Fusion Fuel Green PLC (HTOO) 2023 Q4 法說會逐字稿

Hello, everyone.

大家好。

Welcome to Fusion Fuel Green's fourth-quarter 2023 investor update.

歡迎閱讀 Fusion Fuel Green 2023 年第四季投資者更新。

My name is Ben Schwarz, and I'm Head of Investor Relations at Fusion Fuel.

我叫 Ben Schwarz，是 Fusion Fuel 投資人關係主管。

I'd first like to remind everyone that some of the information provided during the conference call may contain statements of future expectations and other forward-looking statements.

首先我想提醒大家，電話會議中提供的一些資訊可能包含未來預期的陳述和其他前瞻性陳述。

These expectations are based on management's current views and assumptions and involve known and unknown risks uncertainties.

這些預期是基於管理階層目前的觀點和假設，涉及已知和未知的風險不確定性。

It's possible that our actual results and financial condition may differ from anticipated results and financial condition indicated in these forward-looking statements.

我們的實際結果和財務狀況可能與這些前瞻性陳述中所示的預期結果和財務狀況有所不同。

For a discussion of some of these risks and important factors that could affect Fusion Fuel's future results, see the Risk Factors in the company's latest annual report on Form 20-F filed with the SEC.

有關可能影響 Fusion Fuel 未來業績的部分風險和重要因素的討論，請參閱該公司向 SEC 提交的最新 20-F 表格年度報告中的風險因素。

Fusion Fuel assumes no obligation to update or revise any forward-looking information provided during the conference call and shall not be liable for any action taken in reliance upon such information.

Fusion Fuel 不承擔更新或修改電話會議期間提供的任何前瞻性資訊的義務，也不對依賴此類資訊採取的任何行動承擔責任。

Okay, with that out of the way, thank you all for joining us today.

好的，先說這麼多，謝謝大家今天加入我們。

In terms of our agenda for the next hour, again, I'll kick things off with an overview of Fusion Fuel with some thoughts on the hydrogen market and industry dynamics.

就我們下一小時的議程而言，我將再次概述聚變燃料，並對氫市場和產業動態進行一些思考。

Frederico and Gavin will then review highlights from 2023 fourth-quarter results on commercial updates, including the exciting announcement of our recent IPCEI designation earlier this year.

Frederico 和 Gavin 隨後將回顧 2023 年第四季度商業更新的亮點，包括我們今年早些時候令人興奮地宣布的最近的 IPCEI 指定。

Before wrapping up with a discussion of our 2024 priorities, we'll then open up the floor for facilitate Q&A.

在結束 2024 年優先事項的討論之前，我們將開放場地以方便問答。

As in our previous quarterly calls, questions can be entered in the chat box in the webcast platform at any point during the next hour.

與我們之前的季度電話會議一樣，可以在接下來的一個小時內隨時在網路直播平台的聊天框中輸入問題。

You can also submit your questions directly to the Investor Relations mailbox at ir@fusion-fuel.eu.

您也可以直接將問題提交至投資者關係信箱：ir@fusion-fuel.eu。

So let's begin with a refresher on Fusion Fuel.

讓我們先回顧一下聚變燃料。

Our value proposition and positioning in the green hydrogen market.

我們在綠氫市場的價值主張與定位。

Our mission is to unlock the energy transition through the design and development of innovative, green hydrogen solutions.

我們的使命是透過設計和開發創新的綠氫解決方案來實現能源轉型。

At the heart of everything we do is our proprietary HEVO micro-electrolyzer technology, which employs a simplified and modularized architecture that creates multiple sources of advantage for us, including high throughput and industrialized production and a scalable building block approach, enabling us to play competitively in small- to mid-scale projects, a segment of the market where we're seeing considerable demand today.

我們所做的一切的核心是我們專有的HEVO 微電解槽技術，該技術採用簡化的模組化架構，為我們創造多種優勢來源，包括高吞吐量和工業化生產以及可擴展的構建塊方法，使我們能夠發揮競爭力在中小型專案中，我們今天看到了這個市場的巨大需求。

We've built a robust European pipeline of actionable near-term green hydrogen projects with diverse avenues for monetizing value creation along the development cycle highlighted by the recent designation of our HEVO-Portugal Project as an Important Projects of Common European Interest.

我們已經在歐洲建立了一系列可操作的近期綠色氫項目，並透過多種途徑在開發週期中實現價值創造貨幣化，最近將我們的HEVO-葡萄牙項目指定為歐洲共同利益的重要項目，這凸顯了這一點。

More on that later.

稍後會詳細介紹。

We have a differentiated and complementary business model that positions us as one of the few green hydrogen players that can credibly deliver truly end-to-end solutions, supporting clients throughout their green hydrogen journey.

我們擁有差異化和互補的業務模式，使我們成為少數能夠可靠地提供真正的端到端解決方案、在整個綠色氫之旅中為客戶提供支援的綠色氫參與者之一。

And finally, we're well-positioned to take advantage of a significant growth plan as the market develops with an extensive long-term project pipeline and a world-class production facility located in Portugal as we mentioned for 500 megawatts of annualized production.

最後，隨著市場的發展，我們處於有利地位，可以利用重大成長計劃，擁有廣泛的長期項目管道和位於葡萄牙的世界級生產設施，正如我們提到的年產量為 500 兆瓦。

On the next slide.

在下一張投影片上。

So a couple of observations on the green hydrogen market to help ground today's discussion.

因此，對綠色氫市場的一些觀察有助於為今天的討論奠定基礎。

It should come as to know a great surprise that 2023 was a difficult year in the green hydrogen space.

令人驚訝的是，2023 年對於綠色氫能領域來說是艱難的一年。

What was expected to be an inflection point turned out to be, in many ways, a step back as we saw a deceleration of commercial activity.

當我們看到商業活動減速時，原本預期的轉折點在許多方面都被證明是倒退。

There are multi factors that drove this dynamic, some of which we've touched on previously, including technological immaturity, regulatory uncertainty, persistent cost premium for green molecules, and a lack of access to project financing, among others.

推動這種動態的因素有很多，其中一些我們之前已經談到過，包括技術不成熟、監管不確定性、綠色分子持續的成本溢價以及缺乏專案融資等。

One of the downstream impacts of the delay in market development is that it has extended the timeline to profitability for many market participants, prompting greater attention from investors on capital discipline and triggering a shift in strategy towards more sustainable balanced growth.

市場發展延遲的下游影響之一是，它延長了許多市場參與者的獲利時間，促使投資者更加關注資本紀律，並引發策略轉向更永續的平衡成長。

We did see -- start to see some signs of life in the fourth quarter, which we'll discuss a little bit later, capped by the announcement of the Hy2Infra IPCEI program last month, which has the potential to catalyze the European green hydrogen market and address a long-standing infrastructure bottleneck.

我們確實看到了——第四季度開始看到一些生機跡象，我們稍後將討論這一點，上個月宣布的 Hy2Infra IPCEI 計劃為上限，該計劃有潛力促進歐洲綠色氫市場並解決長期存在的基礎設施瓶頸。

It's not unreasonable to expect some of these more structural headwinds to persist into 2024, but these challenges also present an opportunity for differentiation.

預計這些結構性阻力中的一些將持續到 2024 年並非沒有道理，但這些挑戰也提供了差異化的機會。

As Frederico and Gavin will explain over the course of the next half hour, we believe Fusion Fuel is well-positioned to overcome these challenges and capitalize on the emerging opportunities we see in front of us.

正如 Frederico 和 Gavin 將在接下來的半小時中解釋的那樣，我們相信 Fusion Fuel 已做好充分準備來克服這些挑戰並利用我們面前的新興機會。

So with that, I'll now introduce Gavin Jones, CFO of Fusion Fuel, to share some highlights from the third quarter -- fourth quarter, I should say, of 2023.

因此，現在我將介紹 Fusion Fuel 財務長 Gavin Jones，分享 2023 年第三季（我應該說是第四季）的一些亮點。

Thank you, Ben.

謝謝你，本。

Good afternoon, or morning, to all of you who have joined our fourth-quarter investor update call.

下午好，或早上好，所有參加我們第四季投資者更新電話會議的人。

I'm joining today from our offices at Ireland.

我今天從愛爾蘭的辦公室參加會議。

During the fourth quarter, we received two separate purchase orders for a combined EUR4.2 million of revenue.

第四季度，我們收到了兩份單獨的採購訂單，總收入為 420 萬歐元。

These projects will serve as customers in Portugal and will include the supply of our HEVO-Chain products along with bonds of plant equipment and EPC services and will each represent a 1.25-megawatt system.

這些項目將作為葡萄牙的客戶，包括供應我們的 HEVO-Chain 產品以及工廠設備和 EPC 服務，每個項目都代表一個 1.25 兆瓦的系統。

In addition, we entered into a securities purchase agreement with Belike Nominees, a Macquarie Group Company.

此外，我們與麥格理集團旗下的 Belike Nominees 簽訂了證券購買協議。

After the end of the fourth quarter, we received notification of the European Commission's acceptance of our HEVO-Portugal Project as an Important Project of Common European Interest.

第四季末後，我們收到歐盟委員會接受我們的HEVO-葡萄牙計畫作為歐洲共同利益重要計畫的通知。

Frederico will cover what this IPCEI stamp means for Fusion Fuel later in his presentation.

Frederico 將在稍後的演講中介紹這個 IPCEI 印章對 Fusion Fuel 的意義。

We raised net proceeds of EUR5.9 million through our ATM facility during February, with the lion share of this being raised on February 16, when we witnessed unprecedented trading volume following the IPCEI award.

2 月份，我們透過 ATM 設施籌集了 590 萬歐元的淨收益，其中大部分是在 2 月 16 日籌集的，當時我們見證了 IPCEI 獲獎後前所未有的交易量。

And finally, last week, we were awarded a separate grant from the European Commission as part of the H2tALENT consortium.

最後，上週，我們作為 H2tALENT 聯盟的一部分獲得了歐盟委員會的單獨資助。

The total value of this award is just above EUR1 million.

該獎項的總價值略高於 100 萬歐元。

We will now move on to the financial results for the fourth quarter.

我們現在將討論第四季度的財務表現。

Please note that all items discussed are in euros, unless stated otherwise.

請注意，除非另有說明，所有討論的項目均以歐元為單位。

We recognized EUR1.6 million in revenue during the fourth quarter.

我們在第四季確認了 160 萬歐元的收入。

This represents the revenue related with our manufacture and supply of a hydrogen production system, to CSIC.

這代表與我們向中船重工製造和供應氫氣產生系統相關的收入。

As a reminder, CSIC is the largest public research institution in Spain, and this project is based in Zaragoza.

需要提醒的是，CSIC 是西班牙最大的公共研究機構，該計畫的總部位於薩拉戈薩。

This contract has three phases.

該合約分為三個階段。

And during 2023, we completed we completed Phase 1 and Phase 2, with Phase 3 scheduled for completion during the first half of 2024.

2023 年，我們完成了第一階段和第二階段，第三階段計劃於 2024 年上半年完成。

In addition to the revenues recorded, we had EUR0.6 million of inflows, but did not meet the revenue recognition requirements.

除了記錄的收入外，我們還有 60 萬歐元的流入，但未滿足收入確認要求。

And instead, these amounts will be recognized as revenue during 2024.

相反，這些金額將在 2024 年確認為收入。

As you may remember from our second-quarter investor presentation, we booked a provision against components within our inventory that were manufactured to legacy design.

您可能還記得我們第二季的投資者演示中，我們針對庫存中按照傳統設計製造的組件預訂了一項撥備。

During the fourth quarter, we reported a net increase of EUR6.4 million to this impairment provision and recorded a separate impairment charge of EUR3.3 million relating to one of our development projects.

在第四季度，我們的減損撥備淨增加了 640 萬歐元，並記錄了與我們的一個開發項目相關的單獨減損費用 330 萬歐元。

These significant impairments are for specific components included in the legacy HEVO-Solar bracket.

這些重大損害是針對傳統 HEVO-Solar 支架中包含的特定組件的。

When we carried out the reviews of the inventory components during the second half of 2023, we fully expect to utilize these components for sales to a third party.

當我們在 2023 年下半年對庫存組件進行審查時，我們完全希望利用這些組件向第三方銷售。

As recently as last week, it became apparent that selling these components will not be a short-term solution as negotiations with prospective buyers have stalled.

就在上週，由於與潛在買家的談判陷入僵局，出售這些零件顯然不是短期解決方案。

When coupled with the changes in regulation and licensing that saw us give up on the HEVO-Solar project and that make installing HEVO-Solar units significantly more complicated.

再加上監管和許可方面的變化，我們放棄了 HEVO-Solar 項目，這使得安裝 HEVO-Solar 裝置變得更加複雜。

Management has decided to impair the full value until such a time that we have further certainty on our ability to sell or scrap these materials.

管理層決定損害全部價值，直到我們進一步確定我們出售或報廢這些材料的能力。

Some of these components were capitalized within noncurrent assets with the remainder recorded within inventory.

其中一些組成部分在非流動資產中資本化，其餘部分則記錄在存貨中。

We have several of our people dedicated to recovering as much as possible from the legacy inventory that has been impaired during 2023.

我們有幾名員工致力於盡可能從 2023 年受損的遺留庫存中恢復過來。

Since we first started to scrap these legacy components, we've been able to recognize inflows of EUR0.6 million (sic - please see slide 9, "EUR0.4 million"), which have been received between August 2023 and February 2024.

自從我們第一次開始廢棄這些遺留組件以來，我們已經能夠確認 2023 年 8 月至 2024 年 2 月期間收到的 60 萬歐元流入（原文如此 - 請參閱投影片 9，「40 萬歐元」）。

We fully expect these recent impairments to close the chapter on the write-downs related to HEVO-Solar, and we look forward to fully turning the page to HEVO-Chain.

我們完全預計這些最近的減損將結束與 HEVO-Solar 相關的減記章節，並且我們期待完全翻開新的一頁到 HEVO-Chain。

In our investor letter, we alluded to a feeling of before and after.

在我們的投資者信中，我們提到了前後的感覺。

The impairment of legacy materials is another step forward and towards the next stage of our life cycle as a company.

遺留材料的減損是我們公司向生命週期的下一階段邁出的又一步。

Our operating costs decreased for the fourth consecutive quarter.

我們的營運成本連續第四個季度下降。

We saw a reduction to our personnel-related costs when compared to the third quarter.

與第三季相比，我們發現與人員相關的成本有所下降。

This was mainly due to the allocation of a grant inflow against qualifying personnel costs.

這主要是由於根據合格人員成本分配了贈款流入。

In addition, we recorded further adoptions to legal, travel, and consulting fees.

此外，我們也記錄了法律、差旅和諮詢費用的進一步採用。

The pretax loss for the quarter amounted to EUR12.3 million, which was mostly driven by noncash items relating to impairment charges of EUR9.7 million, share-based compensation expense of EUR0.6 million, and a fair value loss associated with our warrants of EUR0.4 million.

本季稅前虧損達 1,230 萬歐元，主要是與 970 萬歐元減損費用相關的非現金項目、60 萬歐元股權激勵費用以及與我們的認股權證相關的公允價值損失造成的40 萬歐元。

Both the noncurrent assets and inventory balances on the balance sheet are shown net of impairment charges.

資產負債表上的非流動資產和存貨餘額均已扣除減損費用。

The further decrease to inventory is down to the revenue recognized.

庫存的進一步減少取決於已確認的收入。

Until we recognize this revenue, the equipment used related to these contracts were recognized as part of inventory.

在我們確認該收入之前，與這些合約相關的使用設備被確認為庫存的一部分。

Other notable movements during the quarter include a reduction of EUR1.5 million in onerous provisions as we utilize some of the provision that was recorded in 2022 for the abovementioned inventory impairments and grant inflows of EUR2.6 million, which were received during the fourth quarter.

本季的其他顯著變動包括繁重準備金減少 150 萬歐元，因為我們利用了 2022 年為上述庫存減損記錄的部分準備金以及第四季度收到的 260 萬歐元贈款流入。

Our bank balance was just over EUR1 million on December 31.

截至 12 月 31 日，我們的銀行餘額剛剛超過 100 萬歐元。

Since then, we have received EUR5.9 million through our ATM facility.

自那時起，我們已透過 ATM 設備收到了 590 萬歐元。

Both our capital position and use of the ATM facility have been common themes during our investor update over the last 12 months.

在過去 12 個月的投資者更新中，我們的資本狀況和 ATM 設施的使用都是共同主題。

Most recently, in our December meeting, I commented that it was our intention to cease activity with the ATM as soon as possible.

最近，在我們 12 月的會議上，我評論說我們打算盡快停止與 ATM 的活動。

This was and continued to be our position until the IPCEI award.

在獲得 IPCEI 獎項之前，這一直是我們的立場。

Around that time, management were considering various short-term financing options that would provide us with a longer runway to a more strategic capital raise.

大約在那個時候，管理層正在考慮各種短期融資方案，這些方案將為我們提供更長的跑道，以實現更具策略性的融資。

On foot of the IPCEI announcement and the consequent trading volumes and share price spike we acted fast and utilized the ATM.

在 IPCEI 公告以及隨之而來的交易量和股價飆升之後，我們迅速採取行動並利用了 ATM。

Based on the options that we had in front of us, the ATM has achieved its way of raising capital in the short term.

根據我們面前的選擇，ATM 已經在短期內實現了籌集資金的目標。

We also didn't have to consider some of the bells and whistles such as warrant coverage, market discounts, interest coupons, and lockup periods that would have caused greater dilution to our shareholders and also could have impacted our ability to do a more strategic raise.

我們也不必考慮一些花俏的東西，如認股權證覆蓋範圍、市場折扣、息票和禁售期，這些可能會對我們的股東造成更大的稀釋，也可能影響我們進行更具策略性的融資的能力。

This was an important milestone for the company given the challenges faced in raising capital.

考慮到籌集資金所面臨的挑戰，這對公司來說是一個重要的里程碑。

We have significant grant amends expected for 2024, which will mostly be to reimburse for spend related to R&D, our production facility, and engineering services for our projects.

預計 2024 年我們將進行重大撥款修改，主要用於償還與研發、生產設施和專案工程服務相關的支出。

Due to the strengthening of our balance sheet in February and as we are now receiving customer inflows regularly, we are satisfied that the operational inflows, coupled with the drawdowns from an acquired facility, will provide sufficient runway to enable us to execute a more strategic capital raise.

由於二月我們的資產負債表得到加強，而且我們現在定期收到客戶流入，我們很滿意營運流入，加上收購設施的回撤，將為我們提供足夠的跑道，使我們能夠執行更具戰略性的資本增加。

On the EUR20-million Macquarie facility, we are working closely with Macquarie to ensure that all remaining conditions that were set at the time of entering the securities purchase agreement have been met so that we were able to draw down the first tranche of $1.15 million before the end of the first quarter of 2024.

對於價值 2000 萬歐元的麥格理融資，我們正在與麥格理密切合作，確保簽訂證券購買協議時設定的所有剩餘條件均已得到滿足，以便我們能夠在之前提取第一筆 115 萬美元。 2024年第一季末。

This is in line with the expectations communicated back in our December update.

這符合我們在 12 月更新中傳達的預期。

We filed a notice for an Extraordinary General Meeting of the company's shareholders, which will take place on March 20.

我們提交了關於將於 3 月 20 日召開公司股東特別大會的通知。

Under Irish law, the company must have authority from its shareholders to issue any securities.

根據愛爾蘭法律，公司必須獲得股東的授權才能發行任何證券。

The company's shareholders previously authorized the company to issue securities of up to 20% of the ordinary shares of the company during any calendar year, which is equivalent to 2.9 million shares.

該公司股東先前授權該公司在任何日曆年度發行最多佔該公司普通股20%的證券，相當於290萬股。

The company has determined that it will be in its best interest to seek approval from shareholders to provide the company with authority to issue securities above and beyond this 20% cap.

公司已確定，尋求股東批准，授權公司發行高於或超過 20% 上限的證券，將符合公司的最佳利益。

The reason we are making this request now is that while February's ATM sales have meaningfully expanded our runway, we no longer have ample room to maneuver what's remaining under the 20% threshold.

我們現在提出這項要求的原因是，雖然 2 月的 ATM 銷售顯著擴大了我們的跑道，但我們不再有足夠的空間來操縱 20% 門檻下剩餘的部分。

We do believe that uncertainty around our capital position is the greatest concern of the market and that resolving the capital constraints will remedy our long-standing valuation disconnect relative to our peers.

我們確實相信，我們資本狀況的不確定性是市場最關心的問題，而解決資本限制將彌補我們相對於同業長期存在的估值脫節。

As we have noted in previous updates, we have been exploring multiple options to further solidify our capital position, which may entail selling securities more than this cap.

正如我們在先前的更新中所指出的，我們一直在探索多種選擇來進一步鞏固我們的資本狀況，這可能需要出售超過此上限的證券。

A priority of ours is to exit cash burn by the end of 2025, and to do this, we will need to reinforce our balance sheet.

我們的首要任務是在 2025 年底前結束現金消耗，為此，我們需要加強我們的資產負債表。

A strengthened balance sheet should not only provide comfort to our teams, investors, and shareholders that the company is sufficiently equipped to achieve its goals and targets, but also provides our customers with further assurances that the warranties that are being offered as part of our technology contracts can be fulfilled.

強化的資產負債表不僅應該讓我們的團隊、投資者和股東相信公司有足夠的能力實現其目標，而且還可以為我們的客戶提供進一步的保證，確保我們的技術所提供的保證合約可以履行。

It is imperative that the company can move quickly and decisively in the event of a prospective capital raise for strategic partnership.

在為策略夥伴關係進行融資的情況下，公司必須能夠迅速且果斷地採取行動。

To be fully clear, we are not looking to issue 100 million shares, as has been inferred both through direct and indirect communications with some stakeholders.

需要完全明確的是，正如透過與一些利害關係人的直接和間接溝通所推斷的那樣，我們不打算發行 1 億股。

We didn't want to mislead anyone by putting a specific number in the notice when we currently have no basis to support it.

當我們目前沒有基本支援時，我們不想透過在通知中添加具體數字來誤導任何人。

As noted in our investor letter, management and the Board are amongst the largest holders of Fusion Fuel's securities, and we are sensitive to this dilutive impact any significant financing would have on existing shareholders and are therefore fully motivated and aligned to ensure that any equity offering we consider creates meaningful, long-term value for the company and its shareholders.

正如我們在投資者信中所指出的，管理層和董事會是Fusion Fuel 證券的最大持有人之一，我們對任何重大融資對現有股東產生的稀釋影響都很敏感，因此我們有充分的動力和一致意見，以確保任何股權發行我們認為為公司及其股東創造有意義的長期價值。

We are maintaining our revenue guidance for 2024.

我們維持 2024 年的收入指引。

Of the EUR34 million forecasted, EUR7.3 million of this has been contracted to date.

在預計的 3,400 萬歐元中，迄今已簽訂了 730 萬歐元。

The remainder will be made up from the sales that are currently in negotiation.

其餘部分將由目前正在談判的銷售來彌補。

Some of these negotiations are linked to our Sines portfolio, and the IPCEI progress has significantly broadened the client discussions around those projects.

其中一些談判與我們的 Sines 產品組合相關，IPCEI 的進展極大地拓寬了客戶圍繞這些項目的討論。

This means that the negotiations are taking longer, but are also more significant for the company.

這意味著談判需要更長的時間，但對公司來說也更重要。

We have not included further equipment sales from our pipeline, which significantly exceeds the amount left to execute for 2024.

我們尚未包括管道中的進一步設備銷售，該銷售量大大超過了 2024 年剩餘執行的金額。

Given our experience with delivering projects, delays will happen, so we are allowing some room so that further conversion of our pipeline will offset some possible delays.

鑑於我們在交付專案方面的經驗，延遲是會發生的，因此我們留出了一些空間，以便管道的進一步轉換將抵消一些可能的延遲。

As a reminder, the timing of revenue recognition for each contract could be different.

提醒一下，每份合約的收入確認時間可能不同。

In some cases, revenue was recognized over the delivery phase of the project, and in other cases, it's at a point in time usually when the full project has been delivered, and client acceptance has been received.

在某些情況下，收入是在專案的交付階段確認的，而在其他情況下，通常是在整個專案已交付且已收到客戶驗收時的某個時間點確認的。

For that reason, our EUR34-million target will not be recognized on a linear basis or spread evenly over each quarter.

因此，我們的 3,400 萬歐元目標將不會線性確認或平均分佈在每季。

From an outflow perspective, we are forecasting SG&A cost of between EUR14 million and EUR16 million and CapEx of between EUR8 million and EUR10 million for 2024.

從流出角度來看，我們預計 2024 年的銷售管理費用將在 1,400 萬歐元至 1,600 萬歐元之間，資本支出將在 800 萬歐元至 1,000 萬歐元之間。

Right now, we have a lower cost base when compared to our competitors, and we are working to reduce this further without diluting the quality of our product and ancillary services.

目前，與競爭對手相比，我們的成本基礎較低，我們正在努力進一步降低成本，而不會降低我們產品和輔助服務的品質。

As can be shown on this slide, our costs reduced in 2023, and with a lower cost base, we fully expect to see further benefits during 2024.

正如這張投影片所示，我們的成本在 2023 年有所降低，並且在成本基礎較低的情況下，我們完全期望在 2024 年看到進一步的收益。

Our goal continues to be reaching cash flow self-sufficiency.

我們的目標仍然是實現現金流自給自足。

And as noted earlier, we expect this to happen during 2025, if we can execute our business plan.

如前所述，如果我們能夠執行我們的業務計劃，我們預計這將在 2025 年實現。

Before I pass you over to Frederico, I would just like to reiterate our commitment to our shareholders that we will continue to manage the company in a cost-effective manner and migrate from the legacy products and projects that will not create value in the near term.

在將您交給 Frederico 之前，我想重申我們對股東的承諾，即我們將繼續以具有成本效益的方式管理公司，並從短期內不會創造價值的遺留產品和項目中遷移。

Frederico, the floor is yours.

弗雷德里科，地板是你的。

Thank you, Gavin, and good afternoon or good morning to you all.

謝謝你，加文，祝大家下午好或早安。

I'm pleased to share with you today the latest news from the numerous activities we have going on.

今天我很高興與您分享我們正在進行的眾多活動的最新消息。

Firstly, it'd be remiss if I didn't start with such an important piece of news.

首先，如果我不從這麼重要的新聞開始，那就是失職。

We were informed that our Sines project portfolio, which we submitted in 2020 for IPCEI consideration, finally received its approval.

我們獲悉，我們在 2020 年提交供 IPCEI 考慮的 Sines 專案組合終於獲得了批准。

This is a major milestone for us, having worked in the background on this project for nearly four years now.

這對我們來說是一個重要的里程碑，我們已經在這個專案的後台工作了近四年。

For many courses, we've been quiet on the IPCEI and the Sines front, given the uncertainty and also its potential to significantly distort any figures we would publish.

對於許多課程，考慮到不確定性及其可能嚴重扭曲我們將發布的任何數據的可能性，我們對 IPCEI 和 Sines 方面保持沉默。

We made that mistake in our early years and decided to be substantially more cautious on how we communicate around this project going forward.

我們在早年就犯了這個錯誤，並決定在今後圍繞這個項目的溝通方式上更加謹慎。

At the same time, we put substantial effort into building a business that was not solely dependent on this large project and the IPCEI decision, something that, given the long lead times on these megaprojects, was a very prudent thing to do.

同時，我們投入了大量精力來建立一個不僅僅依賴這個大型專案和 IPCEI 決策的業務，考慮到這些大型專案的交付時間較長，這是一件非常謹慎的事情。

And I'm very pleased to note that today we have a business that counts the IPCEI project as a boost to our plans rather than the foundation to them.

我非常高興地註意到，今天我們的企業將 IPCEI 專案視為我們計劃的推動因素，而不是我們計劃的基礎。

Today, we want to clarify what the project is and what it means for the company.

今天，我們想澄清這個項目是什麼以及它對公司意味著什麼。

Firstly, the IPCEI includes three phases.

首先，IPCEI分為三個階段。

The first two of which have already been awarded grants totaling EUR32 million from Portugal's Resilience and Recovery Plan.

其中前兩個項目已獲得葡萄牙復原力和復原計畫總計 3,200 萬歐元的補助。

We've announced these awards in recent years, and we have already received inflows from these EUR32 million.

近年來，我們已經宣布了這些獎項，並且我們已經收到了這 3200 萬歐元的資金流入。

The third and last phase is substantially larger for a total of 530 megawatts and is expected to take nearly to the end of the decade to execute.

第三個也是最後一個階段的發電量要大得多，總計 530 兆瓦，預計將在本世紀末完成。

With its three phases, we expect this portfolio to be a driver of long-term value for Fusion Fuel.

經過三個階段，我們預期該投資組合將成為聚變燃料長期價值的驅動力。

Being designated an important project of common European interest means that the company can now enter into bilateral agreements on funding plans with local governments beyond the existing grant programs.

被指定為歐洲共同利益的重要項目意味著該公司現在可以與地方政府就現有贈款計劃之外的融資計劃達成雙邊協議。

And we can also enter into discussions with the European Investment Bank for possible financing solutions and support.

我們也可以與歐洲投資銀行討論可能的融資方案和支援。

Financing large green hydrogen projects today is not possible without this type of support given the early stage of the industry.

鑑於該行業還處於早期階段，如果沒有這種類型的支持，如今就不可能為大型綠氫計畫提供融資。

Therefore, having these options is of immense value for any project investor.

因此，擁有這些選擇對於任何專案投資者來說都具有巨大的價值。

It quite simply makes a project of this dimension viable, which makes it incredibly valuable.

它很簡單地使這個規模的項目變得可行，這使得它具有難以置信的價值。

The project foresees the production of green hydrogen to make green ammonia in Portugal, with the eventual shipping of a significant part of this production to northern Europe.

該計畫預計在葡萄牙生產綠色氫氣來製造綠色氨，最終將大部分產品運往北歐。

It is a truly ambitious project, enabling the avoidance of around 650,000 tonnes of CO2 in the process and producing more than 300,000 tonnes of green ammonia.

這是一個真正雄心勃勃的項目，能夠在生產過程中避免排放約 65 萬噸二氧化碳，並生產超過 30 萬噸綠色氨。

This project is led by Fusion Fuel, but will be executed with several partners.

該專案由 Fusion Fuel 領導，但將與多個合作夥伴共同執行。

It's simply not possible to execute a project of this size by ourselves, and a key consideration of the IPCEI conditions is the engagement of several partners across multiple countries, and it has substantial spillover benefits to the local economies.

如此規模的項目單靠我們自己是不可能執行的，而IPCEI條件的一個關鍵考慮因素是多個國家的多個合作夥伴的參與，這對當地經濟具有巨大的溢出效益。

As noted, we expect this to be a significant contributor to our business over its long lifetime.

如前所述，我們預計這將在其漫長的生命週期中為我們的業務做出重大貢獻。

However, we will only provide guidance on the expected amounts or parts to be implemented by Fusion Fuel once we have gone through the various negotiations with partners, governments, and financing players.

然而，只有在我們與合作夥伴、政府和融資機構進行了各種談判後，我們才會對聚變燃料實施的預期金額或部分提供指導。

This will still take many months to see through, and we will look to update you as we have more information.

這仍需要幾個月的時間才能完成，我們將在掌握更多資訊後及時通知您。

In the meantime, we continue to relentlessly execute on our 2024 and 2025 activities.

同時，我們將繼續不懈地執行 2024 年和 2025 年的活動。

Last quarter, I provided some information regarding our engineering capabilities and the benefits it brings to our business and relationships.

上個季度，我提供了一些有關我們的工程能力及其為我們的業務和關係帶來的好處的資訊。

Today, I would like to drive this point further.

今天，我想進一步闡述這一點。

As outlined in the slide, we offer engineering advisory services; FEL I, II, and III studies; procurement services for balance of plant equipment, this is everything a plant needs beyond the electrolyzer; and in Iberia, we do construction planning and supervision and plant legalization.

如幻燈片所述，我們提供工程諮詢服務； FEL I、II 和 III 研究；工廠設備平衡的採購服務，這是工廠除電解槽之外所需的一切；在伊比利亞，我們負責施工規劃和監督以及工廠合法化。

This full suite offering positions Fusion Fuel as a true partner and advisor for clients, many of which are not CASP operators or developers, and require the close support to bring a project to reality.

這項全套產品使 Fusion Fuel 成為客戶真正的合作夥伴和顧問，其中許多客戶不是 CASP 營運商或開發商，需要密切支援才能將專案變為現實。

Already in 2024, in the EUR34-million revenue guidance Gavin mentioned, we expect EUR2 million to be from pure engineering services alone and around EUR10 million to come from the procurement and supply of balance of plant equipment for plants that we are designing for and with clients.

到2024 年，在加文提到的3400 萬歐元收入指導中，我們預計僅純工程服務就有200 萬歐元，而我們正在設計和合作的工廠的工廠設備平衡採購和供應則約為1000 萬歐元。

This allows us to capture a significantly larger share of the wallet of the total spend on each hydrogen plant.

這使我們能夠在每個氫工廠的總支出中佔據更大的份額。

The electrolyzer can at times be less than 50% of the overall plant cost.

電解槽有時可能低於工廠總成本的 50%。

So being able to deliver the remaining equipment and services can be a large contributors to our top line, although we recognize that the equipment provision has lower margin, but also lower warranty and product-related risks.

因此，能夠提供剩餘的設備和服務可能會對我們的營收做出重大貢獻，儘管我們認識到設備供應的利潤率較低，但保固和產品相關風險也較低。

With each plants we deliver and design, our expertise grows and further pulls us ahead in the early stage industry.

隨著我們交付和設計的每個工廠，我們的專業知識不斷增長，並進一步推動我們在早期行業中處於領先地位。

It allows us to be a trusted partner and allows us to capture repeat business with clients.

它使我們成為值得信賴的合作夥伴，並使我們能夠贏得客戶的回頭客。

It's important to note that to date, every client we have has the potential for repeat business.

值得注意的是，迄今為止，我們擁有的每個客戶都有重複業務的潛力。

And for nearly all of the clients we're dealing with, we are already designing and submitting proposals for follow-on plants.

對於我們正在處理的幾乎所有客戶，我們已經在設計並提交後續工廠的提案。

To share some of the latest information regarding the HEVO-Chain offering, one note that this is a truly customizable and modular solution where we are producing cubes of various sizes as well as containerized solutions for larger projects.

為了分享有關 HEVO-Chain 產品的一些最新信息，請注意，這是一種真正可定制的模組化解決方案，我們正在為大型項目生產各種尺寸的立方體以及容器化解決方案。

I will pause here and just interact with the question that I've seen coming up.

我將在這裡暫停並與我看到的問題進行互動。

We haven't, in the past, provided the data sheet openly on our website as we effectively design the projects to the customized scope for the client.

過去，我們沒有在我們的網站上公開提供資料表，因為我們根據客戶的客製化範圍有效地設計了專案。

So this is something that we do and we engage within the client because we -- given that it's such a modular solution, we truly tailor each project delivery to the client's needs.

因此，這是我們所做的事情，也是我們與客戶互動的原因，因為我們——考慮到這是一個模組化的解決方案，我們真正根據客戶的需求客製化每個專案交付。

The HEVO-Chain, which began its commercialization in mid-2023, has already started full production at our Benavente facility, and we continue to see strong interest in the solution.

HEVO-Chain 於 2023 年中期開始商業化，已在我們的貝納文​​特工廠開始全面生產，我們繼續看到人們對該解決方案的濃厚興趣。

And we are delivering proposals and project designs on nearly a weekly basis at this point.

目前，我們幾乎每週都會提交提案和專案設計。

We will be delivering the remaining cubes during this month to our first HEVO-Chain installation at our client site.

我們將在本月將剩餘的立方體交付給我們客戶現場的第一個 HEVO-Chain 安裝。

This project includes full plant delivery and allows us to see client bookings to the tune of 3 times the electrolyzer value with the provision of other equipment and services.

該項目包括整個工廠的交付，透過提供其他設備和服務，我們可以看到客戶的預訂量達到電解槽價值的 3 倍。

This is a very interesting project where we are delivering a system that permits the use of hydrogen into their industrial furnace and allows them to change the fuel mix they currently use and significantly reduce their carbon footprint.

這是一個非常有趣的項目，我們正在提供一個系統，允許在工業爐中使用氫氣，並允許他們改變目前使用的燃料組合，並顯著減少碳足跡。

The savings generated from the carbon reductions and the changing of the fuel mix are enough to offset the cost of the plant without needing grant support.

減少碳排放和改變燃料結構所產生的節省足以抵消工廠的成本，而無需撥款支持。

This shows us that the HEVO-Chain solution is for certain cases, economically viable, even without grants at this early stage in the industry.

這向我們表明，即使在產業早期階段沒有撥款，HEVO-Chain 解決方案在某些情況下也是經濟可行的。

To finish, I'll briefly cover on the strategic priorities we have laid out for the year.

最後，我將簡要介紹我們今年制定的策略重點。

In 2024, we plan to deliver and install six to seven full HEVO-Chain systems to Southern European clients.

2024 年，我們計劃向南歐客戶交付並安裝六到七個完整的 HEVO-Chain 系統。

Of these, five are expected to be full plant deliveries.

其中，五項預計將全面交付。

In addition, we will already be working on the engineering and preparatory work for certain projects to be delivered in 2025.

此外，我們已經開始為 2025 年交付的某些專案進行工程和準備工作。

These projects range from 300 kilowatts, the one I just mentioned before, all the way to 5 megawatts in size, and we expect to also start work on the 10 megawatts seen as one project this year.

這些計畫的規模從我之前提到的300千瓦一直到5兆瓦，我們預計今年也將啟動10兆瓦計畫。

One of our priorities for this year, and already mentioned by Gavin, but in for, most of what was last year as well continues to be the strengthening of our balance sheet.

我們今年的優先事項之一，加文已經提到過，但去年的大部分內容仍然是加強我們的資產負債表。

We are laser-focused on reaching cash flow breakeven, and we need to be properly capitalized to reach this milestone.

我們專注於實現現金流量收支平衡，我們需要適當的資本來實現這一里程碑。

A stronger capital position allows the company to have confidence in front of clients to close midsize project sales and to be able to provide credible warranty backup.

更強大的資本狀況使公司有信心在客戶面前完成中型專案銷售，並能夠提供可靠的保固支援。

In addition, now that we are booking revenues, we believe this is the last step to addressing the significant valuation disconnect to our peers.

此外，既然我們正在記錄收入，我們相信這是解決與同業估值嚴重脫節的最後一步。

The Macquarie facility provides the company with a strategic line to be able to tap into as it needs capital and as opportunities arise where we see significant value, but would be additional to our base plan.

麥格理工廠為公司提供了一條策略路線，可以在公司需要資金以及我們認為具有重大價值的機會出現時利用，但這將是對我們基本計劃的補充。

We have been in long-standing discussions with several capital and strategic partners that can bring additional value to the company.

我們一直在與多家資本和策略合作夥伴進行長期的討論，這些合作夥伴可以為公司帶來額外的價值。

The Macquarie facility is a great complement to these potential capital sources, and we believe the combined effect will generate substantial shareholder value.

麥格理融資是這些潛在資本來源的強大補充，我們相信綜合效應將產生可觀的股東價值。

With the facilities at hand and the recent ATM raise, we continue to be able to pursue the value add capital strengthening activities that we launched quite some time ago.

憑藉現有的設施和最近 ATM 的籌集，我們能夠繼續進行我們不久前啟動的增值資本強化活動。

We have been cautious to do the right deal for the company, as Gavin mentioned before, and we will continue to do so.

正如加文之前提到的，我們一直謹慎地為公司做出正確的交易，我們將繼續這樣做。

As we've noted, broadening the targets addressable market for us is important.

正如我們所指出的，擴大目標市場對我們來說很重要。

With a HEVO-Chain, we have a great solution to do just that.

有了 HEVO-Chain，我們就有了一個很好的解決方案來做到這一點。

We not only want to sell to Northern European markets, but in 2024, we also plan to certify the solution for use in North America and in Australia.

我們不僅想銷往北歐市場，還計劃在 2024 年認證該解決方案在北美和澳洲的使用。

We are already delivering multiple proposals and plant designs for both these regions and so ensuring that the solution is duly certified for local regulations will be part of our 2024 activities.

我們已經為這兩個地區提供了多項提案和工廠設計，因此確保解決方案獲得當地法規的正式認證將是我們 2024 年活動的一部分。

As part of our focus to reach cash flow breakeven, we will continue to push cost reduction efforts to add to the significant savings already achieved.

作為我們實現現金流收支平衡的重點的一部分，我們將繼續推動降低成本的努力，以增加已經實現的大量節省。

In addition, we will continue to make adjustments to our resource allocation and investments to ensure they are aligned with our strategy.

此外，我們將繼續調整資源配置和投資，以確保其與我們的策略保持一致。

In such a fast moving industry, we are bound to make adjustments, and we see the reassessment of our spend and investment as an ongoing priority task for our executive committee.

在如此快速發展的行業中，我們必然會做出調整，我們將重新評估我們的支出和投資視為執行委員會持續的優先任務。

In the past, we made the costly mistake of building inventory for projects that were in advanced stages but could be canceled or impacted by regulatory changes.

過去，我們犯了一個代價高昂的錯誤，即為處於後期階段但可能被取消或受到監管變化影響的項目建立庫存。

This is an example of a resource allocation mistake that we will not be making again.

這是一個資源分配錯誤的例子，我們不會再犯。

We will not be providing working capital advances to projects or clients, and we will ensure that the capital deployed is aligned with our short and midterm revenue targets.

我們不會向專案或客戶提供營運資金預付款，我們將確保部署的資本與我們的短期和中期收入目標保持一致。

Lastly, on strategic partnerships.

最後，關於策略夥伴關係。

Partnerships are a key part of our value creation, and they range from commercial partnerships with developers and system integrators such, as the ones we've already mentioned in the past for Spain, Italy, and North America, all the way to partnerships with a technology angle, such as the ones we've mentioned before with Fraunhofer and with Toshiba.

合作夥伴關係是我們價值創造的關鍵部分，其範圍包括與開發商和系統整合商的商業合作夥伴關係，例如我們過去已經提到的西班牙、義大利和北美的合作夥伴關係，一直到與技術角度，例如我們之前提到的弗勞恩霍夫和東芝的角度。

But adding to these, we are building close relationships with suppliers of balance of plant equipment such as power components and compressor solutions.

除此之外，我們也與電力零件和壓縮機解決方案等工廠設備的供應商建立了密切的關係。

Our IPCEI project really brings a completely new scope to the partnerships that are possible.

我們的 IPCEI 專案確實為可能的合作夥伴關係帶來了全新的範圍。

Given its size, the type of counterparts that we are dealing with are of a very large dimension and have the capacity to have a broad and long lasting impact on the company.

鑑於其規模，我們正在處理的同行類型規模非常大，並且有能力對公司產生廣泛而持久的影響。

Therefore, we're also taking our time on these relationships to ensure that we're able to find the right partner and right fit for Fusion Fuel.

因此，我們也在花時間處理這些關係，以確保我們能夠找到合適的合作夥伴並適合聚變燃料。

These discussions started several months ago, and we expect them to continue throughout 2024.

這些討論在幾個月前就開始了，我們預計這些討論將持續到 2024 年。

And so we look forward to providing you with more news during the year on the partnership front.

因此，我們期待在這一年中為您提供更多有關合作方面的新聞。

I want to close by noting that it has been a very eventful few months of the company.

最後我想指出的是，這幾個月對公司來說是非常多事的。

It would not be an understatement to note that it very much feels that we have reached a before and after moment with the closing of the HEVO-Solar legacy, the ATM raise, Macquarie facility, combined with the IPCEI approval.

毫不誇張地說，隨著 HEVO-Solar 遺產的關閉、ATM 融資、麥格理設施以及 IPCEI 的批准，我們已經達到了一個前後時刻。

We are now fully focused on delivering on what we have mentioned here today and what has been in work for quite some time, including many client projects that have begun to move forward once again.

我們現在完全專注於實現我們今天在這裡提到的以及已經進行了相當長一段時間的工作，包括許多已經開始再次向前推進的客戶專案。

We're excited by the opportunities that lie ahead and the move forward that we see in the overall hydrogen market in the last year.

我們對未來的機會以及去年整個氫市場的發展感到興奮。

Now with that, we'll open up to some Q&A.

現在，我們將進行一些問答。

Great thanks, Frederico.

非常感謝，弗雷德里科。

So speaking with a couple questions from analysts, beginning with Erwan Kerouredan from Royal Bank of Canada, who asks whether the company has reviewed and adjusted its US ambitions as a result of the 45V guidance update of the Inflation Reduction Act?

因此，在回答分析師提出的幾個問題時，首先是來自加拿大皇家銀行的 Erwan Kerouredan，他詢問該公司是否已根據《通膨削減法案》的 45V 指導更新來審查和調整其在美國的雄心？

As I sit here in the US, I'll take that one, but we'll invite Frederico or Gavin to chime in if they'd like.

當我坐在美國這裡時，我會接受這一點，但如果 Frederico 或 Gavin 願意的話，我們會邀請他們插話。

I think that guidance is certainly more stringent than the market expected.

我認為指導意見肯定比市場預期更嚴格。

Important to note that it remains kind of still in the definition phase, and we have to see certainly what will happen following the current US election cycle.

值得注意的是，它仍然處於定義階段，我們必須看看當前的美國大選週期之後會發生什麼。

The proposed additionality and time correlation rules mirror those laid out in the European Renewable Energy Directive Delegated Acts, which I think were implemented and adopted last year, at some point early last year.

擬議的額外性和時間相關性規則反映了《歐洲再生能源指令授權法案》中規定的規則，我認為這些規則是在去年年初的某個時候實施和通過的。

So we're very familiar with operating within those constraints.

所以我們非常熟悉在這些限制條件下的運作。

The US and North America more broadly remain a near-term priority for us, and we continue to engage in commercial discussions with counterparts in that all important geography.

美國和北美更廣泛地仍然是我們近期的優先事項，我們將繼續與所有重要地區的同行進行商業討論。

Questions from Jeff Grampp at Alliance Global Partners.

Alliance Global Partners 的 Jeff Grampp 提出的問題。

This one's for Gavin.

這是給加文的。

Gavin, can you discuss gross margin expectations for 2024?

Gavin，可以討論一下 2024 年的毛利率預期嗎？

Sure.

當然。

Thanks, Ben, and thanks, Jeff, for the question.

謝謝本，也謝謝傑夫提出的問題。

So for 2024, we expect our gross margins to be in the region of 15% for projects that will include our HEVO-Chain product, along with balance of plant equipment and EPC services.

因此，到 2024 年，我們預計包括我們的 HEVO-Chain 產品以及工廠設備和 EPC 服務在內的項目的毛利率將在 15% 左右。

The three core elements of these projects all have different margins, but in combination, a margin of approximately 15% is forecasted.

這些項目的三個核心要素都有不同的利潤率，但綜合起來，預計利潤率約為 15%。

As we look ahead to 2025, we expect this average to increase closer to the 20% mark, particularly as we increase the production volumes within our Benavente facility.

展望 2025 年，我們預計這一平均成長率將接近 20%，特別是當我們增加貝納文特工廠的產量時。

Thanks, Gavin.

謝謝，加文。

Stick with you, but Frederico can join in.

堅持你，但弗雷德里科可以加入。

What are the main risks you see to hitting our 2024 guidance, and what potential mitigants are there do you have in place to address those?

您認為達到 2024 年指導目標的主要風險是什麼？

Sure.

當然。

So again, as we said on many times, over the last 12 months and even on this call, the biggest risk is time and how long it takes from tender stage to sign contracts and then execution.

因此，正如我們多次說過的那樣，在過去 12 個月中，甚至在本次電話會議中，最大的風險是時間，以及從招標階段到簽署合約再到執行需要多長時間。

So that's probably our biggest risk at the minute.

所以這可能是我們目前最大的風險。

As both I and Frederico mentioned earlier, with the IPCEI process, there's a lot more interest in our projects.

正如我和 Frederico 之前提到的，透過 IPCEI 流程，人們對我們的專案產生了更多的興趣。

We have a larger potential client base for those now, so that brings with us more negotiations, more discussions, and that just ekes out the timeline a bit more.

我們現在擁有更大的潛在客戶群，因此這給我們帶來了更多的談判、更多的討論，而這只是延長了時間表。

But I think in that scenario, we need to be patient because the conversations are probably a bit more positive now on the foot of the IPCEI announcement.

但我認為在這種情況下，我們需要保持耐心，因為在 IPCEI 宣布之後，對話可能會更加積極一些。

What are we doing to kind of navigate those potential delays?

我們正在採取哪些措施來應對這些潛在的延誤？

We have a strong project pipeline.

我們擁有強大的專案儲備。

I think we've been quite prudent in our guidance in terms of not including a proportion of the potential contracts that we could, or discussions that we could convert into contracts.

我認為我們的指導非常謹慎，沒有包括我們可能簽訂的部分潛在合同，或者我們可以轉化為合同的討論。

So like optimistically looking at it as we convert the pipeline to contracts that will look to realign any delays on the project side of the revenue guidance.

因此，當我們將管道轉換為合約時，我們會樂觀地看待它，這些合約將重新調整收入指導項目方面的任何延誤。

Great, thanks.

萬分感謝。

You mentioned the IPCEI project.

您提到了IPCEI專案。

This was also asked by one of the audience members.

一位觀眾也這麼問。

What are the next steps or milestones to keep an eye out for with respect to the IPCEI project?

IPCEI 專案的後續步驟或里程碑有哪些值得關注？

Happy to take that.

很高興接受。

Again, apologies for technical difficulties with the camera here.

再次對相機的技術困難表示歉意。

I think I just did everyone a favor for having to avoid seeing me while we were talking about slides.

我想我只是幫了大家一個忙，因為我們在談論幻燈片時不得不避免見到我。

So it's a great question to note with the IPCEI.

因此，這是一個值得 IPCEI 關注的重要議題。

There's many fronts that need to work in parallel now.

現在有許多方面需要並行工作。

So we have to move forward with the negotiations with our partners.

因此，我們必須推進與合作夥伴的談判。

As you can imagine, for a project that kicked off nearly four years ago, there's been substantial amount of changes there and evolution of the relationship we have with the partners as well as we now need to begin the discussions with the Portuguese government on the financial sort of support as well as with the EIB.

正如你可以想像的那樣，對於一個近四年前啟動的項目來說，那裡發生了巨大的變化，我們與合作夥伴的關係也發生了演變，我們現在需要開始與葡萄牙政府就財務問題進行討論。以及歐洲投資銀行的支持。

This is going to take several months to clarify.

這需要幾個月的時間才能澄清。

We will be working on those in parallel.

我們將同時進行這些工作。

But I don't expect us to be able to give concrete guidance on what the IPCEI will mean for us in detail for at least one or two courses.

但我不期望我們能夠就 IPCEI 對我們至少一兩門課程的意義提供具體指導。

Again, I want to note that this is a project, especially the large parts of the project, the bit that's still in the definition process, the Sines Green, that will be only sort of kick-off, really, in 2026.

再次，我想指出，這是一個項目，尤其是該項目的大部分，仍處於定義過程中的部分，Sines Green，實際上只是在 2026 年啟動。

So for us, the next steps will really be firming up the partnerships, and that includes the partnerships on a technology front, includes partners on the ammonia front, the offtake side, as well as the financing side.

因此，對我們來說，下一步將真正鞏固合作關係，其中包括技術方面的合作夥伴關係，包括氨方面、承購方面以及融資方面的合作夥伴。

So all of those discussions will be very intense, and we'll start now.

因此，所有這些討論都將非常激烈，我們現在就開始。

I would just note and to manage expectations, all IPCEI projects, including the ones that were announced a few years ago, take quite a while to take shape.

我想指出的是，為了管理預期，所有 IPCEI 項目，包括幾年前宣布的項目，都需要相當長的時間才能形成。

So I want to highlight that this will be a significant driver of long-term value for us, and we already see it with the interactions we're having with clients.

因此，我想強調，這將是我們長期價值的重要驅動力，我們已經在與客戶的互動中看到了這一點。

It has a large amount of positive spillover effect onto our other projects and the credibility our other projects have.

它對我們的其他項目以及我們其他項目的可信度具有大量積極的溢出效應。

But it will not be the driver of our 2024 and 2025 success.

但這不會成為我們 2024 年和 2025 年成功的驅動力。

Thanks, Frederico.

謝謝，弗雷德里科。

You're jumping around a bit.

你有點跳來跳去。

You mentioned the green ammonia partner for that project.

您提到了該專案的綠色氨合作夥伴。

There was a question on the estimated production cost for green ammonia to be sold in Northern European markets.

對於在北歐市場銷售的綠氨的估計生產成本存在疑問。

Perhaps you can provide some clarification on how that figures into the broader ecosystem of the HEVO-Portugal project.

也許您可以澄清一下這如何融入 HEVO-葡萄牙計畫更廣泛的生態系統。

So as part of the IPCEI, we have two sort of main roles.

作為 IPCEI 的一部分，我們有兩個主要角色。

One is the overall project developer or project lead, but also the hydrogen component of the project.

一種是專案整體開發商或專案領導人，同時也是專案的氫能組成部分。

We always had, right from the beginning, a partner for the ammonia front.

從一開始，我們就一直擁有氨領域的合作夥伴。

So this is a long-standing partnership with a partner who has a long-standing ammonia project already, green ammonia project.

因此，這是一個長期的合作夥伴關係，合作夥伴已經擁有一個長期的氨項目，即綠色氨項目。

So to note, this is not a Fusion Fuel endeavor.

因此需要注意的是，這不是聚變燃料的嘗試。

This is with our partner, and we hope to be able to disclose that in one of our future quarterly updates.

這是我們與合作夥伴的合作，我們希望能夠在未來的季度更新中揭露這一點。

But the hydrogen -- sorry, the green ammonia being produced there is competitive, also backed by the fact that the green hydrogen production in the Sines region with very cheap, renewable energy is a very competitive raw material for that production.

但氫——抱歉，那裡生產的綠色氨具有競爭力，這也得益於錫尼什地區使用非常便宜的可再生能源生產綠氫是一種非常有競爭力的原材料。

Thanks.

謝謝。

Let's cover off on Jeff Grampp's final question.

讓我們來討論傑夫·格蘭普的最後一個問題。

In the past, we've discussed efficiency and cost improvements to subsequent generations of the HEVO technology.

過去，我們討論了後續幾代 HEVO 技術的效率和成本改進。

Does that remain an ongoing program, or are efforts more focused now on commercialization of the existing generation?

這是否仍然是一個正在進行的計劃，或者現在的努力是否更加集中於現有一代的商業化？

It's both, Ben, and good question.

本，這兩者都是，而且是個好問題。

To note, we do have what we believe is a pathway to reduce the stack cost by a [further third], so a substantial cost reduction.

需要注意的是，我們確實有我們認為可以將堆疊成本降低[三分之一]的途徑，因此可以大幅降低成本。

However, we do plan to be fully committed to the commercialization of the current version of the HEVO-Chain.

然而，我們確實計劃全力致力於目前版本 HEVO-Chain 的商業化。

As in order to achieve those cost savings, there's still some R&D work to do.

為了實現這些成本節約，仍需要進行一些研發工作。

So we have a competitive product today that we think is relevant for the markets of today and for the coming years.

因此，我們今天擁有一款具有競爭力的產品，我們認為它與當今和未來幾年的市場有關。

And we have a path to substantially sort of reduce those costs.

我們有辦法大幅降低這些成本。

So we are actively working on both fronts.

因此，我們正在這兩個方面積極開展工作。

Great, thanks.

萬分感謝。

There's a question here about the fees paid to the banks for selling shares in the market.

這裡有一個關於在市場上出售股票時向銀行支付的費用的問題。

I'll just quickly cover off on this.

我會很快掩蓋這一點。

If I recall correctly, I think the placement agent fee for the ATM facility is 3% or so, which is considerably cheaper than fees that would be paid to investment bankers in a conventional equity offering.

如果我沒記錯的話，我認為 ATM 設施的配售代理費用約為 3% 左右，這比傳統股票發行中支付給投資銀行家的費用便宜得多。

So I think that's just, perhaps a misunderstanding.

所以我認為這只是一個誤解。

Question about the cost of production of green hydrogen at the Evora project.

關於埃武拉計畫綠氫生產成本的問題。

Frederico, perhaps you can comment on that.

Frederico，也許你可以對此發表評論。

So we have two Evora projects.

所以我們有兩個 Evora 專案。

The Evora project that we have, that is live, is a small one.

我們現有的 Evora 專案是一個小型專案。

That project for us, it is an extension of our R&D facility.

對我們來說，這個計畫是我們研發設施的延伸。

So for example, we currently have installed there sort of HEVO-Chain units because in order to test several of the cubes in a sort of connected series, that is the site that we do it at.

例如，我們目前在那裡安裝了 HEVO-Chain 單元，因為為了測試某種連接系列中的多個立方體，這就是我們進行測試的地點。

So the cost of hydrogen there is always a bit of a moving target because we are constantly sort of updating the technology there.

因此，氫的成本總是有一些變化的目標，因為我們不斷更新那裡的技術。

It is an extension of our R&D facility to note.

值得注意的是，這是我們研發設施的延伸。

This is the only plant that we currently have plans to own and operate, and it is -- and we have changed the purpose rather from being a pure commercial purpose to actually being sort of an R&D facility for sort of large-scale testing.

這是我們目前計劃擁有和運營的唯一工廠，而且我們已經改變了目的，從純粹的商業目的轉變為實際上用於大規模測試的研發設施。

So it's a non-answer because the question keeps changing because it is directly related to our R&D CapEx as we continue to deploy sort of new technology to the site.

所以這是一個沒有答案的問題，因為問題不斷變化，因為它與我們繼續在網站上部署新技術的研發資本支出直接相關。

Thanks, Frederico.

謝謝，弗雷德里科。

A couple questions in the chat box around the status of the Bakersfield project in California.

聊天框中有幾個關於加州貝克斯菲爾德計畫狀況的問題。

Sure.

當然。

So the Bakersfield project, like any large project, has a very extended time period.

因此，貝克斯菲爾德專案與任何大型專案一樣，都有一個非常長的周期。

Again, similar to the IPCEI, we've made a deliberate decision to not be updating on these large projects.

同樣，與 IPCEI 類似，我們特意決定不更新這些大型專案。

Good thing for those of you who've followed us for some time, you will have heard of other large projects in other locations that we are still sort of working on in the background.

對於那些關注我們一段時間的人來說，這是一件好事，您會聽說過其他地方的其他大型項目，我們仍在後台進行這些項目。

If and when there is meaningful news, we will bring it up.

如果有有意義的消息，我們會提出來。

There's always a big risk as these projects have a sort of binary outcome.

由於這些項目具有某種二元結果，因此始終存在很大的風險。

They could die at any moment.

他們隨時都可能死去。

What we will note, and we've noted before that in 2024 and 2025, we are really focused on delivering for small- and medium-sized projects.

我們將注意到的，我們之前已經注意到，在 2024 年和 2025 年，我們真正專注於交付中小型專案。

To that end, we are actively engaged in offers, both in Australia and in the North American market.

為此，我們正在澳洲和北美市場積極參與報價。

So both the US and Canada offering projects in the 10 megawatt and under space where we believe the execution of those will be much earlier than something for the size of Bakersfield or the IPCEIs or these sort of mega projects.

因此，美國和加拿大都提供 10 兆瓦及以下的項目，我們相信這些項目的執行將比貝克斯菲爾德或 IPCEI 或此類大型項目的規模早得多。

Thanks, Frederico.

謝謝，弗雷德里科。

We're sticking with you.

我們和你在一起。

What is the company most excited about with respect to the strategic partnership process we've alluded to at length?

對於我們詳細提到的策略夥伴關係流程，公司最感興趣的是什麼？

And what are the timeline expectations, if any, that shareholders should have on meaningful progress on that front?

如果有的話，股東在這方面取得有意義進展的時間表期望是什麼？

I think the most exciting part of it has really been the IPCEI effect or the halo effect from the IPCEI, where in all sort of partnership discussions, there has been a sort of sense of urgency from the part of the counterpart in order to accelerate the discussions.

我認為其中最令人興奮的部分確實是IPCEI效應或IPCEI的光環效應，在各種合作夥伴關係討論中，對方有一種緊迫感，以加速討論。

So in the past, we had the most urgency in looking to move the discussions forward.

因此，過去我們最迫切地希望推動討論。

Now, there is a new sense of competition in order to lock down the opportunity.

現在，為了鎖定機會，出現了新的競爭意識。

And so for us, the most exciting thing has sort of seen that shift where our partners' engagement levels has gone through the roof in these discussions.

因此，對我們來說，最令人興奮的事情是我們的合作夥伴在這些討論中的參與度達到了頂峰。

Now, more concretely, this is number of different partnership possibilities.

現在，更具體地說，這是多種不同的合作可能性。

These are partnerships to do general sort of project development and project financing on project portfolios as a whole, not specifically to Sines.

這些合作夥伴關係針對整個專案組合進行一般類型的專案開發和專案融資，而不是專門針對錫尼什。

It's a sort of strategic direction where it could be a potential investment in the company and as well as in projects, which is, of course, would be the ideal solution for the company, but also of course partnerships specifically for something as big as the IPCEI portfolio.

這是一種策略方向，它可能是對公司和專案的潛在投資，這當然是公司的理想解決方案，當然也是專門針對像IPCEI 投資組合。

Thanks, Frederico.

謝謝，弗雷德里科。

What's the demand and I guess feedback that we're seeing from the market for the HEVO-Chain solution?

我們從市場上看到的 HEVO-Chain 解決方案的需求和回饋是什麼？

And do you see any commercial momentum that could help the company grow out of its current cash constraint?

您是否認為有任何商業動機可以幫助公司擺脫當前的現金限制？

Sure, the interest is very large.

當然，興趣是非常大的。

It's significant.

這很重要。

As I mentioned during my update, it feels like we are doing proposals and designs for new plants and projects nearly on a weekly basis.

正如我在更新中提到的，感覺我們幾乎每週都在為新工廠和專案進行提案和設計。

So there is a lot of demand in addition to the very exciting sort of development where people were delivering projects to have multiple projects in the pipeline.

因此，除了令人興奮的開發類型之外，還有很多需求，人們正在交付專案以在管道中擁有多個專案。

So as we noted, we have sold a project, two projects to the same client.

正如我們所指出的，我們已將一個項目、兩個項目出售給同一客戶。

But just as recently as this week, we were asked proposal for a third project for that same client.

但就在本週，我們被要求為同一客戶提供第三個項目的提案。

The client where we are delivering the 300-kilowatt system has tens of plants where such a system could also be employed.

我們提供 300 千瓦系統的客戶有數十家工廠也可以採用此類系統。

So the momentum that we're seeing, probably in the last six months or so, has been a completely sort of new thing for us.

因此，我們所看到的勢頭，可能是在過去六個月左右的時間裡，對我們來說是一種全新的事物。

I'd say not only for our technology and this was really with the launch of the commercialization of HEVO-Chain mid of last year, but we believe that this is a general increase in the market momentum for hydrogen.

我想說的不僅是我們的技術，而且這實際上是隨著去年年中 HEVO-Chain 商業化的啟動而發生的，而且我們相信這是氫市場動力的普遍增長。

A lot of projects have been relatively dormant, and we are now seeing a lot of -- some of those dormant projects sort of reemerge and start to have life again to move into the implementation phase.

很多項目一直處於相對休眠狀態，我們現在看到很多——其中一些休眠項目重新出現，並開始重新煥發活力，進入實施階段。

So substantial demand for projects, for engineering support, for HEVO-Chain itself, and it's keeping both our commercial team and our engineering team very busy.

對專案、工程支援、HEVO-Chain 本身的巨大需求，讓我們的商業團隊和工程團隊都非常忙碌。

Great.

偉大的。

I think we should get Gavin involved a little bit here.

我認為我們應該讓加文參與其中。

A question on the current runway in light of the proceeds of the February's ATM activity.

根據 2 月份 ATM 活動的收益，提出有關當前跑道的問題。

Sure.

當然。

Thanks, Ben.

謝謝，本。

I was feeling a bit left out there.

我覺得有點被排除在外。

So in terms of the runway following the February activity, our priority now very much is to operationalize Macquarie, get that facility up and running, draw down Tranche 1.

因此，就二月份活動之後的跑道而言，我們現在的首要任務是讓麥格理投入運營，讓該設施投入運行，並抽出第一批。

Once we can operationalize that, we should have greater flexibility in accessing the facility as needed going forward.

一旦我們能夠實施這一點，我們就應該能夠更靈活地根據未來需求使用該設施。

As I noted in my update earlier on, we anticipate cash inflows from client contracts and grant agreements throughout 2024, most of which will be received monthly.

正如我之前在更新中指出的那樣，我們預計 2024 年客戶合約和贈款協議將產生現金流入，其中大部分將每月收到。

In terms of runway, I think given the stage of discussions with various counterparts regarding financing solutions, strategic partnerships, it's probably not appropriate for me to discuss specifics right now.

就跑道而言，我認為考慮到與各方就融資解決方案、策略合作夥伴關係進行討論的階段，我現在可能不適合討論具體細節。

But hopefully, we'll have some updates between now and our next quarterly update.

但希望我們從現在到下一個季度更新之間能有一些更新。

Thanks, Gavin.

謝謝，加文。

Back to Frederico.

回到弗雷德里科。

This is our final question, so if anybody else has additional questions, please do get them in.

這是我們的最後一個問題，所以如果其他人有其他問題，請提出來。

The refueling station in Madrid for Exolum, is that currently operational?

馬德里的 Exolum 加油站目前正在運作嗎？

And what, if any, feedback has the company received from that client?

公司從該客戶收到了什麼回饋（如果有的話）？

So, yes, it is operational to note.

所以，是的，值得注意的是。

I don't have the exact numbers of the number of buses is refueling.

我不知道有多少輛公共汽車正在加油。

As noted, this is a plant that we have delivered to Exolum.

如前所述，這是我們已交付給 Exolum 的植物。

So although we do know that it is producing hydrogen and it is refueling buses, believe on a daily basis.

因此，儘管我們確實知道它正在生產氫氣並且正在為公共汽車加油，但我們每天都要相信這一點。

So the plant is operational as sort of contracted with the client.

因此，該工廠按照與客戶簽訂的合約進行運作。

For the first two years of that plant, we will be in very much a sort of handholding approach with them.

在工廠的頭兩年，我們將與他們採取非常密切的合作方式。

So we have a team that is in constant contact and spends quite a bit of time in the field with the client.

因此，我們擁有一支與客戶保持經常聯繫並花費大量時間在現場的團隊。

As with any sort of, I'd say, electrolyzer deployment today, it had its teething issues.

我想說，與當今任何類型的電解槽部署一樣，它也存在初期問題。

This is where actually we noted the advantage of our modular solution.

這實際上是我們注意到模組化解決方案優勢的地方。

So to note, a lot of the electrolyzer systems, when they have any sort of issue, it's a sort of binary outcome.

因此需要注意的是，許多電解槽系統當出現任何問題時，都是一種二元結果。

The plant shuts down or it is live.

工廠關閉或處於運作狀態。

In our case, with a modular solution, it allows us to actually switch off parts of the plant, address any problems that emerge, and the plant can keep operating.

在我們的例子中，透過模組化解決方案，它使我們能夠實際關閉工廠的某些部分，解決出現的任何問題，並且工廠可以繼續運作。

So from the client side, for whatever teething issues that there have been, the production of hydrogen has been able to continue and produce.

因此，從客戶端來看，無論出現什麼初期問題，氫氣的生產都能夠持續進行。

And again, it is currently one of our most attractive sort of selling points is this sort of modularity of the solution and the availability that this solution gives.

再說一遍，目前我們最具吸引力的賣點之一是解決方案的模組化以及該解決方案提供的可用性。

As I say, every project has had its teething issues.

正如我所說，每個專案都有其初期問題。

We're sort of happy to say that our solution is able to minimize the pain that was caused, and the plant has continued to operate and continue to deliver hydrogen and to allow the hydrogen refueling station to operate.

我們很高興地說，我們的解決方案能夠最大程度地減少所造成的痛苦，並且該工廠繼續運作並繼續提供氫氣並允許加氫站運作。

So we are happy with that and with how that is going on with our partner, Exolum.

因此，我們對此以及與我們的合作夥伴 Exolum 的進展感到滿意。

Thanks, Frederico.

謝謝，弗雷德里科。

One more question here, which is a very good and important one, with the proposed increase in the number of issuable securities, which we voted on by shareholders at the EGM later this month, is management's expectation that those additional shares will be, I guess, drawn down in one transaction or over a period of time to maximize value, as the share price hopefully appreciates.

這裡還有一個問題，這是一個非常好的和重要的問題，隨著我們在本月晚些時候的臨時股東大會上由股東投票表決的增加可發行證券數量的提議，管理層預計這些額外的股票將是，我想，在一次交易中或在一段時間內提取資金以實現價值最大化，因為股價有望升值。

So, Gavin, I'll take part of that, but then if you feel need to just jump in.

所以，加文，我會參與其中，但如果你覺得有必要，就加入吧。

I'll note the request we're making here from management and from the Board's perspective is to give us the flexibility to make the right deal with the capital partner and strategic partners that emerge as probably can be understandable for a small company of our size.

我要指出的是，我們從管理層和董事會的角度提出的要求是讓我們能夠靈活地與資本合作夥伴和戰略合作夥伴達成正確的交易，這些合作夥伴對於我們這樣規模的小公司來說可能是可以理解的。

People are reluctant to put significant effort and legal costs and so on into a process if there is doubt that management or the Board can get it through.

如果懷疑管理階層或董事會能否通過某個流程，人們就不願意投入大量精力和法律費用等。

So in order to ensure that we're able to continue and execute on discussions without them reaching a sort of critical element or critical bottleneck point, we need to have the flexibility to be able to make the right deal for the company.

因此，為了確保我們能夠繼續並執行討論，而不會達到某種關鍵要素或關鍵瓶頸點，我們需要具有靈活性，以便能夠為公司達成正確的交易。

We noted that in the letter and I'll speak for the full Board in this pack.

我們在信中指出了這一點，我將代表本包中的全體董事會發言。

We are very, very conscious of the dilution impact that any sort of transactional capital raise can have on shareholders.

我們非常非常清楚任何形式的交易融資都可能對股東產生稀釋影響。

However, we want to make sure that we are able to do the best for the company and for shareholders.

然而，我們希望確保我們能夠為公司和股東做到最好。

Now, we believe that the sort of capital concerns in the past, of which have been substantially alleviated with the ATM and the Macquarie facility.

現在，我們相信，過去的那種資本擔憂，隨著 ATM 和麥格理設施的出現，已經得到了極大的緩解。

But those concerns kept the company from being valued in our eyes fairly to our competitors.

但這些擔憂使得該公司在我們眼中的估值與競爭對手不公平。

So we believe that any addressing of that issue will actually unlock significantly shareholder value.

因此，我們相信，解決該問題實際上將顯著釋放股東價值。

So that's the first problem.

這是第一個問題。

Now, it depends on the counterpart, concretely to the question.

現在，這取決於對方，具體到問題。

So there are counterparts, as with the Macquarie piece, and this is one of the reasons why we do like the Macquarie facility.

所以有類似的東西，就像麥格理的作品一樣，這就是我們喜歡麥格理工廠的原因之一。

The dilution varies tranche by tranche.

稀釋程度因批次而異。

So it allows us to address some of that valuation gap, or in our eyes, mispricing and doesn't impact -- doesn't have a one off hit on dilution for our shareholders.

因此，它使我們能夠解決一些估值差距，或者在我們看來，定價錯誤，並且不會對我們的股東造成稀釋影響。

That said, for example, if we have a strategic partner, which is bringing long-term value to the clients, brings long-term value to projects and additional sort of revenue to projects and to the company, but wants to do a one-off transaction, that might be in the best interest for us all because project revenue, sales revenues combined with a capital influx, would have substantial shareholder value.

也就是說，例如，如果我們有一個策略合作夥伴，該合作夥伴正在為客戶帶來長期價值，為專案帶來長期價值，並為專案和公司帶來額外的收入，但想做一個-交易外，這可能符合我們所有人的最佳利益，因為專案收入、銷售收入加上資本流入，將帶來巨大的股東價值。

So the type of transaction will depend on the partners.

因此，交易類型將取決於合作夥伴。

We're having discussions with several types of partners, of potential partners here.

我們正在與多種類型的合作夥伴以及潛在的合作夥伴進行討論。

And the reason why we are being vague in our request is we need the flexibility to pursue the right deal for the company and for the shareholders.

我們之所以在要求中含糊其辭，是因為我們需要靈活地為公司和股東尋求正確的交易。

I would lastly note that we have been in the capital raise efforts for what feels like nearly 1.5 years now.

最後我要指出的是，我們在首都籌集資金的努力已經有近 1.5 年了。

We have been offered several term sheets, which I would say would be value destructive for the company, and we have done our best to avoid those managing very tight budget, managing our cash flow as best we can to make sure that we are not pushed into that.

我們已經收到了幾份條款清單，我認為這會對公司的價值造成破壞，我們已盡力避免那些預算非常緊張的人，並儘可能管理我們的現金流，以確保我們不會受到壓力進入那個。

I would say that the management Board has been very, very focused on making sure that we pursue a deal that creates substantial value to the shareholders and to the company.

我想說的是，管理委員會一直非常非常注重確保我們所追求的交易能為股東和公司創造巨大價值。

We are pursuing those discussions, and we have been in those discussions and negotiations.

我們正在進行這些討論，並且我們一直在進行這些討論和談判。

And now, we need the ability to execute those as they mature.

現在，我們需要有能力在它們成熟時執行它們。

Terrific.

了不起。

Okay, thank you, Frederico.

好的，謝謝你，弗雷德里科。

So, in the absence of any additional questions, I think we'll call it for our fourth-quarter investor update.

因此，在沒有任何其他問題的情況下，我認為我們將稱它為第四季度投資者更新。

Thanks to everyone who joined and asked questions.

感謝所有加入並提出問題的人。

If you have additional questions or you'd like to speak with myself or with management, feel free to reach out to me and the IR team at ir@fusion-fuel.eu. We look forward to seeing you all again at our next update.

如果您還有其他問題，或者您想與我自己或管理層交談，請隨時透過 ir@fusion-fuel.eu 與我和 IR 團隊聯繫。我們期待在下次更新中再次見到大家。

Thank you all.

謝謝你們。

Thank you all.

謝謝你們。