品或補充品。不過，我們認為這並不能完全取代工業或工業客戶脫碳的方式。我們認為，許多產業在沒有實際捕獲其營運排放量的情況下，將面臨脫碳的真正挑戰。

And what is unique or differentiated about the solution that we worked with Exxon on is leveraging one of the core capabilities of our Carbonate platform. And that's the ability to directly capture the carbon. And we certainly believe that directly capturing carbon at the point source is always going to be more efficient and effective than capturing it in some other way. But our ability to capture that carbon, produce power, and also if there is a need for it, produce hydrogen, and then you could talk about that would be another opportunity in which you could do things around eFuels or synthetic fuels because you've got all of the elements now of the recipe to do that.

我們與埃克森美孚合作的解決方案的獨特之處或與眾不同之處在於利用了我們 Carbonate 平台的核心功能之一。這就是直接捕獲碳的能力。我們當然相信，直接從點源捕獲碳總是比以其他方式捕獲碳更有效率、更有效。但是我們有能力捕獲碳、產生電力，如果有需要的話，還可以生產氫，然後你可以談論這將是你可以圍繞電子燃料或合成燃料做事的另一個機會，因為你已經現在已經掌握了配方的所有要素來做到這一點。

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

因此，我們認為我們的技術使我們有機會利用不同的能源和不同的排放源來推動這些業務的脫碳，或利用核能等非碳發電，但尚未創造其他價值流，以幫助某些業務脫碳。

Last quick one, just wondering what's the initial response you're receiving from the food grade CO2 effort? I've seen the unit going up myself and it's pretty impressive and I think you recently had a presentation for the World Brewery Association. So just wondering what sort of initial response you're getting.

最後一個簡短的問題，只是想知道您從食品級二氧化碳努力中得到的最初反應是什麼？我親眼目睹了裝置的上升，令人印象深刻，我想您最近為世界啤酒協會做了一次演講。所以只是想知道你會得到什麼樣的初步回應。

I think so far the response has been really positive about the opportunity and the work that we're doing. I think if you look at CO2 utilization, I think it's roughly about 70% of CO2 utilization goes to the food and beverage categories. So it's a pretty sizable opportunity. But as you can imagine, right, offering CO2 as a core ingredient to a product, there's a different test that a customer wants in that case. And as we've learned, even the CO2 itself and the source of the CO2 can have impacts to taste.

我認為到目前為止，人們對這個機會和我們正在做的工作的反應非常積極。我認為如果你看看二氧化碳的利用率，我認為大約 70% 的二氧化碳利用率都流向了食品和飲料類別。所以這是一個相當大的機會。但正如您可以想像的那樣，將二氧化碳作為產品的核心成分，在這種情況下客戶想要進行不同的測試。正如我們所知，即使是二氧化碳本身和二氧化碳的來源也會對味道產生影響。

And for those that are sommeliers relative to beer drinking or other things, it's really important that we get that right. And so, this demonstration will give us the ability to offer customers the opportunity to sample the actual CO2 that would be produced from our platform, the purification process, they get to witness that, and sample and test the CO2 for purification and taste. And so, we think that that's going to be a catalyst for us to get the food and beverage customers to move forward with our technology.

對於那些與啤酒飲用或其他事情相關的侍酒師來說，我們正確對待這一點非常重要。因此，這次演示將使我們能夠為客戶提供機會，對我們的平台、淨化過程中產生的實際二氧化碳進行採樣，他們可以見證這一點，並對二氧化碳進行採樣和測試以進行淨化和味道。因此，我們認為這將成為我們推動食品和飲料客戶推進我們技術的催化劑。

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

此時，沒有其他問題了。現在，我將把電話轉回傑森法夫（Jason Few）進行最後的總結發言。

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

謝謝你，羅布。感謝大家今天加入我們。我們將繼續執行我們的 Powerhouse 業務策略，以實現成長和優化回報為目標。我們仍然致力於這項策略，這將使我們能夠像我們與世界上一些最大的公司所做的那樣開發技術。再次感謝您今天加入我們的電話會議。祝你有美好的一天。

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。您現在可以斷開連線。