Fusion Fuel Green PLC (HTOO) 2023 Q2 法說會逐字稿

Hello, everyone, and welcome to Fusion Fuel Green's second-quarter 2023 investor update. My name is Benjamin Schwarz, and I'm Head of Investor Relations at Fusion Fuel.

大家好，歡迎收看 Fusion Fuel Green 2023 年第二季度投資者更新。我叫本傑明·施瓦茨 (Benjamin Schwarz)，是 Fusion Fuel 投資者關係主管。

So we'll begin with our Safe Harbor statement. I'd like to remind everyone that this call may contain forward-looking statements, including but not limited to the company's expectations or predictions of financial and business performance, which are based on numerous assumptions of sales, margins, competitive factors, industry performance, or other factors which cannot be predicted.

因此，我們將從安全港聲明開始。我想提醒大家，本次電話會議可能包含前瞻性陳述，包括但不限於公司對財務和業務業績的預期或預測，這些預期或預測基於對銷售額、利潤率、競爭因素、行業業績、或其他無法預測的因素。

Forward-looking statements are inherently subject to risks, uncertainties, and assumptions, and they are not guarantees of performance. I encourage you to read the disclaimer slide in the investor presentation for a discussion of those risks that may affect our business or may cause our assumptions to prove incorrect.

前瞻性陳述本質上受到風險、不確定性和假設的影響，並且它們不是業績的保證。我鼓勵您閱讀投資者演示文稿中的免責聲明幻燈片，以討論可能影響我們業務或可能導致我們的假設被證明不正確的風險。

The company is under no obligation and expressly disclaims any obligation to update, alter, or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

除非法律要求，否則公司沒有義務並明確聲明不承擔更新、更改或以其他方式修改任何前瞻性陳述的義務，無論是由於新信息、未來事件還是其他原因。

Thank you for joining us today. So I'll quickly run through our agenda once again. So I'll kick things off with an overview of Fusion Fuel at a glance. Our management team will then present second-quarter highlights, financial results, project commercial updates before wrapping up with a discussion of our milestones and priorities for the remainder of 2023. We will then open up the floor for facilitated Q&A with the remaining time. (Event Instructions)

感謝您今天加入我們。因此，我將再次快速瀏覽一下我們的議程。因此，我將首先對 Fusion Fuel 進行概覽。然後，我們的管理團隊將介紹第二季度的亮點、財務業績、項目商業更新，最後討論 2023 年剩餘時間裡的里程碑和優先事項。然後，我們將在剩餘時間裡開放問答環節。 （活動須知）

Okay. So as always, let's begin with a brief refresher on Fusion Fuel, our value proposition, and our positioning in the green hydrogen sector. So our mission is to make the energy transition more accessible through the development and delivery of cost-effective clean hydrogen solutions.

好的。與往常一樣，讓我們​​首先簡要回顧一下聚變燃料、我們的價值主張以及我們在綠色氫領域的定位。因此，我們的使命是通過開發和提供具有成本效益的清潔氫解決方案，使能源轉型變得更加容易。

Our patented miniaturized PEM electrolyzer, the HEVO, is at the heart of everything we do in all of our products. Its simplified modular architecture is a true differentiator that unlocks multiple sources of advantage, including high-throughput production, a scalable building-block approach that positions us to create customized fit-for-purpose hydrogen solutions, and cost-competitive distributed production of hydrogen, mitigating the need for heightened distribution infrastructure, a critical and costly bottleneck in the market today.

我們獲得專利的小型 PEM 電解槽 HEVO 是我們所有產品的核心。其簡化的模塊化架構是一個真正的差異化因素，可以釋放多種優勢來源，包括高通量生產、可擴展的構建塊方法，使我們能夠創建定制的適合用途的氫氣解決方案，以及具有成本競爭力的分佈式氫氣生產，減輕對加強分銷基礎設施的需求，這是當今市場上一個關鍵且成本高昂的瓶頸。

We've built a robust pipeline of actionable near-term projects in our core market, Southern Europe, with significant grant funding tied to many of those foundational projects that strengthen the economics and de-risk the investment case. We're also making promising inroads in new priority markets in Northern Europe and North America geographies that have been unlocked as a result of the introduction of our HEVO-Chain solution.

我們在南歐核心市場建立了一系列可操作的近期項目，並為許多基礎項目提供了大量贈款資金，這些項目可增強經濟性並降低投資風險。我們還在北歐和北美地區新的優先市場取得了有希望的進展，這些市場因我們的 HEVO-Chain 解決方案的引入而被釋放。

We have a differentiated and synergistic business model that positions us across the value chain. In addition to selling our proprietary electrolyzer solutions to third party customers, we also originate and develop green hydrogen projects with diverse avenues for monetizing that value creation.

我們擁有差異化和協同的商業模式，使我們在整個價值鏈中處於領先地位。除了向第三方客戶銷售我們專有的電解槽解決方案外，我們還通過多種途徑發起和開發綠色氫項目，以將價值創造貨幣化。

And finally, we are poised for a significant growth ramp as the market matures with an extensive long-term project pipeline and a world-class production facility in Portugal, where we're targeting 0.5 gigawatt of electrolysis production by the end -- [per annum] by the end of 2025.

最後，隨著市場的成熟，我們準備實現顯著的增長，在葡萄牙擁有廣泛的長期項目管道和世界一流的生產設施，我們的目標是到年底電解產量達到 0.5 吉瓦 - [每年度] 到2025年底。

So with that, I'll now pass it over to Gavin Jones, CFO of Fusion Fuel to share some highlights from the second-quarter 2023.

因此，我現在將其交給 Fusion Fuel 首席財務官 Gavin Jones，分享 2023 年第二季度的一些亮點。

Thank you, Ben. Good afternoon or morning to all of you who have joined our second-quarter investor update call. During the second quarter, we were awarded a EUR2.5 million contract to supply a 550-kilowatt solar-to-green-hydrogen plant by a Spanish government agency called CSIC.

謝謝你，本。所有參加我們第二季度投資者更新電話會議的人下午好或早上好。第二季度，西班牙政府機構 CSIC 授予我們一份 250 萬歐元的合同，供應一座 550 千瓦的太陽能製氫工廠。

CSIC, also known as the Spanish National Research Council, is a public research institution dedicated to promoting innovation, scientific research, and technological development. This project will be based in Zaragoza, Spain. We also published our inaugural ESG report in addition to issuing further invoices to our technology sale customers.

CSIC，又稱西班牙國家研究委員會，是一個致力於促進創新、科學研究和技術發展的公共研究機構。該項目將設在西班牙薩拉戈薩。除了向我們的技術銷售客戶開具進一步的發票外，我們還發布了首份 ESG 報告。

After the end of the second quarter, we finalized the acceptance test at our Exolum hydrogen plant; signed a long-term green hydrogen offtake contract with a Spanish industrial group; continued to work on a strategic partnership with Duferco to cover the Italian markets, starting with a 1-megawatt HEVO-Chain non-containerized version in southern Italy; and signed an agreement with Hydrogen Ventures to reach final investment decision on a EUR20 million project in Portugal by the end of 2023.

第二季度末後，我們完成了 Exolum 氫氣工廠的驗收測試；與西班牙工業集團簽署長期綠色氫承購合同；繼續與Duferco建立戰略合作夥伴關係，覆蓋意大利市場，首先在意大利南部推出1兆瓦HEVO-Chain非集裝箱版本；並與Hydrogen Ventures簽署協議，將於2023年底前就葡萄牙2000萬歐元項目達成最終投資決定。

Frederico will cover these strategic partnerships with Duferco and Hydrogen Ventures in more detail later in the presentation.

Frederico 將在稍後的演示中更詳細地介紹與 Duferco 和 Hydrogen Ventures 的這些戰略合作夥伴關係。

We will now move on to the financial results for the second quarter. Please note that all values discussed are in euros unless stated otherwise. We recognize no revenue during the second quarter. We invoiced customers a total of EUR1 million during the quarter, but client invoices or inflows do not always equate to revenue recognition as the related accounting standards sets out a number of criteria that must be met before identified performance obligations within these customer contracts have been satisfied.

我們現在將討論第二季度的財務業績。請注意，除非另有說明，否則討論的所有價值均以歐元為單位。我們在第二季度沒有確認任何收入。我們在本季度向客戶開具了總計100 萬歐元的發票，但客戶發票或流入並不總是等於收入確認，因為相關會計準則規定了在滿足這些客戶合同中已確定的履約義務之前必須滿足的許多標準。

The items that we have invoiced have been deferred until such time that the performance obligations will be satisfied. For our Exolum project, the key milestone pertaining to revenue recognition is provisional acceptance. As this was achieved during the third quarter, the associated revenues will be booked.

我們已開具發票的項目已推遲到履行履約義務為止。對於我們的 Exolum 項目，與收入確認相關的關鍵里程碑是臨時接受。由於這是在第三季度實現的，因此相關收入將入賬。

As we continue to transition from HEVO-Solar to HEVO-Chain, we identified a significant portion of our inventory that we do not expect to use on projects utilizing both the non-containerized and containerized version.

隨著我們繼續從 HEVO-Solar 過渡到 HEVO-Chain，我們確定了庫存的很大一部分，我們預計不會將其用於同時使用非集裝箱化和集裝箱化版本的項目。

The monetary value of these components was EUR7.2 million, and we recorded an impairment charge for the full amount during the second quarter. Any inflows received as we dispose and/or recycle these components are expected to be credited against the impairment charge in future periods.

這些組件的貨幣價值為 720 萬歐元，我們在第二季度記錄了全額減值費用。我們處置和/或回收這些組件時收到的任何流入預計將計入未來期間的減值費用。

We continue to source buyers for these components. But until we have agreements in place, we consider it prudent to write off the full value of such materials. This impairment has been recorded as part of cost of sales.

我們繼續為這些組件尋找買家。但在達成協議之前，我們認為明智的做法是沖銷此類材料的全部價值。該減值已記錄為銷售成本的一部分。

Our operating cost base decreased for the second consecutive quarter. Excluding the non-recurring EUR1.4 million expense that was recorded in Q1, we saw a reduction to our personnel-related costs due to a lower headcount when compared to the first quarter. This was coupled with further reductions to travel, administrative, and consulting fees but somewhat offset by increased legal and depreciation charges.

我們的運營成本基礎連續第二個季度下降。不包括第一季度記錄的 140 萬歐元非經常性費用，由於與第一季度相比人員數量減少，我們的人員相關成本有所減少。與此同時，差旅費、管理費和諮詢費也進一步減少，但法律費用和折舊費用的增加在一定程度上抵消了這一影響。

Our quarterly charge relating to our equity incentive plan reduced by EUR500,000 during the second quarter. This reduction is related to the forfeiture of a significant number of instruments, which was offset by new grants during the period.

第二季度，我們與股權激勵計劃相關的季度費用減少了 50 萬歐元。這一減少與大量工具被沒收有關，但這一減少被該期間的新贈款所抵消。

The forfeiture of options resulted in a credit of EUR1.3 million, which is split between equity for those expenses booked in 2022 on profit and loss for those books during 2023. The pre-tax loss for the quarter amounted to EUR12.4 million, of which approximately EUR8.1 million related to non-cash items.

喪失期權導致 130 萬歐元的貸項，該貸項在 2022 年記入損益的權益和 2023 年賬簿的損益之間進行分配。該季度的稅前虧損為 1,240 萬歐元，其中約810 萬歐元與非現金項目有關。

Moving to the balance sheet, the increase to property, plant, and equipment is driven by two items. The first relates to the booking of new equipment that was invoiced during the quarter for our Benavente production facility. This increased the value of this asset by EUR4.5 million.

轉向資產負債表，財產、廠房和設備的增加是由兩個項目驅動的。第一個涉及本季度為我們的貝納文特生產設施開具發票的新設備的預訂。這使得該資產的價值增加了​​ 450 萬歐元。

The second relates to the recognition of a new land lease for our continued development of our own project pipeline. The inventory balance shown is net of the impairment charge of EUR7.2 million that was recorded during the quarter.

第二個涉及確認新的土地租賃，以繼續開發我們自己的項目管道。顯示的庫存餘額已扣除本季度記錄的 720 萬歐元減值費用。

Other notable movements include a reduction in VAT as EUR3.2 million was settled during the quarter and increased the trade payables as we booked the equipment for Benavente as mentioned above and an increase of deferred income as we issued further invoices to customers and received more inflows from our C-5 grant award. Next slide, please.

其他值得注意的變動包括增值稅減少，因為本季度結算了320 萬歐元，增加了貿易應付賬款，因為我們如上所述為貝納文特預訂了設備，以及遞延收入增加，因為我們向客戶開具了更多發票並收到了更多資金流入來自我們的 C-5 補助金。請下一張幻燈片。

No ordinary shares were sold through the ATM during the second quarter. Over nine trading days in July and on August 1, we raised $492,000 cumulatively by selling 222,000 ordinary shares at an average price of $2.35 per share.

第二季度沒有通過 ATM 出售普通股。在 7 月和 8 月 1 日的 9 個交易日中，我們以每股 2.35 美元的平均價格出售了 222,000 股普通股，累計籌集了 492,000 美元。

These sales were made on an opportunistic basis when the price of our ordinary shares and related volumes were at a level that we considered appropriate for us to be active in the market. The last sale that we made was at $2.28 per share. Our stock has since fallen to as low as $1.69 without us staying active with the ATM.

當我們的普通股價格和相關數量處於我們認為適合我們活躍於市場的水平時，這些銷售是在機會主義的基礎上進行的。我們最後一次出售的價格為每股 2.28 美元。在我們不積極使用 ATM 的情況下，我們的股票已經跌至 1.69 美元。

I think this is the most appropriate moment to discuss our capital position. As we have discussed previously, it's of paramount importance that we raised capital to strengthen our balance sheet and to meaningfully extend our runway, which would enable us to generate revenues as we work towards cash flow self-sufficiency.

我認為現在是討論我們的資本狀況的最合適時機。正如我們之前所討論的，至關重要的是，我們籌集資金來加強我們的資產負債表並有意義地擴展我們的跑道，這將使我們能夠在努力實現現金流自給自足的同時創造收入。

Our main objective is to ensure we select the financing option that best protect shareholder interests while still meeting the needs of the company. As a small-cap company, the ATM has proven to be the most efficient method of strengthening our capital position as capital market transactions of late have tended to focus on larger cap or privately owned companies.

我們的主要目標是確保選擇最能保護股東利益的融資方案，同時仍滿足公司的需求。作為一家小型公司，ATM 已被證明是增強我們資本狀況的最有效方法，因為最近資本市場交易往往集中於大型公司或私營公司。

We are in discussions with both existing and prospective capital providers regarding financing solutions to meet the above objective. While we have no firm details to relate to you regarding these financing solutions, we expect to update the market further as our discussions progress.

我們正在與現有和潛在的資本提供者討論融資解決方案，以實現上述目標。雖然我們沒有關於這些融資解決方案的確切細節，但我們希望隨著討論的進展進一步更新市場情況。

As part of our Q4 2022 investor update, we issued guidance for 2023 through 2025 for expected operating results. Our 2023 revenue guidance reflected amounts forecasted to be recognized on two of our own projects, both of which were expected to be completed during 2023.

作為 2022 年第四季度投資者更新的一部分，我們發布了 2023 年至 2025 年預期經營業績指南。我們的 2023 年收入指引反映了我們自己的兩個項目預計將確認的金額，這兩個項目預計將於 2023 年完成。

For the two projects in question, significant grant funding was awarded to each with the key criteria being that both projects were completed before the end of 2023. Given the licensing and permitting delays experienced to date, it will not be possible for these projects to be completed within the allocated time frame.

對於這兩個項目，每個項目都獲得了大量贈款，關鍵標準是這兩個項目均在 2023 年底前完成。考慮到迄今為止所經歷的許可和許可延誤，這些項目不可能在規定的時間內完成。

As a result of the foregoing, we are providing revised guidance. In our revised guidance for 2023, we have excluded the related revenues and cost of goods sold for these two projects. It's important to note that we consider this to be a delay rather than a reduction.

鑑於上述情況，我們正在提供修訂後的指導。在我們修訂後的 2023 年指引中，我們排除了這兩個項目的相關收入和銷售商品成本。值得注意的是，我們認為這是延遲而不是減少。

For the two projects in question, we had identified investors for both and have now shifted these investors to other projects in our portfolio that are in advanced stages. The shift from HEVO-Solar to HEVO-Chain will allow for a more streamlined licensing and permitting process.

對於這兩個項目，我們已經確定了這兩個項目的投資者，現在已將這些投資者轉移到我們投資組合中處於後期階段的其他項目。從 HEVO-Solar 到 HEVO-Chain 的轉變將使許可和許可流程更加簡化。

HEVO-Solar requires larger land plots in addition to requiring a more complex licensing process. Moving some of our own projects to HEVO-Chain should reduce some of the difficulties encountered during 2023 to date.

HEVO-Solar 除了需要更複雜的許可流程外，還需要更大的土地。將我們自己的一些項目轉移到 HEVO-Chain 應該會減少 2023 年迄今為止遇到的一些困難。

We expect our technology sale revenues of EUR5 million to remain unchanged and are not revising this initial guidance. We expect our invoicing to customers to be ahead of plan, but our revenues will lag behind due to the nature of our technology set agreements, where revenue recognition will be back-ended as opposed to overtime, which is consistent throughout the industry.

我們預計 500 萬歐元的技術銷售收入將保持不變，並且不會修改這一初步指導。我們預計向客戶開具的發票將提前於計劃，但由於我們的技術集協議的性質，我們的收入將落後於計劃，其中收入確認將被推遲而不是加班，這在整個行業中都是一致的。

Slide 12 of this presentation aims to set out some of the key milestones in a typical technology contract. Our cost of goods sold has been updated to reflect lower revenues for 2023 and the impairment charges recorded during the second quarter.

本演示文稿的幻燈片 12 旨在列出典型技術合同中的一些關鍵里程碑。我們的銷售成本已更新，以反映 2023 年收入的下降以及第二季度記錄的減值費用。

We have estimated a lower production capacity for 2023, a reduction of 10 megawatts on the initial guidance. The investment in the second production line has been pushed to 2024 due to slower-than-expected client deliveries. We expect to issue revised guidance for 2024 as part of our Q3 investor update.

我們預計 2023 年產能將降低，比最初指導減少 10 兆瓦。由於客戶交付速度慢於預期，第二條生產線的投資已推遲至 2024 年。作為第三季度投資者更新的一部分，我們預計將發布修訂後的 2024 年指引。

I will now pass you over to our CEO, Frederico, who will guide you through the rest of the presentation.

現在我將把您交給我們的首席執行官 Frederico，他將指導您完成演示的其餘部分。

Thank you, Gavin, and thank you all for joining us today. I would like to start by sharing with you the latest developments from the work that's been ongoing throughout this year [from Exolum].

謝謝你，加文，也感謝大家今天加入我們。首先，我想與大家分享 [Exolum] 今年持續進行的工作的最新進展。

The project, the first of its kind in Iberia, going from solar energy to green hydrogen straight to a refueling station, all co-located has completed its acceptance testing phase, and project has been delivered to the clients. In addition, we're proud to know that the HEVO-Solars and the HEVOs within them are producing at a higher rate than their [data sheet].

該項目是伊比利亞首個此類項目，從太陽能到綠色氫氣，直達加氫站，所有項目均位於同一地點，已完成驗收測試階段，項目已交付給客戶。此外，我們很自豪地知道 HEVO-Solar 及其內部的 HEVO 的生產速度高於其[數據表]。

In this early stage market, Fusion Fuel has proved itself as having a leading engineering team able to not only design, but also deliver a full solution to the client, having taken their own view of the size of the design, construction and installation, and commissioning of the plant. Currently, Fusion Fuel has the only green hydrogen plant currently live in Iberia, and we're working to deliver the third to CSIC.

在這個早期市場，Fusion Fuel 已經證明自己擁有領先的工程團隊，不僅能夠設計，而且能夠為客戶提供完整的解決方案，對設計、施工和安裝的規模有自己的看法，並且工廠調試。目前，Fusion Fuel 擁有伊比利亞半島唯一的綠色氫工廠，我們正在努力向中船重工交付第三座工廠。

Business and experience level has proven to have substantial value as we enter the negotiations of future sales contracts. We now have a brief slideshow of the Exolum project, which as I mentioned, we oversaw every step, bringing together several partners throughout.

當我們進入未來銷售合同的談判時，業務和經驗水平已被證明具有巨大的價值。我們現在有一個 Exolum 項目的簡短幻燈片，正如我提到的，我們監督了每一步，將多個合作夥伴聚集在一起。

The project included civil construction, installation of the HEVO-Solars, the installation of the balance of plant, the development of the control software and processes, the commissioning of the entire plant. The team worked incredibly hard these months to bring a truly pioneering plant to life. This experience and knowledge are a strong competitive advantage that Fusion Fuel has in the Southern European market.

該項目包括土建施工、HEVO-Solars 的安裝、電站平衡裝置的安裝、控制軟件和流程的開發以及整個電站的調試。這幾個月來，該團隊付出了難以置信的努力，才將真正的開創性工廠變成現實。這些經驗和知識是 Fusion Fuel 在南歐市場的強大競爭優勢。

As we've mentioned several times, we've secured substantial strategic sites and started the development of key green hydrogen projects, primarily in Portugal and Spain, but also in the US and in Morocco, focusing on Portugal and the five key owned projects underway.

正如我們多次提到的，我們已經獲得了大量的戰略地點並開始開發關鍵的綠色氫項目，主要在葡萄牙和西班牙，但也在美國和摩洛哥，重點關注葡萄牙和正在進行的五個關鍵自有項目。

We continue to move forward with these projects and its significant value to them as we continue to secure the elements required for their [go-live], be it power payments, connection lines, local permits, or even offtake agreements. These, in addition to the EUR44 million grant we have secured already for this portfolio and the EUR15 million already requested for Aveiro project, create an enormous portfolio of value for the company.

我們將繼續推進這些項目及其對它們的重大價值，因為我們將繼續確保它們[上線]所需的要素，無論是電力支付、連接線、當地許可證，甚至承購協議。除了我們已經為該投資組合獲得的 4400 萬歐元贈款以及已經為阿威羅項目申請的 1500 萬歐元之外，這些資金還為公司創造了巨大的價值組合。

This is in addition to the [IPSE] project submission, where we are still awaiting to hear a decision on whether it's approved or not. We continue to receive questions and clarification points, which we are answering. But we do not know yet what the timeline for a final decision is.

這是對 [IPSE] 項目提交的補充，我們仍在等待其是否獲得批准的決定。我們不斷收到問題和澄清點，我們正在回答這些問題和澄清點。但我們還不知道最終決定的時間表是什麼。

We are currently negotiating the sale of three of the projects listed here through infrastructure investors. With a successful negotiation of these projects and the transfers of those SPVs, we will be able to secure significant revenue orders for '24 and 2025 as well as recognize some of the value of the stock already with those SPVs.

我們目前正在就通過基礎設施投資者出售此處列出的三個項目進行談判。通過這些項目的成功談判和這些 SPV 的轉讓，我們將能夠獲得 24 年和 2025 年的大量收入訂單，並認識到這些 SPV 已經擁有的部分股票的價值。

The Sines I and Azambuja projects alone represents EUR20 million each of potential revenues for Fusion Fuel, given that we're looking to not only deliver the electrolyzer but similar to CSIC and Exolum, we are looking to develop the entire hydrogen plant, including balance of plant, something that we are able to do as one of the only players to have done so in the last years in this market. Our expectation is to be able to close the negotiations on these products by year-end.

僅 Sines I 和 Azambuja 項目就代表了 Fusion Fuel 各 2000 萬歐元的潛在收入，因為我們不僅希望提供電解槽，而且與 CSIC 和 Exolum 類似，我們希望開發整個制氫廠，包括平衡作為過去幾年在這個市場上唯一做到這一點的參與者之一，我們有能力做到這一點。我們的期望是能夠在年底前完成這些產品的談判。

Projects take a long time to take shape; unfortunately, a lot longer than we expected, but also longer than was ever considered in the various natural hydrogen strategies. However, the recent negotiations with several large counterparts on the various projects in our existing portfolio highlighted the value these have for the company.

項目需要很長時間才能成型；不幸的是，這個時間比我們預期的要長得多，而且也比各種天然氫策略中考慮的時間要長。然而，最近與幾個大型同行就我們現有投資組合中的各個項目進行的談判凸顯了這些項目對公司的價值。

Firstly, they create the backbone for technology sales in future years. And secondly, they enable us to engage with hydrogen offtakers and potential investors in a way that's simply supplying a solution to a technology integrator wouldn't allow us to do.

首先，他們為未來幾年的技術銷售奠定了基礎。其次，它們使我們能夠以一種簡單地向技術集成商提供解決方案而不允許我們這樣做的方式與氫承購商和潛在投資者進行接觸。

With this in mind, our team was busy during June and July preparing three new submissions for our own projects for the latest round of Spanish and Portuguese programs, as well as being highly engaged in the submissions for four client projects.

考慮到這一點，我們的團隊在六月和七月期間忙於為我們自己的項目準備最新一輪西班牙語和葡萄牙語項目的三份新提交材料，並高度參與四個客戶項目的提交。

If successful, these projects represent nearly 17 megawatts of electrolyzer capacity, around EUR65 million of potential revenues for Fusion Fuel. The importance of creating these potential projects has only grown since the announcement of the European Hydrogen Bank earlier this year.

如果成功，這些項目代表著近 17 兆瓦的電解槽容量，為聚變燃料帶來約 6500 萬歐元的潛在收入。自今年早些時候歐洲氫銀行宣布這一消息以來，創建這些潛在項目的重要性只增不減。

As a recap, any project that's used to benefit from the European Hydrogen Bank cannot receive other forms of support or grants. Therefore, if the projects listed here are not successful in the securing grants we are seeking, the work to create these opportunities will not be in vain. We'll also be looking to make them a reality by pursuing the European Hydrogen Bank option.

回顧一下，任何用於受益於歐洲氫銀行的項目都無法獲得其他形式的支持或贈款。因此，如果這裡列出的項目未能成功獲得我們正在尋求的撥款，創造這些機會的工作也不會白費。我們還將尋求通過歐洲氫銀行選項使它們成為現實。

In June of this year, coinciding with the progression of our HEVO-Chain offering, the team began pursuing a more focused effort to secure third-party sales for electrolyzer deliveries. The HEVO-Solar proved to be a difficult product for clients as it required substantial land and a unique and ever-changing licensing landscape.

今年 6 月，隨著我們 HEVO-Chain 產品的進展，該團隊開始更加專注地努力確保電解槽交付的第三方銷售。事實證明，HEVO-Solar 對客戶來說是一個困難的產品，因為它需要大量土地和獨特且不斷變化的許可環境。

Just to give an example, just in Portugal, the regulatory requirements for our hydrogen project have substantially changed and have had lots of different introductions of new processes in the permitting process. This meant that things like our Aveiro project, we would no longer be able to build them as they are today. This this is how fast the pace is changing.

舉個例子，僅在葡萄牙，我們氫項目的監管要求就發生了重大變化，並且在許可過程中引入了許多不同的新流程。這意味著像我們的阿威羅項目這樣的項目，我們將無法再像今天一樣建造它們。這就是節奏變化的速度。

We will still implement the HEVO-Solar in certain projects, Exolum and CSIC are examples of those. But it increasingly becomes harder as these need to be industrial sites, and the permitting process is much longer.

我們仍將在某些項目中實施 HEVO-Solar，Exolum 和 CSIC 就是其中的例子。但由於這些需要是工業場地，而且許可過程也更長，因此變得越來越困難。

The HEVO-Chain was relatively our core offering today with its industry-leading efficiency for PEM system is receiving significant traction for projects developed by third parties and our own. We've been transferring the technology used in our own projects to the HEVO-Chain solution gradually, and it's proving substantially easier to advance with the licensing and permitting processes.

HEVO-Chain 相對來說是我們今天的核心產品，其 PEM 系統行業領先的效率正在為第三方和我們自己開發的項目帶來巨大的吸引力。我們一直在逐步將我們自己項目中使用的技術轉移到 HEVO-Chain 解決方案，事實證明，推進許可和許可流程要容易得多。

Since this transition to the HEVO-Chain, our sales team has already submitted around 40 offers for this new solution. These submissions are often complex, requiring full design specifications for hydrogen projects that go well beyond the supply of the electrolyzer alone. This is where our unique ability to design full project scope with our experience in getting these projects implemented is proving to be a competitive advantage.

自從過渡到 HEVO-Chain 以來，我們的銷售團隊已經為此新解決方案提交了大約 40 個報價。這些提交的材料通常很複雜，需要氫項目的完整設計規範，而不僅僅是電解槽的供應。這就是我們設計完整項目範圍的獨特能力以及實施這些項目的經驗被證明是一種競爭優勢的地方。

We have seen recent industry news of troubles in certain hydrogen projects, and we believe that experience in executing, designing projects that are -- and being responsible for projects that are live, there is a significant differentiator in the years to come.

我們最近看到了有關某些氫能項目遇到麻煩的行業新聞，我們相信，執行、設計項目以及負責正在運行的項目的經驗，在未來幾年會有顯著的差異化。

The sales to third parties have several stages, and we expect to be hearing final technology decisions on several of the offers in the coming months now that the European summer break is coming to a close.

向第三方的銷售分為幾個階段，鑑於歐洲暑假即將結束，我們預計將在未來幾個月內聽到有關其中幾項報價的最終技術決定。

A highlight for us in this process has been the offering of our technology for the first project in Northern Europe, which was not possible before the HEVO-Chain solution and something that we noted in the last update was a strategic priority for us.

在此過程中，我們的一個亮點是為北歐的第一個項目提供我們的技術，這在 HEVO-Chain 解決方案之前是不可能的，我們在上次更新中指出的事情是我們的戰略重點。

The reality is that although Southern Europe has enormous potential for green hydrogen, the northern countries in the continents are moving faster and establishing a series of projects in this space. And therefore, it's something we certainly want to participate in.

現實情況是，儘管南歐在綠色氫方面擁有巨大潛力，但該大陸的北部國家正在加快步伐，並在該領域建立了一系列項目。因此，這是我們當然想參與的事情。

As noted in the previous slide, the sale of our own projects to infrastructure investors is something that we are actively engaged in and look to conclude before year-end, which will generate significant confirm revenues for the firm as well as release substantial cash flows, given that they would consume significant amounts of product currently in our inventory.

正如上一張幻燈片所述，我們正在積極參與向基礎設施投資者出售我們自己的項目，並希望在年底前完成，這將為公司帶來可觀的確認收入並釋放大量現金流，考慮到他們將消耗我們目前庫存中的大量產品。

We've received several questions on our business model as it differs to some of our competitors. Here, we've laid out the value chain of a green hydrogen plant, starting with the power supply and the electrolyzer system, the engineering, the balance of plant procurement, the construction process, finally leading to green hydrogen being produced and delivered.

我們收到了一些關於我們的商業模式的問題，因為它與我們的一些競爭對手不同。在這裡，我們佈局了綠色氫工廠的價值鏈，從電源和電解槽系統開始，工程設計，工廠採購平衡，建設過程，最後導致綠色氫的生產和交付。

For Aveiro and Exolum as well as for CSIC, Fusion Fuel is responsible for the entire value chain, developing and full and rare experience within our team to be able to deliver this.

對於 Aveiro 和 Exolum 以及 CSIC，Fusion Fuel 負責整個價值鏈，並在我們的團隊中開發和豐富且罕見的經驗來實現這一目標。

Going forward, our primary focus is on the delivery of the electrolyzer system, and in many cases, their installation and commissioning. We will also look to provide engineering services and balance of plant, dimensioning, and procurement for selected projects and mostly limited to projects in Iberia.

展望未來，我們的主要重點是電解槽系統的交付，以及在許多情況下的安裝和調試。我們還將尋求為選定的項目（主要限於伊比利亞的項目）提供工程服務以及工廠平衡、尺寸設計和採購。

These are services that require a thorough understanding of the local regulatory requirements, something we have here. But instead of developing for other markets, we will look to partner -- we will look for partners with a relevant expertise.

這些服務需要徹底了解當地的監管要求，而我們這裡就有這些要求。但我們不會針對其他市場進行開發，而是尋求合作夥伴——我們將尋找具有相關專業知識的合作夥伴。

Partnerships are a key enabler of our strategy and have a multiplier effect on a limited team in size. In Italy, we are working together with Duferco Energia, a company we have partnered on with two project proposals for Italian grants before to create a commercial partnership to promote the Fusion Fuel technology suite to the Italian market.

合作夥伴關係是我們戰略的關鍵推動者，對規模有限的團隊具有乘數效應。在意大利，我們正在與 Duferco Energia 合作，我們之前曾與這家公司合作過兩個獲得意大利贈款的項目提案，以建立商業合作夥伴關係，將聚變燃料技術套件推廣到意大利市場。

This is an example of the strategic relationships we are looking to form, where we bring our leading technology to a plant with substantial local operations and knowledge and thereby accelerating our presence in markets beyond what would be possible alone.

這是我們尋求建立的戰略關係的一個例子，我們將領先的技術引入擁有大量本地業務和知識的工廠，從而加速我們在市場上的存在，而這超出了我們單獨所能做到的。

The partnership with Duferco kicks off with a 1-megawatt HEVO-Chain Series C electrolyzer system during 2024 to decarbonize a local refinery. This is the first project that will be taking the containerized version of the HEVO-Chain solution, something we're very excited to deliver.

與 Duferco 的合作始於 2024 年的 1 兆瓦 HEVO-Chain C 系列電解槽系統，旨在為當地煉油廠脫碳。這是第一個採用 HEVO-Chain 解決方案容器化版本的項目，我們非常高興能夠交付該版本。

There are further partnership discussions ongoing, covering new markets, which is North America and India with demonstrated projects for Fusion Fuel included. We can't go into them now, but we'll share developments on these exciting discussions as soon as we can.

目前正在進行進一步的合作討論，涉及新市場，包括北美和印度，其中包括聚變燃料的示範項目。我們現在無法深入討論，但我們將盡快分享這些令人興奮的討論的進展。

We're also working with a large renewable specialist entity for potential funding on some of Fusion Fuel's projects in Europe beyond Portugal. These are projects that already begun to take shape, but they still require investments for their completion.

我們還與一家大型可再生能源專業實體合作，為葡萄牙以外歐洲的一些聚變燃料項目提供潛在資金。這些項目已經初具規模，但仍需要投資才能完成。

The green hydrogen world is still in its early stage. And these partnerships are important to help us accelerate our growth, while ensuring we keep our costs as low as possible.

綠色氫世界仍處於早期階段。這些合作夥伴關係對於幫助我們加速增長非常重要，同時確保我們盡可能降低成本。

We have been able to secure some of the first green hydrogen purchase agreements in Southern Europe. Green hydrogen offtake is still in its early stage and is a critical part of making any green hydrogen project viable. Our experience in negotiating contracts for industrial use, gas spending, and mobility cases puts us ahead of the curve when establishing ourselves in these markets.

我們已經在南歐獲得了一些首批綠色氫採購協議。綠色氫的銷售仍處於早期階段，是使任何綠色氫項目可行的關鍵部分。我們在工業用途、天然氣支出和交通案例合同談判方面的經驗使我們在這些市場中立足時處於領先地位。

In addition to the three hydrogen purchase agreements, we have also secured several MoUs for the supply of green hydrogen for projects in our portfolio. The experience we established in negotiating and framing the first agreements form a principal foundation to finalize these larger contracts, ensuring that the projects in our portfolio have an attractive unlevered IRR for their investors.

除了三份氫氣採購協議外，我們還獲得了幾份為我們的投資組合項目供應綠色氫氣的諒解備忘錄。我們在談判和製定第一份協議中積累的經驗為最終敲定這些大型合同奠定了主要基礎，確保我們投資組合中的項目對其投資者俱有有吸引力的無槓桿內部收益率。

Before reaching the last slide of the presentation, I'd like to spend a few moments to dig into what is truly special about our HEVO-Chain offering and HEVO itself. It's a really important evolution in the PEM market, so bear with me for a moment.

在到達演示文稿的最後一張幻燈片之前，我想花一些時間來深入了解我們的 HEVO-Chain 產品和 HEVO 本身的真正特別之處。這是 PEM 市場的一次非常重要的演變，所以請耐心等待。

Firstly, we have a market-leading PEM stack efficiency of 47.8 kilowatt hours per kilogram and an efficiency at the system level of 51.8 kilowatt hours per kilogram. This, compared to most peers, is around 57 kilowatt hours per kilogram, roughly a 10% efficiency advantage. Our system is one of the most modular and scalable of any electrolyzer solution in market.

首先，我們擁有市場領先的PEM電堆效率為47.8千瓦時/公斤，系統級效率為51.8千瓦時/公斤。與大多數同行相比，每公斤約 57 千瓦時，效率優勢大約為 10%。我們的系統是市場上所有電解槽解決方案中最具模塊化和可擴展性的系統之一。

It will be able to handle components and dimensions as small as 20 kilowatts. This allows for a highly scalable modularity in building hydrogen plants, but also minimizing the disruption during maintenance processes and during any system issues, reducing the risk of requiring an entire plant shutdown as has been seen in other systems.

它將能夠處理小至 20 千瓦的組件和尺寸。這使得在建設製氫工廠時實現了高度可擴展的模塊化，同時也最大限度地減少了維護過程和任何系統問題期間的中斷，從而降低了需要整個工廠關閉的風險，就像在其他系統中看到的那樣。

One point to highlight, [and we now go] into this detail with us, we have an industry-leading precious metal utilization. This is the chart you see here on the right. We are currently well below the targeted platinum group metals usage in both the EU clean hydrogen roadmap and the US Department of Energy roadmap.

需要強調的一點是，[我們現在]與我們一起詳細討論這一細節，我們擁有行業領先的貴金屬利用率。這是您在右側看到的圖表。目前，我們遠低於歐盟清潔氫路線圖和美國能源部路線圖中鉑族金屬的目標使用量。

Critically, we've completed more than 2,000 hours of new HEVOs using an amount of platinum group metals only targeted to reach around 2030 and about one-quarter of the value used by some of our more established PEM competitors. These products are truly differentiating the HEVO technologies and advantages it has in the market.

至關重要的是，我們已經完成了 2,000 多個小時的新型 HEVO，使用的鉑族金屬數量預計僅在 2030 年左右達到，約為我們一些更成熟的 PEM 競爭對手所用價值的四分之一。這些產品真正使 HEVO 技術和優勢在市場上脫穎而出。

I'll touch upon this slide briefly but wanted to keep it in as we always look to highlight where we stand versus what we set out to do at the start of the year. Most of the points have been covered in the previous slides.

我將簡要介紹這張幻燈片，但希望將其保留下來，因為我們總是希望強調我們的立場與年初計劃要做的事情。前面的幻燈片已經涵蓋了大部分要點。

However, I'd like to note that HEVO-Chain is now in full commercial mode. And for the first time, we've included the capture of oxygen for the electrolysis process for client for a system delivery at the end of the year.

不過，我想指出的是，HEVO-Chain 現在處於完全商業模式。我們首次為客戶提供了電解過程中氧氣的捕獲，以便在年底交付系統。

The process of producing 1 kilogram of green hydrogen releases 8 times that amount of oxygen, better yet, green oxygen as no carbon emissions were released through its creation. In this first case, the client has used oxygen in their industrial process. And therefore, we're able to add on to the systems oxygen capture capabilities. We expect this to be included in more and more client proposals going forward.

生產 1 公斤綠色氫氣的過程釋放出 8 倍量的氧氣，更好的是，綠色氧氣，因為在其生產過程中沒有釋放任何碳排放。在第一個案例中，客戶在其工業過程中使用了氧氣。因此，我們能夠增加系統的氧氣捕獲能力。我們預計這將包含在未來越來越多的客戶提案中。

Last quarter, we highlighted our strategic priorities. I want to provide an update now on how we're executing against these. As noted, we have started an all-effort push on tech sales with our HEVO-Chain offering. This has resulted in more sales offers going out in the last few months than the previous two years. Importantly, this includes the first proposals -- projects in Northern Europe and in the US, both key markets for the green hydrogen industry.

上季度，我們強調了我們的戰略重點。我現在想提供有關我們如何執行這些措施的最新信息。如前所述，我們已開始通過 HEVO-Chain 產品全力推動技術銷售。這導致過去幾個月發出的銷售報價比前兩年更多。重要的是，這包括第一個提案——北歐和美國的項目，這兩個市場都是綠色氫工業的關鍵市場。

And to clear to us and to everyone, the strengthening of our capital positioned balance sheet is a priority for the executive team. The very limited details have been noted, and we can provide at this time that we are in advanced discussions with capital providers to strengthen our capital position.

我們和所有人都清楚，加強我們的資本定位資產負債表是執行團隊的首要任務。我們已經註意到了非常有限的細節，目前我們可以提供的是，我們正在與資本提供者進行深入討論，以加強我們的資本狀況。

We do expect to make significant progress in the business in the coming months, given what I've mentioned before on where we are in project sales or tech sales, which will also put us in a position to take further steps to strengthen our capital without having such a distressed valuation.

考慮到我之前提到的我們在項目銷售或技術銷售方面的狀況，我們確實預計未來幾個月的業務將取得重大進展，這也將使我們能夠採取進一步措施來增強我們的資本，而無需擔心。擁有如此慘痛的估值。

As noted, the HEVO-Chain offering is well advanced and commercially ready. And we can deliver for projects up to 5 megawatts and 10 megawatts already. It's important to note that the largest PEM electrolyzing operation today is 20 megawatts only.

如前所述，HEVO-Chain 產品非常先進且已做好商業準備。我們已經可以為高達 5 兆瓦和 10 兆瓦的項目提供服務。值得注意的是，目前最大的 PEM 電解操作功率僅為 20 兆瓦。

So the parts to go enlarge in this industry is still something that everyone is pursuing. For us, delivering on smaller projects and scaling up gradually is how we intend reach the delivery of larger projects in the future. As the company grows and the industry evolves, we've also identified the need to review the structure and size of certain areas and importantly that we ensure that our resources are allocated in the most appropriate manner for our strategic goals.

所以這個行業的做大還是大家都在追求的。對我們來說，交付較小的項目並逐步擴大規模是我們未來實現交付較大項目的方式。隨著公司的發展和行業的發展，我們還確定需要審查某些領域的結構和規模，重要的是，我們確保以最適合我們的戰略目標的方式分配我們的資源。

This is a process that won't stop. But the coming months will lead us to have some refocusing of our efforts and cost reductions where possible. The plan is that we can self-fund pursuing some of the new opportunities that we have identified.

這是一個不會停止的過程。但未來幾個月，我們將重新調整工作重點，並儘可能降低成本。我們的計劃是，我們可以自籌資金來追求我們已經確定的一些新機會。

Lastly, regarding strategic partnerships, as highlighted earlier, we're thrilled to be working with Duferco Energia, bringing not only our first 1-megawatt containerized order but also importantly our plan for commercial coverage of the Italian market.

最後，關於戰略合作夥伴關係，如前所述，我們很高興與 Duferco Energia 合作，不僅帶來了我們的第一個 1 兆瓦集裝箱訂單，而且重要的是我們對意大利市場的商業覆蓋計劃。

We're pursuing other partnerships to help us grow and bring a multiplier effect to our business and are in very advanced discussions with both Europe and beyond. We can't say more now but hopefully be able to announce some of the items we're working on in the coming weeks.

我們正在尋求其他合作夥伴關係，以幫助我們發展並為我們的業務帶來乘數效應，並且正在與歐洲及其他地區進行非常深入的討論。我們現在不能透露更多信息，但希望能夠在未來幾週內宣布我們正在開發的一些項目。

I'll now ask Gavin and Ben to join me as we open the session for some Q&A. Thank you.

現在，我將請加文和本加入我，我們將開始問答環節。謝謝。

Great. Thanks, Rodrigo. I've gotten some questions in via e-mail as well as in the chat box. (Event Instructions)

偉大的。謝謝，羅德里戈。我通過電子郵件和聊天框收到了一些問題。 （活動須知）

Okay. So I will begin with some questions from Chris Tsung at Webber Research. There's a handful of questions on the H2 Pioneros project announcement that confirmed EUR3.3 million in grant funding. How do you plan to fund the remaining EUR2.5 million of capital investment for that project?

好的。我將從韋伯研究中心的 Chris Tsung 提出的一些問題開始。 H2 Pioneros 項目公告確認了 330 萬歐元的贈款資金，但存在一些問題。您計劃如何為該項目提供剩餘的 250 萬歐元資本投資？

Great. Thank you, Ben. So this project is one -- similar to our Portugal projects. These are owned projects that we are looking for infrastructure investors for -- actually, the owners are the funding partners for these projects. We're already in advanced discussions with a renewable investor for that project.

偉大的。謝謝你，本。所以這個項目就是一個——類似於我們的葡萄牙項目。這些是我們正在尋找基礎設施投資者的自有項目——實際上，業主是這些項目的融資合作夥伴。我們已經與可再生能源投資者就該項目進行了深入討論。

To note, that project is what we call Toledo I in the slide of the Perte and C-14 project grant overview. And we're in discussions with that same investor for Toledo I and Toledo II. The project has also been changed to HEVO-Chain. So it's a HEVO-Chain offering as well.

需要注意的是，該項目就是我們在 Perte 和 C-14 項目撥款概述幻燈片中所說的托萊多 I。我們正在與同一投資者討論托萊多一期和托萊多二期項目。該項目也已變更為HEVO-Chain。所以這也是 HEVO-Chain 的產品。

Most critically, together, this project is all the -- the critical item was the hydrogen purchase agreement, something we have announced and secured already for that project. So now we are in the late-stage discussions with the investor. I hope that answered the question.

最重要的是，這個項目的全部——關鍵項目是氫氣購買協議，我們已經為該項目宣布並確保了這一協議。所以現在我們正與投資者進行後期討論。我希望這回答了問題。

Yes, that's right. I think it does. As a follow-up to that, we had announced there are four projects preselected for grant funding as part of the first H2 Pioneros call. Are the remaining three projects still in contention? And if not, how should we think about the viability of those projects?

恩，那就對了。我認為確實如此。作為後續行動，我們宣布，作為第一次 H2 Pioneros 徵集的一部分，有四個項目已被預選為贈款資金。剩下的三個項目還在爭奪中嗎？如果不是，我們應該如何考慮這些項目的可行性？

Sure. Thanks, Ben. So of the four, one was awarded and two we let go, and one has been resubmitted to the new process. So that is -- Toledo II is the actual one that we have resubmitted at present.

當然。謝謝，本。因此，在這四項中，一項被授予，兩項我們放棄，一項已重新提交到新流程。也就是說，Toledo II 是我們目前重新提交的實際版本。

Great, thanks. What is the pathway to monetize the approved grants or the secured grants, given that only EUR6.8 million or so has been invoiced to date. Also, the approved grants decreased quarter on quarter from EUR70 million to roughly EUR60 million. Can you provide some clarity as to what happened there?

萬分感謝。鑑於迄今為止僅開具了約 680 萬歐元的發票，將批准的贈款或擔保的贈款貨幣化的途徑是什麼？此外，批准的贈款逐季減少，從 7000 萬歐元減少至約 6000 萬歐元。您能否澄清一下那裡發生了什麼？

Sure, certainly. So I'll tackle those in reverse order. The grants -- that reduction of the EUR10 million is related to, as Gavin mentioned, the two projects that we could not compete due to licensing delays. So even though we had been -- we were not the only ones to suffer this problem now.

當然，當然。所以我將以相反的順序解決這些問題。正如加文提到的，贈款減少了 1000 萬歐元，這與我們由於許可延遲而無法競爭的兩個項目有關。因此，儘管我們曾經——現在我們並不是唯一遭受這個問題的人。

In these government programs, there were 40 hydrogen projects approved, not a single one was implemented given the delays on the government side. So we were not unique. But effectively, that matches exactly the decrease in grant value. It was us formerly acknowledging that we will not be pursuing the projects.

在這些政府計劃中，有 40 個氫能項目獲得批准，但由於政府方面的拖延，沒有一個項目得以實施。所以我們並不獨特。但實際上，這與贈款價值的下降完全匹配。我們之前承認我們不會繼續這些項目。

In reality, the grant will only expire at the end of the year, but we are already reflecting that in the numbers. Sorry, Ben, there was a -- yes, the recognizing of the revenues. So effectively, the grants served to support the CapEx expense of the projects. So as we transferred the sale of the projects to investors, they will be the ones who will benefit most from grant.

事實上，補助金只會在今年年底到期，但我們已經在數字中反映出來了。抱歉，本，有一個——是的，確認了收入。這些贈款有效地用於支持項目的資本支出。因此，當我們將項目出售給投資者時，他們將是從贈款中受益最多的人。

So there is a certain amount of the grant funding that we are taking receipts as the current holders of the SPV. This allows us to sell some of our products to that SPV. But by the time the grants -- we do hope to see a decrease in that grant number in our own books as we transfer these SPVs to third-party investors. And so with the moving of the grants to third parties, we'll truly benefit from them. We will also see the contract sales related.

因此，我們作為 SPV 的當前持有者收取一定數量的贈款資金。這使我們能夠向該 SPV 出售我們的一些產品。但到了贈款的時候，我們確實希望看到我們自己的賬簿上的贈款數量會減少，因為我們將這些 SPV 轉讓給了第三方投資者。因此，隨著贈款轉移給第三方，我們將真正從中受益。我們還將看到相關的合同銷售。

Great, thanks, Frederico. Final question from Chris, on the revised guidance, can you provide some clarity as to how revenue decreases -- expected revenue decreases by EUR20 million but net income only decreases by EUR9 million?

太好了，謝謝，弗雷德里科。 Chris 提出的最後一個問題是，關於修訂後的指導意見，您能否澄清一下收入如何減少——預期收入減少 2000 萬歐元，但淨利潤僅減少 900 萬歐元？

Sure. I can take that one, Ben. So in terms of that revised guidance, again, important just to note the split between technology sales on our own project development sales. So the cost of sales related to the two projects that I mentioned has fully fallen away.

當然。我可以接受那個，本。因此，就修訂後的指導而言，再次重要的是要注意技術銷售與我們自己的項目開發銷售之間的劃分。因此，與我提到的兩個項目相關的銷售成本已經完全下降。

And for those who have been following us, you might remember that as reported in our most recently filed 20-F and our Q1 investor update, we recorded significant onerous contract provisions for our technology sales in December 2022, which effectively, under accounting standards, requires you to book your best estimate of the loss for those contracts when you first realized that those contracts will be loss-making.

對於那些一直關注我們的人來說，您可能還記得，正如我們最近提交的20-F 和第一季度投資者更新中所報告的那樣，我們在2022 年12 月記錄了我們的技術銷售的重大繁重合同條款，這實際上根據會計準則，要求您在首次意識到這些合同將虧損時記錄對這些合同損失的最佳估計。

So we recorded a provision in December. And how that kind of works its way out as you record revenue, you will record the corresponding cost of sales. But as those losses have already been recorded in the income statement, the amount that will be recorded once revenue has been recognized will actually be significantly lower than if a contract loss provision hadn't been booked in the first instance. So sorry, a bit of a wordy response to that. But hopefully, I've got the message across.

因此我們在 12 月記錄了一項準備金。當你記錄收入時，這種情況是如何發生的，你將記錄相應的銷售成本。但由於這些損失已經記錄在損益表中，一旦確認收入，將記錄的金額實際上將大大低於最初未計入合同損失準備金的情況。很抱歉，對此的回應有點冗長。但希望我已經傳達了這個信息。

Thanks, Gavin. A couple of questions from Erwan Kerouredan at RBC: What are the next steps regarding your project -- product simplification strategy and the perceived phaseout of the HEVO-Solar? Should we expect further impairments as part of that transition?

謝謝，加文。 RBC 的 Erwan Kerouredan 問了幾個問題：關於您的項目的後續步驟是什麼——產品簡化策略和 HEVO-Solar 的逐步淘汰？作為過渡的一部分，我們是否應該預期會出現進一步的減值？

So I'll answer the next steps and Gavin will take the impairment piece. So for us, as it is, we are already moving well along on the HEVO-Chain solution. We've been moving our projects towards the HEVO-Chain offering, so taking advantage of the simplified licensing process that that offers us.

所以我將回答接下來的步驟，加文將接受減值部分。因此，對於我們來說，我們已經在 HEVO-Chain 解決方案上取得了良好進展。我們一直在將我們的項目轉向 HEVO-Chain 產品，因此充分利用它為我們提供的簡化許可流程。

At this stage, there's no real sort of further requirement for us to do a product certification strategy. It's more just focusing our efforts on getting the projects transferred, which boosted most to the HEVO-Chain solution. That was [a positive] on the (inaudible)

在這個階段，我們沒有真正的進一步要求來製定產品認證策略。更多的只是我們集中精力讓項目轉移，這對 HEVO-Chain 解決方案的推動最大。這是（聽不清）的[積極]

Yes, perfect. So we don't expect any further impairments. But again, we can't be 100% definitive about that. What we have done is taking a pretty rigorous review of everything that we have in inventory. And we feel the number that we booked in this quarter correctly reflects the items that we won't -- we know for sure that won't use going forward.

是的，完美。因此，我們預計不會出現任何進一步的減值。但同樣，我們不能 100% 確定這一點。我們所做的就是對庫存中的所有物品進行相當嚴格的審查。我們認為本季度預訂的數量正確地反映了我們不會使用的項目——我們確信未來不會使用這些項目。

As I mentioned, we're looking to sell those or recycle or scrap them. So hopefully, there will be inflows in the future. But in terms of other items in our inventory that we have, as Frederico mentioned, HEVO-Solar is not dead. We still have projects ongoing. So we will utilize the materials that we have on our production.

正如我所提到的，我們正在尋求出售這些或回收或報廢它們。因此，希望未來會有資金流入。但正如 Frederico 提到的，就我們庫存中的其他產品而言，HEVO-Solar 並沒有消亡。我們仍有項目正在進行中。因此，我們將在生產中利用我們現有的材料。

Our R&D team have also done a pretty good job at reviewing the materials to be used for HEVO-Chain, both containerized and non-containerized. And we've been able to utilize many, many components within the inventory that if that process wasn't done, then they would have had to be impaired.

我們的研發團隊在審查用於 HEVO-Chain 的材料（集裝箱式和非集裝箱式）方面也做得相當出色。我們已經能夠利用庫存中的許多組件，如果不完成該過程，那麼它們將不得不受到損害。

And we will continue -- we will be on this journey for the next couple of months until HEVO-Chain becomes a bit more recognized in the market. And then we're actually installing the product. So hopefully not is the answer based on the review that we've done so far.

我們將繼續——我們將在接下來的幾個月裡繼續這一旅程，直到 HEVO-Chain 在市場上得到更多認可。然後我們就實際安裝該產品。因此，根據我們迄今為止所做的審查，希望答案不是。

Thanks, Gavin. Frederico, can you touch on the US strategy? Has the US market been de-prioritized in the near term in favor of Northern and Southern Europe?

謝謝，加文。 Frederico，您能談談美國的戰略嗎？短期內美國市場是否已不再優先考慮，轉而青睞北歐和南歐市場？

Thanks, Ben. No, absolutely not. So the US market, the North American market -- I'll throw Canada in there as well -- is certainly a priority for us. As I noted during our speech, we've been making offers for both Northern European markets as well as North American markets.

謝謝，本。不，絕對不是。因此，美國市場、北美市場——我也會把加拿大也包括在內——當然是我們的首要任務。正如我在演講中指出的那樣，我們一直在為北歐市場和北美市場提供報價。

The IRA is a phenomenal opportunity for anyone in the green hydrogen space. Any project that includes our technology can benefit from the $3 tax credit per kilogram of hydrogen produced. So it's certainly a focus.

對於綠色氫領域的任何人來說，IRA 都是一個非凡的機會。任何採用我們技術的項目都可以享受每生產一公斤氫氣 3 美元的稅收抵免。所以這當然是一個焦點。

In fact, this is one of the partnership discussions and we are engaged in. So we look forward to be able to sharing more with you all related to our efforts in North America. But just to note that it is certainly a priority for us.

事實上，這是我們正在進行的合作夥伴關係討論之一。因此，我們期待能夠與大家分享更多與我們在北美的努力相關的信息。但請注意，這當然是我們的首要任務。

How we plan to cover that market going forward beyond just sort of answering for inbound technology requests and ongoing work on projects that were already in flight, I believe, will become clearer as we're able to announce details around our partnerships. So I will be vague but hope to be able to communicate more in the coming weeks.

我相信，隨著我們能夠公佈有關我們合作夥伴關係的細節，我們計劃如何覆蓋該市場，而不僅僅是滿足入站技術請求和正在進行的已啟動項目的工作，將會變得更加清晰。所以我會含糊其辭，但希望能夠在未來幾週內進行更多溝通。

Great. We'll pivot now to some questions from [Jeffrey Grant] with AGP. What are the remaining steps required to reach FID on the projects with Hydrogen Ventures?

偉大的。我們現在將轉向 [Jeffrey Grant] 與 AGP 提出的一些問題。與 Hydrogen Ventures 達成項目最終投資決定還需要哪些步驟？

Sure. So for projects with Hydrogen Ventures, the one that we have discussed with them, this is a project that we've been -- already, we have the licensing of the power grid. We have the power line. We have the hydrogen production line.

當然。因此，對於與 Hydrogen Ventures 合作的項目，我們已經與他們討論過這個項目，我們已經獲得了電網的許可。我們有電源線。我們有氫氣生產線。

So at the moment, this is more around the contractual discussions with Hydrogen Ventures then doing the review and due diligence on the project or the project materials, the grants contracts, and so on. So in terms of FID, these are now the coming months. It's really on investor review of the project more than any particular milestone.

因此，目前更多的是與 Hydrogen Ventures 進行合同討論，然後對項目或項目材料、贈款合同等進行審查和盡職調查。因此，就最終投資決定而言，現在是未來幾個月。這實際上更多地取決於投資者對項目的審查，而不是任何特定的里程碑。

Great. The second question concerns the reference made in the second quarter materials for more standardization and rigor in sales efforts. Can you expand on what you mean by that and what benefit that standardization will have?

偉大的。第二個問題涉及第二季度材料中的參考資料，以提高銷售工作的標準化和嚴謹性。您能否詳細說明一下您的意思以及標準化將帶來什麼好處？

So of course -- so effectively, when you do a HEVO -- this one of the advantages of the HEVO-Chain. When we do a HEVO-Solar project, every single project needs to be completely tailored with the amounts of hydrogen produced by HEVO-Solar. It depends on the local [radiation] of that site. The topography of the land can change the requirements and so on.

當然，當您進行 HEVO 時，這非常有效，這是 HEVO 鏈的優勢之一。當我們開展 HEVO-Solar 項目時，每個項目都需要根據 HEVO-Solar 生產的氫氣量進行完全定制。這取決於該地點的當地[輻射]。土地的地形可以改變要求等等。

So every single proposal needed substantial custom [wires] and custom offering, nearly doing a full project review just to put out an offer. With the HEVO-Chain, we're able to have standard offers. So we have effectively much more standard building blocks that can be applied anywhere, given that it only requires a certain amount of land to place the unit.

因此，每個提案都需要大量的定制[電線]和定制產品，幾乎要進行完整的項目審查才能提出報價。借助 HEVO-Chain，我們能夠提供標準報價。因此，我們實際上擁有更多可以應用於任何地方的標準構建塊，因為只需要一定數量的土地來放置單元。

This has allowed us to have pretty much from standard designs to standard offer letters, layouts, 3D layouts, and so on. There's the ability to be able to deliver nearly 40-plus offers in a couple of months. It simply would have -- not have been possible with the HEVO-Solar offering. So that standardization is what we're referring to.

這使我們能夠擁有從標准設計到標準報價信函、佈局、3D 佈局等的幾乎所有內容。有能力在幾個月內提供近 40 多個報價。對於 HEVO-Solar 產品來說，這是不可能的。所以我們所說的標準化就是標準化。

Thanks. Moving up some questions from the audience. What's the status of the HEVO-Solar given the permitting challenges referenced during the quarter? And can you provide some additional commentary on those permitting issues in Portugal and Spain?

謝謝。提出一些觀眾的問題。考慮到本季度提到的許可挑戰，HEVO-Solar 的狀況如何？您能否對葡萄牙和西班牙的許可問題提供一些補充評論？

So again, permitting issues in Portugal and Spain are related to the type of land and the rules and requirements that each hydrogen project has to go through. So for example, last year, Portugal passed a regulation that was called the Simplex that allowed hydrogen projects to be sped through a number of regulatory and licensing requirements. And was sort of a licensing light approach.

同樣，葡萄牙和西班牙的許可問題與土地類型以及每個氫項目必須遵守的規則和要求有關。例如，去年，葡萄牙通過了一項名為“Simplex”的法規，允許氫能項目加快通過一系列監管和許可要求。這是一種許可輕型方法。

As of this year, that provision was reversed, and that accelerated process isn't possible to projects that were pursuing that Simplex system. They've been informed that they need to revert back to the old lengthier regulatory process. So that sort of change of goalposts from the regulators make it very hard for the various projects.

截至今年，該規定已被撤銷，對於追求 Simplex 系統的項目來說，加速過程是不可能的。他們被告知需要恢復到舊的、冗長的監管流程。因此，監管機構的這種改變讓各種項目變得非常困難。

It particularly hits the HEVO-Solar because the type and the -- I should say the original regulatory requirements that they now reverted back to the amount of licensing required -- or should we say required licensing hurdles significantly increases the footprint size of the project.

它對HEVO-Solar 的打擊尤其嚴重，因為其類型和——我應該說他們現在恢復到所需許可數量的最初監管要求——或者我們應該說所需的許可障礙顯著增加了項目的佔地面積。

So when you're doing a 1-hectare project, it's very different when you're doing a 10-hectare project and so on. So effectively, the required licensing process for a HEVO-Solar project of any -- sort of a relatively decent size meant that it -- it would immediately hit all the highest hurdles.

因此，當您進行 1 公頃的項目時，當您進行 10 公頃的項目等時，情況會非常不同。如此有效地，任何 HEVO-Solar 項目所需的許可程序（相對體面的規模意味著它）將立即遇到所有最高的障礙。

Yes, this was a development in the regulatory process that caught us by surprise, given that the previous one was only implemented last year but effectively changed the game for the HEVO-Solar in these markets.

是的，這是監管流程中的一項進展，令我們感到驚訝，因為前一項監管流程去年才實施，但實際上改變了 HEVO-Solar 在這些市場的遊戲規則。

It's not to say that that applies to Morocco or other markets; but certainly for Portugal and Spain, these were one of the changes So effectively, what we have done is we have separated the hydrogen production from the power production in terms of physical separation, and we transferred the electrons to the electrolyzer. This proves still to be a very cost-effective manner because the HEVO-Chain is actually performing very well, exceptionally well, with a very low -- or should I say very high efficiency -- low kilowatt-hour requirement per kilogram.

這並不是說這適用於摩洛哥或其他市場；但對於葡萄牙和西班牙來說，這些當然是變化之一。因此，我們所做的就是通過物理分離將氫氣生產與電力生產分開，並將電子轉移到電解槽。事實證明，這仍然是一種非常具有成本效益的方式，因為 HEVO 鏈實際上性能非常好，非常好，每公斤的千瓦時需求非常低（或者我應該說非常高）。

Thanks, Frederico. Can you provide an update on the Gedisol project, which was announced last year?

謝謝，弗雷德里科。您能否介紹一下去年宣布的 Gedisol 項目的最新情況？

Sure. The Gedisol project and the HEVO-Solar project, to be specific, those are the two projects that were impacted by the delays in licensing as Gavin mentioned. These were the projects that we were expecting to deliver this year that had been -- we had to change the investors for those projects to other projects in our portfolio.

當然。具體來說，Gedisol 項目和 HEVO-Solar 項目是受到 Gavin 提到的許可延遲影響的兩個項目。這些是我們預計今年交付的項目 - 我們必須將這些項目的投資者更改為我們投資組合中的其他項目。

Thanks. When should investors expect some clarity on the company's capital position?

謝謝。投資者什麼時候應該期望公司的資本狀況得到一些澄清？

So I think as Frederico mentioned, we are in discussions with various counterparts regarding various different financing solutions. So it's not appropriate for me to go through in detail right now, but hopefully soon.

因此，我認為正如 Frederico 提到的，我們正在與各個同行討論各種不同的融資解決方案。因此，我現在不適合詳細介紹，但希望很快就能完成。

But again, what I will build on my previous comments is that our goal has always been for us to bridge our finances to cash flow breakeven. We continue to look at all the solutions available to us to protect shareholder value.

但同樣，我將在之前的評論的基礎上強調，我們的目標始終是讓我們的財務達到現金流收支平衡。我們將繼續尋找所有可用的解決方案來保護股東價值。

We don't want to fully fund the business plan on day one, especially given our depressed share price because any significant financing ends up being a dilutive recapitalization of the company. So we must move with caution on these items. So hopefully, we'll provide an update relatively soon. Frederico, anything to add to that?

我們不想在第一天就為業務計劃提供全額資金，特別是考慮到我們的股價低迷，因為任何重大融資最終都會成為公司的稀釋性資本重組。因此，我們必須謹慎對待這些項目。希望我們能夠盡快提供更新。 Frederico，有什麼要補充的嗎？

No, that's all right.

不，沒關係。

Thanks, Gavin. Are you in a position to disclose Fusion Fuel's levelized cost of hydrogen from the HEVO-Chain solution? And then from a commercial standpoint, are you seeing customer willingness to pay a premium for green hydrogen?

謝謝，加文。您是否可以透露 Fusion Fuel 從 HEVO-Chain 解決方案中獲得氫氣的平均成本？然後從商業角度來看，您是否看到客戶願意為綠色氫支付溢價？

Ben, so on the first point, I'll just refer people back to the slides we've shared previously, where we know the levelized cost of hydrogen for our HEVO solution. We are already at that point in time recognizing that levelized cost of hydrogen applied to both the HEVO-Solar and the HEVO-Chain. And therefore, even in the slide, at that point in time, it simply said that HEVO solution.

Ben，關於第一點，我將讓大家回顧一下我們之前分享的幻燈片，其中我們了解了 HEVO 解決方案的氫氣平準化成本。那時我們已經認識到氫氣的平準化成本適用於 HEVO-Solar 和 HEVO-Chain。因此，即使在幻燈片中，在那個時間點，它也只是簡單地說 HEVO 解決方案。

So we have made that public before. We believe it is industry leading. And I know that the final levelized cost of hydrogen for any project very much depends on the cost of energy for a project and the load factor, so if it's solar only or solar and wind. Again, we are seeing phenomenal results for projects we are modelling with solar and wind with the HEVO-Chain from. So I would refer back to that.

所以我們之前已經公開過這一點。我們相信它是行業領先的。我知道，任何項目的氫的最終平準化成本在很大程度上取決於項目的能源成本和負載係數，因此是僅使用太陽能還是太陽能和風能。我們再次看到我們使用 HEVO-Chain 使用太陽能和風能進行建模的項目取得了驚人的結果。所以我想回顧一下這一點。

Ben, sorry, there's a second part to the question?

本，抱歉，問題還有第二部分嗎？

Yes, just touching on customer willingness to pay a premium for green hydrogen.

是的，只是涉及客戶為綠色氫支付溢價的意願。

Absolutely. So as we've noticed, we been able to close 300 purchase agreements. This is something that is rare in the market, and we are effectively seeing that happen more and more. We'll note that the guarantee of the hydrogen market is starting to truly take shape in Europe.

絕對地。正如我們所注意到的，我們能夠達成 300 份購買協議。這在市場上是罕見的，而且我們實際上看到這種情況越來越多。我們會注意到，氫市場的保障正在歐洲開始真正形成。

And we see the first sort of demand and prices of that come out into the market. Those make green hydrogen projects extremely attractive. So we certainly are seeing that appetite for a certain amount of volume of green hydrogen at a premium.

我們看到第一種需求和價格出現在市場上。這些使得綠色氫項目極具吸引力。因此，我們肯定會看到人們對一定量的綠色氫的需求非常高。

A quick question here on how the proposed three pillars regulations being considered in the US would impact Fusion Fuel and aspirations or desire to utilize the $3 PTC, if at all. I'll just chime in here as I sit here in the US. I invite Frederico and Gavin to add.

這裡有一個簡單的問題，即美國正在考慮的擬議三大支柱法規將如何影響聚變燃料以及使用 3 美元 PTC 的願望或願望（如果有的話）。當我坐在美國這裡時，我只是插話一下。我邀請 Frederico 和 Gavin 補充。

So for those who aren't aware, the three proposed pillars are temporal matching, so matching energy consumption with clean energy production on an hourly basis; additionality, it's only using installed -- recently installed, I should say, renewable production; and the deliverability, which is using renewables production that is co-located with the hydrogen facility.

因此，對於那些不知道的人來說，擬議的三個支柱是時間匹配，因此按小時將能源消耗與清潔能源生產相匹配；額外性，它只使用已安裝的——我應該說，最近安裝的可再生生產；以及可交付性，即使用與氫氣設施位於同一地點的可再生能源生產。

Interestingly, those first two pillars are consistent with the delegated acts that were adopted earlier this year by the EU. So we don't -- it doesn't represent a meaningful hurdle for us as we're already ensuring compliance with our project design and definition in our European portfolio.

有趣的是，前兩個支柱與歐盟今年早些時候通過的授權法案是一致的。所以我們不會——這對我們來說並不構成一個有意義的障礙，因為我們已經確保遵守我們歐洲投資組合中的項目設計和定義。

And then with respect to deliverability, our modular technology is designed for co-location, both with end users as well as with renewables production. So we don't anticipate meaningful changes to our approach to projects in the US going forward.

然後就交付能力而言，我們的模塊化技術專為與最終用戶以及可再生能源生產進行共置而設計。因此，我們預計未來我們在美國的項目方法不會發生有意義的改變。

Anything to add? Otherwise, I'll move on.

有什麼要補充的嗎？否則，我會繼續前進。

Thanks, Ben.

謝謝，本。

Great. A question here on the status of the IPSE submission. Has feedback been received, and how does the transition from HEVO-Solar to HEVO-Chain impact that project, if at all?

偉大的。這裡有一個關於 IPSE 提交狀態的問題。是否收到反饋？從 HEVO-Solar 到 HEVO-Chain 的過渡對該項目有何影響（如果有的話）？

So we've been working in performing -- I'm now speaking generally, not specifically to the IPSE, but all programs that we've been doing the transition from HEVO-Solar to HEVO-Chain in a coordinated manner to ensure that this doesn't cause problems to the different fundings and awards that have been granted.

所以我們一直在努力執行——我現在泛泛而談，不是專門針對 IPSE，而是我們一直在以協調的方式從 HEVO-Solar 過渡到 HEVO-Chain 的所有項目，以確保這一點不會對已授予的不同資金和獎項造成問題。

The IPSE grant, as I mentioned in my notes, we continue to await a final decision. We have been receiving questions pretty much continuously on the project throughout the last month, and we eagerly await the decision. No expectation on timing, sorry. We do not have nor received indication as to when the timing would be.

正如我在筆記中提到的那樣，IPSE 補助金我們仍在等待最終決定。在過去的一個月裡，我們幾乎不斷收到有關該項目的問題，我們熱切地等待著決定。抱歉，對時間沒有期望。我們沒有也沒有收到關於具體時間的指示。

Great, thanks. Perhaps a question for Gavin. How are you thinking about reducing fixed costs given the commercial challenges and revised revenue guidance discussed during the call?

萬分感謝。也許有個問題要問加文。考慮到電話會議期間討論的商業挑戰和修訂後的收入指導，您如何考慮降低固定成本？

Yes. So we have embarked on a rigorous review of our cost base from cost of materials, general operating costs. All costs are being considered. And I think it's of paramount importance for us to ensure that our cost base matches as much the reduction in the inflows so that we can continue to be in efficient density and meet our milestones as quickly as possible.

是的。因此，我們開始對我們的成本基礎進行嚴格審查，包括材料成本、一般運營成本。所有成本都在考慮之中。我認為對我們來說最重要的是確保我們的成本基礎與流入量的減少盡可能匹配，以便我們能夠繼續保持高效的密度並儘快實現我們的里程碑。

Thanks, Gavin. What is the status of the -- Frederico, you alluded to this earlier. But what's the status of the US strategy given the departures of the previous Co-Presidents of Fusion Fuel USA? Do you plan to hire new leadership at any point?

謝謝，加文。 Frederico 的狀況如何，您之前提到過這一點。但鑑於美國聚變燃料公司前任聯席總裁的離職，美國戰略的現狀如何？您是否計劃在任何時候聘請新的領導層？

The US recognizes definitely a core market for us. We've mentioned in the past that we had several projects that we are pursuing there. We are actively engaged in partnership discussions for the US market, which I hope will bring some clarity to that question.

美國絕對承認我們的核心市場。我們過去曾提到過，我們正在那裡開展幾個項目。我們正在積極參與美國市場的合作夥伴討論，我希望這將使這個問題得到一些澄清。

I will just leave everyone with a note that, yes, the US is a priority for us. And yes, we do intend to have coverage and work together with local partners to make the most of the opportunity set in the Americas. We have already also been looking at the -- or starting the process of licensing our HEVO-Chain solution to also be -- have all the required licenses for sale in the US. So certainly very much in our strategic priority list.

我只想給大家說一句，是的，美國是我們的優先事項。是的，我們確實打算進行報導並與當地合作夥伴合作，以充分利用美洲的機會。我們也已經在考慮——或者開始為我們的 HEVO-Chain 解決方案授予許可——擁有在美國銷售所需的所有許可證。因此，這肯定是我們的戰略優先事項清單中的一部分。

Thanks. With respect to the new information on BGR in India, what are the drivers of that project or kind of Indian aspirations given the notable difference in the subsidy and grant environment between India and Europe and North America?

謝謝。關於印度 BGR 的新信息，鑑於印度與歐洲和北美之間的補貼和贈款環境存在顯著差異，該項目的驅動力或印度的願望是什麼？

Yes. So India does have substantial hydrogen project support and also hydrogen technology support, making it an attractive market for the future. This is why, when we talk about the partnership of BGR Energy, it goes beyond just the demonstrated plant.

是的。因此，印度確實擁有大量的氫能項目支持和氫能技術支持，使其成為未來有吸引力的市場。這就是為什麼當我們談論 BGR Energy 的合作夥伴關係時，它不僅僅局限於示範工廠。

The demonstrated plant would need to be seen in context of a broader effort for the Indian market. Given those discussions on what the activity is being done there on the BGR side and not on our side, not going to come into the specifics of those projects, but just to note that it is in the context of a broader effort and attractiveness that we see in the Indian market.

示範工廠需要在更廣泛的印度市場努力的背景下進行考察。鑑於有關 BGR 方面而不是我們方面正在開展哪些活動的討論，我們不會討論這些項目的具體細節，只是要指出，我們是在更廣泛的努力和吸引力的背景下進行的看看印度市場。

Thanks. Gavin, a question here from (inaudible) with Fearnley Securities: can you just help contextualize a bit more of the EUR20 million reduction in revenue guidance for 2023? Is that due to grants not being recognized as revenue due to delayed commissioning? Or perhaps just elaborate a little bit more on that.

謝謝。 Gavin，Fearnley Securities 的一個問題（聽不清）：您能否幫助我們了解一下 2023 年收入指導減少 2000 萬歐元的具體情況？這是因為調試延遲而導致贈款未確認為收入嗎？或者也許只是詳細說明一下。

Sure. Thanks, Ben. So the EUR20 million reduction is purely because of the two projects, so the HEVO-Solar and the Gedisol projects, that will no longer go ahead in 2023. So the revenue that would have been recognized on both contracts would have related to the electrolyzer, the HEVOs that we would have sold to those projects once investors have basically taken control of the special purpose vehicles who will develop the project, okay?

當然。謝謝，本。因此，減少 2000 萬歐元純粹是因為這兩個項目，即 HEVO-Solar 和 Gedisol 項目，到 2023 年將不再進行。因此，這兩個合同中確認的收入將與電解槽有關，一旦投資者基本上控制了將開發該項目的特殊目的工具，我們就會將HEVO 出售給這些項目，好嗎？

So not related to grants other than the fact that because the grants were acquired, the project's to be completed in 2023. [I think it] meant because the project could be completed 2023, the grants were no longer relevant. They couldn't be drawn down. So it was more a timing issue that the projects couldn't be completed for us to recognize the revenue as opposed to grants not being recognized.

因此，與贈款無關，除了因為贈款已獲得，該項目將於 2023 年完成。[我認為]這意味著因為該項目可以在 2023 年完成，贈款不再相關。他們無法被拖垮。因此，項目無法完成而我們無法確認收入更多的是一個時間問題，而不是贈款未被確認。

Gavin, I will also note that the -- one of the projects that was impacted was the HEVO-Solar project. And the investor counterpart for that was Hydrogen Ventures. It is by no coincidence that we have simply now moved Hydrogen Ventures to the Azambuja project.

Gavin，我還要指出的是，受影響的項目之一是 HEVO-Solar 項目。與之對應的投資者是 Hydrogen Ventures。我們現在將 Hydrogen Ventures 轉移到 Azambuja 項目並非巧合。

So effectively, the concept, the use case, everything remains the same. It is simply a change of sight in the discussions. So this is why we are well advanced, and we believe that those contracts can be closed by year end. This is an evolution of the efforts we were already making with them with a change of location rather than a whole new discussion.

因此，概念、用例、一切都保持不變。這只是討論中觀點的改變。這就是為什麼我們進展順利，我們相信這些合同可以在年底前完成。這是我們已經與他們所做的努力的演變，只是改變了地點，而不是進行全新的討論。

Thanks, Frederico. Last question before we close here, it relates to strategic partnerships more broadly, but there was a question around whether the company is considering a partnership or collaboration with companies like JC Bamford, given their stated desire to be a leader in hydrogen-powered heavy-duty equipment.

謝謝，弗雷德里科。在我們結束之前的最後一個問題，它涉及更廣泛的戰略合作夥伴關係，但有一個問題是，考慮到JC Bamford 等公司明確表示希望成為氫動力重型汽車領域的領導者，該公司是否正在考慮與JC Bamford 等公司建立夥伴關係或合作。執勤設備。

For us, we are looking at a broad spectrum of partnerships. As we've noted before, we have a partnership with Toshiba in the R&D development and maintaining our leading position in that platinum group metals.

對於我們來說，我們正在尋求廣泛的合作夥伴關係。正如我們之前指出的，我們與東芝在研發方面建立了合作夥伴關係，並保持了我們在鉑族金屬領域的領先地位。

We discussed with Duferco Energia today a partnership on commercial coverage for the Italian market. We -- I mentioned before a European partnership to fund and develop some of the projects in our portfolio.

我們今天與 Duferco Energia 討論了意大利市場商業覆蓋的合作夥伴關係。我們——我之前提到過歐洲合作夥伴關係來資助和開發我們投資組合中的一些項目。

So we are looking at a number of them, and specific users like industrial users or heavy users of hydrogen are included in that. I'm not going to speak about specific names, so on as understandable. But yes, we have various types of partnerships being engaged in.

因此，我們正在研究其中的一些用戶，其中包括工業用戶或氫的大量用戶等特定用戶。我不會談論具體的名稱，這樣可以理解。但是，是的，我們正在建立各種類型的合作夥伴關係。

Thanks, Frederico. So that will do it for our second-quarter webcast. Thanks to everyone who joined. If you have additional questions or if you'd like to speak with myself or with management, please feel free to reach out to me and the IR team at ir@fusion-fuel.eu, and we'll look forward to seeing you all again at our next update.

謝謝，弗雷德里科。這樣我們的第二季度網絡廣播就完成了。感謝所有加入的人。如果您還有其他問題，或者您想與我本人或管理層交談，請隨時通過 ir@fusion-fuel.eu 與我和 IR 團隊聯繫，我們期待與大家見面在我們的下一次更新中再次強調。

Thank you all.

謝謝你們。

Thank you.

謝謝。