普拉格能源 (PLUG) 2021 Q1 法說會逐字稿

Greetings, and welcome to the Plug Power First Quarter 2021 Earnings Conference.

您好，歡迎參加 Plug Power 2021 年第一季財報大會。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Ms. Teal Hoyos, Director of Marketing Communications.

現在我很高興向您介紹主持人，行銷傳播總監 Teal Hoyos 女士。

Thank you.

謝謝。

Please go ahead.

請繼續。

Thank you.

謝謝。

Welcome to the 2021 first quarter update call.

歡迎撥打 2021 年第一季更新電話。

This call will include forward-looking statements.

此次電話會議將包括前瞻性陳述。

These forward-looking statements contain projections of our future results of operations or of our financial position or state other forward-looking information.

這些前瞻性陳述包含我們未來營運績效或財務狀況的預測或陳述其他前瞻性資訊。

We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

我們希望這些前瞻性聲明受到 1933 年《證券法》第 27A 條和 1934 年《證券交易法》第 21E 條所載前瞻性陳述安全港條款的涵蓋。

We believe that it is important to communicate our future expectations to investors.

我們認為，向投資者傳達我們對未來的期望非常重要。

However, investors are cautioned not to unduly rely on forward-looking statements, and such statements should not be read as a guarantee of future performance or results, as such statements are subject to risks and uncertainties that could cause actual results or performance to differ materially from those discussed as a result of various factors, including, but not limited to, risks and uncertainties discussed under Item 1A Risk Factors in our annual report on Form 10-K for the fiscal year ending December 31, 2020, as well as other reports we file from time to time with the SEC.

然而，投資者應注意不要過度依賴前瞻性陳述，此類陳述不應被視為對未來業績或結果的保證，因為此類陳述存在風險和不確定性，可能導致實際結果或業績出現重大差異因各種因素而討論的結果，包括但不限於我們截至2020 年12 月31 日的10-K 表格年度報告以及其他報告中第1A 項風險因素中討論的風險和不確定性我們不時向SEC 提交文件。

These forward-looking statements speak only as of the day in which the statements are made, and we do not undertake or intend to update any forward-looking statements after this call or as results of new information.

這些前瞻性聲明僅代表聲明發布之日的情況，我們不承擔或打算在本次電話會議後或根據新資訊更新任何前瞻性聲明。

At this point, I would like to turn the call over to Plug Power's CEO, Andy Marsh.

現在，我想將電話轉給 Plug Power 的執行長 Andy Marsh。

Well, thank you, Teal, and good morning, everyone, and thank you for attending our first quarter conference call.

好吧，謝謝你，蒂爾，大家早上好，並感謝你參加我們的第一季電話會議。

We issued our investor letter this morning, which covers our performance for the first quarter.

我們今天早上發布了投資者信，其中涵蓋了我們第一季的業績。

I'd like to comment on a few items before we take your questions.

在回答您的問題之前，我想對一些問題發表評論。

First item I'd like to highlight is the importance of the resilient green hydrogen network the company is constructing across the United States.

我想強調的第一件事是該公司正在美國各地建立的彈性綠色氫網絡的重要性。

We're presently targeting to have 500 tons of green hydrogen available by 2025 and an additional 500 tons globally by 2028.

我們目前的目標是到 2025 年提供 500 噸綠氫，到 2028 年在全球再提供 500 噸。

The network in the U.S. will go coast to coast with sites already targeted for Camden, Georgia to serve specifically Florida; a site outside Lancaster, Pennsylvania; a site West of Fort Worth, Texas; and a site in Upstate New York in Genesee County.

美國的網路將遍及整個海岸，站點已定位於喬治亞州卡姆登，專門為佛羅裡達州提供服務；賓州蘭卡斯特郊外的一個地點；德州沃斯堡以西的一個地點；以及紐約州北部傑納西縣的一個站點。

At the 45-ton plant in Genesee County, New York, the feedstock will be clean electricity generated from Niagara Falls.

紐約州傑納西縣的這座 45 噸工廠的原料將是尼加拉瀑布產生的清潔電力。

This will be the largest green hydrogen plant in the world.

這將是世界上最大的綠色氫工廠。

What's important about our plants is there is pent-up demand for green hydrogen solutions among our customers today.

對於我們的工廠來說，重要的是當今客戶對綠氫解決方案的需求被壓抑。

Over the last few years, our value proposition has expanded beyond improving our customer operations and now tightly inclined with companies achieving their CO2 reduction goals.

在過去的幾年裡，我們的價值主張已經超出了改善客戶營運的範圍，現在更傾向於幫助公司實現二氧化碳減排目標。

There are many applications beyond material handling like stationary power, on-road vehicles and other industrial offerings that can only be decarbonized with hydrogen, but to truly decarbonize green hydrogen is required.

除了材料處理之外，還有許多應用，如固定電源、道路車輛和其他工業產品，只能用氫脫碳，但真正實現綠氫脫碳是必要的。

Our network will not only offer the revenue and margin opportunity, but what I really think about, it's an accelerator of all our products, both fuel cells and electrolyzers.

我們的網路不僅會提供收入和利潤機會，而且我真正想到的是，它是我們所有產品（包括燃料電池和電解槽）的加速器。

Customers want green hydrogen, and Plug Power is making that commitment to deliver.

客戶需要綠色氫，Plug Power 正在兌現這項承諾。

One of our distinct advantages in building our network is, unlike the industrial gas companies, we do not have existing fossil fuel-based assets.

我們在建設網路方面的獨特優勢之一是，與工業天然氣公司不同，我們沒有現有的基於化石燃料的資產。

We don't have to worry about stranding multibillion dollars of investments.

我們不必擔心數十億美元的投資擱淺。

This is an impediment to some companies as they seek to decarbonize.

這對一些尋求脫碳的公司來說是一個障礙。

They're caught in the middle supporting gray or blue hydrogen assets, which are not wanted by companies, governments or the environmental community.

他們夾在中間，支持灰色或藍色氫資產，而這些資產是公司、政府或環保界不想要的。

Our network is the hydrogen network for the 21st century and is just starting.

我們的網絡是 21 世紀的氫網絡，而且才剛開始。

And not only will we be delivering green hydrogen, but we will deliver it in vehicles that operate from green hydrogen.

我們不僅將提供綠色氫，而且還將在使用綠色氫的車輛中提供它。

Plug Power, by the way, fuel cells in those vehicles.

順便說一下，這些車輛中的 Plug Power 是燃料電池。

Another subject I'd like to highlight is that Plug has become a global company overnight.

我想強調的另一個主題是 Plug 一夜之間成為一家全球性公司。

Two obvious examples are our joint ventures with Renault, Idea and our relationship in the joint venture being established with SK.

兩個明顯的例子是我們與雷諾、Idea 的合資企業以及我們與 SK 建立的合資企業中的關係。

Another example of our global efforts is our funnel for the electrolyzer business is already in the billions of dollars, with over 80% of the opportunities outside North America.

我們全球努力的另一個例子是我們的電解槽業務漏斗已經達到數十億美元，其中超過 80% 的機會在北美以外。

The funnel for vehicles is also similarly distributed, and our activity in material handling is rapidly growing in Europe.

車輛的漏斗也有類似的分佈，我們在歐洲的物料搬運活動正在快速成長。

In 2020, the company was almost exclusively an American company in both sales and opportunities.

2020 年，無論是銷售額還是機會，該公司幾乎都是一家美國公司。

But over the past 6 months, the company has been transformed into a global enterprise.

但在過去的6個月裡，該公司已經轉變為全球性企業。

And to kind of thinking about questions you're going to ask, and finally, we're almost at the end of the second quarter, and we can provide some insights on our progress.

思考你要問的問題，最後，我們即將進入第二季末，我們可以提供一些關於我們進展的見解。

Investors should expect $115 million to $120 million of gross billings for the quarter.

投資者預計本季的總營收將達到 1.15 億至 1.2 億美元。

This is approximately 40% of our target revenue of $475 million for the year.

這大約是我們今年 4.75 億美元目標收入的 40%。

Usually, at this point in the second quarter, we're about 33% of our annual revenue will have been achieved.

通常，在第二季的這個時候，我們的年收入大約會達到 33%。

We're at a run rate that is higher from both a revenue and growth rate level than we've experienced in the past.

從收入和成長率水準來看，我們的運作速度比我們過去經歷的要高。

We also foresee a very strong third quarter.

我們也預計第三季將非常強勁。

We are pleased with this level of progress so far this year.

我們對今年迄今的進展感到滿意。

So we're now ready -- Paul and I are now ready to take your questions.

所以我們現在準備好了——保羅和我現在準備好回答你們的問題。

(Operator Instructions) Our first question is coming from Colin Rusch of Oppenheimer.

（操作員說明）我們的第一個問題來自奧本海默的 Colin Rusch。

Can you talk a little bit about the contract -- Andy, it's always great to hear your voice.

你能談談合約嗎？安迪，聽到你的聲音總是很棒。

Can you talk a little bit about the sales process for the green hydrogen?

能談談綠氫的銷售流程嗎？

Obviously, there's a lot of moving pieces on the demand side from the truck building perspective and availability plus route codification and whatnot.

顯然，從卡車製造的角度和可用性以及路線編碼等角度來看，需求方面有很多變化。

But can you talk to us about where you're at with your customers in terms of preparation to really roll out fleets and move towards a zero-emissions structure for the businesses?

但您能否與我們談談您與客戶在準備真正推出車隊並邁向企業零排放結構方面的進展？

Sure.

當然。

So Colin, I think the first item is that one of the unique advantage Plug has is that we have demand for our hydrogen products today.

所以科林，我認為第一點是 Plug 的獨特優勢之一是我們今天對氫產品有需求。

So the qualification process for the purity of hydrogen is relatively straightforward, and we don't see that as an impediment at all.

因此，氫氣純度的鑑定過程相對簡單，我們根本不認為這是一個障礙。

As you know, we're already in the hydrogen delivery business and logistics business.

如您所知，我們已經涉足氫氣輸送業務和物流業務。

And we'll have, by the beginning of October, 10 tons of our own capacity.

到十月初，我們自己的產能將達到 10 噸。

So that's really not an issue.

所以這真的不是問題。

So when you start taking a look at it, I think, during the second half of this year, you'll see a number of commitments for our green hydrogen plants.

因此，當你開始關注它時，我想，在今年下半年，你會看到我們對綠氫工廠的許多承諾。

And I would expect by the end of the year, about 40% to 50% of the demand by 2025 we'll already have in the sales funnel, and most of that will be tied to present applications.

我預計到今年年底，到 2025 年，我們的銷售管道中將已經擁有約 40% 到 50% 的需求，其中大部分將與目前的應用程式相關。

Perfect.

完美的。

That's incredibly helpful.

這非常有幫助。

And then with the aerospace opportunity here, it's the first time we've seen some real articulation around time frames and opportunities here.

然後，對於這裡的航空航太機會，這是我們第一次看到一些關於時間框架和機會的真正闡述。

But obviously, that's a very large opportunity that's incremental to what you've got in your guided plans that you've stated in the past.

但顯然，這是一個非常大的機會，它是對你過去所說的指導計劃中所獲得的增量的機會。

Could you talk a little bit about potential partnerships, strategic positioning on that opportunity as you go forward?

您能否談談潛在的合作夥伴關係以及您在前進過程中對該機會的策略定位？

And how we should think about the cadence of news flow coming out?

我們該如何看待新聞發布的節奏？

Yes.

是的。

So I'm going to give you a long answer, Colin.

所以我要給你一個很長的答案，柯林。

I'm sorry.

對不起。

I kind of position aerospace in the kind of 3 buckets.

我將航空航天定位為 3 個桶子。

One, I think, very, very short duration flights, batteries will be an interesting choice for customers.

我認為，對於非常非常短的飛行時間，電池對客戶來說將是一個有趣的選擇。

I think for the majority of flights where regional flights and transcontinental flight category falls, and I think hydrogen will be an interesting solution, both with fuel cells and using present internal combustion engines.

我認為對於大多數支線航班和跨大陸航班類別的航班來說，我認為氫將是一個有趣的解決方案，無論是使用燃料電池還是使用現有的內燃機。

And I think when you start talking about long range, I think a sustainable aviation fuel will have a place in the market.

我認為當你開始談論遠端時，我認為永續航空燃料將在市場上佔有一席之地。

With Plug, in 2025 with universal hydrogen, we'll be doing the first deployments of converting regional planes for power prop planes to fuel cell power.

借助 Plug，到 2025 年，隨著氫能的普及，我們將首次部署將支線飛機從動力螺旋槳飛機轉換為燃料電池動力。

I think that's a real interesting opportunity.

我認為這是一個非常有趣的機會。

I think we think a lot about -- we're talking with many of the major players who are thinking about how they go about deploying both the small players and many of the new emerging companies about how they can source green hydrogen.

我認為我們思考了很多——我們正在與許多主要參與者交談，他們正在考慮如何部署小型參與者和許多新興公司，以了解如何獲得綠色氫。

I think that many people would conclude that the pathway for aviation, which represents 3% of CO2 reduction, hydrogen will be the most significant player in that industry.

我認為很多人都會得出這樣的結論：航空業代表了 3% 的二氧化碳減排，氫氣將是該行業最重要的參與者。

I think it will grow gradually between 2025 and 2035.

我認為它會在2025年到2035年間逐漸成長。

And then I think by 2035, it may start having certainly a dominant position for all new planes coming off the line.

然後我認為到 2035 年，它可能會開始在所有下線的新飛機中佔據主導地位。

And then I'm going to add one last item, Colin.

然後我要添加最後一項，科林。

To me, it's also my technology deployment -- the technology development platform.

對我來說，這也是我的技術部署——技術開發平台。

If you think about what a plane needs, lightweight, high-power density, simple storage, all those are applicable to on-road vehicles.

如果你想想飛機需要什麼，輕量化、高功率密度、簡單的存儲，所有這些都適用於道路車輛。

And that also is -- it's more to me than just the market.

這對我來說也不僅僅是市場。

It's also how we develop technology simultaneously as we develop new markets.

這也是我們在開發新市場的同時開發技術的方式。

Our next question is coming from James West of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 James West。

Andy, some of your pedicle customers like Amazon, Walmart have announced pretty aggressive decarbonization plans.

安迪，你的一​​些蒂克客戶，如亞馬遜、沃爾瑪，已經宣布了相當積極的脫碳計劃。

And I suspect that's driving a nice pickup in your activity with them.

我懷疑這會大大促進你與他們的活動。

Could you perhaps describe kind of how those plans are playing into your business and their greater adoption or further adoption or further penetration into their various facilities?

您能否描述一下這些計劃如何在您的業務中發揮作用，以及它們在各種設施中的廣泛採用或進一步採用或進一步滲透？

Sure.

當然。

So many of these activities are starting today, as you mentioned, James.

正如你所提到的，詹姆斯，很多活動都是從今天開始的。

And I guess I'd like to start out by just kind of discussing what's the future distribution center look like, which is not too far from being a reality because we're doing work on all these items today.

我想我想先討論一下未來的配送中心是什麼樣子，這離現實並不遙遠，因為我們今天正在研究所有這些項目。

One of the real advantages -- and by the end of the year, we'll have over 170 fueling stations and hydrogen storage at customer sites that the hydrogen already is there, which is a huge advantage.

真正的優勢之一是，到今年年底，我們將在客戶現場擁有 170 多個加氫站和氫氣儲存庫，氫氣已經存在，這是一個巨大的優勢。

And when you look at the different applications from material handling, from powering robots, leveraging the same platform we have for drones from fueling stations, and we are modifying the outdoor dispensers.

當你看到從物料搬運、為機器人供電、利用我們為加油站無人機提供的相同平台以及我們正在修改室外加油機等不同應用。

We have some of our customer sites for on-road vehicles today.

今天，我們有一些道路車輛的客戶網站。

Obviously, those on-road vehicles will be using Plug Power green hydrogen to fuel their vehicles, coupled with the fact that when you go look at things like how do you back up a facility, and we'll be doing some backup deployments this year for our backup stationary products through backup distribution centers, again, since the hydrogen is there.

顯然，這些道路車輛將使用 Plug Power 綠氫來為車輛提供燃料，再加上當你去看看如何備份設施之類的事情時，我們今年將進行一些備份部署再次透過備用配送中心購買我們的備用固定產品，因為那裡有氫氣。

So you start thinking about all that and then even going further back in the chain, we have the ability to generate that green hydrogen.

所以你開始考慮所有這些，然後甚至進一步追溯到鏈條，我們有能力產生綠氫。

So obviously, the discussions with our customers have intensified.

顯然，與客戶的討論已經加劇。

We are working through some rather large plans with many of our major customers how to be deploying green hydrogen, not as some long-term goal but as some near-term goal to help them support their decarbonization efforts.

我們正在與許多主要客戶制定一些相當大的計劃，如何部署綠氫，不是作為長期目標，而是作為幫助他們支持脫碳努力的近期目標。

Okay.

好的。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then, Andy, when you and I were talking late last year, as you kind of alluded to in your opening comments, you were more of a domestic company, and now you're global.

然後，安迪，當你和我去年年底談話時，正如你在開場白中提到的那樣，你更多的是一家國內公司，而現在你是一家全球化公司。

So I'm curious how you and the rest of the team thinks about this global rollout and the execution of becoming a -- what's going to, I think, be a very, very large global company.

所以我很好奇你和團隊的其他成員如何看待這次全球推廣以及如何成為一家非常非常大的全球性公司。

How do you think about it from a -- just a personnel standpoint, from a logistics standpoint, from a facility standpoint?

從人員的角度、後勤的角度、設施的角度來看，您如何看待這個問題？

I mean there's all kinds of things to think about, but how are you guys planning for this?

我的意思是有各種各樣的事情需要考慮，但是你們對此有何計劃？

Sure.

當然。

So that's a long question.

所以這是一個很長的問題。

And so, James, I'm going to try to use -- I'm going to try to use Europe as an example.

所以，詹姆斯，我將嘗試使用——我將嘗試使用歐洲作為例子。

In Europe, I think we have 2 efforts.

在歐洲，我認為我們有兩個努力。

We're working to do some activity with partners, and we're working to do some activities alone.

我們正在努力與合作夥伴一起進行一些活動，並且我們正在努力單獨進行一些活動。

If you think about it, the 2 largest economy -- economies in the EU, France and Germany, are really where we're focusing a good deal of our retention.

如果你想想，第二大經濟體──歐盟、法國和德國的經濟體，確實是我們重點關注的保留對象。

The Renault JV provides us an opportunity to have a home in France.

雷諾合資企業為我們提供了在法國安家的機會。

That's much broader than just the vehicles we're putting on the road, but we'll be building the infrastructure and providing the hydrogen to support those activities in France.

這比我們在路上投放的車輛要廣泛得多，但我們將建造基礎設施並提供氫氣來支持法國的這些活動。

And that JV, we have a number of Plug Power employees who happily or voluntary to go to France to support that activity and really help build up that enterprise as rapidly as possible.

在那個合資企業中，我們有許多普拉格能源員工，他們樂意或自願前往法國支持這項活動，並真正幫助盡快建立該企業。

We're opening a business center in -- outside Dusseldorf, Germany to support the German market, which will primarily be focused on our electrolyzer business because of the huge opportunities there.

我們將在德國杜塞爾多夫郊外開設一個商務中心，以支持德國市場，該中心將主要專注於我們的電解槽業務，因為那裡蘊藏著巨大的機會。

We're staffing -- we have a pretty -- fairly strong sales team in Europe, and we're staffing service and application engineers to really support that effort to grow that business.

我們正在配備人員——我們在歐洲擁有一支相當強大的銷售團隊，我們正在配備服務和應用工程師，以真正支持業務發展的努力。

And then when you go down to the Iberian Peninsula, we have a nice position, as you know, with ACCIONA.

然後，當您前往伊比利半島時，如您所知，ACCIONA 為我們提供了一個很好的位置。

And we expect to close that JV in the third quarter where we're targeting 20% of the green hydrogen, which will support both our Renault activities and other activities we have in material handling elsewhere going on in Europe.

我們預計在第三季關閉該合資企業，我們的目標是 20% 的綠氫，這將支持我們的雷諾活動以及我們在歐洲其他地方進行的材料處理活動。

I think one of the key items is it's really kind of a mix of how you successfully leverage partners, how you successfully leverage relationships.

我認為關鍵之一是它實際上是如何成功利用合作夥伴以及如何成功利用關係的綜合體。

And we obviously can't do it alone to grow this rapidly but finding the right partners, right relationships and deciding which items we will pursue on our own.

顯然，我們無法獨自實現如此快速的成長，而是需要找到合適的合作夥伴、正確的關係並決定我們將自己追求哪些專案。

And so that's really how we're thinking about it.

這就是我們的想法。

And if you look globally, from a facilities point of view, there certainly will be a gigafactory in France supporting the JV as well as maybe some other activities as well as in South Korea with SK.

如果你放眼全球，從設施的角度來看，法國肯定會有一家超級工廠支持合資企業以及其他一些活動，韓國也有 SK 的支持。

(Operator Instructions) Our next question is coming from Craig Irwin of ROTH Capital Partners.

（操作員說明）我們的下一個問題來自 ROTH Capital Partners 的 Craig Irwin。

Let me ask you, are you in London?

我問你，你在倫敦嗎？

No, I'm not in London.

不，我不在倫敦。

I'm still in the U.S. We're doing our virtual London this week, but hopefully we'll see you in London next year, Andy, as we did 2 years ago.

我還在美國。這週我們將在倫敦進行虛擬活動，但希望明年我們能在倫敦見到你，安迪，就像我們兩年前一樣。

So...

所以...

That's great.

那太棒了。

Busy day.

忙碌的一天。

Looking forward to the meetings with you later on today.

期待今天晚些時候與您的會面。

Yes.

是的。

So my question, right, is in the last year, it became really obvious to the market, the broader market that customer and government interest and support for the adoption of a hydrogen economy is really taking place, right?

所以我的問題是，去年，在市場、更廣泛的市場上，客戶和政府對採用氫經濟的興趣和支持確實正在發生，這變得非常明顯，對吧？

We've seen many different layers of the story developed considerably.

我們已經看到故事的許多不同層面都有了很大的發展。

You're even talking more in your release and on the call today about the aviation market, which is one that I'm personally a fan of, given how dirty aviation fuels are and the potential.

您甚至在今天的新聞稿和電話會議中更多地談論了航空市場，考慮到航空燃料的污染程度和潛力，我個人是航空市場的粉絲。

Is there anything left for you to pursue?

還有什麼值得你去追求的嗎？

Is there anything you see as low-hanging fruit?

您認為有什麼是唾手可得的成果嗎？

You got trucks.

你有卡車。

You got data centers.

你有資料中心。

You got cell sites.

你有手機站點。

You got a future in aviation.

你在航空業有未來。

Where can you fill out the portfolio?

在哪裡可以填寫作品集？

Wow, that's a great question, Craig.

哇，這是一個很好的問題，克雷格。

I think let's move to the hydrogen front.

我想讓我們轉向氫前緣。

And I do believe that there is real opportunities in green hydrogen for decarbonizing -- helping to decarbonize the natural gas pipeline.

我確實相信綠色氫在脫碳方面存在真正的機會——幫助天然氣管道脫碳。

We're getting lots of requests for injecting hydrogen into pipelines.

我們收到很多向管道注入氫氣的請求。

I think that there's opportunities in industrial applications like steel and concrete, where the hydrogen market could be -- not the sexiest markets, Craig, but the hydrogen market could be really interesting.

我認為在鋼鐵和混凝土等工業應用中存在機會，氫市場可能是——不是最性感的市場，克雷格，但氫市場可能非常有趣。

Now from an apps point of view, I think that if you think about areas, like we talked about airports, and ports in general, I think there's large opportunities across the board to decarbonize our airports, which is ground support equipment, which is airplanes, which are the bands running around the airports.

現在從應用程式的角度來看，我認為如果你考慮一些領域，就像我們談到的機場和港口一樣，我認為有很大的機會全面脫碳我們的機場，這是地面支援設備，這是飛機，這是在機場周圍運行的樂隊。

And I see most of our activity and expansion really has to do with how to think through fleet vehicles or ecosystems around airports and ports and other areas where all Plug Power products and capabilities can be deployed.

我發現我們的大部分活動和擴張實際上都與如何思考機場、港口以及可以部署所有 Plug Power 產品和功能的其他區域周圍的車隊或生態系統有關。

That's kind of how I look at it.

我就是這麼看的。

I kind of use this example in the back of my mind is that a distribution center, we're beginning to think about as I explained to before, as kind of a mini system where we can do everything to meet customers' needs.

我在腦海中使用這個例子是，正如我之前解釋的那樣，我們開始將配送中心視為一種迷你係統，我們可以在其中盡一切努力來滿足客戶的需求。

And for those applications where fuel cells make sense, and there's many where batteries make sense, we'll be able to decarbonize.

對於那些燃料電池有意義的應用，以及許多電池有意義的應用，我們將能夠脫碳。

So that's how I'm thinking about it.

這就是我的想法。

And you know what?

你知道嗎？

There will be people who will think of -- there'll be apps and opportunities that pop up and talking to customers that, quite honestly, I haven't even considered yet.

會有人會想到——將會出現一些應用程式和機會，並與客戶交談，老實說，我甚至還沒有考慮過。

Understood.

明白了。

That makes a lot of sense.

這很有意義。

So my second question is about margins, right?

所以我的第二個問題是關於利潤，對吧？

So most investors that look at companies like Plug Power, companies with aggressive growth potential look at growth first, and they look at the longer-term margin potential later.

因此，大多數投資者在關注像普拉格能源這樣具有強勁成長潛力的公司時，首先會關注成長，然後再關注長期利潤潛力。

So you did a really good job in your shareholder letter laying out some of the issues in the hydrogen market, the force majeure events.

所以你在股東信中做得非常好，列出了氫市場的一些問題，即不可抗力事件。

Can you maybe describe for us what the longer-term potential of green hydrogen offers to your margins and overall customer profitability, not just the environmental footprint, which is what a lot of people have been considering.

您能否為我們描述綠色氫能為您的利潤和整體客戶獲利能力帶來哪些長期潛力，而不僅僅是環境足跡，這是許多人一直在考慮的問題。

Yes.

是的。

I think that's a good -- when you think about the full margin picture, Craig, the number that I think should tell investors we're on the right track is the margins for products in the first quarter, which were 38% with all the challenges of transportation the world has seen.

我認為這是一個很好的——克雷格，當你考慮整體利潤率時，我認為應該告訴投資者我們走在正確軌道上的數字是第一季產品的利潤率，所有產品的利潤率為38%。世界所面臨的交通挑戰。

On the hydrogen front, we believe green hydrogen will be a 30%-plus gross margin business.

在氫能方面，我們相信綠氫業務的毛利率將超過30%。

And that the long term, when you look at it really -- the cost is really tied to the cost of renewables.

從長遠來看，當你真正審視它時，成本確實與再生能源的成本息息相關。

Our folks have done a great job like Sanjay finding low-cost renewables that make it attractive versus natural gas today.

我們的員工像 Sanjay 一樣，在尋找低成本再生能源方面做得非常出色，使其比當今的天然氣更有吸引力。

You have a better product in.

你有更好的產品。

You have a better offering.

你有更好的產品。

And with the deployment of our networks, and especially the resilient network we're building, we're in a much, much better position to support much higher margins for hydrogen.

隨著我們網路的部署，特別是我們正在建立的彈性網絡，我們處於一個更好的位置來支援更高的氫氣利潤。

And I would like to add, which probably gets lost, is we're actually really -- when I look at the force majeures, logistically, we actually were able to manage that without impacting customers using our own logistics network and assets to make sure that customers are taken care of.

我想補充一點，可能會迷失的是，當我考慮不可抗力時，從後勤角度來看，我們實際上能夠在不影響客戶的情況下使用我們自己的物流網絡和資產來確保這一點客戶得到照顧。

To me, that was a significant achievement.

對我來說，這是一項重大成就。

So I think margins in green hydrogen will be in line with our product margins.

因此，我認為綠氫的利潤將與我們的產品利潤保持一致。

And the service business actually performed up to our expectations for the quarter, and we're beginning to see continued improvements.

服務業務的表現實際上達到了我們對本季的預期，我們開始看到持續的改善。

So that business should become a 30%-plus gross margin business.

這樣該業務就應該成為毛利率在30%以上的業務。

And look, we expect to be there across the board by 2024.

看，我們預計到 2024 年將全面實現這一目標。

Great.

偉大的。

My last question, if I may, is about the DOE loan guarantees you're applying for.

如果可以的話，我的最後一個問題是關於您正在申請的能源部貸款擔保。

So it's really nice to have a Department of Energy that, once again, is willing to lean in and support business transformation and the transformation of energy.

因此，能源部願意再次向業務轉型和能源轉型提供幫助和支持，這真是太好了。

Can you maybe talk to us about the process?

您能和我們談談這個過程嗎？

Where you are in the process?

你在這個過程中處於什麼位置？

And if there's maybe a potential for other capital projects that Plug will pursue over the next few years to be a recipient or at least apply for similar financing.

未來幾年，Plug 是否有可能成為其他資本項目的接受者或至少申請類似的融資。

Yes.

是的。

So Craig, we're in the beginning of Phase 2 with the program.

克雷格，我們正處於該計劃第二階段的開始階段。

We got a lot of work.

我們有很多工作要做。

Actually, folks have told me we're about halfway through Phase 2. And I think when we're looking at this, it's just not for one project.

事實上，人們告訴我，第二階段已經進行了一半。我認為，當我們考慮這一點時，這不僅僅是一個專案。

It's actually, the application is looking at 3 or 4 projects to deploy across North America to support all our networks.

事實上，該應用程式正在考慮在北美部署 3 或 4 個項目，以支援我們所有的網路。

So we're looking to do it at stages, but our thought process is somewhere between $500 million to $1 billion of support to build out these networks with low-cost loans.

因此，我們希望分階段進行，但我們的想法是提供 5 億至 10 億美元的支持，透過低成本貸款來建立這些網路。

Our next question is coming from Eric Stine of Craig Hallum.

我們的下一個問題來自 Craig Hallum 的 Eric Stine。

So I just want to quick come back on the margins and obviously, with the green hydrogen network you're putting plans in place for the long term.

所以我只是想快速回到邊緣，顯然，透過綠氫網絡，您正在製定長期計劃。

But just in the near term, any thought -- I know you've been asked this in the past, but any thought on potentially owning your own tanks, so you don't have to necessarily switch hydrogen providers or that you're able to buy hydrogen more cost effective rather than from one source?

但就在短期內，任何想法——我知道你過去曾被問過這個問題，但任何關於可能擁有自己的儲罐的想法，這樣你就不必更換氫氣供應商，或者你能夠購買氫氣比從單一來源購買比較划算？

Yes.

是的。

That's a good question, Eric.

這是個好問題，艾瑞克。

We actually do own probably -- I'm going -- Paul, what do you think?

我們實際上可能擁有——我要去——保羅，你覺得怎麼樣？

1/3 of our tanks at the moment?

目前我們坦克車的1/3？

Probably even 2/3, Andy.

甚至可能是 2/3，安迪。

We've been buying tanks on our own.

我們一直在自己買坦克。

And even this transition, we move towards installing our own tanks.

即使是這種轉變，我們也開始安裝自己的水箱。

And so we haven't rented a tank from one of the providers in years.

因此，我們已經很多年沒有從供應商那裡租過水箱了。

And so I'd say, in a very short order, will be the majority of our locations will own our own tanks.

所以我想說，在很短的時間內，我們的大多數地點都將擁有我們自己的坦克。

Yes.

是的。

But I would say, Eric, that's great, but also you need to be in contractual relationships with your partners, which the expectation is that they fill those tanks.

但我想說，艾瑞克，這很好，但你也需要與你的合作夥伴建立合約關係，期望他們填滿這些油箱。

I think that what I've been thinking more about, Eric, is actually our ability to pick up hydrogen at the sites at their facilities, which can help also drive down the cost of hydrogen.

埃里克，我認為我一直在考慮的實際上是我們在他們的設施現場獲取氫氣的能力，這也有助於降低氫氣的成本。

So if I think about our near-term containments, our plant in Tennessee is expanding and will be expanding on October 1.

因此，如果我考慮我們的近期遏制措施，我們在田納西州的工廠正在擴建，並將於 10 月 1 日擴建。

The supply issue has been relieved with the addition of 35 tons of capacity coming online, which is highlighted in our investor letter.

隨著 35 噸產能的上線，供應問題得到緩解，這一點在我們的投資者信中得到了強調。

And look, we're obviously in negotiations to try to reduce our costs.

看，我們顯然正在談判以試圖降低成本。

It was with some of the severe conditions.

這是在一些嚴峻的條件下進行的。

It was a tough, tough quarter making sure customers got their hydrogen, and it caused the price to go up.

這是一個非常非常艱難的季度，確保客戶獲得氫氣，這導致價格上漲。

That being said, prices are going down again, which is helpful.

話雖這麼說，價格再次下降，這是有幫助的。

I think probably more important as we built out our network and I think the fact that we're geographically spreading the network will have really positive impacts for us to control.

我認為，當我們建立我們的網路時，這可能更重要，而且我認為我們在地理上擴展網路這一事實將對我們的控制產生真正積極的影響。

I think in the next 12 months, life becomes much easier as more and more of our own capability comes online.

我認為在接下來的 12 個月裡，隨著我們自己的能力越來越多地上線，生活會變得更加輕鬆。

Got it.

知道了。

And I would assume that makes it easier to -- you've got some leverage on the contract side.

我認為這會讓事情變得更容易——你在合約方面有一些槓桿作用。

I think that would be fair to say, Eric.

我認為這樣說是公平的，艾瑞克。

Okay.

好的。

And then maybe last one for me.

然後也許是我的最後一個。

Just on the SK agreement, I know you're working towards the joint venture and finalizing that in the second half.

就SK協議而言，我知道你們正在努力建立合資企業，並在下半年敲定。

But just curious, given the significance of that market, what the pipeline looks like?

但只是好奇，考慮到該市場的重要性，管道是什麼樣的？

Any work that you've done in advance of closing that?

在關閉之前你做了什麼工作嗎？

And then I would, I guess, specifically on the utility scale power side, wondering the type of traction or the outlook you have there going forward.

然後我想，特別是在公用事業規模的電力方面，想知道牽引力的類型或未來的前景。

One of the real advantage of the SK relationship is we expect that to be -- by 2025 to have over 400 megawatts deployed with SK alone at their facility.

SK 關係的真正優勢之一是，我們預計到 2025 年，光是 SK 在其設施中部署的電力就將超過 400 兆瓦。

So it's a -- we have a built-in customer with the JV partnership, which is really advantageous.

因此，我們透過合資夥伴關係擁有一個內建客戶，這非常有利。

So if you think about 400 megawatts, by 2025, you're deploying in '24, that's in the range of $400 million in revenue.

因此，如果您考慮 400 兆瓦，到 2025 年，您將在 24 年進行部署，收入約為 4 億美元。

We also have, not surprising, a good deal of activity going on in the electrolyzer business, but also with hydrogen fueling stations with SK because of their position.

毫不奇怪，我們在電解槽業務方面也開展了大量活動，而且由於 SK 的地位，我們也與 SK 合作開展氫燃料站業務。

I know SK has a huge, huge ambitions.

我知道SK有一個非常非常大的野心。

We've had teams over there positioning material handling equipment already, working with some bus manufacturers and positioning ProGen with SK itself.

我們已經有團隊在那裡定位物料搬運設備，與一些公車製造商合作，並與 SK 一起定位 ProGen。

And as you know, it's a -- as we're talking here, I'm actually on the South Korean comp and also going to present at 9:30.

如您所知，正如我們在這裡談論的那樣，我實際上是韓國比賽的一員，也將在 9:30 進行演講。

This is really a hot topic in South Korea, and we're deeply engaged in -- with SK to really make this a big market.

這在韓國確實是一個熱門話題，我們正在與 SK 深入合作，真正將其打造成一個大市場。

Our next question is coming from Jeff Osborne of Cowen.

我們的下一個問題來自 Cowen 的 Jeff Osborne。

A couple of questions here.

這裡有幾個問題。

On the electrolyzer side, great to hear you were quoting billions of business, I think you said and 80% outside of the U.S. I was wondering if you could give us an update on when you thought some of those RFPs would come to a closure?

在電解槽方面，很高興聽到您引用了數十億的業務，我想您說過，其中80% 位於美國以外。我想知道您能否向我們介紹您認為其中一些RFP 何時會結束的最新情況？

When you might be awarded any business?

您什麼時候可能會獲得任何業務？

Is that an event that you think will happen this year or more next year?

您認為這事件會在今年或明年發生更多嗎？

I can tell you, Jeff, I believe it will happen this year.

我可以告訴你，傑夫，我相信這會在今年發生。

And mainly because there are -- they're big opportunities, but there's probably 4 opportunities that I think we're in a leadership position.

主要是因為它們是巨大的機會，但我認為我們可能處於領先地位的機會有 4 個。

And that I would expect that very, very possible that they could close either at the end of the third quarter or early fourth quarter.

我預計他們很有可能在第三季末或第四季初關閉。

And I would think we have an opportunity to close 500 megawatts this year with most of the deployments next year.

我認為我們今年有機會關閉 500 兆瓦，其中大部分部署將於明年完成。

So I'm really pleased.

所以我真的很高興。

I think that many -- yes, I think the combination of the fact that PEM technology can work from variable energy sources.

我認為很多 - 是的，我認為 PEM 技術可以利用可變能源這一事實相結合。

And the fact that costs will -- are coming down, will coming down, especially since we can leverage our gigafactory, I think that's -- they're all really promising signs for us.

事實上，成本將會下降，將會下降，特別是因為我們可以利用我們的超級工廠，我認為這對我們來說都是非常有希望的跡象。

That's great to hear.

聽到這個消息我很高興。

And this would be leveraging that group in Dusseldorf that you referenced earlier, I assume, or no?

我想，這將利用您之前提到的杜塞爾多夫的那個小組，或者不是？

No, no.

不，不。

Actually, -- we -- the gigafactory, as you know is in Rochester.

事實上，正如你所知，我們的超級工廠位於羅徹斯特。

But we will be -- for the European market, we do have a partner, and I think you'll hear more about who will be supporting building the systems for within Europe.

但對於歐洲市場，我們確實有一個合作夥伴，我想您會聽到更多關於誰將支持在歐洲內部建立系統的資訊。

Look, we also have opportunities in places like Australia, New Zealand, India across the world to support different activities we're engaged in.

看，我們在世界各地的澳洲、紐西蘭、印度等地也有機會支持我們所從事的不同活動。

Got it.

知道了。

That's great to hear.

聽到這個消息我很高興。

Just a couple of other housekeeping questions.

只是其他幾個內務問題。

One, I saw the units sold for revenue, but can you give us the total units, which would include the leased units for GenDrive?

第一，我看到出售的單位用於收入，但您能否告訴我們總單位數，其中包括 GenDrive 的租賃單位？

Paul, I think you have it.

保羅，我想你已經做到了。

Paul, I think it's 1,380, isn't it, Paul?

保羅，我想是 1,380，不是嗎，保羅？

I'll let you take this one, Paul.

我讓你拿這個，保羅。

Yes.

是的。

For the first quarter, it was 1,308 was total that got deployed in the quarter.

第一季的部署總數為 1,308。

Got it.

知道了。

And then what's the CapEx plan for this year and next?

那麼今年和明年的資本支出計畫是什麼？

Just given the bevy of announcements you've had, I just want to make sure we've got the right expenditure profile for '21 and '22.

鑑於你們發布的一系列公告，我只是想確保我們有 21 和 22 年正確的支出概況。

That's you again, Paul.

又是你，保羅。

Yes.

是的。

Well, I would say some of these long-lead items are a little tough to plan exactly when the money will be spent, but I would -- I mean, just -- I think $750 million this year and $750 million next year is probably a pretty good proxy, Jeff.

嗯，我想說，其中一些長期項目有點難以準確計劃何時花這筆錢，但我會——我的意思是，只是——我認為今年 7.5 億美元和明年 7.5 億美元可能是一個非常好的代理人，傑夫。

Got it.

知道了。

And last one, the stationary power, will we have our first deployment of that and live in the third quarter?

最後一個，固定電源，我們會在第三季首次部署並投入使用嗎？

I think that was your prior target for a data center backup.

我認為這是您資料中心備份的首要目標。

We -- I'll say this, Jeff, Mike, we better, so yes.

我們——我會這麼說，傑夫、麥克，我們更好，所以是的。

Our next question is coming from Paul Coster of JPMorgan.

我們的下一個問題來自摩根大通的保羅·科斯特。

Paul, I think I'll be talking to you later today, right?

保羅，我想今天晚些時候我會和你談談，對吧？

I believe so.

我相信是這樣。

You're busy man.

你是個大忙人。

So Andy, starting off with the near term.

安迪從近期開始。

Obviously, the 2Q guidance is pretty encouraging.

顯然，第二季的指導非常令人鼓舞。

And 3Q, I think you said is very strong, whatever that means.

3Q，我認為你說的非常強，無論這代表什麼。

It sounds like it's incrementally better over 2Q.

聽起來比第二季好得多。

So perhaps you can elaborate.

所以也許你可以詳細說明一下。

But what's driving -- what is driving the near-term demand?

但是是什麼推動了近期需求？

Is it the pedestal business?

這是基座業務嗎？

Or is it other stuff?

還是其他東西？

Or perhaps you can just give us some color there.

或者也許你可以給我們一些顏色。

So I think you know the answer to that is that primarily the pedestal business.

所以我想你知道這個問題的答案主要是基座業務。

And I think in the third and fourth quarter, you'll see the electrolyzer business pick up significantly.

我認為在第三和第四季度，你會看到電解槽業務顯著回升。

But if I look at it, there are, today, 5 customers who really are driving the material handling business.

但如果我看一下，今天有 5 名客戶真正推動了物料搬運業務。

The biggest one is actually Amazon.

最大的實際上是亞馬遜。

There's lots of new deployments with Amazon.

亞馬遜有很多新的部署。

Amazon is not only buying fuel cells, but electrolyzers from this.

亞馬遜不僅購買燃料電池，還購買電解槽。

So that's a huge -- that's a big part of our funnel, Walmart, Home Depot, GM.

所以這是一個巨大的——這是我們頻道、沃爾瑪、家得寶、通用汽車的重要組成部分。

And we actually have a fifth customer, which I'll tell you more about to assume when they let me announce that we'll do over $25 million in the second half of the year with.

我們實際上有第五個客戶，當他們讓我宣布我們將在今年下半年銷售超過 2500 萬美元時，我會告訴您更多有關假設的資訊。

So we're feeling the businesses is really healthy.

所以我們感覺這些業務非常健康。

I mean the factory is packed.

我的意思是工廠已經擠滿了人。

And I think that's really the cut.

我認為這就是真正的削減。

I think the nice item is we're beginning to spread that revenue across a larger and larger customer set.

我認為好的一點是我們開始將收入分配給越來越多的客戶群。

Got you.

明白你了。

You mentioned electrolyzers.

你提到了電解槽。

So it sounds like some of the material handling sites will have electrolyzers co-located?

聽起來有些材料處理場所將設有電解槽？

Is that a correct statement?

這是正確的說法嗎？

And more broadly, as you look at that, I think you said billions in the funnel for electrolyzers.

更廣泛地說，當你看到這一點時，我認為你在電解槽的漏斗中說了數十億美元。

Can you give us some color on geography?

您能為我們介紹一下地理方面的知識嗎？

On customer type?

根據客戶類型？

Is it centralized?

是中心化的嗎？

Decentralized?

去中心化？

How big are the probable deployments in terms of, I don't know, kilograms per day or whatever?

我不知道，可能的部署規模是多少，每天公斤數還是其他什麼？

So some kind of color would be helpful.

所以某種顏色會有幫助。

Sure.

當然。

So Paul, if I step back, and this is a point that I probably should have made earlier in the call.

所以保羅，如果我退後一步，我可能應該在電話會議的早些時候指出這一點。

We're becoming better at bundling the offerings to really -- the total system solution now incorporates our electrolyzer technology.

我們正在更好地將產品捆綁在一起，真正的整體系統解決方案現在融入了我們的電解槽技術。

And if I think about how we go in and sell today, it's -- we can provide you the electrolyzer.

如果我考慮我們今天如何進入和銷售，那就是——我們可以為您提供電解槽。

We can provide you fueling stations.

我們可以提供您加油站。

We can provide you the material handling equipment and the vehicles, especially in Europe.

我們可以為您提供物料搬運設備和車輛，尤其是在歐洲。

And that ability to bundle is actually probably what attracted both Renault and SK to work so closely with Plug Power.

事實上，這種捆綁能力可能正是吸引雷諾和 SK 與 Plug Power 如此密切合作的原因。

Now when I look at the deals, if I was going to spread out geography, many of the sites are, call it, 250 megawatts and above range.

現在，當我查看這些交易時，如果我要分散地域，許多站點都可以稱之為 250 兆瓦及以上範圍。

A lot of the sites are -- and they are -- the big projects are really centralized sites.

許多大型專案的站點確實是集中式站點。

But often centralized sites, which may be spread around 3 or 4 different locations that add up into a gigawatt.

但通常是集中站點，可能分佈在 3 或 4 個不同位置，總計達 1 千兆瓦。

And if you think about 250 megawatts of electricity, you're talking plants, which are in the 500 tons.

如果您考慮的是 250 兆瓦的電力，那麼您所說的就是 500 噸的發電廠。

Good side -- good-sized tonnage hundreds of tons of hydrogen.

好的一面—數百噸的氫。

So I think very attractive.

所以我覺得非常有魅力。

And I think that -- I think that's really the mix of sites.

我認為——我認為這確實是網站的組合。

And from a geography point of view, you see in Europe.

從地理的角度來看，你會看到在歐洲。

We're seeing it in Australia.

我們在澳洲看到了這一點。

We're seeing activity in India.

我們看到印度的活動。

We're obviously in South Korea.

我們顯然是在韓國。

So it's really kind of a mixture across the board.

所以這確實是一種全面的混合體。

One last question, please.

最後一個問題，請。

You said that 35 tons of hydrogen is coming online to supplement that, which was previously available, and you've seen disruptions.

你說 35 噸氫氣即將上線補充之前可用的氫氣，但你已經看到了中斷。

Why wouldn't -- is this gray or blue hydrogen?

為什麼不呢——這是灰色或藍色的氫嗎？

And is it subject to the same kind of variability and risks as it's -- as the hydrogen you were previously consuming domestically?

它是否會受到與您之前在國內消費的氫氣相同的可變性和風險的影響？

Yes.

是的。

Good question, Paul.

好問題，保羅。

It is great hydrogen.

這是很棒的氫。

And obviously, we want to transfer eventually to green.

顯然，我們希望最終轉向綠色。

It's not Plug Power, but it is coming off.

這不是 Plug Power，但它正在脫落。

It's getting cleaned up versus the pipelines, which are tied to large-scale storage with caverns.

與管道相比，它正在清理，而管道與帶有洞穴的大型儲存設施有關。

So I think the variability of that hydrogen is much, much lower.

所以我認為氫的變異性要低很多。

Our next question is coming from Jed Dorsheimer of Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Jed Dorsheimer。

So just 2 questions.

所以只有兩個問題。

I guess, first, it sounds like the contribution of revenues by end market is changing.

我想，首先，聽起來終端市場的收入貢獻正在改變。

Today, kind of first time, I'm hearing you talk a bit more on aerospace or it sounds like that's -- so a bit of shift.

今天，我第一次聽到你更多地談論航空航天，或者聽起來像是——所以有點轉變。

So I was just wondering, does that change any of the projections.

所以我只是想知道，這是否會改變任何預測。

I think on May 10, you talked about sort of the $475 million, $750 million of $1.7 billion.

我想在 5 月 10 日，您談到了 17 億美元中的 4.75 億美元、7.5 億美元。

Are those numbers still solid?

這些數字還可靠嗎？

Is it just what's kind of the moving parts underneath to support the top line?

是不是下面有什麼樣的活動部件來支撐頂線？

And then I have a follow-up.

然後我有一個後續行動。

Yes, so -- yes, Jed, they are our numbers today.

是的，所以——是的，傑德，他們就是我們今天的數字。

$475 million is rock solid.

4.75 億美元是堅如磐石的。

And we're continuously looking at -- we're in the $750 million, feel great about.

我們一直在關注——我們已經進入了 7.5 億美元，對此感覺很棒。

I think we're spending -- I think when we have the -- we'll have our Plug Power Symposium in September, and I hope you can attend.

我認為我們正在花費——我想當我們有——我們將在九月舉辦我們的插頭電源研討會，我希望你能參加。

And I will give you not only -- we'll give you a much broader outlook not only what we expect for 2024 and 2023, but also kind of what the geographical and product mix will be.

我不僅會給您更廣闊的前景，不僅包括我們對 2024 年和 2023 年的預期，還包括地理和產品組合。

Great.

偉大的。

I hope you have the symposium -- you should have it at the electrolyzer, the gigafactory, that would be great.

我希望你們能舉辦研討會——你們應該在電解槽、超級工廠舉辦，那太好了。

Yes.

是的。

I think at the moment, we're scheduling NASDAQ, but I think we're debating that.

我認為目前我們正在安排納斯達克上市，但我認為我們正在對此進行辯論。

So you're voting on put it at the gigafactory?

所以你投票決定把它放在超級工廠嗎？

Yes.

是的。

NASDAQ is not nearly as exciting as being at a gigafactory.

納斯達克並不像超級工廠那麼令人興奮。

I agree, Jed.

我同意，傑德。

That's my vote, too.

這也是我的投票。

So just as a -- I do have a follow-up, though.

所以，就像——不過，我確實有一個後續行動。

And as I hear, it's interesting in terms of the European, particularly Germany and France, which really have paradoxical views on energy production.

據我所知，這對歐洲人來說很有趣，特別是德國和法國，他們對能源生產的看法確實是矛盾的。

So I'm wondering how that -- those conversations, particularly France being pronuclear and Germany being quite against.

所以我想知道這是怎麼回事——那些對話，特別是法國支持核子而德國則非常反對。

Germany's electricity prices being the highest of any first-world nation, I'm curious, how does hydrogen play into that discussion?

德國的電價是所有第一世界國家中最高的，我很好奇，氫在這一討論中有何作用？

And how are the 2 countries thinking about Plug and hydrogen production?

兩國如何考慮插頭和氫氣生產？

Is there a difference?

有差別嗎？

And do you see a difference in scalability?

您是否看到可擴展性方面的差異？

Yes.

是的。

I think when you -- first, I think that in both countries as well as the EU, I think there's a general acknowledgment that to decarbonize hydrogen is required and fuel cells are required.

我認為，首先，我認為在這兩個國家以及歐盟，我認為人們普遍認識到需要對氫進行脫碳，並且需要燃料電池。

It's why, Jed, that with Renault -- it's the CEO, Luca, Renault tells me that every time you talk to a Minister in France, the first question is what are you doing with fuel cells and hydrogen?

傑德，這就是為什麼雷諾——執行長盧卡，雷諾告訴我，每次你與法國部長交談時，第一個問題是你在用燃料電池和氫做什麼？

I think from a feedstock point of view, I think you're right.

我認為從原料的角度來看，我認為你是對的。

I think France is thinking a lot about how to leverage their carbon-free nuclear assets to be the electrical stock for feedstock for hydrogen.

我認為法國正在認真考慮如何利用其無碳核資產作為氫原料的電力儲備。

I think in Germany, I think folks are thinking more about their renewable curtailment as well as offshore wind as the feedstock for electrolyzers.

我認為在德國，人們更考慮再生能源削減以及作為電解槽原料的離岸風電。

So I think both of them are very committed to fuel cells and hydrogen.

所以我認為他們都非常致力於燃料電池和氫。

I think there is a different view on what the feedstock should be based on their own internal infrastructure.

我認為根據他們自己的內部基礎設施，對於原料應該是什麼有不同的看法。

Does that have a different economic?

這有不同的經濟嗎？

I would think the impact -- if I have a baseload versus curtailment, while in one, I'm solving a problem of a subsidized technology being the intermittency for the renewables.

我會考慮影響——如果我有一個基本負荷與削減，而在其中一個，我正在解決再生能源的間歇性補貼技術的問題。

In the other, though, it would be lower-cost electricity prices.

但另一方面，電價成本將會降低。

Does that change the dynamic in terms of the value proposition for green hydrogen?

這是否會改變綠氫價值主張的動態？

Or do you see it as net, the same?

或者你把它看成是net，一樣嗎？

Yes.

是的。

I probably see it net.

我大概在網路上看過。

I mean, I think that underlying everything is where the cost of renewables are going.

我的意思是，我認為一切的根本在於再生能源成本的走向。

And that I think like the U.S., Europe has -- and one has to be thoughtful about numbers that are put out there.

我認為歐洲和美國一樣——而且人們必須仔細考慮那裡公佈的數字。

I think both Europe and the U.S. strongly feel that hydrogen generated for renewables can be lower cost than hydrogen generated by natural gas.

我認為歐洲和美國都強烈認為，再生能源生產的氫氣比天然氣生產的氫氣成本更低。

And certainly, it's a journey.

當然，這是一趟旅程。

But it's a journey that I think both nations, France and Germany, feel that it's the best -- it will be the best source of energy for many, many applications.

但我認為法國和德國這兩個國家都認為這是最好的旅程——它將成為許多應用的最佳能源來源。

I mean, I think commercial vehicles, large-scale stationary, how you support these networks like ports.

我的意思是，我認為商用車輛、大型固定設施，如何支援港口等網路。

I think if you look and you hear these numbers, 20% of world energy from hydrogen, they really think hydrogen is really the solution to meet those needs.

我想，如果你看到並聽到這些數字，世界上 20% 的能源來自氫，他們真的認為氫確實是滿足這些需求的解決方案。

(Operator Instructions) Our next question is coming from Amit Dayal of H.C. Wainwright.

（操作員說明）我們的下一個問題來自 H.C. 的 Amit Dayal。溫賴特。

So Andy, you mentioned 500 megawatts potentially closing for electrolyzers this year and deployments next year?

安迪，您提到今年可能關閉電解槽並在明年部署 500 兆瓦？

Yes.

是的。

Is any of this in the current guidance for this year or next year?

今年或明年的現行指南中是否包含這些內容？

Or would this be incremental?

或者這會是增量的嗎？

I would say some of it is in the present guidance for next year.

我想說其中一些內容已包含在明年的現行指南中。

For next year?

明年？

Yes.

是的。

Okay.

好的。

It is in the current guidance for next year.

它包含在明年的當前指導中。

Okay.

好的。

Okay.

好的。

And you indicated another large customer.

你還提到了另一個大客戶。

Is this a pedestal level customer?

這是基座等級的顧客嗎？

Yes.

是的。

And maybe just in that context, are there any additional level -- pedestal level customers in the pipeline?

也許就在這種情況下，是否有任何額外的等級——基礎等級的客戶正在醞釀中？

So yes, this is a pedestal customer.

是的，這是一位固定客戶。

It's in the auto industry.

這是在汽車業。

And I'm going to say, it's a global auto manufacturer.

我想說的是，它是一家全球汽車製造商。

And the answer to your question is, yes, especially in Europe, we have a number of pedestal customers, which are pending.

你的問題的答案是，是的，特別是在歐洲，我們有許多基礎客戶，但尚未確定。

And with recent increases in commodity costs, supply chain challenges, et cetera, has that impacted your CapEx executions?

隨著近期商品成本的增加、供應鏈挑戰等，這是否影響了您的資本支出執行？

Yes, it's a good question.

是的，這是一個好問題。

Paul, do you want to take a crack at that?

保羅，你想嘗試嗎？

I mean I look at our product margins, it's -- they seem relatively very healthy.

我的意思是，我看看我們的產品利潤率，它們看起來相對非常健康。

And Paul, maybe you want to comment on, I think, some of the construction work we're doing for the gigafactory.

保羅，我想你也許想評論一下我們正在為超級工廠進行的一些建設工作。

I think it's such a modest proportion of what we're doing that it hasn't been that impactful, but maybe you have some thoughts on that, Paul?

我認為這在我們正在做的事情中所佔的比例很小，所以沒有那麼有影響力，但也許你對此有一些想法，保羅？

Yes.

是的。

If you look at our history and even our projections outside of green hydrogen investments, it's a fairly nominal percentage of sales.

如果你看看我們的歷史，甚至我們在綠氫投資之外的預測，你會發現這只是銷售額的一個相當名義上的百分比。

And so -- but yet, the gigafactory will be pretty impactful from a margin standpoint from many different facets.

但是，從許多不同方面的利潤角度來看，超級工廠將具有相當大的影響力。

So I don't expect that it has had a major impact on our product margins, and I don't anticipate it will as we go forward.

因此，我預計它不會對我們的產品利潤產生重大影響，而且隨著我們的發展，我預計它不會產生重大影響。

In fact, the depreciation, obviously, is a GAAP effect.

事實上，貶值顯然是公認會計原則的影響。

But the margin enhancement will more than offset the depreciation impact because it's just a small percentage of CapEx and sales, respectively.

但利潤率的提高將足以抵銷折舊的影響，因為它分別只佔資本支出和銷售額的一小部分。

Understood.

明白了。

And maybe just a high-level question, I don't know if you have an answer to this.

也許只是一個高級問題，我不知道你是否有答案。

But why is the total solution from you guys with the electrolyzers and all the other components versus just buying sort of one set of solutions.

但為什麼你們要提供一個帶有電解槽和所有其他組件的整體解決方案，而不是只購買一套解決方案。

Like how much does that impact the customers' IRR on these types of investments they make?

例如，這對客戶進行的此類投資的 IRR 有多大影響？

Well, I think that -- I think that it really, I think, simplifies the process for them, Amit, to be able to go to one place and have someone put the whole solution together for them.

嗯，我認為——我認為這確實簡化了他們的流程，阿米特，能夠去一個地方並讓某人為他們整合整個解決方案。

I think that's probably the most attractive part of this.

我認為這可能是最吸引人的部分。

I mean, I think in the applications, they see healthy IRRs, and then you kind of compound it with the fact that they're doing activity that really supports their long-term mission to decarbonize, be it 2035, 2040.

我的意思是，我認為在申請中，他們看到了健康的 IRR，然後你將其與他們正在進行的活動真正支持其長期脫碳使命（無論是 2035 年還是 2040 年）這一事實相結合。

I think being able to go to one person say, "Take care of all this," and having somebody who's an expert in all these technologies, I think, is a real differential advantage.

我認為，能夠對一個人說：“照顧好這一切”，並且擁有一個精通所有這些技術的專家，我認為，這是一種真正的差異化優勢。

Our next question is coming from Chris Souther of B. Riley.

我們的下一個問題來自 B. Riley 的 Chris Souther。

So the first piece I wanted to touch on was the fueling margins.

所以我想談的第一件事是提高利潤率。

You talked about improvements there in the second half and into '22 as some of these industrial gas partners are expanding capacity and then the longer-term targets of about 30%.

您談到了下半年和 22 年的改進，因為其中一些工業氣體合作夥伴正在擴大產能，然後設定了約 30% 的長期目標。

So maybe you could just discuss when and where we see those breakeven levels as far as kind of positive gross margin?

因此，也許您可以討論我們何時何地看到這些損益兩平水準以及正毛利率？

Is that really with some -- the first 3 facilities are coming online, we'll start to see that kind of switch over?

是不是真的有一些——前 3 個設施即將上線，我們將開始看到這種轉變？

I think that -- Chris, I think you'll see gradual improvements, and you'll see -- I mean we'll have some improvements with our own additional capacity coming online in October.

我認為——克里斯，我想你會看到逐步的改進，你會看到——我的意思是，我們將在 10 月上線我們自己的額外容量，從而取得一些改進。

I think you'll start seeing that transition called mid-2022.

我認為您將在 2022 年中期開始看到這種轉變。

Okay.

好的。

That's helpful.

這很有幫助。

And then you mentioned Amazon is now buying electrolyzers, which is great to hear in that 80% of the electrolyzer opportunities are coming from abroad.

然後您提到亞馬遜現在正在購買電解器，這很高興聽到，80% 的電解器機會來自國外。

Can you maybe walk through the customer decision you're seeing between buying their own electrolyzers versus signing up for long-term hydrogen offtake agreements with the facilities you guys are building out?

您能否介紹一下顧客在購買自己的電解槽和與您們正在建造的設施簽訂長期氫氣承購協議之間所做的決定？

It sounded like Home Depot, Southern Company were more kind of in the offtake.

聽起來家得寶（Home Depot）和南方公司（Southern Company）在承購方面更有優勢。

But I'm curious, is it really site-specific, geography-specific, customer-specific?

但我很好奇，它真的是針對特定地點、特定地理位置、特定客戶的嗎？

How everybody is kind of looking at that kind of build it themselves versus buying it from you guys over time.

每個人都如何看待自己建造它，而不是隨著時間的推移從你們那裡購買它。

Yes.

是的。

I think that's a -- if you look at it, as you mentioned, I think it's a real mix.

我認為這是一個——如果你看看它，正如你所提到的，我認為這是一個真正的混合。

I think that there are companies that are building hydrogen networks in other parts of the world in which they're looking -- their main business is selling hydrogen.

我認為有些公司正在世界其他地區建立氫網絡——他們的主要業務是銷售氫。

I think that when you're looking at the smaller deployments -- I have some activity going on in New Zealand, for example, which is smaller.

我認為，當你考慮較小的部署時——例如，我在新西蘭進行了一些活動，那裡規模較小。

There, people are more inclined to buy small-scale electrolyzers to support.

在那裡，人們更傾向於購買小型電解槽來支持。

I think most large enterprises that are called the Amazon, the Walmarts of the world, I think their primary focus will be they'll want to buy green hydrogen from us.

我認為大多數被稱為亞馬遜、世界沃爾瑪的大型企業，我認為他們的主要關注點是他們想從我們這裡購買綠色氫氣。

I think there'll be opportunities where their facilities already have a low-cost renewable energy speed, which makes sense to use electrolyzers.

我認為他們的設施已經具有低成本再生能源速度，這將有機會使用電解槽。

But I think those who are in the -- those who are -- there are companies that we deal with who are primarily users of hydrogen, and I think they will want to buy hydrogen from us.

但我認為那些與我們打交道的公司主要是氫氣的用戶，我認為他們會想從我們這裡購買氫氣。

And there are companies, which are primarily what I'll call, want to be generators of -- suppliers of hydrogen, and I think they'll be more of our electrolyzer base.

有些公司，主要是我所說的，希望成為氫氣的供應商，我認為他們將更多地成為我們的電解槽基地。

So -- and then I think along the way, you'll have a mixture of the 2. But I think from a primary space point of view, that's how I think it will line up.

所以——然後我認為，一路走來，你會得到兩者的混合。但我認為，從主要空間的角度來看，這就是我認為它將如何排列的方式。

Our next question is coming from Tristan Richardson, who will be our final question for today, and he is with Truist Securities.

我們的下一個問題來自 Tristan Richardson，他將是我們今天的最後一個問題，他來自 Truist Securities。

Just a quick one, Andy, on stationary power.

安迪，請快速介紹固定電源。

I appreciate the update on the order book or opportunities you're seeing this year, but curious about how that trends throughout the back half of the year and into next year.

我很高興您今年看到的訂單簿或機會的更新，但對今年下半年和明年的趨勢感到好奇。

Can we see a stationary power customer become a pedestal customer over time?

隨著時間的推移，我們能否看到固定電力客戶變成固定電力客戶？

Or conversely, could you see a pedestal customer become a stationary power customer over time?

或者相反，隨著時間的推移，您是否會看到基礎客戶變成固定電力客戶？

Yes and yes.

是的，是的。

And boy, Tristan, you asked a question, and you're going to get an hour into the call and you're going to get a new answer.

天哪，特里斯坦，你問了一個問題，你將在通話後一個小時內得到新的答案。

We have over 100 customers in the funnel for the stationary products.

我們的固定產品通路中有 100 多個客戶。

And they range from large-scale data center customers, which could become pedestal customers, to folks who are present customers today, which are looking to back up their distribution centers with hydrogen since it's already available.

他們的範圍從可能成為基礎客戶的大型資料中心客戶，到目前的現有客戶，由於氫氣已經可用，他們希望用氫氣來支援他們的配送中心。

So there is -- I had every Monday, like most businesses, I do a review, and of each week of the quarter, I do -- each week of the month, I do a different market, and it was our stationary product.

所以，就像大多數企業一樣，我每週一都會進行審查，並且每個季度的每週我都會進行審查，每個月的每週我都會做一個不同的市場，這是我們的固定產品。

And the funnel for that is astonishing, and many, many of those customers could become pedestal customers.

其漏斗是驚人的，其中許多客戶可能會成為固定客戶。

Helpful, Andy.

有幫助，安迪。

And then just a quick follow-up.

然後進行快速跟進。

I appreciate all the commentary on electrolyzer opportunity you're seeing.

我感謝您所看到的有關電解槽機會的所有評論。

And just specifically in your letter, you noted deployments this year in New York, Georgia and Europe.

在你的信中，你特別提到了今年在紐約、喬治亞州和歐洲的部署。

But just thinking, is there a way to think about how much of that is third party versus deployments for your own internal need?

但只是想一想，是否有辦法考慮其中有多少是第三方的，還是滿足您自己內部需求的部署？

So those -- so I guess you're talking about, Tristan, the green hydrogen plants we're building.

所以，特里斯坦，我想你正在談論我們正在建造的綠氫工廠。

Ultimately -- and you use the word our own internal needs.

最終——你用了我們自己的內在需求這個詞。

The more that's captured by our own internal needs for on-road vehicles and other applications that become significant, I would think that by 2025, about 75% of that will be consumed by our own internal needs, if not more.

我們自己對道路車輛和其他應用的內部需求所捕獲的資訊越多，我認為到 2025 年，其中大約 75%（如果不是更多的話）將被我們自己的內部需求消耗。

And when I say that, it's hydrogen that we're selling to pedestal customers for all the applications that we're developing.

當我這麼說時，我們向基礎客戶銷售的是氫氣，用於我們正在開發的所有應用。

All right.

好的。

Well, thank you, everyone, for joining our call today.

好的，謝謝大家今天加入我們的電話會議。

I really appreciate everyone's attention, and I really look forward to talking to everyone for the second quarter, which should be at late July, early August.

我真的很感謝大家的關注，我真的很期待和大家談論第二季度，應該是在七月下旬、八月初。

So thank you, everybody.

所以謝謝大家。

Bye now.

再見了。

Ladies and gentlemen, thank you for your participation.

女士們、先生們，感謝您的參與。

This concludes today's event.

今天的活動到此結束。

You may disconnect your lines or log off the webcast at this time and have a wonderful day.

此時您可以斷開線路或登出網路廣播，度過美好的一天。