Fusion Fuel Green PLC (HTOO) 2024 Q1 法說會逐字稿

Everyone, welcome to Fusion fuel greens first quarter 2024 investor update.

大家好，歡迎來到 Fusion Fuel Greens 2024 年第一季投資者更新。

My name is Ben Schwarz lead Investor Relations.

我是投資者關係主管本‧施瓦茲 (Ben Schwarz)。

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

我想先提醒大家，電話會議期間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 and 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和不確定性。

It's possible that our actual results and financial condition may differ from the anticipated results.

我們的實際結果和財務狀況可能與預期結果有所不同。

The financial condition indicated in these forward-looking statements for a discussion of some of the risks and important factors that could affect different fields future results, please see the Risk Factors in the company's latest annual report, our Form 20-F filed with the SEC.

這些前瞻性陳述中指出的財務狀況，有關可能影響不同領域未來績效的一些風險和重要因素的討論，請參閱公司最新年度報告、我們向 SEC 提交的 20-F 表格中的風險因素。

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 With that out of the way.

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。

Thank you again for joining us today.

再次感謝您今天加入我們。

I'll briefly run through our agenda.

我將簡要介紹我們的議程。

As always, I'll begin with an overview of Fusion Fuel, followed by some observations on the market and industry dynamics within the green hydrogen space.

像往常一樣，我將首先概述聚變燃料，然後是對綠氫領域的市場和產業動態的一些觀察。

Kevin Fedrico will then review first quarter highlights, subsequent developments and commercial updates, including a deep dive into our pipeline before wrapping up by checking in on our progress against our 2024 priorities, we'll then open up the floor for facilitate Q&A.

然後，Kevin Fedrico 將回顧第一季的亮點、後續發展和商業更新，包括深入了解我們的管道，然後根據 2024 年優先事項檢查我們的進展，然後我們將開放場地以方便問答。

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

與先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。

Alternatively, you can also submit your questions to the Investor Relations mailbox, which is ir@fusion-fuel.eu.

或者，您也可以將問題提交至投資者關係郵箱，即ir@fusion-fuel.eu。

So without further ado, let's begin with a brief refresher on Fusion Fuel, our value prop and positioning in the green hydrogen sector.

因此，言歸正傳，讓我們先簡單回顧一下聚變燃料、我們在綠氫領域的價值支柱和定位。

So Fusion Fuel mission that unchanged is to unlock the energy transition through the design and development of innovative green hydrogen solutions.

因此，Fusion Fuel 的使命始終如一，即透過設計和開發創新的綠色氫解決方案來實現能源轉型。

Together at the heart of everything we do is our proprietary chemo micro electrolyzer technology.

我們所做的一切的核心是我們專有的化學微電解槽技術。

It employs a simplified modular design and decentralized parallel architecture that unlocks multiple sources of advantage for us, including superior long-term performance, market-leading efficiency and high throughput industrialized production.

它採用簡化的模組化設計和分散式並行架構，為我們釋放了多種優勢來源，包括卓越的長期性能、市場領先的效率和高吞吐量工業化生產。

Our like for like to a lesser technology lends itself to a turnkey building block approach to project development that delivers unprecedented flexibility and enables us to play competitively in small to mid-scale projects a segment of the market where we continue to see considerable demand growth.

我們對較小技術的喜歡使其適合於專案開發的交鑰匙構建方法，這種方法提供了前所未有的靈活性，並使我們能夠在中小型專案中發揮競爭力，我們繼續看到需求大幅增長的市場部分。

We've developed a complementary end to end service proposition that positions us to deliver solutions for our clients.

我們制定了互補的端到端服務主張，使我們能夠為客戶提供解決方案。

No matter where they are in their hydrogen journey, enabling us to capture a meaningfully greater portion of project spend.

無論他們處於氫能之旅的哪個階段，這都使我們能夠獲得更有意義的專案支出。

We've built a robust pipeline of actionable near term green hydrogen projects with diverse avenues for monetizing value creation along the development cycle, highlighted by our flagship.

我們已經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的貨幣化，這在我們的旗艦項目中得到了強調。

It's a project in CS Portugal.

這是葡萄牙CS的一個項目。

And finally, we are well positioned to take advantage of the significant growth ramp as the market develops with a large and diverse pipeline featuring projects across more than a dozen countries, underpinned by our world-class electrolyzer production facility located Portugal.

最後，隨著市場的發展，我們處於有利地位，可以充分利用巨大的成長勢頭，在十幾個國家的項目中擁有大量多樣化的管道，並以我們位於葡萄牙的世界一流的電解槽生產設施為基礎。

So next slide please.

請下一張投影片。

As we've done for the last few quarters, we wanted to share our perspective on some dynamics within the green hydrogen sector that we hope will help contextualize our presentation today.

正如我們在過去幾個季度所做的那樣，我們希望分享我們對綠氫產業內一些動態的看法，我們希望這將有助於我們今天的演講。

Story of 2024 thus far is one of green hydrogen at a crossroads of looking at the market as a whole, we've seen a lot of activity and investments further up the value chain over the last few years in improving electrolyzer technology in ramping production capacity.

迄今為止，2024 年的故事是處於整個市場十字路口的綠氫的故事之一，在過去幾年中，我們看到了價值鏈上游的大量活動和投資，旨在改進電解槽技術以提高產能。

However, the demand side that it has been and still very much is a work in progress.

然而，需求方面過去和現在仍然是一項正在進行的工作。

The subsidy programs that many hope would serve as a forcing function to create downstream demand have proven insufficient and the continued premium for green molecules is keeping much of the legacy consumers of hydrogen on the sidelines reluctant to sign long-term offtake commitments.

許多人希望補貼計畫能夠作為創造下游需求的強制功能，但事實證明這種補貼計畫還不夠，而且綠色分子的持續溢價使許多傳統的氫消費者處於觀望狀態，不願簽署長期承購承諾。

This asymmetry has created a challenging commercial and capital market environment for electrolyzer manufacturers who are banking on deployment of their large-scale centralized systems.

這種不對稱性為依賴部署大規模集中式系統的電解槽製造商帶來了充滿挑戰的商業和資本市場環境。

But the picture is not booming.

但情況並不樂觀。

We're seeing a significant uptick in demand across emerging use cases like commercial mobility, steel, cement, manufacturing and other industrial applications.

我們看到商業交通、鋼鐵、水泥、製造和其他工業應用等新興用例的需求顯著上升。

These projects tend to be smaller in scale are typically for self-consumption where the hydrogen is consumed on-site as part of a production process.

這些項目的規模往往較小，通常用於自耗，其中氫氣作為生產過程的一部分在現場消耗。

And these projects also happened to be where we have historically focused our commercial efforts as we believe our modular scalable EVO chain solutions are uniquely relevant for that segment of the market.

這些專案也恰好是我們歷來關注的商業重點，因為我們相信我們的模組化可擴展 EVO 鏈解決方案與該市場細分市場具有獨特的相關性。

Over the course of this presentation, we hope to convey the ways in which our tech and our and service proposition leaves us well positioned to create value for our customers and grow alongside them.

在本次演示過程中，我們希望傳達我們的技術、我們的服務主張如何使我們能夠為客戶創造價值並與他們共同成長。

So with that, I'll now introduce Gravin Jones, CFO of Fusion fuel, to share some highlights from the first quarter '23.

因此，現在我將介紹 Fusion Fuel 財務長 Gravin Jones，分享 23 年第一季的一些亮點。

Thank you and good afternoon or morning to all of you who have joined our first quarter investor update call.

謝謝大家，大家下午好或早上好，參加我們第一季投資者更新電話會議的所有人。

During the first quarter, we received notification of the European Commission's acceptance of our people, Portugal project as an important Project of Common European Interest for its site.

在第一季度，我們收到了歐盟委員會的通知，稱我們的人民葡萄牙計畫作為其網站的歐洲共同利益的重要項目。

Federico will provide an update on these projects later in the presentation.

Federico 將在稍後的演示中提供這些項目的最新資訊。

We raised net proceeds of EUR5.9 million through our ATM facility during February with the line's share of this being raised on February 16 when we witness unprecedented trading volume following the HEVO, if say awards, we were awarded a separate grant from the European Commission as part of the hedge to talent consortium, the total value of this award was just above EUR1 billion.

2 月份，我們透過ATM 設施籌集了590 萬歐元的淨收益，其中該線路的份額於2 月16 日籌集，當時我們見證了HEVO 後前所未有的交易量，如果說獎項的話，我們獲得了歐盟委員會的單獨撥款作為人才對沖財團的一部分，該獎項的總價值略高於 10 億歐元。

And we are currently finalizing our first drawdown.

我們目前正在完成第一次縮編。

We received provisional grant approval for our 25 megawatts HEVO-AVEIRO green hydrogen projects.

我們的 25 兆瓦 HEVO-AVEIRO 綠氫計畫獲得了臨時撥款批准。

This brand represents an estimated EUR5 million and grand funding the grant approval was awarded as part of the second funding call of the Portuguese government C 14 grant program, which is focused on accelerating the energy transition by supporting the production of hydrogen and other renewable gases.

該品牌代表了估計 500 萬歐元的巨額資金，該撥款批准是葡萄牙政府 C 14 撥款計劃第二次資助徵集的一部分，該計劃的重點是透過支持氫氣和其他可再生氣體的生產來加速能源轉型。

For those familiar with the Fusion fuel story.

對於那些熟悉聚變燃料故事的人來說。

One of our projects and finance was previously awarded EUR10 million as part of the first funding call it the same program.

我們的一個項目和融資之前獲得了 1000 萬歐元，作為第一筆資金的一部分，稱其為同一計劃。

The company is also involved in a second submission for a 10 megawatt green hydrogen project led by a Portuguese industrial company, which has also received funding approval.

該公司還參與了由葡萄牙工業公司牽頭的第二個10兆瓦綠色氫項目的提交，該項目也已獲得資金批准。

Our HEVO with Aveiro projects will have our HEVO chain technology and sold along with the associated balance of plant equipment.

我們與阿威羅專案的 HEVO 將採用我們的 HEVO 鏈技術，並與相關的工廠設備一起出售。

This plant will produce an estimated 2,100 tonnes of green hydrogen per annum, which is expected to be used by the local ceramic industry.

該工廠預計每年將生產 2,100 噸綠色氫氣，預計將供當地陶瓷產業使用。

Finally, we convened an EGM to secure shareholder approval, allowing the company's Board of Directors to allot securities of up to 20% annual cap imposed under Irish law.

最後，我們召開了一次臨時股東大會以確保股東批准，允許公司董事會根據愛爾蘭法律分配高達 20% 年度上限的證券。

After the end of the first quarter, we drew down on the first tranche of the Macquarie facility, which amounted to EUR1.15 million.

第一季末後，我們提取了麥格理貸款的第一筆款項，金額為 115 萬歐元。

We intend to work with Macquarie to finalize the second closing on the facility as soon as possible, we completed the installation of a 300 kilowatt HEVO chain system for a global cement leader Frederico will also discuss this project in a bit more detail.

我們打算與麥格理合作，盡快完成該設施的第二次關閉，我們為全球水泥領導者完成了 300 千瓦 HEVO 鏈條系統的安裝 Frederico 也將更詳細地討論該項目。

This morning, we announced that we signed a technology sale contracts for 100 kilowatts EVA chain system for a hospital clients in Iberia, the Hosston tend to capture the green option created as a byproduct of the electrolysis process for medical applications and to use the green hydrogen generators to produce emissions free power for the facility.

今天早上，我們宣布與伊比利亞一家醫院客戶簽署了一份 100 千瓦 EVA 鏈系統的技術銷售合同，Hosston 傾向於捕捉醫療應用電解過程副產品產生的綠色選項，並使用綠色氫氣發電機為設施提供無排放電力。

The project also includes an R&D work stream aimed at developing and testing new materials for HEVO technology.

該專案還包括旨在開發和測試 HEVO 技術新材料的研發工作流程。

And finally, we continue to widen our strategic commercial relationships.

最後，我們繼續擴大我們的策略商業關係。

These relationships reflect the strong perception of our technology and engineering capabilities as we deliver small to mid-scale projects.

這些關係反映了我們在交付中小型專案時對我們的技術和工程能力的強烈認知。

Our strategy is laser focused on creating follow-on opportunities, which in turn will add funding to the company as we continue to increase the track record of our HEVO technology.

我們的策略專注於創造後續機會，隨著我們繼續提高 HEVO 技術的業績記錄，這反過來又將為公司增加資金。

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

我們現在將討論第一季的財務表現。

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

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。

No revenue was recognized during the first quarter.

第一季未確認收入。

At the end of the quarter, we had EUR0.7 million of inflows that did not meet the revenue recognition requirements.

截至本季末，我們有 70 萬歐元的流入未滿足收入確認要求。

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

相反，這些金額將在 2024 年稍後確認為收入。

Given the nature of our contracts, the key driver of revenue recognition is delivery for client acceptance.

鑑於我們合約的性質，收入確認的關鍵驅動因素是交付給客戶接受。

I had noted previously that our 2024 revenues would be weighted towards the second half of the year.

我之前曾指出，我們 2024 年的收入將針對下半年進行加權。

For our 300 kilowatt Hevo chain system that has been installs the milestone for revenue recognition as client acceptance.

我們的 300 千瓦 Hevo 鏈系統已安裝，作為客戶認可，實現了收入確認的里程碑。

This will take place after the commissioning phase is completed.

這將在調試階段完成後進行。

We continue to sell or scrap.

我們繼續出售或報廢。

Our legacy Hebel Solar Materials on received inflows of $0.24 million during the first quarter.

我們的傳統 Hebel Solar Materials 在第一季收到了 24 萬美元的流入。

These sales have continued into the second quarter, and we will continue to realize as much as possible from the components previously impaired.

這些銷售一直持續到第二季​​度，我們將繼續從先前受損的零件中盡可能多地變現。

We did not book any impairments during the first quarter.

我們在第一季沒有計入任何減損。

You may remember from our fourth quarter presentation that we had some credits recorded against our operating cost base relating to grant floats.

您可能還記得我們第四季的報告，我們在與贈款浮動相關的營運成本基礎上記錄了一些貸項。

These credits were not repeated during the first quarter, and this is why we are showing an increase in our SG&A.

這些積分在第一季沒有重複，這就是我們的 SG&A 增加的原因。

Once we excluded the credits from the fourth quarter expenses, our cost base decreased by EUR1.5 million.

一旦我們從第四季費用中剔除這些貸項，我們的成本基礎就減少了 150 萬歐元。

This is the fifth consecutive quarter that we recorded a reduction to our operating cost base.

這是我們連續第五個季度實現營運成本基礎下降。

Our cost base continues to be a source of focus, and we achieved further reductions in areas like motor travel, legal and general operating expenses.

我們的成本基礎仍然是關注的焦點，我們在汽車旅行、法律和一般營運費用等領域進一步減少。

Pretax loss for the quarter amounted to EUR5.1 million and included non-cash items relating to share-based compensation expense was EUR0.6 million, depreciation and amortization of EUR0.7 million on a fair value loss associated with our warrants of EUR0.6 million as our derivative liability increased.

本季稅前虧損為 510 萬歐元，其中包括與股權激勵費用相關的非現金項目 60 萬歐元、與我們的認股權證相關的公允價值損失 0 歐元的折舊和攤銷 70 萬歐元。衍生性商品負債增加了600 萬。

The noncurrent assets and inventory balances are shown net of historical impairment charges.

非流動資產和庫存餘額顯示扣除歷史減損費用。

The increase to inventory is down to two items, one being the reduction of the provision for impairment as items of legacy inventory were sold or scrapped, and the second being purchases made to fulfill our current technology projects.

庫存的增加減少到兩項，一是由於遺留庫存項目被出售或報廢而減少了減值撥備，二是為完成我們當前的技術項目而進行的採購。

Until we recognize the revenue associated with technology sales.

直到我們確認與技術銷售相關的收入。

The equipment and materials related to this revenue remain, part of the inventory.

與該收入相關的設備和材料仍然是庫存的一部分。

In May, we received a deficiency notice from NASDAQ regarding our shareholders' equity under the listing rules of the NASDAQ Global Markets, companies are required to maintain a minimum of $10 million in shareholders' equity.

今年5月，我們收到了納斯達克關於我們股東權益的缺陷通知，根據納斯達克全球市場的上市規則，公司必須維持至少1000萬美元的股東權益。

We have 45 days to submit a plan to NASDAQ to regain compliance.

我們有 45 天的時間向納斯達克提交計劃以重新獲得合規性。

If that time is accepted or not, that can grant an extension of up to 180 days to execute the agreed plan.

無論該時間是否接受，都可以延長最多 180 天的時間來執行商定的計劃。

We are finalizing this plan and will and it will be submitted in advance of the 45 days permitted.

我們正在最終確定該計劃，並將在允許的 45 天之前提交。

The notice has no immediate effect on the listing of our ordinary shares, which continue to trade on the NASDAQ global market under the symbol, HTOO.

該通知不會立即影響我們普通股的上市，這些普通股繼續在納斯達克全球市場上交易，代號為 HTOO。

Bank balance is just over EUR1.5 million on March 31.

3 月 31 日，銀行餘額略高於 150 萬歐元。

Since then, we have received $1.15 million from acquiring, along with various other customer inflows.

從那時起，我們已經從收購中獲得了 115 萬美元，以及其他各種客戶流入。

Following the drawdown of Tranche one of the Macquarie facility we notified the placement agents of the termination of the ATM sales agreement.

在麥格理工廠之一的 Tranche 提款後，我們通知配售代理終止 ATM 銷售協議。

As mentioned earlier, our AGM took place during the first quarter.

如前所述，我們的年度股東大會在第一季舉行。

Under Irish law, the company must have authority from 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 shareholders previously authorized the company to issue securities of up to 20% of the issued ordinary shares of the company during any calendar year, we sought and received approval from the company's shareholders to provide the company with authorization to issue securities at Fulton beyond the 20% cap.

公司股東先前授權公司在任何日曆年度發行最多占公司已發行普通股 20% 的證券，我們尋求並獲得公司股東的批准，授權公司在富爾頓發行超出該範圍的證券。

We continue to believe that uncertainty around our capital position is the greatest concern at the markets and that resolving the capital constraints will remedy.

我們仍然認為，我們資本部位的不確定性是市場最擔心的問題，而解決資本限制將起到補救作用。

Our long-standing valuation disconnect relative to our peers.

相對於同行，我們的估值長期存在脫節。

Has noted in previous updates we continue to explore multiple options to solidify our capital position A priority of ours to exit cash burn by the end of 2025.

在先前的更新中已指出，我們將繼續探索多種選擇來鞏固我們的資本狀況，我們的首要任務是在 2025 年底前退出現金消耗。

And to do this, we will need to reinforce our balance sheet.

為此，我們需要加強我們的資產負債表。

Strengthening balance sheet should assure our teams, investors and shareholders that the company is sufficiently equipped to achieve its goals on goals and targets.

加強資產負債表應向我們的團隊、投資者和股東保證，公司有足夠的能力實現其目標和目標。

It also provides our customers with further assurances that the warranties that are being offered as part of our technology contracts can be fulfilled.

它還為我們的客戶提供了進一步的保證，即我們的技術合約中提供的保證能夠得到履行。

Shareholder approval and as management to move quickly and decisively in the event for prospective capital raise or strategic partnership, we have significant grant amounts expected for 2024, which will mostly be to reimburse first host for spend relating to R&D, our production facility and engineering services for our projects due to the strengthening of our balance sheet in February.

股東批准，並且管理層在未來融資或戰略合作夥伴關係中迅速果斷採取行動，預計2024 年我們將獲得大量贈款，其中大部分將用於償還第一東道國與研發、生產設施和工程服務相關的支出由於二月我們的資產負債表得到加強，我們的項目。

And as we are now receiving customer inflows regularly, we are satisfied that the operational inflows, coupled with the drawdowns from the Macquarie facility, provide us with a runway to execute the capital raise efforts and progress.

由於我們現在定期收到客戶流入，我們感到滿意的是，營運流入加上麥格理設施的提款，為我們提供了執行資本籌集工作和進展的跑道。

As noted in our investor letter, we intend to secure strategic and structural financing that will enable us to execute our business plan and accelerate growth.

正如我們在投資者信中所指出的，我們打算獲得策略和結構性融資，這將使我們能夠執行我們的業務計劃並加速成長。

Finally, I want to confirm that we were maintaining our guidance for 2024, which was communicated earlier this year.

最後，我想確認我們將維持今年稍早傳達的 2024 年指導方針。

I will now pass you over to our CEO, Federico, who will provide a commercial update.

現在我將把您交給我們的執行長 Federico，他將提供商業更新。

Thank you, have, and good afternoon, everyone, and thank you for joining us today.

謝謝大家，大家下午好，謝謝你們今天加入我們。

I'm thrilled to be able to share with you the latest images from our projects because cement major in Spain.

我很高興能夠與您分享我們專案的最新圖像，因為西班牙的水泥專業。

This is not only the first commercial installation of HEVO the chain systems, but it's also the first project, but we are also capturing the oxygen release in the process.

這不僅是 HEVO 鏈條系統的首次商業安裝，也是第一個項目，而且我們還在捕獲過程中的氧氣釋放。

This 300 kilowatt facility was a turnkey solution delivered by Fusion Fuel.

這個 300 千瓦的設施是 Fusion Fuel 提供的交鑰匙解決方案。

We took the Whitehall from the conceptual design through all the engineering work required and finally, the supervision of the installation and commissioning.

我們從概念設計到白廳所需的所有工程工作，最後是安裝和調試的監督。

It's a special projects in the green hydrogen wells as it is commercially viable already without financial support and grants.

這是綠色氫井的一個特殊項目，因為它在沒有財政支持和撥款的情況下已經具有商業可行性。

This is pretty unique and the hydrogen market today.

這對於當今的氫市場來說是非常獨特的。

One of the main concerns for such an installation is the availability of the hydrogen and ensuring the production does not stop and impact the operation of the kill.

這種裝置的主要關注點之一是氫氣的可用性以及確保生產不會停止並影響壓井操作。

This is where our HEVO chain system truly differentiates itself.

這就是我們的 HEVO 鏈條系統真正與眾不同的地方。

The system is made up of 15 HEVA chain cubes each operating independently.

該系統由 15 個 HEVA 鏈立方體組成，每個立方體獨立運作。

Therefore, any issue with any underlying levers will not impact the continuity of the plant's operation.

因此，任何潛在槓桿的任何問題都不會影響工廠運作的連續性。

We see a significant competitive advantage for our solution in the sector with both the performance of our system and the availability advantages.

我們看到我們的解決方案在該領域具有顯著的競爭優勢，無論是系統效能還是可用性優勢。

And as outlined in our letter, we have already received multiple requests for follow-on proposals from the same client and others in this industry.

正如我們在信中所述，我們已經收到來自同一客戶和該行業其他客戶的多次後續提案請求。

This project is finalizing its installation and starting the commissioning process.

該項目正在完成安裝並開始調試過程。

As mentioned, the commercial advantages of our offering are substantial for the market we are focusing on.

如前所述，我們的產品的商業優勢對於我們關注的市場來說是巨大的。

We are not a solution for every challenge of the green hydrogen space, but for the sub 10 megawatt plants and when availability is a concern.

我們並不是針對綠色氫能領域的所有挑戰的解決方案，而是針對 10 兆瓦以下的工廠以及當可用性受到關注時的解決方案。

We have an excellent solution.

我們有一個出色的解決方案。

We have a market-leading system efficiency for the electrolyzer system, thereby reducing the cost of green hydrogen produced.

我們的電解槽系統擁有市場領先的系統效率，從而降低了綠色氫氣的生產成本。

We can ensure strong availability of a hydrogen plant, both through an industry-leading nominal load range, meaning that we can produce hydrogen even with the smallest power inputs to a system as well as with the modular design of the system this modularity.

我們可以透過業界領先的標稱負載範圍來確保氫氣製造裝置的強大可用性，這意味著即使系統採用最小的功率輸入，我們也可以生產氫氣，並且透過系統的模組化設計（這種模組化）。

As I mentioned previously, this allows us to be able to do partial system shutdowns when operational maintenance was required, thereby minimizing the risk of production stoppages for clients this applies to both the container and the cube solutions.

正如我之前提到的，這使我們能夠在需要操作維護時關閉部分系統，從而最大限度地降低客戶生產中斷的風險，這適用於容器和多維資料集解決方案。

The modularity and independent operation also brings another strong advantage.

模組化和獨立運作也帶來了另一個強大的優勢。

Given the operational independence of each of our heroes, we're able to significantly reduce the contagion effect that occurs in traditional systems in many systems of one membrane has accelerated degradation of performance issues.

考慮到我們每個英雄的操作獨立性，我們能夠顯著減少傳統系統中發生的傳染效應，在許多系統中，一個膜會加速性能退化問題。

It can contaminate an entire stack.

它可能會污染整個堆疊。

In our case, each Evo is its own independent stock and therefore, an issue in one does not impact the portal system.

在我們的案例中，每個 Evo 都是自己的獨立庫存，因此，其中一個問題不會影響門戶系統。

Lastly, our plug-and-play models models allow us to deliver to a client assistant publicize their needs while also allowing for a simple scale-up apart later with a hydrogen need increases which have recently been working with partners where they have requested a phased increase in electrolyzer capacity over several years, and our system can manage those requirements extremely well.

最後，我們的即插即用模型使我們能夠向客戶助理公開他們的需求，同時還允許稍後隨著氫氣需求的增加進行簡單的擴展，這些模型最近一直在與合作夥伴合作，他們要求分階段進行多年來電解槽容量不斷增加，我們的系統可以很好地滿足這些要求。

For the next two slides, I'd like to focus a lot more commercial pipeline and the offers that we have outstanding.

在接下來的兩張投影片中，我想專注於更多的商業管道和我們擁有的優秀產品。

As you may recall, we truly started launching the HEVO chain solution in the third quarter of last year.

大家可能還記得，我們​​真正開始推出HEVO鏈解決方案是在去年第三季。

The shift we made last year from the HEVO Solar to the HEVO chain solution massively increased our addressable market and it and makes it significantly easier for clients to understand our system.

我們去年從 HEVO Solar 到 HEVO chain 解決方案的轉變極大地增加了我們的潛在市場，並使客戶更容易了解我們的系統。

Also towards the end of last year, we made a concerted effort to broaden our reach beyond our home markets, Portugal and Spain.

同樣在去年年底，我們齊心協力將業務範圍擴大到本土市場——葡萄牙和西班牙以外。

Since then, I'm pleased to note that we have a very strong pipeline with over 200 megawatts of offers intended made to clients in 16 different markets with very happy to see the traction we're seeing in the market with our offering.

從那時起，我很高興地註意到，我們擁有非常強大的管道，向 16 個不同市場的客戶提供超過 200 兆瓦的產品，我們很高興看到我們的產品在市場上受到歡迎。

And as expected, most of our offers are full of under 10 megawatts.

正如預期的那樣，我們的大部分報價都在 10 兆瓦以下。

This is really the segment where our HEVO chain system differentiates us.

這確實是我們的 HEVO 鏈條系統使我們與眾不同的部分。

It differentiates itself from the rest of them to expand further on our pipeline has mentioned we have broadened our market reach substantially, although most large projects continue to be influential in Spain, given our local presence and strong renewable energy profile in these markets.

它與其他項目的區別在於進一步擴大我們的管道，我們已經提到我們已經大大擴大了我們的市場範圍，儘管考慮到我們在這些市場的當地影響力和強大的可再生能源形象，大多數大型項目仍在西班牙具有影響力。

In terms of number of offers outstanding.

就未完成的報價數量而言。

It's a near 50 50 split between Iberia and rest of world.

伊比利半島與世界其他地區的比例接近 50:50。

The trend we believe will continue to develop further for the rest of world growing over time in terms of types of proposals, the majority of the offers outstanding.

我們相信，隨著時間的推移，世界其他地區的提案類型將繼續進一步發展，其中大多數提案都已完成。

Why and the five megawatts were under category.

為什麼以及五兆瓦屬於類別。

This is delivered and it fits with our commercial strategy as this fits all solutions 60 well, but also because the majority of early green hydrogen projects being made and actually being undertaken are small projects.

該產品已交付，並符合我們的商業策略，因為這非常適合所有解決方案 60，而且還因為大多數早期正在實施和實際實施的綠氫專案都是小型專案。

The industry has learned has proven its ability to deliver consistently large systems and government actions are continuously debate that will we believe that apart from a few projects, most of the actual inflation efforts in the next couple of years will be in the small to midsize project project range.

該行業已經認識到，已經證明了其提供持續大型系統的能力，並且政府行動一直在爭論，我們是否相信，除了少數項目之外，未來幾年的大部分實際通膨努力將集中在中小型專案中專案範圍。

As we have highlighted in the past, our engineering expertise, our hydrogen market experience has been a real asset in proposals and discussions with clients.

正如我們過去所強調的那樣，我們的工程專業知識和氫市場經驗一直是與客戶的提案和討論中的真正資產。

As you can see here, over 80% of our offers offer services in addition to that include Electroglas provision as well as engineering services or balance of plant equipment purchasing.

正如您在這裡所看到的，我們超過 80% 的產品還提供除電玻璃供應以及工程服務或工廠設備採購之外的服務。

This means we're able to capture a bigger share of wallet of the hydrogen projects.

這意味著我們能夠在氫能專案中獲得更大的份額。

We are involved at the push of full-time solution as well as a focus on small projects is all in the spirit of seeking the clients who need our products, electrolyzer or hydrogen engineering expertise.

我們參與推動全職解決方案並專注於小型項目，這一切都是本著尋找需要我們的產品、電解槽或氫工程專業知識的客戶的精神。

Now changing gears slightly.

現在稍微改一下。

I'd like to briefly update on our own product portfolio.

我想簡單介紹一下我們自己的產品組合。

To remind everyone, several years ago, our focus was to create our own hydrogen projects to develop of our own pipeline.

提醒大家，幾年前，我們的重點是創建我們自己的氫氣專案來開發我們自己的管道。

As our technology was very new, we currently have six development projects that are fully owned by Fusion fuel, where we have the intention to either sell the products with third party infrastructure player or partner with a capital player on this.

由於我們的技術非常新，我們目前有六個由 Fusion Fuel 全資擁有的開發項目，我們打算與第三方基礎設施參與者銷售產品，或與資本參與者合作。

The half of this portfolio is the seniors projects for sure in Q1 was designated an important Project of Common European Interest than itself.

該投資組合的一半是高級項目，在第一季肯定被指定為比其本身更重要的歐洲共同利益項目。

But and I'll go into more details on that on the next slide.

但是我將在下一張投影片中詳細介紹這一點。

The remaining three projects listed here continued development planning, both in the negotiations with Hydril offtakers as well as with potential product project investments most recently, the Alfredo project was awarded a grant during the first quarter as well.

這裡列出的其餘三個項目繼續進行開發規劃，無論是在與 Hydril 承購商的談判中還是在最近的潛在產品項目投資中，Alfredo 項目也在第一季度獲得了撥款。

So now all projects in our portfolio of government funding awarded are in various stages of negotiations with lenders, investors and partners.

因此，現在我們獲得的政府資助組合中的所有項目都處於與貸方、投資者和合作夥伴談判的不同階段。

We believe that this portfolio will provide a substantial added value to the pipeline we outlined before and brings substantial value add to our shareholders as well for those that have a good memory.

我們相信，該投資組合將為我們先前概述的管道提供可觀的附加價值，並為我們的股東以及那些擁有良好記憶力的股東帶來可觀的附加價值。

You'll notice this is the same slide that we used last quarter on our synergy upside.

您會注意到，這與我們上季度在協同效應方面使用的同一張投影片。

However, this was such a substantial project, but we wanted to highlight that again and provide a short update with what we can say at this stage.

然而，這是一個如此重要的項目，但我們想再次強調這一點，並提供一個簡短的更新，說明我們在現階段可以說的話。

So after four years of submitting a request for reconsideration, along with substantial work and refine to all the various clearances queries over this time.

因此，經過四年的提交重新考慮請求，以及對這段時間所有各種許可查詢的大量工作和完善。

We finally received confirmation that our projects designated and it's a project by the European Commission, the 630 megawatt project, which incorporates our Series one and two projects as well that already have grants from Portuguese governments look to supply 62,000 tons of green hydrogen per year and in some avoids 650,000 tonnes of CO2 per year.

我們最終收到確認，我們的項目已被指定，這是歐盟委員會的一個項目，630兆瓦項目，其中包括我們的第一系列和第二系列項目，以及已經獲得葡萄牙政府撥款的項目，希望每年供應62,000噸綠色氫，有些國家每年可減少 65 萬噸二氧化碳排放。

Over the goal of being installed by the end of the decade.

目標是在本世紀末安裝。

With the FDA designation, we can get support from the Portuguese government European Investment Bank and applied to the European Innovation Fund for to help cover the premium associated with green hydrogen production versus traditional 300 production costs This provides us project with substantial value.

憑藉 FDA 的指定，我們可以獲得葡萄牙政府歐洲投資銀行的支持，並向歐洲創新基金申請幫助支付與傳統 300 生產成本相比的綠色氫生產相關的溢價，這為我們的項目提供了巨大的價值。

The project is too large to Fusion Fuel to take it alone.

該項目太大，聚變燃料公司無法單獨承擔。

.

。

As we've mentioned before, we are actively in discussions and negotiations with partners regarding this project.

正如我們之前提到的，我們正在積極與合作夥伴就該專案進行討論和談判。

Looking to secure very meaningful value to the company and shareholders over the long term, given its size and the due diligence work required.

考慮到公司的規模和所需的盡職調查工作，希望從長遠來看為公司和股東帶來非常有意義的價值。

As part of all of these negotiations, we still expect it to be several months before we can share with you the outcome of those ongoing discussions, earliest we would say is and some of these philosophy.

作為所有這些談判的一部分，我們仍然預計需要幾個月的時間才能與您分享這些正在進行的討論的結果（我們最早會說是）以及其中的一些理念。

So all for quite a long time.

所以這一切持續了相當長的一段時間。

Recently, we were awarded a substantial work package worth EUR1 million for a project called H2 talents, which spans six markets and includes a consortium of 28 parties that are supported by government grants.

最近，我們獲得了價值 100 萬歐元的大量工作包，用於名為 H2 人才的項目，該項目跨越六個市場，包括由 28 個各方組成的財團，並得到政府撥款的支持。

This project directly relates to our chipset and the injection into the CNS hydrogen backbone as it is paying for the Phase one and two studies for our seniors project.

這個項目與我們的晶片組和中樞神經系統氫骨幹網的注入直接相關，因為它為我們的老年人計畫的第一階段和第二階段研究提供了資金。

It also includes further developing our demonstration plant and capabilities and never were pleased to be part of this project and having the opportunity to build relationships for the future with the other 27 members of the consortium.

它還包括進一步開發我們的示範工廠和能力，我們很高興成為該計畫的一部分，並有機會與該聯盟的其他 27 個成員建立面向未來的關係。

In addition, we're proud to be part of the only green hydrogen Valley in Europe's clean hydrogen joint undertaking that has led from Portugal, cementing our leadership position in this market.

此外，我們很自豪能夠成為歐洲清潔氫合資計畫中唯一的綠色氫谷的一部分，該計畫由葡萄牙牽頭，鞏固了我們在該市場的領導地位。

Now before we go into Q&A, I want to cover the 2024 priorities and value drivers.

現在，在我們進行問答之前，我想先介紹一下 2024 年的優先事項和價值驅動因素。

We are on our way to deliver five to six for HEVA chain systems to European clients this year, five of which are full project deliverance, of course, the installation of this system we mentioned previously is a critical step in that journey to nodes.

今年我們將向歐洲客戶交付五到六個HEVA鏈系統，其中五個是完整的專案交付，當然，我們之前提到的這個系統的安裝是節點之旅的關鍵一步。

We can install a project today in less than four weeks with the HEVA chain system, given its plug-and-play nature, strengthening our balance sheet remains a vital task them with government and I will personally involved in these discussions have been in the works for a significant time to give them a sense of nature to them, we can only provide information on these hotels clubs, having recurring line now operational as an important tool for the company in this effort, of course, as Kevin mentioned, we're looking to secure more strategic sources of capital so that we can fund ourselves clearly through to cash flow breakeven, something that we feel will go a long way to address the valuation disconnect between infusion fuel and our competitors has mentioned earlier in the presentation, we've made significant strides in broadening our commercial reach.

今天，我們可以使用HEVA 鏈系統在不到四個星期的時間內安裝一個項目，鑑於其即插即用的性質，加強我們的資產負債表仍然是他們與政府的一項重要任務，我將親自參與這些討論一直在進行中在很長一段時間內，為了讓他們感受到自然，我們只能提供有關這些酒店俱樂部的信息，現在循環線路已作為公司在這一努力中的重要工具投入使用，當然，正如凱文所提到的，我們正在希望獲得更具戰略性的資本來源，以便我們能夠清楚地為自己提供資金，以達到現金流收支平衡，我們認為這將大大有助於解決輸液燃料與我們的競爭對手之間的估值脫節問題，我們在簡報前面提到過，我們在擴大我們的商業範圍方面取得了重大進展。

And during this year, we want to further solidify that by certifying our products for the North American and Australian markets.

今年，我們希望透過針對北美和澳洲市場的產品認證來進一步鞏固這一點。

On the cost front, we continue to make progress you heard before from Gabon.

在成本方面，我們繼續取得您之前從加蓬聽到的進展。

So we have reduced operational costs for five consecutive quarters.

因此，我們連續五個季度降低了營運成本。

At the same time, we've increased the efficiency of the HEVA production line with now more than 12,000 single HEVA was produced.

同時，我們也提高了 HEVA 生產線的效率，目前已生產了超過 12,000 個 HEVA。

As a reminder, each.

作為提醒，每一個。

HEVA was a miniaturized back.

HEVA 是一個小型化的靠背。

Our production team has significantly optimize the production process, and we have already surpassed the reduction of 50% of product of product transformation costs from about a year ago on this currency, which generation and expect to reach a reduction of 70% in the transmission cost by year-end.

我們的生產團隊已經顯著優化了生產流程，我們已經超過了大約一年前在本幣上減少產品改造成本 50% 的情況，預計傳輸成本將減少 70%到年底。

These are not the raw material costs, but the cost related to the creation of the product in-house.

這些不是原材料成本，而是與內部產品創建相關的成本。

This is a phenomenal achievement by the production team.

這是製作團隊的非凡成就。

Lastly, we have established relationships with multiproduct developers for portfolios of small projects as noticed as noted, this is where we see activity in near future and being able to work on multiple projects.

最後，我們已經與小型專案組合的多產品開發人員建立了關係，正如所指出的那樣，這是我們在不久的將來看到活動並能夠處理多個專案的地方。

But single clients means that we can efficiently grow our pipeline three of those five.

但單一客戶意味著我們可以有效地拓展這五個管道中的三個。

We are currently working with a portfolio that would sit Signify around EUR90 million in potential business for Fusion fuel for services that include electrolyzer provision and engineering services.

我們目前正在與一個投資組合合作，將為 Signify 帶來約 9,000 萬歐元的聚變燃料潛在業務，包括電解槽供應和工程服務。

We see this as an important angle for us to keep developing, and we will continue to pursue these type of relationships.

我們認為這是我們不斷發展的一個重要角度，我們將繼續追求這種類型的關係。

With that, I'll close the Q1 update and after we move on to the Q&A portion of the session.

至此，我將結束第一季的更新，然後我們將進入會議的問答部分。

Thank you very much.

非常感謝。

Thanks, Federico.

謝謝，費德里科。

So we've got some questions in via e-mail as well as a part of the webcast platform.

因此，我們透過電子郵件以及網路廣播平台的一部分提出了一些問題。

As a reminder, if anyone has questions, please submit them.

提醒一下，如果有人有疑問，請提交。

And so I'll begin with some questions from a couple of our analysts are thinking with early Gordon from RBC Capital Markets who asks why we elected not to provide a formal update on our 2024 revenue guidance.

因此，我將從幾位分析師與加拿大皇家銀行資本市場的戈登一起思考的一些問題開始，戈登問我們為什麼選擇不提供 2024 年收入指引的正式更新。

Thanks, Ben.

謝謝，本。

And yes, so I think just in terms of the guidance that we previously communicated.

是的，所以我認為只是根據我們之前傳達的指導。

And we're maintaining our guidance sorry that I mentioned in my session that we're maintaining the guidance for 2024.

我們將維持我們的指導方針，抱歉，我在會議中提到我們將維持 2024 年的指導方針。

It remains our best estimates.

這仍然是我們的最佳估計。

We haven't had any substantially of information since we last communicated, so felt it appropriate to keep it as it is.

自上次溝通以來，我們還沒有獲得任何實質訊息，因此認為保持原樣是適當的。

As Federico mentioned during his session, we are working hard to monetize the HEVA portfolio, but this will take time and we had previously included are still include revenues from our seniors portfolio in that guidance.

正如 Federico 在會議期間提到的那樣，我們正在努力將 HEVA 投資組合貨幣化，但這需要時間，而且我們之前在該指導中仍然包括了我們的高級投資組合的收入。

And but until we have further clarity on the current process, I think it would be inappropriate for us to revise the guidance right now, and that's why we're remaining with the same position.

但在我們進一步明確當前流程之前，我認為我們現在修改指導意見是不合適的，這就是我們保持相同立場的原因。

The next question concerns the certification process for the blockchain in North America and Australia, what are the steps required to achieve that milestone?

下一個問題涉及北美和澳洲的區塊鏈認證流程，要實現這一里程碑需要採取哪些步驟？

And so this is really engaging with external certification companies such as TUV.

因此，這實際上是與 TUV 等外部認證公司的合作。

So what we have going on with them is capturing all the certifications and requirements needed for those markets.

因此，我們正在與他們合作，以獲取這些市場所需的所有認證和要求。

And then the CFO, COO, goes out for testing with them to ensure compliance all of those.

然後財務長、營運長出去與他們一起進行測試，以確保所有這些都符合要求。

This is something that we expect to be able to execute by year-end.

這是我們預計能夠在年底前執行的事情。

And because of the time line we are working on with our channel partners Yes, sticking with the vaccine, can you provide any customer feedback that the company has received with respect to that solution?

由於我們正在與通路合作夥伴合作的時間表是的，堅持疫苗，您能否提供公司收到的有關該解決方案的任何客戶回饋？

So the so much we are installing the first customer unit now at the cement factory.

我們現在正在水泥廠安裝第一個客戶單元。

So as I say, we're currently finishing installations during the commissioning process.

正如我所說，我們目前正在調試過程中完成安裝。

Um, I would note that the fact that we've been asked by the same clients to provide for a firm proposals for the some of the other cement plants will be a pretty good indication of the that they are content with our service and our solution there.

嗯，我要指出的是，同樣的客戶要求我們為其他一些水泥廠提供明確的建議，這一事實將很好地表明他們對我們的服務和解決方案感到滿意那裡。

However, the plant hasn't yet come online.

然而，該工廠尚未上線。

And the final question from Irwin side and is it hitting on a theory on how much capital the company will continue to raise secure or strengthen the balance sheet this year?

歐文的最後一個問題是，它是否觸及了公司今年將繼續籌集多少資本以確保或加強資產負債表的理論？

I don't think we've provided before we get ourselves into trouble.

我認為我們在陷入麻煩之前並沒有提供幫助。

I don't think we have provided a specific number in the past.

我認為我們過去沒有提供具體數字。

So I want to make sure that we don't move into into that space.

所以我想確保我們不會進入那個領域。

However, with NOS and as Gravin noted before, that we have a room, we want to reach our cash flow breakeven towards the end of the year ended 2025 sorry, apologies.

然而，對於 NOS，正如 Gravin 之前指出的那樣，我們有一個房間，我們希望在截至 2025 年底之前實現現金流收支平衡，抱歉，抱歉。

And we have on average a burn rate of somewhere around between [1.2, 1.3] per month.

我們的平均燒錢率約為每月 [1.2, 1.3] 之間。

It's not exactly flat month by month because we get inflows from grants from clients, et cetera.

每個月的情況並不完全持平，因為我們從客戶的贈款等方面獲得了資金流入。

But that could give an indication if someone someone's looking to what sort of rough our range for themselves because the how much we want to resource, it depends on how activity the so on we execute the majority facility as well.

但這可以表明是否有人正在為自己尋找我們的大致範圍，因為我們想要資源的數量，這取決於我們執行大多數設施的活動。

Exactly.

確切地。

I'll add to that, if that's okay.

如果可以的話我會補充一下。

As part of our previous guidance, we expect to have between eight to EUR10 million in CapEx throughout 2024.

作為我們先前指導的一部分，我們預計 2024 年的資本支出將在 800 至 1000 萬歐元之間。

And so again, that kind of add-on to the point that Federico mentioned in terms of working days.

再說一次，費德里科在工作日方面提到的這一點的附加內容。

And but again, I just want to reiterate that our spends will continue to be dependent on the inflows and so whether it be the client billings, the financing activities that have been mentioned and those across those brands that has been so important to us recently.

但我想再次重申，我們的支出將繼續取決於資金流入，因此無論是客戶帳單、提到的融資活動還是最近對我們非常重要的品牌活動。

And moving on to a couple of questions from Jeff Grampp at Alliance Global Partners.

接下來回答 Alliance Global Partners 的 Jeff Grampp 提出的幾個問題。

Separately, you touched on the question around customer feedback.

另外，您談到了有關客戶回饋的問題。

You touched on these follow-on opportunities from the cement customer.

您談到了水泥客戶的這些後續機會。

Do you have a timing expectation for when that customer may decide on the additional projects that have been proposed.

對於客戶何時可以決定已提議的其他項目，您是否有時間預期？

We do the the four projects are in three different markets.

我們做的四個專案位於三個不同的市場。

Let's call it two quarters for one market and the other two four for two different markets.

我們將一個市場稱為兩個季度，將兩個不同市場的另外兩個季度稱為四個季度。

So we're working through with them on those projects.

因此，我們正在與他們合作完成這些項目。

Now, you know, for us the natural stage here is that after the go-live would be when any decision.

現在，您知道，對我們來說，自然階段是在上線之後做出任何決定。

I don't expect any decisions to be taken before the go-live to go live being only in the in less than 10 days for the plants.

我預計在工廠上線後不到 10 天的時間內不會做出任何決定。

But of course, as we've seen with hydrogen, the final decisions can always be delayed.

但當然，正如我們在氫方面所看到的那樣，最終決定總是會被推遲。

With the subject of technology sales or that part of the business we mentioned in the presentation, 73% of projects in the pipeline are under five megawatts within that bucket.

就技術銷售或我們在演示中提到的業務部分而言，73% 的籌備中項目都在 5 兆瓦以下。

Are you able to further parse that to an average project size

您能否進一步將其解析為平均項目大小

?

？

So the average project size is around 30 megawatts from those under five megawatts size.

因此，平均專案規模在 5 兆瓦以下的專案中約為 30 兆瓦。

However, I will note the range all the way from l0.1 the way to five.

不過，我會記下從 l0.1 一直到 5 的範圍。

So a substantial amount of that of the ones in that bucket are at the five range, but the simple average is three megawatts.

因此，該類別中的大部分功率都在 5 範圍內，但簡單平均值為 3 兆瓦。

Pivoting now to the product development side, of the business.

現在轉向業務的產品開發方面。

Can you provide an update on the status of some of those prospective project sales?

您能否提供一些預期項目銷售狀態的最新資訊？

Are there any timing risks related to the expiration or sunset of grant funding.

是否有與贈款資金到期或取消相關的時間風險。

Some of the projects on the ground have a deadline of 2025, 2026, with the exception of seniors one, which has a special date of this year.

一些項目的截止日期為 2025 年、2026 年，但高級項目除外，該項目的截止日期是今年。

That said, because it is incorporated in Austin as one portfolio.

也就是說，因為它是作為一個投資組合在奧斯汀合併的。

We have already asked for the extension of the time line to fit with the the overall scene is, if say so because this has all been negotiated and discussed as one package, this has been explained and discussed with the counterparties why that extension is required.

我們已經要求延長時間，以適應整體情況，如果這麼說，因為這一切都是一攬子談判和討論的，這已經與交易對方解釋和討論了為什麼需要延長。

So we do not expect at this time, that would be an issue, but that would be the risks that we currently see for the scene as one only the others are further down the line.

因此，我們目前預計這不會成為一個問題，但這將是我們目前在該場景中看到的風險，因為只有其他風險會進一步惡化。

Sir, lastly, at what stage would you characterize the conversations with the prospective partner for the MSA project?

先生，最後，您會在哪個階段描述與 MSA 計畫的潛在合作夥伴的對話？

And can you touch on any expectations you may have on time line 14 book-to-bill.

您能否談談您對 14 號訂單到帳單時間線的任何期望？

So also they have put a substantial team, including two or three external policies involved in the due diligence.

因此，他們也派出了一個重要的團隊，包括兩三個外部政策參與盡職調查。

This process has been ongoing for a couple of months now.

這個過程已經持續了幾個月了。

So I would say pretty advanced on the due diligence stage us just starting the negotiation stage at this point in time.

所以我想說，盡職調查階段已經相當先進了，我們此時才剛開始談判階段。

It's very good.

非常好。

Now moving on to questions from the audience.

現在繼續回答觀眾的問題。

There were a couple of questions on the BD, the NASDAQ noncompliance notice and Kevin, perhaps you can provide some commentary here with respect to that, the plans are to comply with the CAD10 million equity requirement.

有幾個關於 BD、納斯達克違規通知的問題，Kevin，也許您可以在此提供一些對此的評論，該計劃將遵守 1000 萬加元的股本要求。

I'm noting that the 45-day period ends in two weeks.

我注意到 45 天的期限將在兩週後結束。

Yes, thanks.

是的，謝謝。

And so I think our requirement is to submit a plan to NASDAQ within 45 days.

所以我認為我們的要求是在 45 天內向納斯達克提交計劃。

And I think in terms of going through the plan in detail here is just not appropriate and we are confident and pretty comfortable with our plan on where the equity is currently.

我認為在這裡詳細討論該計劃是不合適的，我們對我們目前股權狀況的計劃充滿信心並且非常滿意。

Again, we're looking at March 31st numbers as part of this and in presentation.

同樣，我們將 3 月 31 日的數據作為本報告和演示的一部分。

So things have obviously changed as I think I've mentioned in the in the chart with the Macquarie drawdown as well, which obviously improves the the equity situation.

因此，正如我在圖表中提到的那樣，情況明顯發生了變化，麥格理也進行了縮編，這顯然改善了股本狀況。

So I think we have to be respectful to NASDAQ.

所以我認為我們必須尊敬納斯達克。

We will present our plan to them.

我們將向他們介紹我們的計劃。

And then once we have discussions with them, we will make the appropriate fee appropriate filings and press releases at subsequent to those conversations.

然後，一旦我們與他們進行討論，我們將在這些對話之後提交適當的文件和新聞稿。

I would I would just note two things.

我只想注意兩件事。

The first of the question with respect to And following that, the ACL, the proceeds from the ATM sales in February, and that continued first drawdown on the tranche of the acquired facility and how is it that the company does not have sufficient equity to meet that requirement?

第一個問題是關於 ACL、2 月份 ATM 銷售的收益以及繼續對所收購設施的部分進行首次提款，以及公司如何沒有足夠的股本來滿足那個要求？

That fee that noncompliance was based on our published audited financials at the end of 2023.

此違規費用是根據我們截至 2023 年底公佈的經審計財務數據。

So the delisting notice does not take into account and the additional equity generated were accretive during 2024.

因此，下市通知並未考慮到 2024 年產生的額外股本是增值的。

The other thing I'd mention is we also have the option to transfer to the NASDAQ capital markets, which has a lower $0.5 million equity requirement among other less stringent criteria.

我要提到的另一件事是，我們還可以選擇轉移到納斯達克資本市場，除了其他不太嚴格的標準外，納斯達克資本市場的股權要求較低，為 50 萬美元。

So that's I think the other context, I would provide there that we provide some comfort to the audience of them.

這就是我認為的另一個背景，我會在那裡提供我們為他們的觀眾提供一些安慰。

There's a question here on the opportunities in the US markets and whether management feels does that that market could yes, could represent a significant source of growth for the company.

這裡的一個問題是美國市場的機會，以及管理階層是否認為該市場可能是該公司的重要成長來源。

Once the Treasury Department's finalize finalizes see the highly anticipated guidelines with respect to $3 per kilogram TTC.?

一旦財政部最終確定，請參閱備受期待的關於每公斤 3 美元 TTC 的指導方針。

Absolutely.

絕對地。

This is even just as recently as today, we've been submitting an offer for for the U.S. market as we certainly think that the US market is a critical topic for the hydrogen industry and for future fuel in the future, there is a reason why we want to make sure that our product is certified for the North American market.

就在今天，我們一直在提交美國市場的報價，因為我們當然認為美國市場是氫工業和未來燃料的關鍵主題，這是有原因的我們希望確保我們的產品獲得北美市場認證。

So yes, expansion into the U.S. market is something that's definitely in our books from.

所以，是的，擴張到美國市場肯定是我們書中的內容。

We do work with a number of partners.

我們確實與許多合作夥伴合作。

In addition, as we've announced already is a Elekta Synergy, elemental energy so on.

此外，正如我們已經宣布的，還有Elekta Synergy、元素能量等。

And so we do puts significant amounts of time where possible to develop our relationships for that market and sort of sticking with the US market.

因此，我們確實投入了大量時間來發展我們與該市場的關係，並在某種程度上堅持美國市場。

Do you have is there an update that you can provide on the US project, which is folks that this was now a couple of years ago?

您是否可以提供有關美國項目的最新情況，這是幾年前的事情？

It was an announcement of a a partnership with electric energy to develop a I believe it's a 500 megawatt project green hydrogen project in Bakersfield, California, if I could try, but I'm sorry to 70 megawatts or so projects balance in California.

這是一項與電力公司合作開發的公告，如果我可以嘗試的話，我相信這是加州貝克斯菲爾德的一個500 兆瓦綠色氫項目，但我很抱歉加州還有70 兆瓦左右的項目。

As mentioned and as we've seen everywhere.

正如所提到的以及我們隨處可見的。

So all of the large scale projects are getting significant delayed.

因此，所有大型項目都被嚴重推遲。

Of course, the effect of the clarity on the US down the guidelines for the IRA and audio channels doesn't encourage people to put substantial money at risk.

當然，美國對愛爾蘭共和軍和音頻管道的指導方針的明確性並不會鼓勵人們將大量資金置於危險之中。

So for also at the end, we are partners on that on that project, but we are not in the lead.

因此，最終，我們是該專案的合作夥伴，但我們並不處於領先地位。

So we think as expected tenants with the uncertainty that protects us significant delays our priority right now, especially with the US market is in trying to I focus on the projects of 10 megawatts and under the next few years.

因此，我們認為，正如預期的那樣，租戶的不確定性保護了我們，因此我們現在的首要任務是顯著延遲，特別是在美國市場，我正在努力專注於未來幾年10 兆瓦及以下的專案.

Your last question here from the audience is for Gavin and what concerns the runway for the current cash cash position?

觀眾的最後一個問題是問加文的，目前的現金狀況與什麼有關？

Yes, sure.

是的，當然。

So as I mentioned earlier on, we're satisfied with the current operational inflows such as type payments, grants, inflows or VAT receipts and coupled with the drawdowns from the Macquarie facility.

正如我之前提到的，我們對目前的營運流入（例如類型付款、補助金、流入或增值稅收入）以及麥格理設施的提款感到滿意。

And I think this provides us with a runway to execute the capital raise efforts that we feel that and I mentioned on this call.

我認為這為我們提供了一條執行資本籌集努力的跑道，我在這次電話會議中提到了這一點。

And I think if we look at the key events recently with the operationalize, it operate operation and operating them acquired facility and now that we have US up and running, and it should provide us with greater flexibility for accessing this facility as needed.

我認為，如果我們看看最近與運營有關的關鍵事件，它將運營運營並運營他們獲得的設施，現在我們已經啟動並運行了美國，它應該為我們提供更大的靈活性，以便根據需要訪問該設施。

And for those who remember, we announced that back in November as well as taking a bit longer for us to drawdown and due to multiple reasons.

對於那些還記得的人來說，我們早在 11 月就宣布了這一點，並且由於多種原因，我們花了更長的時間來撤資。

But what we've done and I think, as I said, that will provide us with the flexibility going forward. and one more

但正如我所說，我們所做的事情將為我們提供未來的靈活性。還有一個

With respect to production capacity at Benavente, can you touch on current and anticipated production capacity from that facility?

關於貝納文特的生產能力，您能談談該工廠目前和預期的生產能力嗎？

Yes, certainly very happy to note the as I mentioned, the production team has done a phenomenal job as increasing the efficiencies of actually producing the heroes.

是的，當然非常高興地註意到，正如我所提到的，製作團隊在提高實際製作英雄的效率方面做得非常出色。

So now one production line production line we have going on can make 40 megawatts of electrolyzers per year when you think about the way that our production facility is structured and that goes to the also the point that Kevin mentioned, the pool on some of the CapEx that we've already invested.

因此，現在，當您考慮我們的生產設施的結構方式時，我們正在進行的一條生產線每年可以生產 40 兆瓦的電解槽，這也正是 Kevin 提到的一點，即一些資本支出的池我們已經投資了。

And we will also need to continue to pay throughout the rest of 2024 with less than somewhere between investment of one to EUR1.5 million, maybe booking more than doubled the production capacity.

我們還需要在 2024 年剩餘時間內繼續支付 100 至 150 萬歐元的投資，也許預訂量是產能的兩倍以上。

So we're really, really from a production side, really well placed to grow and grow in a very cost-efficient manner.

因此，從生產方面來看，我們確實處於有利位置，能夠以非常具有成本效益的方式實現成長和成長。

Connectivity computing to end the quarter with 120 with effectively minimal spend, most likely as we sort of doubling production capacity with an investment of between EUR1 million to EUR5 million given the robots on the machines we have to get.

連線計算到本季結束時將達到 120 個，且支出實際上最少，考慮到我們必須在機器上安裝機器人，我們很可能會透過投資 100 萬至 500 萬歐元將產能翻倍。

So I'll answer the first two questions.

那我將回答前兩個問題。

Okay.

好的。

Thank you, Federico.

謝謝你，費德里科。

So one last question in again, touching on the second issue, essentially shares you still have at the moment, I believe that 17.4 million shares outstanding with respect to the 10 million equity issue.

所以最後一個問題，涉及第二個問題，本質上是你目前仍然擁有的股票，我相信相對於 1000 萬股股票發行，有 1740 萬股已發行股票。

So I think the answer to this question is twofold.

所以我認為這個問題的答案是雙重的。

Again.

再次。

One, we have again, we have the option to transfer to the capital markets, which has a less stringent listing criteria and the $2.5 billion equity requirement shareholders' equity requirement operationally that we are only required to submit our plan to regain compliance with that $10 million cycle.

第一，我們再次可以選擇轉移到資本市場，其上市標準不太嚴格，並且股東權益要求為 25 億美元，操作上我們只需要提交我們的計劃即可重新遵守這 10 美元萬個週期。

This requirement in that 45 day period.

此要求在 45 天的期限內。

So I think we have been clear about our intention to move to as capitalized the company doing so would certainly address that concern and multiple concerns, frankly, certainly, and we only need to I believe we have 180 days in which to regain compliance when we presented that plan.

因此，我認為我們已經明確了我們轉向資本化公司的意圖，坦白說，這樣做肯定會解決這個問題和多重問題，而且我們只需要我相信我們有180 天的時間來重新獲得合規性，當我們提出了該計劃。

So again, we don't need to regain compliance at the end of that 45 day period just to provide NASDAQ with a credible plan to do so.

因此，我們不需要在 45 天期限結束時重新獲得合規性，只是為了向納斯達克提供可靠的計劃。

So hopefully that answers that question.

希望這能回答這個問題。

And in the absence of any additional questions, I guess we will call it a little bit early for our first quarter webcast.

在沒有任何其他問題的情況下，我想我們會提前一點宣布第一季的網路廣播。

And so thank you to everyone who rejoined and ask questions if there are additional questions or if you'd like to schedule a call with either myself or or members of management, please feel free to reach out to me and the IR team at IR at fusion-fuel@eu.

因此，感謝所有重新加入並提出問題的人，如果還有其他問題，或者如果您想安排與我本人或管理層成員的通話，請隨時與我和 IR 的 IR 團隊聯繫：聚變燃料@eu。

And we look forward to seeing you all again at our next update.

我們期待在下次更新中再次見到大家。