普拉格能源 (PLUG) 2024 Q3 法說會逐字稿

Greetings and welcome to the Plug Power third-quarter 2024 earnings conference call and webcast.

歡迎參加 Plug Power 2024 年第三季財報電話會議和網路廣播。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It's now my pleasure to turn the call over to your host, Meryl Fritz, Marketing Communications Manager.

現在我很高興將電話轉給您的主持人、行銷傳播經理 Meryl Fritz。

Please go ahead, Meryl.

請繼續，梅麗爾。

Thank you.

謝謝。

Welcome to the Plug Power Q3 earnings call.

歡迎參加 Plug Power 第三季財報電話會議。

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 include among others, statements of expectations, beliefs, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts.

這些前瞻性陳述包括預期、信念、未來計劃和策略、營運和發展的預期結果以及其他非歷史事實的陳述。

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 or understood as a guarantee of future performance or results.

然而，投資者應注意不要過度依賴前瞻性陳述，此類陳述不應被解讀或理解為對未來績效或結果的保證。

Such statements are based upon the current expectations, estimates, forecasts and projections, as well as the current beliefs and assumptions of management, and are subject to significant 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 the risks and uncertainties discussed under Item 1A risk factors in our annual report on Form 10-K for the fiscal year ending December 31, 2023, subsequent quarterly reports on Form 10-Q, and other reports we file from time to time with the Securities and Exchange Commission.

此類陳述基於當前的預期、估計、預測和預計，以及管理層當前的信念和假設，並受到重大風險和不確定性的影響，這些風險和不確定性可能導致實際結果或業績與所討論的結果或業績有重大差異。因素中討論的風險和不確定性我們不時向美國證券交易委員會提交文件。

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

這些前瞻性陳述僅涉及做出這些陳述的當天，我們不承諾或打算在本次電話會議後或因新資訊而更新任何前瞻性陳述。

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。

Good morning, everyone.

大家早安。

And thank you for joining us today.

感謝您今天加入我們。

I'm pleased to share Plug Power's results for third-quarter 2024, and provide an update on the steps we're taking to reinforce our leadership in the hydrogen economy.

我很高興分享 Plug Power 2024 年第三季的業績，並提供我們為加強氫經濟領導地位而採取的最新措施。

2024 has been a particular year, a time of strategic consolidation, and focused improvement.

2024年是特別的一年，是策略鞏固、重點提升的一年。

Through a disciplined approach to operational efficiency, financial management and technological advancements, we are a foundation that positions Plug for strong (inaudible) growth and resilience as we enter 2025.

透過嚴格的營運效率、財務管理和技術進步方法，我們為 Plug 在進入 2025 年時實現強勁（聽不清楚）成長和復原能力奠定了基礎。

Our focus remains on executing our mission, while staying in line with evolving governmental policy that continue to support the hydrogen economy.

我們的重點仍然是執行我們的使命，同時與不斷發展的政府政策保持一致，繼續支持氫經濟。

Plug Power has navigated a dynamic government affairs landscape over the years to help shape clean energy policy.

多年來，普拉格能源一直在動態的政府事務領域中發揮作用，幫助制定清潔能源政策。

We played a critical role in advancing legislation like the investment tax credit under the first Trump administration, a key milestone for our industry.

我們在推動川普第一屆政府的投資稅收抵免等立法方面發揮了關鍵作用，這是我們行業的一個重要里程碑。

We have been deeply engaged in the development of hydrogen policy with the Biden administration, and we do expect that there will be a change in the political climate.

我們一直在與拜登政府深入參與氫能政策的製定，我們確實預期政治氣候將會改變。

This landscape is not completely clear.

這個景觀並不完全清晰。

A positive indicator is that Politico has reported that the new administration is expected to continue to support hydrogen and nuclear power.

一個積極的跡像是，Politico報導，新政府預計將繼續支持氫能和核電。

For Plug, an important near term consideration is that we expect guidance on the production tax thread soon, with more favorable terms to accelerate hydrogen projects will be announced prior to year's end.

對 Plug 來說，近期一個重要的考慮因素是，我們預計生產稅線索很快就會出台，並會在年底前宣布更多加速氫能計畫的優惠條款。

Additionally, we remain on track with the DoE loan process.

此外，我們仍按照美國能源部的貸款流程進行。

Taken together, these policies underscore a supportive foundation for the US hydrogen economy.

總的來說，這些政策強調了美國氫經濟的支持基礎。

In Europe, support for hydrogen remains robust.

在歐洲，對氫能的支持仍然強勁。

I recently returned from meetings with European partners, who are increasingly committed to hydrogen as a pillar of the sustainable energy transition.

我最近剛結束與歐洲合作夥伴的會議，他們越來越致力於將氫作為永續能源轉型的支柱。

These discussions reinforce Plug Power's role as a global leader, as our missions are aligned with European climate goals and economic vision.

這些討論強化了普拉格能源作為全球領導者的角色，因為我們的使命與歐洲氣候目標和經濟願景保持一致。

Returning to our operations, our hydrogen production infrastructure in the US is advancing well.

回到我們的運營，我們在美國的氫氣生產基礎設施進展順利。

Plants in Georgia and Tennessee, along with our joint venture facility in Louisiana are critical to building a secure hydrogen network.

喬治亞州和田納西州的工廠以及我們在路易斯安那州的合資工廠對於建立安全的氫氣網路至關重要。

The Louisiana is currently in the commissioning phase, and is expected to be fully operational in the first quarter of next year, further strengthening our supply chain as demand for green hydrogen expands.

路易斯安那號目前正處於調試階段，預計將於明年第一季全面運營，隨著綠氫需求的擴大，進一步加強我們的供應鏈。

Globally, Plug's leadership in Pem electrolyzer technologies continues to set us apart.

在全球範圍內，Plug 在質子交換膜電解槽技術方面的領先地位繼續使我們脫穎而出。

With 70 megawatts of electrolyzers deployed this quarter alone, Plug is now the largest single deployer of PEM electrolyzers worldwide.

光是本季就部署了 70 兆瓦的電解槽，Plug 現在是全球最大的 PEM 電解槽單一部署商。

Bloomberg recently recognized Plug as the leading provider of green hydrogen solutions outside China.

彭博社最近將 Plug 評為中國以外綠氫解決方案的領先供應商。

I also want to highlight that in our application business, we have stalled not yet recognized over 8 megawatts of stationary power systems with energy vault.

我還想強調的是，在我們的應用業務中，我們尚未認可具有 EnergyVault 的超過 8 兆瓦的固定電力系統。

They are seeing new growth and new customers in our material handling business.

他們在我們的物料搬運業務中看到了新的成長和新的客戶。

My recent trip to Europe also offered the opportunity to meet with key partners including GAAP, with whom we'll be deploying the world's largest PEM electrolyzer systems starting in April 2025.

我最近的歐洲之行也提供了與包括 GAAP 在內的主要合作夥伴會面的機會，我們將從 2025 年 4 月開始與他們一起部署世界上最大的 PEM 電解槽系統。

With Iberdola and bp, we're moving forward on a 25 megawatt order at their Castellon refinery, underscoring our ability to deliver at scale and international markets.

我們正在與 Iberdola 和 bp 合作，以推進其卡斯特利翁煉油廠 25 兆瓦的訂單，這突顯了我們大規模交付和國際市場的能力。

These collaborations coupled with Plug's 8 gigawatts in basic design and engineering package for the electrolyzer market, reflects the strong demand for advanced hydrogen solution, and Plug Power's essential role in enabling global energy transition.

這些合作加上 Plug 面向電解槽市場的 8 吉瓦基本設計和工程包，反映了對先進氫解決方案的強烈需求，以及 Plug Power 在實現全球能源轉型中的重要角色。

[Edgar] has been down, but today we announced the $200 million convertible deal with (inaudible) capital.

[Edgar] 一直在下跌，但今天我們宣布了 2 億美元的可轉換交易（聽不清楚）資本。

Under the terms of this agreement, (inaudible) is committed to a loan position with a conversion price of $2.90, and it's restricted from shorting Plug stock.

根據該協議的條款，（聽不清楚）承諾轉換價格為 2.90 美元的貸款頭寸，並且禁止做空 Plug 股票。

Our focus remains on minimizing shareholder dilution, by partnering with investors who recognize the company's intrinsic value.

我們的重點仍然是透過與認可公司內在價值的投資者合作，最大限度地減少股東稀釋。

Additionally, we continue to explore debt financing and the sale of ITC benefits to further reduce future equity based funding needs.

此外，我們繼續探索債務融資和出售 ITC 福利，以進一步減少未來基於股權的融資需求。

Q3, we reported revenue of $173.7 million, driven by strong demand for our solutions, particularly within electrolyzer and hydrogen infrastructure.

第三季度，我們報告營收為 1.737 億美元，這得益於對我們解決方案的強勁需求，特別是在電解槽和氫氣基礎設施方面。

Our gross margins rose by 37% quarter-over-quarter with gains across our equipment, service, and fuel businesses.

隨著設備、服務和燃料業務的成長，我們的毛利率較上季成長了 37%。

We've also reduced cash burn by 27% compared to last quarter, demonstrating our disciplined approach to cash management and inventory optimization.

與上季相比，我們的現金消耗也減少了 27%，這顯示了我們在現金管理和庫存優化方面的嚴謹方法。

These improvements highlight our commitment to building a financially resilient company, prepared to grow profitably in a dynamic environment.

這些改進凸顯了我們致力於建立一家具有財務彈性的公司，準備在動態環境中實現獲利成長。

As we close 2024, we're confident that the foundation we built this year has positioned us for success.

2024 年即將結束，我們相信今年奠定的基礎已為我們的成功奠定了基礎。

With the strength in balance sheet, strategic global expansion, and working to ensure supportive government policy, Plug Power is poised to capitalize our new opportunities in the year ahead.

憑藉強大的資產負債表、戰略性全球擴張以及努力確保政府政策的支持，普拉格能源已準備好抓住未來一年的新機會。

Thank you.

謝謝。

And I'd like to turn the call over to Paul for a few comments.

我想把電話轉給保羅，徵求一些意見。

Thanks, Andy. 2024 reflects a critical inflection point for Plug, and the ongoing transformation of the company.

謝謝，安迪。 2024 年反映了 Plug 的關鍵轉折點以及公司正在進行的轉型。

We embarked on a journey a few years ago to significantly broaden our solutions in the hydrogen economy and vertically integrate on our hydrogen supply.

幾年前，我們開始了一段旅程，大幅拓寬我們在氫經濟領域的解決方案，並垂直整合我們的氫供應。

We continue to nurture these offerings while doubling down on optimizing the operations and cash management.

我們將繼續培育這些產品，同時加倍努力優化營運和現金管理。

During Q3 of 2024, we saw meaningful deployment and sales into the market for many of our new platforms, which has set the stage for continued sales growth in Q4 of '24 and '25 onwards.

在 2024 年第三季度，我們看到許多新平台在市場上進行了有意義的部署和銷售，這為 24 年和 25 年第四季的持續銷售成長奠定了基礎。

In particular is our launch of a broad range of electrolyzer products.

特別是我們推出了廣泛的電解槽產品。

Q3 represents a major inflection point in ramping the electrolyzer business, and recognizing the commercial growth in our results.

第三季是擴大電解槽業務並認識到我們業績中的商業成長的一個主要轉折點。

We've continued to optimize the first global green hydrogen plant in Georgia, which combined with the Tennessee facility provides us 25 ton per day of capacity and close to half our current annual hydrogen needs.

我們繼續優化位於喬治亞州的第一座全球綠色氫工廠，該工廠與田納西州的工廠相結合，為我們提供每天 25 噸的產能，接近我們目前年度氫需求的一半。

And we have made great progress on the third facility in Louisiana, that will provide us an additional 15 tons per day over the coming months.

我們在路易斯安那州的第三個工廠也取得了巨大進展，該工廠將在未來幾個月內每天額外提供 15 噸產量。

We continue to focus on optimizing the workforce of the company.

我們持續致力於優化公司的員工團隊。

Given the rapid growth over recent years, we have added a lot of resources, and this year we've worked at optimizing that resource pool to maximize leverage.

鑑於近年來的快速成長，我們增加了許多資源，今年我們致力於優化資源池，以最大限度地發揮槓桿作用。

Since January 1, we've reduced the global workforce by over 15% to the Q1 restructuring and ongoing attrition where we've not backfilled.

自 1 月 1 日以來，由於第一季的重組和持續的人員流失，我們已將全球員工人數減少了 15% 以上，但我們尚未進行回補。

We've completed many rooftop consolidations, and have additional warehouses and facilities we're in the process of consolidating through our two main manufacturing sites in Albany, New York, and Rochester, New York.

我們已經完成了許多屋頂整合，我們正在透過紐約州奧爾巴尼和羅徹斯特的兩個主要製造基地整合更多的倉庫和設施。

We've adjusted pricing across many equipment, fuel and service platforms, for which benefits can be seen in our Q3 results, particularly for fuel and service.

我們調整了許多設備、燃料和服務平台的定價，其好處可以在我們第三季的業績中看到，特別是燃料和服務方面。

These pricing impacts will continue to positively benefit results as the year progresses, and we get full periods under these pricing measures.

隨著時間的推移，這些定價影響將繼續對業績產生正面的影響，並且我們將在這些定價措施下獲得完整的週期。

We've increased focus on asset leverage, particularly targeting inventory.

我們更加關注資產槓桿，特別是針對庫存。

We made a lot of investment over the last two years to enable successful launch of these new product offerings.

在過去兩年中，我們進行了大量投資，以成功推出這些新產品。

And this year, the focus is on optimizing the these resources, and we expect meaningful reduction in the near term as sales continue to ramp, which will provide a meaningful source of liquidity.

今年的重點是優化這些資源，我們預計隨著銷售的持續成長，短期內會出現有意義的減少，這將提供有意義的流動性來源。

Net cash used in operations combined with CapEx is down year-over-year from lower CapEx, inventory reductions, as well as margin enhancement.

由於資本支出下降、庫存減少以及利潤率提高，營運中使用的淨現金與資本支出較去年同期下降。

We expect the cash burn rate to improve even further over the near term as we continue to curtail at CapEx, and leverage working capital further, and drive additional sales and margin growth.

我們預計，隨著我們繼續削減資本支出，進一步利用營運資本，並推動額外的銷售和利潤成長，短期內現金消耗率將進一步改善。

Turning to Q4, at 2025, we remain laser focused on growing sales and margins improving cash flow.

談到 2025 年第四季度，我們仍然專注於增加銷售額和利潤，改善現金流。

Our strategy includes beginning commercial production, our new Louisiana hydrogen plant, further leverage of our Georgia and Tennessee facilities.

我們的策略包括開始商業生產、我們的路易斯安那州新氫氣工廠以及進一步利用我們的喬治亞州和田納西州工廠。

Driving more equipment sales, given our expanded manufacturing capacity, which does not require more investment and provides us an opportunity to readily source 3 to 4 times more volumes.

鑑於我們擴大的製造能力，這不需要更多的投資，並且為我們提供了輕鬆採購 3 到 4 倍數量的機會，從而推動了更多的設備銷售。

Continuing driving down costs with further work force and optimization, completing the targeting roof consolidations, driving additional leverage on our material vendors, and driving enhanced fuel network efficiency and service cost profiles.

透過進一步的勞動力和優化繼續降低成本，完成目標屋頂整合，推動對我們的材料供應商的額外影​​響，並推動提高燃料網路效率和服務成本狀況。

And lastly, leveraging the price increases and yielding full annual benefits of these continue to expand.

最後，利用價格上漲並產生全部年度效益繼續擴大。

In terms of liquidity, our unlevered balance sheet provides opportunities for liquidity from a number of different sources.

在流動性方面，我們的無槓桿資產負債表提供了來自多個不同來源的流動性機會。

First, our restricted cash balance continues to release quarterly at $50 million rate.

首先，我們的受限現金餘額繼續每季以 5000 萬美元的速度釋放。

We've discussed at length the opportunity to leverage inventory.

我們已經詳細討論了利用庫存的機會。

We're targeting additional reduction of $200 million to $250 million in the near term.

我們的目標是在短期內進一步削減 2 億至 2.5 億美元。

Sales growth, price increases, improved mix, and continued cost downs will continue to improve operating cash flows.

銷售成長、價格上漲、產品組合改善以及成本持續下降將持續改善營運現金流。

And we've been pursuing various debt facilities and parties interested in equipment findings that we could expand on the platform, like we established earlier this quarter with Hampton.

我們一直在尋求各種債務融資和對設備發現感興趣的各方，我們可以在平台上擴展這些發現，就像我們本季早些時候與漢普頓建立的那樣。

Lastly, we're working closely with the DoE to finalize the $1.7 billion loan facility.

最後，我們正在與美國能源部密切合作，最終確定 17 億美元的貸款安排。

We've made tremendous progress, and we meet with them regularly.

我們已經取得了巨大的進步，並且我們定期與他們會面。

We're targeting to close in the near term, and we're extremely clear on the access and the process to successfully close this facility.

我們的目標是在短期內關閉，我們非常清楚成功關閉該設施的存取權限和流程。

I'll now turn it back to Andy.

我現在把它轉回給安迪。

Well, thank you.

嗯，謝謝。

I think we're ready for questions.

我想我們已經準備好接受提問了。

(Operator Instructions) Colin Rusch, Oppenheimer.

（操作說明）Colin Rusch，Oppenheimer。

Thanks so much, guys.

非常感謝，夥計們。

Just looking at the balance sheet, guys, can you talk a little bit about how quickly you can start monetizing the inventory here for the balance of the year, and into the first part of next year?

夥計們，看看資產負債表，你們能談談你們能多快開始將今年剩餘時間和明年上半年的庫存貨幣化嗎？

Sure, Colin.

當然，科林。

Great, good morning.

太好了，早安。

I'm going to turn that over to Paul.

我要把它交給保羅。

Yeah, obviously, one core facet of that is sales.

是的，顯然，其中的一個核心方面是銷售。

And so you see some of that benefit start to be realized with Q3, and based on our guidance, you can anticipate much bigger Q4.

因此，您會看到第三季開始實現一些好處，根據我們的指導，您可以預期第四季度會更大。

So we're definitely expecting even more benefit in that reduction in Q4.

因此，我們肯定預期第四季的減少會帶來更多好處。

And we're working with the teams to continue that leverage.

我們正在與團隊合作以繼續發揮這種影響力。

We have additional reductions in leverage anticipated for the first half of next year.

我們預計明年上半年將進一步削減槓桿。

So you should see continued meaningful reduction in that, leverage on that in Q4 and onward.

因此，您應該會看到第四季度及以後的槓桿率持續有意義地減少。

Okay, thanks.

好的，謝謝。

And then on the restricted cash balances.

然後是受限制的現金餘額。

Obviously there's a variety of covenants that I'm sure you guys are working through.

顯然，我確信你們正在努力遵守各種各樣的契約。

Can you just give us a sense of whether any of that restricted cash could loosen up here in the near term, or if that is not a real strategy that you guys are thinking about?

您能否讓我們了解這些受限制的現金是否會在短期內放鬆，或者這是否不是你們正在考慮的真正策略？

Yeah, we definitely work in multiple angles on that.

是的，我們確實從多個角度進行工作。

And there are couple of routine servicing of those facilities which has our normal reduction releases.

這些設施有一些日常維護工作，這些設施有我們正常的減排量。

We also have a number of transactions we're closing that will release different pockets of those reserves, probably a little bit faster than that in some cases that $50 million per quarter.

我們還有一些即將完成的交易，這些交易將釋放這些儲備金的不同部分，可能比某些情況下每季 5000 萬美元的釋放速度要快一些。

But we're also working angles like what we did with Generate a few years ago, where we can actually back lever that, because it's effectively a deferred receivable.

但我們也正在研究像幾年前我們對「生成」所做的那樣，我們實際上可以向後槓桿化，因為它實際上是遞延應收款。

So it's a meaningful asset that parties like Generate definitely see value in it.

因此，像Generate這樣的各方肯定會看到它的價值，這是一項有意義的資產。

And we definitely think there's opportunities to factor that deferred receivable effectively similar to what we've done.

我們絕對認為有機會像我們所做的那樣有效地考慮遞延應收款。

Fantastic guys.

很棒的傢伙。

Thanks so much.

非常感謝。

[Somaya Jane] UBS.

[索瑪亞·簡]瑞銀。

Hey guys, do you see good price hike?

大家好，你們覺得漲價好不好？

Good morning.

早安.

Good morning.

早安.

Do you see additional price hikes for the rest of the year or '25?

您認為今年剩餘時間或 25 年價格還會上漲嗎？

And I guess what are you seeing as your path to positive growth margins, what could drive that?

我想您認為實現正成長利潤率的途徑是什麼，什麼可以推動這一點？

So I'm going to address price hikes.

所以我要解決價格上漲問題。

And then I'll let Paul talk about driving to positive margins.

然後我會讓保羅談談如何達到正利潤。

Now, I would say that we have had significant price increases with many of our customers.

現在，我想說的是，我們的許多客戶的價格都大幅上漲。

Some of the legacy deals, especially in the electrolyzer business are almost completed, and all future deals are being priced at a profitable level.

一些遺留交易，特別是電解槽業務的交易幾乎已經完成，所有未來交易的定價都處於有利可圖的水平。

I think a wild card in price increase is for the future will be if there is additional inflationary pressure in the US because of tariffs.

我認為未來價格上漲的一個不確定因素是，如果美國因關稅而出現額外的通膨壓力。

So we are primarily a US manufacturing business.

所以我們主要是一家美國製造業。

It is something that will be conscious of aware of if we need to increase pricing because the inflationary environment change.

如果我們因為通膨環境改變而需要提高定價，我們就會意識到這一點。

But at the moment, I think the work we're doing to make sure we price everything profitably, we work on cost reductions well positions the company.

但目前，我認為我們正在做的工作是為了確保我們對所有產品的定價都有利可圖，我們致力於降低成本，這使公司處於有利地位。

I'll let Paul add on to that.

我會讓保羅補充一下。

Yeah, I think Andy touched on a real important point that as you work through the backlog and you start layering in the new programs that have all been launched better pricing, both material handling and electrolyzers and other businesses that the mix continues to grow and get better and you see more accretion from those events as that happens.

是的，我認為安迪談到了一個真正重要的觀點，即當你處理積壓的工作並開始分層推出新計劃時，這些計劃都已推出更好的定價，包括材料處理和電解槽以及混合繼續成長和獲得的其他業務更好，當這些事件發生時，你會看到更多的累積。

And but if you look at '25 and onward, we'll be talking a lot about this tomorrow in the Symposium.

但如果你看看 25 年及以後的情況，我們將在明天的研討會上詳細討論這個問題。

It's the fundamentals, it's the sales volume, it's driving down material cost, it's continuing to optimize the workforce.

這是基本面，是銷量，是降低材料成本，是持續優化勞動力。

It's all the things that we've done really in material handling, and we're now doing in these new platforms that those themes you'll continue to see continued progression and margin, and we expect that to see.

這是我們在物料搬運方面真正所做的所有事情，我們現在在這些新平台上所做的事情，您將繼續看到這些主題的持續進展和利潤，我們希望看到這一點。

You definitely going to see that.

你肯定會看到這一點。

Well, we certainly expect we'll see that in Q4.

嗯，我們當然希望在第四季度看到這一點。

And we would expect you're going to continue to see that in Q1 onwards.

我們預計從第一季開始您將繼續看到這種情況。

And Paul, you saw 37% -- we saw 37% improvement in Q3.

保羅，你看到了 37%——我們在第三季看到了 37% 的進步。

Exactly, yeah.

沒錯，是的。

And that's a combination of volume price increases, leverages of BTC, a lot of factors that are working in towards our benefit, and you see those things continue into Q4.

這是數量價格上漲、比特幣槓桿以及許多有利於我們利益的因素的結合，你會看到這些事情會持續到第四季。

Got it.

知道了。

Thank you.

謝謝。

George Gianarikas, Canaccord Genuity.

喬治‧賈納里卡斯 (George Gianarikas)，Canaccord Genuity。

Good morning.

早安.

Hey, good morning, everyone.

嘿，大家早安。

Thank you so much for taking my questions.

非常感謝您回答我的問題。

Maybe as a first question, I'd love to ask a little bit about your views on the changing regulatory landscape in the United States, and how that impacts the way you think about the company sort of at an existential level.

也許作為第一個問題，我想問一下您對美國不斷變化的監管環境的看法，以及這如何影響您在存在層面上對公司的看法。

In other words, do you see opportunities to really grow in other parts of the world to kind of push the company forward into more into Europe and maybe other parts of Asia?

換句話說，您是否看到了在世界其他地區真正發展的機會，以推動公司更多地進入歐洲甚至亞洲其他地區？

Thank you.

謝謝。

So I'm going to touch on two layers here.

所以我在這裡要談兩層。

Let me talk about US policy, and there was a -- you probably saw the Politico article about hydrogen nuclear power, SAF, people expect that to be continues to have support in the new administration.

讓我談談美國的政策，你可能看過《政治》雜誌上關於氫核電、SAF 的文章，人們預計新政府將繼續支持這項政策。

If you kind of look at the issues, first there are well called the regulation in the landscape with PTC.

如果你仔細看看這些問題，首先會發現 PTC 領域的監管。

We expect it to lighten up before President Trump takes office.

我們預計在川普總統就職之前它會有所緩解。

But also when you look at the local decision, and you think about what it really say -- what the law really says, we expect that there could be greater opportunities with the PTC.

但當您查看當地的決定並思考它的真正含義（法律的真正含義）時，我們預計 PTC 可能會帶來更多機會。

Look oil and gas likes hydrogen, and that has sometimes been a disadvantage for Plug and sometimes been a benefit to Plug.

石油和天然氣就像氫氣一樣，這有時對 Plug 來說是不利的，有時對 Plug 來說是有利的。

I think when you look at the DoE loan, we have a clear path with the DoE to close that out before change in administration.

我認為，當你看看能源部的貸款時，我們與能源部有一個明確的途徑，可以在政府更迭之前結束這筆貸款。

I'm not going to go into specifics here, but we know the details and the plan.

我不會在這裡詳細說明，但我們知道細節和計劃。

I think when you look at grants, we had a good deal of grants last year.

我想當你看看贈款時，我們去年獲得了大量贈款。

And most of those contracts were -- I think with the contracts where we are the prime were closed by October 1 for the manufacturing grants.

我認為，這些合約中的大部分都是在 10 月 1 日之前關閉的，以獲取製造補助金。

And look, we help create jobs.

看，我們幫助創造就業機會。

I also think that we are the US manufacturer who's competing against China around the world.

我還認為我們是在全球範圍內與中國競爭的美國製造商。

And regardless of one's views of whether there should be a trade war or not, our relationships with the opportunities that the American made, building American products, hire American people, work no matter what administration you're playing.

無論人們對是否該打貿易戰的看法如何，我們與美國人創造的機會、製造美國產品、僱用美國人的關係都有效，無論你在玩什麼政府。

When I span the world, if you look at our electrolyzer deployments, most of the activities happening in Europe and Australia, and parts of our -- we have built for electrolyzer business worldwide capabilities with the integrators to build our electrolyzer products as well as you can see easily our stationary products, and even our hydrogen infrastructure.

當我跨越世界時，如果你看看我們的電解槽部署，大部分活動發生在歐洲和澳大利亞，以及我們的部分——我們已經與整合商一起為電解槽業務建立了全球能力，以建立我們的電解槽產品以及您可以輕鬆看到我們的固定產品，甚至我們的氫基礎設施。

That kind of that -- whether it's a Biden administration or whether it is a Trump administration, localization is important.

就是這樣——無論是拜登政府還是川普政府，在地化都很重要。

And look, most of those stacks will come from the United States.

看，這些堆疊中的大部分將來自美國。

But we really do have a international footprint, primarily in Australia.

但我們確實擁有國際足跡，主要是在澳洲。

If you look at the 8 gigawatts of basic design and engineering drawings we're working on, most of that works in Europe and Australia.

如果你看看我們正在研究的 8 吉瓦的基本設計和工程圖紙，你會發現其中大部分都適用於歐洲和澳洲。

So that's a -- I'm not naive to think that there aren't going to be challenges.

所以我認為不會有挑戰並不天真。

But we worked with the President Bush's administration, we worked with President Trump's administration, we worked with Republican Congresses, we worked with Democratic Congresses and we'll continue to do that.

但我們與布希總統政府合作，我們與川普總統政府合作，我們與共和黨國會合作，我們與民主黨國會合作，我們將繼續這樣做。

Thank you.

謝謝。

And maybe as a follow-up, can you possibly share some more details on the convert that you referenced during the call?

也許作為後續行動，您能否分享有關您在通話期間提到的轉換的更多詳細資訊？

(multiple speakers)

（多個發言者）

Paul, you want to give the breakdown?

保羅，你想詳細說明一下嗎？

Sure.

當然。

And we're working on getting it posted on our website for more information, and hopefully the (inaudible) system gets up quickly that it'll be public in that forum.

我們正在努力將其發佈在我們的網站上以獲取更多信息，並希望（聽不清）系統能夠迅速啟動，以便在該論壇上公開。

The net of it is it's a $200 million unsecured convertible with the fixed conversion price at INR290 million, which is close to 46% premium off of where the share price is now.

其淨值是，這是一筆價值 2 億美元的無擔保可轉換債券，固定轉換價格為 2.9 億印度盧比，較目前股價溢價近 46%。

It's 24 months at 6% interest rate.

期限為 24 個月，利率為 6%。

And I think really equally important is that the fund has a long view on Plug, and has agreed not to short the stock because they certainly have a very -- a positive outlook that you can tell from the premium they expect where things are going to go with us over this duration.

我認為同樣重要的是，該基金對 Plug 有著長遠的看法，並同意不做空該股票，因為他們確實有一個非常積極的前景，你可以從他們預期的溢價中看出事情的發展方向和我們一起度過這段時間。

So more details to follow, but those are some of the key details of the deal.

更多細節還有待跟進，但這些是交易的一些關鍵細節。

Thank you.

謝謝。

Eric Stine, Craig-Hallum.

艾瑞克·斯坦，克雷格·哈勒姆。

Hi, Andy, Paul.

嗨，安迪，保羅。

Good morning, Eric.

早安，埃里克。

Good Morning.

早安.

Good morning.

早安.

Hey, so when I look at the fourth quarter guide, seems to me that it's a little wider than maybe it would typically be just curious.

嘿，所以當我看第四季度指南時，在我看來，它比通常只是好奇的要寬一些。

Can you talk to kind of what's in there for the low end?

您能談談低端市場的情況嗎？

What gets you to the high end?

是什麼讓你走向高端？

And then I guess my follow up would just be, I know you had electrolyzer sales in Q2, which a good portion of those were not recognized.

然後我想我的後續行動就是，我知道你們在第二季有電解槽的銷售，其中很大一部分沒有得到認可。

We're in Q3, just curious how much of that is left and will impact Q4?

我們正處於第三季度，只是好奇還剩下多少並將影響第四季度？

So in many ways, Eric, we're moving -- now we're doing the -- for the electrolyzer products, most of that's been recognized from Q2.

因此，在很多方面，埃里克，我們正在為電解槽產品採取行動——現在我們正在做——其中大部分從第二季度就得到了認可。

There may be some final commissioning activity which may represent about 15%, and maybe one deal that maybe hasn't been, but most of that's been recognized.

可能會有一些最終的委託活動，大約佔 15%，也可能有一項交易尚未完成，但其中大部分已得到認可。

And Eric, we expect that the electrolyzer business will be higher in the fourth quarter, just because we're now doing the commission -- integration and commissioning of products that most products which are manufactured in the third quarter and being shipped.

艾瑞克，我們預計第四季度電解槽業務將會更高，因為我們現在正在進行調試——大多數產品在第三季度製造並發貨的產品的整合和調試。

So that's -- so when you take a step back about what we expect in the fourth quarter, I think three items come to mind.

所以，當你退一步思考我們對第四季的預期時，我認為你會想到三件事。

One is that the liquefier world is a one zero world, and one zero world, we don't really go for -- the probability of event happening is either $40 million or zero million.

一是液化器世界是一個零世界，而我們並不真正追求一個零世界——事件發生的機率要么是 4000 萬美元，要么是零萬美元。

So that kind of drives a certain range in that business.

因此，這推動了該業務的一定範圍。

The second item that if you really look at it, the electrolyzer funnel was strong, but as we learn to how we go about recognizing revenue as we did in the second quarter, that is not as large as we thought, even though the activity associated with preparing for the first quarter 2025 is pretty large.

第二個項目，如果你真正看一下，電解槽漏斗很強大，但當我們學習如何像第二季度那樣確認收入時，它並不像我們想像的那麼大，儘管相關活動為2025 年第一季度做準備是相當大的。

We expect it again the electrolyzer business to continue to grow.

我們再次預期電解槽業務將持續成長。

And in the apps business, look, material handling is improving when I look at what we have coming in the fourth quarter, and we expect that will be on that 20% to 30% growth path come 2025.

在應用程式業務中，當我觀察第四季的情況時，物料搬運正在改善，我們預計到 2025 年將實現 20% 至 30% 的成長。

That's kind of a summary of what I see Eric.

這是我對艾瑞克所見的總結。

All right, that's very helpful.

好的，這非常有幫助。

Thanks a lot.

多謝。

Okay.

好的。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Morning, Bill.

早安，比爾。

Hey, good morning, Andy and team.

嘿，早安，安迪和團隊。

Thanks for providing all the details here.

感謝您在此提供所有詳細資訊。

Maybe following on the question on the range of outcomes.

也許接下來是關於結果範圍的問題。

I guess within your base case and assuming mix, how should we think about the exit rate of gross margin in the fourth quarter, and maybe also taking account of any sort of cost reductions you're able to provide.

我想在你的基本情況和假設組合中，我們應該如何考慮第四季度毛利率的退出率，也許還考慮到你能夠提供的任何類型的成本削減。

And then specifically, how do we think about gross margins in your fuel business?

然後具體來說，我們該如何看待你們燃料業務的毛利率？

Go ahead, Paul.

繼續吧，保羅。

Yeah, appreciate that.

是的，很感激。

So tomorrow, we'll be given a lot more detail Bill on kind of what we see for '25 and onward, and give you more color.

所以明天，我們將獲得更多有關 25 年及以後的情況的詳細信息，並為您提供更多信息。

But specific to Q4, I would say this, we definitely as you can tell, expect more sales volume, that helps a lot.

但具體到第四季度，我想說的是，正如你所知，我們肯定會期待更多的銷量，這有很大幫助。

We have a lot of capacity, and leveraging that will drive better product margins.

我們擁有大量產能，利用這些產能將提高產品利潤。

And as we continue to ramp that up, I think I wouldn't be surprised if it wouldn't be directionally consistent with the kind of improvement you're seeing from Q4 -- I mean, I'm sorry, from Q3 to Q2 in terms of directional improvement quarter-over-quarter, could be better at the upper end of that guidance.

隨著我們繼續加大力度，如果它與您在第四季度看到的改進方向不一致，我想我不會感到驚訝——我的意思是，對不起，從第三季度到第二季度就季度環比的方向性改善而言，在該指導的上限可能會更好。

And specific to fuel, you can see in the numbers that we've disclosed that it's continuing to progress in the right direction.

具體到燃料，您可以從我們披露的數字中看到它正在繼續朝著正確的方向發展。

So we still have opportunity to leverage even more out of our facilities that we have.

因此，我們仍然有機會更多地利用我們現有的設施。

And we're also looking at mix opportunities where we can even sell more into the direct merchant market, even better pricing.

我們也正在尋找混合機會，我們甚至可以向直銷市場銷售更多產品，甚至獲得更好的定價。

So we're looking, and we're driving even enhanced efficiency measures.

因此，我們正在尋找並推動提高效率的措施。

And so we should see the combination of additional pricing benefits being that have come off over the last three months, and being recognized in Q4 as well as the benefits and efficiency, and leveraging the plants, and some of that mix on the fuel side.

因此，我們應該看到過去三個月中出現的額外定價優勢的組合，並在第四季度得到認可，以及效益和效率，以及利用工廠，以及燃料方面的一些組合。

So it should continue to improve meaningfully in Q4 and then onwards.

因此，它應該在第四季度及之後繼續顯著改善。

Yeah, thanks for that Paul.

是的，謝謝保羅。

And then I might have missed it, but I guess to the extent that you can speak to, how much is left to be done on the DoE loan closing conditions.

然後我可能會錯過它，但我想在您可以談論的範圍內，能源部貸款關閉條件還有多少工作要做。

Is there any sort of long hold, I guess in particular for Texas, it seems likely is going well but -- or maybe on the capital side, is there any additional capital on top of what you just announced today, or as a DoE looking at further contingency or reserve requirements.

是否有任何形式的長期持有，我想特別是對於德克薩斯州來說，似乎進展順利，但是——或者也許在資本方面，除了您今天剛剛宣布的之外，或者作為能源部的考慮，是否還有任何額外的資本進一步的緊急或儲備要求。

Just trying to get a sense of what is remaining to be done, and at what time you're thinking as of now?

只是想了解還需要做什麼，以及您現在在什麼時間考慮？

Yeah.

是的。

So Bill, I know -- I'm going to let Paul talk about process we have going on looking for equity partners, but that is not tied to the DoE loan.

所以，比爾，我知道 - 我將讓保羅談論我們正在尋找股權合作夥伴的流程，但這與能源部貸款無關。

And I know everybody would like me to provide detail by detail.

我知道每個人都希望我提供詳細資訊。

All I can say to you is that we know we don't see any tall pole in the tent.

我只能告訴你，我們知道帳篷裡沒有任何高桿子。

We know how to execute against it.

我們知道如何應對它。

We've worked with the DoE on making sure there's a clear schedule of events, and certainly the election in some ways help to structure a schedule that allows us to get there.

我們與美國能源部合作，確保有一個明確的活動時間表，當然，選舉在某些方面有助於製定時間表，使我們能夠實現這一目標。

I'll let Paul talk about the process that we're not dependent upon it.

我會讓保羅談談我們不依賴它的過程。

But the process we're using to look to bring in an equity investor also, sit side by side with us at the project level.

但我們尋求引入股權投資者的流程也與我們在專案層面上並肩作戰。

Yeah, we've kicked off.

是的，我們已經開始了。

I think we've talked about a parallel process that looking at strategic and project finance funds and others that could be interested in participating in the capital stack for our pipeline.

我認為我們已經討論了一個並行的過程，該過程著眼於策略和專案融資基金以及其他可能有興趣參與我們管道的資本堆疊的人。

That's going very well.

進展順利。

We've had a number of partners express interest, and we're engaging in those dialogues.

我們有許多合作夥伴表達了興趣，我們正在參與這些對話。

Actually, some of those partners will be at our Symposium tomorrow to learn more about the company, and learn more about what we're doing there.

事實上，其中一些合作夥伴明天將參加我們的研討會，以便更多地了解該公司，並更多地了解我們在那裡所做的事情。

So I would say the theme is that they look at this, the commercial proposition of what we're doing in Georgia, and what we're forecasting to do out of Texas, and that's very attractive.

所以我想說，主題是他們關注這個，我們在喬治亞州所做的商業主張，以及我們預計在德克薩斯州所做的事情，這非常有吸引力。

In addition to the fact the DoE is postured with this facility to provide incredibly low cost capital for the majority of that pipeline

除此之外，美國能源部準備利用該設施為大部分管道提供令人難以置信的低成本資本

So that those factors in addition to the success of us executing on delivering on Georgia, all bode well, and it is what's driving a lot of interest in this to move forward.

因此，除了我們在喬治亞州執行任務的成功之外，這些因素都是好兆頭，這也是推動人們對此向前邁進的極大興趣的原因。

So very encouraged and we're working hard at bringing all those things to fruition, and more to come in the near term.

我們非常受鼓舞，我們正在努力實現所有這些目標，並在短期內實現更多目標。

Thanks, Andy and Paul.

謝謝，安迪和保羅。

I look forward to seeing you tomorrow.

我期待明天見到你。

Great, looking forward to Bill.

太棒了，期待比爾。

Craig Irwin, Roth Capital Partners.

克雷格歐文，羅斯資本合夥人。

Thank you.

謝謝。

Good morning guys.

早安，夥計們。

Hey, good morning, Craig.

嘿，早上好，克雷格。

Hey Andy.

嘿安迪。

So I'm going to ask a tough question because I know a lot of the investors out there are really looking at it from the standpoint.

所以我要問一個棘手的問題，因為我知道很多投資人確實是從這個角度來看這個問題的。

And I guess it's best to answer these questions in public when we can, right?

我想最好是在可能的情況下公開回答這些問題，對嗎？

Sure, Craig.

當然，克雷格。

I hate to be the one that brings this, but it hopefully lifts the dark cloud, right?

我討厭成為那個帶來這個的人，但它希望能驅散烏雲，對吧？

So in the event that we do not see the DoE loan funded, how much flexibility do you have to sort of restructure the operations and pivot, versus the business plan you've been working on this last year.

因此，如果我們沒有看到能源部貸款提供資金，與去年制定的業務計劃相比，您在重組營運和轉型方面有多大的靈活性。

You guys have shown a continuous ability to raise capital.

你們已經展現了持續籌集資金的能力。

So congratulations on the $200 million this morning.

恭喜您今天早上獲得了 2 億美元。

You still have substantial cash tied up in the PPAs.

您仍然有大量現金被困在購電協議中。

What do you feel about the flexibility to take a slightly different path than what you've already laid out for us?

您對於採取與您已經為我們制定的路線略有不同的路線的靈活性有何看法？

Yeah.

是的。

Craig, we've obviously looked at the different road maps.

克雷格，我們顯然已經研究了不同的路線圖。

And if you think about the business in '25 and most of '26, whether Texas is online or not, is not going to impact our financials.

如果你考慮一下 25 年和 26 年大部分時間的業務，無論德克薩斯州是否在線，都不會影響我們的財務狀況。

And I can say that there are European funds, people who I worked with for a long time, who would be interested in being joined equity providers in Texas with us.

我可以說，有一些歐洲基金和我長期合作的人有興趣加入我們德州的股權提供者。

And look, if you look at Texas, we have the equipment already.

看看，如果你看看德克薩斯州，我們已經有設備了。

It's essentially building out the plant.

它本質上是在擴建工廠。

From a project point of view, would be much better to have the DoE loan.

從專案的角度來看，獲得能源部貸款會更好。

But there would just be an increased effort and activity to bring in an equity partner, if Texas doesn't happen.

但如果德州沒有實現這一目標，那麼引入股權合作夥伴的努力和活動就會增加。

And look, it doesn't dramatically change the next two years.

看，未來兩年不會有太大變化。

I think if you take a step back and look where the business growth was this quarter, if I look at over the last 18 months, I've been in Europe for 10 years and I doubled the number of installations in Europe for material handling in the last 18 months.

我想，如果你退後一步，看看本季的業務成長情況，如果我看看過去 18 個月，我已經在歐洲工作了 10 年，並且我將歐洲的物料搬運安裝數量增加了一倍。過去18 個月。

If you look at most of the electrolyzer revenue, it's flowing from international activity.

如果你看看電解槽的大部分收入，你會發現它來自國際活動。

If you look at the growth possibilities, much of its outside the US and much of its planned outside the US.

如果你看看成長的可能性，你會發現其中大部分是在美國以外的地區，而且大部分是在美國以外地區規劃的。

And I mentioned on the call earlier, I don't think anyone has the integration capability that Plug has established through our acquisition of folks in the oil and gas industry.

我之前在電話會議上提到，我認為沒有人擁有 Plug 透過收購石油和天然氣行業人員而建立的整合能力。

We have top notch integrators in Vietnam.

我們在越南擁有一流的整合商。

We have top notch integrators in Dubai, we have top notch integrators in Europe.

我們在杜拜有一流的整合商，在歐洲也有一流的整合商。

So I think that the pivot will probably have more of an international flavor if the US policy is more negative than we expect.

因此，我認為，如果美國的政策比我們預期的更加消極，那麼轉向可能會更具國際風味。

I think I mentioned on the call to the Trump administration was helpful the first time around.

我想我在第一次給川普政府的電話中提到的很有幫助。

I think the overturned Chevron is certainly helpful.

我認為翻倒的雪佛龍肯定有幫助。

So, I guess, been watching elections since 1968, when I was a young kid.

所以，我想，我從 1968 年就開始觀看選舉，當時我還是個小孩子。

And it's how life plays out is usually in America things tend towards the middle.

在美國，生活通常都是這樣發展的，事情往往趨於中間。

I would definitely agree with that.

我絕對同意這一點。

Thank you.

謝謝。

So my next question, if we look back in history of Plug, right, to your success -- your early success with Walmart, you would never have been able to have the tremendous success, tens of thousands of forklifts operating every day unless you were able to save your customers money with these products, deliver reliably in a more environmentally sound package, and save them money.

所以我的下一個問題，如果我們回顧Plug 的歷史，對吧，看看你的成功——你在沃爾瑪的早期成功，你永遠不可能取得巨大的成功，每天都有數以萬計的叉車在運行，除非你能夠透過這些產品為您的客戶節省資金，以更環保的包裝可靠地交付，並為他們節省金錢。

Now, in the last several years, we've looked at different pieces of the business model, and you've invested a lot of capital in some of these opportunities.

現在，在過去的幾年裡，我們研究了商業模式的不同部分，並且您在其中一些機會上投入了大量資金。

Do you still see the same opportunity to save your customers money in things like electrolyzers, in things like heavy transport trucking.

在電解槽、重型運輸卡車等領域，您是否仍看到相同的機會為客戶節省金錢？

And some of these other applications that we've talked about on and off in this last 10 years.

以及我們在過去 10 年斷斷續續地討論過的一些其他應用程式。

Okay.

好的。

I've let my buddy Sanjay not have to speak during this call.

我讓我的好友桑傑 (Sanjay) 在這次通話中不必說話。

I'm going to give him an opportunity to speak up.

我會給他一個說話的機會。

All I can say is that I'm going to touch on electrolyzers, and I will let you expound.

我只能說，我要談電解槽，然後我會讓你詳細說明。

I mean to me, electrolyzer is all about efficiency of the stacks and construction costs, and the price of electricity.

我的意思是，電解槽的關鍵在於煙囪的效率、建築成本以及電價。

So I'll let you run on this point.

所以我會讓你繼續討論這一點。

So Craig, I think your question is the right one, right?

那麼克雷格，我認為你的問題是正確的，對嗎？

There's many instances where we're working on some pretty large mega deals as Andy referred to on our 8 gigawatt of basic engineering design packet.

在很多情況下，我們正在進行一些相當大的大型交易，正如安迪在我們的 8 吉瓦基本工程設計包中提到的那樣。

And the electrolyzer offering is in pretty large scale.

電解槽的規模相當大。

And by the way, we're being able to talk and have a very healthy discussion with some of this customer because it's basically for a lot of different kind of hydrogen derivatives.

順便說一句，我們能夠與其中一些客戶進行交談並進行非常健康的討論，因為它基本上是針對許多不同種類的氫衍生物。

If you would sort of like things like e-fuels, ammonia, where electrolyzer combined with the right source of power, combined with right efficiency, yes, does allow them to provide a very, very attractive economic value proposition, right?

如果你喜歡像電子燃料、氨這樣的東西，其中電解槽與正確的電源、正確的效率相結合，是的，確實可以讓它們提供非常非常有吸引力的經濟價值主張，對嗎？

That's item number one.

這是第一條。

Item number two is when you touched on this a little bit.

第二項是當你稍微觸及這一點時。

But let me elaborate on this a bit.

但讓我詳細說明一下。

So when you talk about sort of the heavy duty mobility market, we have actually introduced this mobile refueler product, which is a perfect solution because the entire infrastructure of hydrogen fueling actually gets built, right.

因此，當您談論重型移動市場時，我們實際上推出了這種行動加油機產品，這是一個完美的解決方案，因為整個氫燃料基礎設施實際上已經建成，對吧。

So it's almost like hydrogen on wheels if you would.

所以如果你願意的話，它幾乎就像車輪上的氫。

And that's a product that allows them to do a lot of testing faster, allows them to really roll out a lot more vehicle faster, even before the entire infrastructure kind of comes into play, right?

這個產品可以讓他們更快地進行大量測試，讓他們更快地推出更多車輛，甚至在整個基礎設施投入使用之前，對吧？

Then when you start thinking about our liquify business, while it's been slower, we haven't lost any opportunity really.

然後，當你開始考慮我們的液化業務時，雖然速度較慢，但我們並沒有真正失去任何機會。

It's just that project haven't moved faster.

只是專案進度不夠快。

And even with that offering, we have one of the best energy efficiency solution in the market.

即使有了這樣的產品，我們也擁有市場上最好的能源效率解決方案之一。

So even from that perspective, as you go from gaseous hydrogen to liquid hydrogen, we're really providing a better economic value proposition for our customer, right?

因此，即使從這個角度來看，當你從氣態氫轉向液態氫時，我們確實為我們的客戶提供了更好的經濟價值主張，對吧？

And Craig one final thing that I think we'll be able to do here, we kind of think of this as like a facility sales where by providing a combination of our electrolyzer, our liquefaction technology, our hydrogen fueling solution, whether it's hydrogen trucks or the storage.

克雷格，我認為我們在這裡能夠做的最後一件事，我們認為這就像一種設施銷售，透過提供我們的電解槽、我們的液化技術、我們的氫燃料解決方案的組合，無論是氫卡車或存儲。

By giving all that entire offering as an enterprise sales and a facility sales, we can do a lot of optimization from a design standpoint, really continue to drive the cost and increase economics and benefit for our customer, right?

透過將所有整個產品作為企業銷售和設施銷售，我們可以從設計的角度進行大量優化，真正繼續降低成本並為客戶增加經濟效益和利益，對嗎？

So I think there's a lot of situations where it's really cost savings and a better value proposition for our customer, and that's what's going to drive the growth for us.

因此，我認為在許多情況下，這確實可以節省成本，並為我們的客戶提供更好的價值主張，而這將推動我們的成長。

Excellent.

出色的。

Then last question, if I may.

那麼最後一個問題，可以的話。

There's been some really interesting things that have come across my desk in the last 25 years, right?

在過去 25 年裡，我的辦公桌上出現了一些非常有趣的東西，對嗎？

So green hydrogen is interesting, and looks like it could be a phenomenal business over the next number of years.

因此，綠色氫很有趣，而且看起來它可能在未來幾年內成為一項非凡的業務。

But something that probably has a much longer gestation period is the use of small nuclear reactors for direct production of hydrogen.

但使用小型核反應器直接生產氫氣可能需要更長的醞釀期。

Now, you guys get approached by pretty much everybody in the market since you are the market leader.

現在，由於您是市場領導者，因此市場上幾乎每個人都會與您聯繫。

Do you see any potential breakthrough hydrogen production technologies that could be available in the next decade that could bring down the cost of energy production by an order of magnitude.

您是否認為未來十年可能出現任何突破性的氫氣生產技術，可以將能源生產成本降低一個數量級。

So that's a interesting question.

這是一個有趣的問題。

I'm going to let Sanjay take a shot at it.

我會讓 Sanjay 嘗試一下。

Maybe I will add on when I get done, Sanjay.

也許我完成後會補充，Sanjay。

So Craig, when you start to think very further out if you would, right.

所以克雷格，當你開始想得更遠時，如果你願意的話，對吧。

So when we start to -- even before I come to your small module or reactor question, obviously, that's become a bit of a topic to draw here in the near term, right?

因此，當我們開始——甚至在我討論你的小模組或反應器問題之前，顯然，這已經成為近期需要討論的一個話題，對吧？

When you really think about our electric grid, the challenges with our electric grid, right, the amount of the renewables that's already on the electric grid, and how we're going to keep adding more of that, right?

當你真正思考我們的電網時，我們的電網面臨的挑戰，對吧，電網上已有的可再生能源的數量，以及我們將如何繼續增加更多的可再生能源，對吧？

The pathway to really getting to a grid that keeps becoming more and more renewable is really going to have to go through hydrogen, right?

真正進入再生能源不斷增加的電網的途徑確實必須通過氫，對嗎？

Because I think hydrogen can be an energy carrier, it can be an energy storage.

因為我認為氫可以是一種能量載體，它可以是一種能量儲存。

Then all of a sudden when you think about some of the stranded renewables, potentially even at negative clearing price, you use that to produce hydrogen.

然後突然間，當你想到一些擱淺的可再生能源時，甚至可能以負清算價格，你會用它來生產氫氣。

And you put that hydrogen via pipeline or in Salt Cavern, which by the way, from a cabin perspective is not that expensive to store that hydrogen and you can store a lot of it, right?

你透過管道或鹽穴放置氫氣，順便說一句，從機艙的角度來看，儲存氫氣並不昂貴，而且你可以儲存很多，對吧？

Then you can turn around and use that hydrogen in terms of our stationary product, if you would.

然後，如果您願意，您可以轉身將氫氣用於我們的固定產品。

And by the way, our working view right now is electrolyzer drives a tremendous growth for our company until the end of this decade.

順便說一句，我們現在的工作觀點是電解器將推動我們公司的巨大成長，直到本十年末。

And somewhere in that time frame, our stationary product will start to have a major inflection point of growth, right?

在那個時間範圍內的某個時候，我們的固定產品將開始出現一個主要的成長拐點，對吧？

So this is where you can actually envision a world where we can head down the path of almost 100% renewable electric grid here in North America.

因此，在這裡你實際上可以想像一個世界，我們可以在北美走上幾乎 100% 可再生電網的道路。

Hydrogen plays a major role.

氫起著重要作用。

Our stationary product starts to play a major role, not just for the data center or the EV charging opportunity, but even for the peaker plant, right, even ends up becoming a baseload with the right cost of hydrogen where grid ends up becoming a backlog, where it starts to become super exciting.

我們的固定產品開始發揮重要作用，不僅對於資料中心或電動車充電機會，甚至對於調峰發電廠，甚至最終成為具有適當氫氣成本的基本負荷，而電網最終成為積壓，它開始變得超級令人興奮。

But as it relates to the small modular reactor, Craig, I mean, you know this quite well, from the levelized cost of hydrogen perspective, it's really all about levelized cost of that electricity, right?

但由於它與小型模組化反應器有關，克雷格，我的意思是，你很清楚這一點，從氫氣的平準化成本的角度來看，這實際上與電力的平準化成本有關，對嗎？

As scale grows as there is more and more of that, and as the installation becomes larger scale becomes larger, if the LCOE of that small module reactor ends up becoming attractive, then certainly it could be a very big and an attractive combination between that as well as producing green hydrogen is how we would think about it.

隨著規模的增長，數量越來越多，安裝規模越來越大，如果小型模組反應器的 LCOE 最終變得有吸引力，那麼它肯定會是一個非常大且有吸引力的組合，因為以及生產綠氫是我們的想法。

I would just add, Sanjay.

我想補充一點，桑傑。

I kind of have a view very similar to you with the world where hydrogen is being generated when loads -- when they need to put that load on the stabilizing the grid.

我對這個世界的看法與您非常相似，當負載需要將負載施加到穩定電網時，就會產生氫氣。

Or if you start thinking about where the -- then it becomes a capital cost issue, and the efficiency of the electrical is stack issue.

或者，如果您開始考慮在哪裡——那麼它就變成了資本成本問題，而電力效率則是堆疊問題。

And we do have road maps to continue to drive towards that peak maximum efficiency of 37 kilowatt hours per kilogram.

我們確實有路線圖來繼續實現每公斤 37 千瓦時的峰值最高效率。

And there's lots of R&D, and a lot of the work our team does is really how to improve the efficiency of the stack.

而且有很多研發工作，我們團隊所做的許多工作其實就是如何提高堆疊的效率。

The other is how do you make systems which are legos, so that there's very, very little construction on site.

另一個問題是如何製作樂高積木系統，這樣現場的施工就非常非常少。

So I think you'll see learning curves of 20%, 25% for electrolyzers from a total offering, when you put construction site, and improvement in efficiencies.

因此，我認為當您投入施工現場時，您會看到電解槽的學習曲線為總產品的 20%、25%，並且效率有所提高。

And then couple it with the how to generate hydrogen off hours.

然後將其與如何在休息時間產生氫氣結合。

Coupled with that Craig, and I mean, Sanjay's (inaudible) is that driving station product efficiency up is also that whole efficiency game is really the heart of what make electrolyzers work, and what make fuel cells work to improve the value proposition to all potential customers.

再加上克雷格，我的意思是，桑傑的（聽不清楚）是，推動站產品效率的提高也是整個效率遊戲真正是使電解槽工作的核心，也是使燃料電池工作以提高所有潛力的價值主張的核心顧客。

Understood.

明白了。

Well, thank you for that, and I look forward to tomorrow.

嗯，謝謝你，我期待明天。

Thanks.

謝謝。

Great.

偉大的。

See you then Craig.

那麼克雷格見。

(Operator Instructions) Dushyant Ailani, Jefferies.

（操作員說明）Dushyant Ailani，Jefferies。

Good morning.

早安.

Hi, thank you for taking my question.

你好，謝謝你回答我的問題。

Morning.

早晨。

Just wanted to quickly ask on the plant maintenance for Georgia and Tennessee.

只是想快速詢問喬治亞州和田納西州的工廠維護。

It just given the recent start up, could you just share a little bit about what the maintenance involved, and how do we think about maintenance guidance going forward.

鑑於最近的啟動，您能否分享一些有關維護所涉及的內容，以及我們如何看待未來的維護指南。

Yeah.

是的。

I think, nothing astronomically is surprising.

我認為，從天文角度來看，沒有什麼好驚訝的。

I think like most plants of this nature we have, I think we had to shut down in early October for general maintenance, which lasted about a week, and we'll have like most folks running facilities of this nature, shutdowns that'll last 7 to 10 days during a year, probably twice a year.

我認為像我們擁有的大多數這種性質的工廠一樣，我認為我們必須在十月初關閉以進行一般維護，這持續了大約一周，而且我們將像大多數人一樣運行這種性質的設施，關閉將持續一年7到10天，可能一年兩次。

We just got done through one in Tennessee.

我們剛剛完成了田納西州的一項工作。

It's pretty much normal routine.

這幾乎是正常的例行公事。

I think the important item is to make sure that we did this during the Georgia and Tennessee is make sure we maximize local storage during that time.

我認為重要的是確保我們在喬治亞州和田納西州期間做到這一點，並確保我們在那段時間最大限度地利用本地儲存。

And so that the storage on site will provide a sufficient back up during the time we're going down for outages.

這樣，在我們因停電而停機期間，現場儲存將提供足夠的備份。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just the second one on the ITC transfer monetization.

然後是關於 ITC 轉移貨幣化的第二個。

I think you guys have previously talked about roughly $31 million, and then I think a total of roughly $70 million.

我想你們之前談到了大約 3100 萬美元，然後我想總共大約有 7000 萬美元。

Just wanted to check on the timing of that.

只是想檢查一下時間。

And how do you see that shaping out?

您如何看待這種情況？

You want to take that Paul.

你想接受那個保羅。

Yeah.

是的。

Sure.

當然。

So we're working diligently on it.

所以我們正在努力工作。

It's difficult because it's never, it's like a lot of things Plug does the first time.

這很困難，因為它從來都不是，就像很多事情 Plug 第一次做一樣。

It just is taking longer than we hoped.

只是花費的時間比我們希望的要長。

But we actually have multiple parties that have expressed interest, and we're nurturing those conversations.

但實際上我們有多方表達了興趣，我們正在培養這些對話。

I think there's still a relatively good chance we can get it done in the coming weeks, and there's meaningful additional buckets of opportunity there on the heels of this first one.

我認為我們仍然有一個相對較好的機會在未來幾週內完成它，並且在第一個機會之後還有大量有意義的機會。

And we've got one of the top tier broker firms in the US engaged who handles the Texas equity monetization for many companies that's working with us.

我們聘請了美國頂級經紀公司之一，負責為許多與我們合作的公司處理德克薩斯州的股權貨幣化事宜。

So I'm very optimistic that there's we could do it and potentially even four year end, if not, even sooner.

因此，我非常樂觀地認為我們可以做到這一點，甚至可能在四年內完成，如果沒有的話，甚至會更早。

Got it.

知道了。

Thank you.

謝謝。

Thank you.

謝謝。

[Chris Sung], Wolfe Research.

[Chris Sung]，沃爾夫研究。

Morning, Chris.

早上好，克里斯。

Hey, good morning Andy, how are you?

嘿，早安，安迪，你好嗎？

We're okay.

我們沒事。

Good, good.

好，好。

I wanted to just ask about the DoE in other way.

我想以其他方式詢問能源部的情況。

Given the pending change in administration, wanted to get your thoughts on perhaps like the durability of the loan.

考慮到行政管理方面即將發生的變化，想了解您的想法，例如貸款的持久性。

Like do you need to reach financial close in order for it to be considered safe, or is the conditional commitment -- like can the conditional commitment be canceled?

例如你是否需要達到財務結算才能被認為是安全的，或是有條件承諾──例如有條件承諾可以取消嗎？

Yeah, I would just say we are laser focused with the DoE to close before the change of administration.

是的，我只想說，我們的重點是讓美國能源部在政府更迭之前關閉。

And from my discussions with the DoE, I feel quite comfortable, but I'll let Paul add anything he thinks we should add.

從我與能源部的討論來看，我感覺很舒服，但我會讓保羅添加他認為我們應該添加的任何內容。

Yeah, I guess I would just say so the way, and this is in the words of them, with the commitment the federal government has committed the money to the program.

是的，我想我就這麼說，這是用他們的話來說的，聯邦政府已承諾為該計劃提供資金。

So this is more about execution of the documents.

所以這更多的是關於文件的執行。

It's not necessarily something that it's absolute that we have to do it before, but it obviously would be a lot easier and good for everybody to get this behind us.

這不一定是我們之前必須做的事情，但顯然，如果我們把這件事拋在腦後，對每個人來說都會容易得多，也有好處。

And so it's a meaningful thing for Plug, it's a meaningful program for them.

所以這對 Plug 來說是一件有意義的事情，對他們來說也是一個有意義的計畫。

And everybody is focused on getting this done as quickly as possible.

每個人都專注於盡快完成這項工作。

And it just be in some ways more simplistic for us to get it done quickly.

從某些方面來說，我們可以更簡單地快速完成任務。

But the critical thing for me is that we're really clear on all of the final steps here, and there's a pretty good alignment.

但對我來說最重要的是我們非常清楚這裡的所有最後步驟，並且有很好的一致性。

And as Andy said, we've got a really good detailed plan with all the final things that have to happen, and there really engaged.

正如安迪所說，我們已經制定了一個非常好的詳細計劃，其中包含所有必須發生的最終事情，並且確實參與其中。

I mean, the amount of energy and support they're providing to help us get this over the finish line is magnified and really helpful.

我的意思是，他們為幫助我們衝過終點線而提供的能量和支持被放大了，而且非常有幫助。

So I'm excited and optimistic.

所以我很興奮也很樂觀。

We're going to get this done beforehand, and we'll continue to provide updates as we see that unfold.

我們將提前完成這項工作，並在看到進展時繼續提供更新。

Okay, thanks.

好的，謝謝。

And just one more for me.

還給我一個。

I know it's probably the last time we're going to hear from you guys before the 45B rules are finalized.

我知道這可能是 45B 規則最終確定之前我們最後一次聽到你們的消息。

You'll hear from me tomorrow.

明天你就會收到我的消息。

Oh, yeah.

哦，是的。

And we look forward to seeing you tomorrow.

我們期待明天見到您。

Yeah, we actually have some real experts that'll be there tomorrow who are Republican lobbyists and Democrat lobbyists.

是的，我們實際上有一些真正的專家明天就會到場，他們是共和黨說客和民主黨說客。

And you'll get to hear from them.

您會收到他們的來信。

But sure, what's the question.

但當然，問題是什麼。

Just like what would like Plug's ideal final rules be, is it loosening additionality, time matching?

就像Plug理想的最終規則一樣，是否放鬆額外性、時間匹配？

What would you guys want?

你們想要什麼？

Well, we believe as many of the senators who wrote the bill that additionality is not in the legislation, and additionality should not be part of the rules and regulations.

嗯，我們相信，正如許多起草該法案的參議員一樣，額外性不在立法中，額外性也不應該成為規則和條例的一部分。

I think on time matching, we'd be very comfortable looking like Europe where it's 2030, 2032, where it fully takes in.

我認為在時間匹配上，我們會很舒服地看起來像歐洲，那裡是 2030 年、2032 年，它完全融入其中。

I think that again, time matching, it's really questionable whether that was part of the legislation.

我再次認為，時間匹配，這是否是立法的一部分確實值得懷疑。

And I think regionally, we like to see about four or five regions across the United States, and that probably would be the ideal situation.

我認為從地區角度來看，我們希望看到美國有四到五個地區，這可能是理想的情況。

I think our view all along has been the administration should follow the law instead of interpreting positions which were not part of the congressional intent.

我認為我們的觀點一直是政府應該遵守法律，而不是解釋不屬於國會意圖的立場。

So that would be the ideal situation for Plug.

所以這對 Plug 來說是最理想的情況。

And I got to tell you that's probably one of the reasons I mentioned that because of (inaudible) we think anything that's different probably will be challenged by others.

我必須告訴你，這可能是我提到的原因之一，因為（聽不清楚）我們認為任何不同的東西都可能會受到其他人的挑戰。

(inaudible) Appreciate the color, thanks and look forward to seeing you guys.

（聽不清楚）欣賞顏色，謝謝並期待見到你們。

All right, see you tomorrow.

好的，明天見。

Amit Dayal, HC Wainwright.

阿米特·達亞爾 (Amit Dayal)，HC 溫賴特 (HC Wainwright)。

Thank you.

謝謝。

Good morning Andy.

早上好安迪。

Good morning Amit.

早安，阿米特。

Yeah.

是的。

So with respect to this 8 gigawatt BEDP contracts that you have, what's the delivery time line for these contracts?

那麼，對於您擁有的 8 吉瓦 BEDP 合同，這些合約的交付時間是多少？

Is it like next 12 to 24 months or maybe longer?

是接下來的 12 到 24 個月還是更長？

I'm going to let Sanjay take that a bit.

我會讓 Sanjay 考慮一下。

So, I mean, it all varies, right?

所以，我的意思是，一切都不同，對嗎？

So I think what you should expect however though, and out of that 8 gigawatt, we certainly believe that there is more than a gigawatt that likely gets to FID and goes from being basic considering design packet to actual new orders and bookings sometime in 2025.

因此，我認為您應該期待什麼，在這 8 吉瓦中，我們當然相信有超過 1 吉瓦可能會獲得 FID，並從基本的考慮設計包轉變為 2025 年某個時候的實際新訂單和預訂。

And keep in mind, we're going to keep adding to this 8 gigawatt.

請記住，我們將繼續增加這 8 吉瓦的容量。

This number is not going to stay stagnant, right?

這個數字不會停滯不前，對嗎？

And I'm sure there'll be some that are going to drop out as well.

我確信也會有一些人退出。

But that's how you should think about it in terms of how this goes from sort of like the front end study to getting to full feed study, detailed engineering design, then getting the final investment decision, and we've actually identified quite a few of those opportunities that we believe talking to our customer does get to FID in 2025 and becomes a bookings opportunity.

但這就是你應該如何思考它是如何從前端研究到全面饋送研究、詳細的工程設計，然後做出最終的投資決策，我們實際上已經確定了相當多的我們相信與客戶交談的那些機會確實會在2025 年獲得FID 並成為預訂機會。

And Sanjay, is that 8 gigawatts?

Sanjay，那是 8 吉瓦嗎？

I know it's early stage overall, but is that dependent on any sort of regulatory incentives, et cetera, to materialize in a complete manner.

我知道整體而言還處於早期階段，但這是否取決於任何形式的監管激勵措施等，才能以完整的方式實現。

Yeah, in that entire 8 gigawatt of basic engineering design packet, I mean, a lot of that as Andy referred to earlier, right?

是的，在整個 8 吉瓦的基本工程設計包中，我的意思是，安迪之前提到的很多，對吧？

Majority of that is really in Europe and Australia where so the policy here in the US doesn't really have any interplay with that.

其中大部分實際上是在歐洲和澳大利亞，因此美國的政策實際上與此沒有任何相互作用。

We do, however, have about 300 megawatt of opportunity related to the US market, could actually get pushed to the right or that could actually need some further clarity.

然而，我們確實有大約 300 兆瓦的與美國市場相關的機會，實際上可能會被推到右邊，或者實際上可能需要進一步澄清。

But out of that 8 gigawatt, for example, there is a 3 gigawatt opportunity in Australia, there is another 1.5 gigawatt opportunity again in Australia, there's 500 megawatt opportunity out of that 8 gigawatt that's in Europe.

但是，例如，在這 8 吉瓦中，澳洲有 3 吉瓦的機會，澳洲還有另外 1.5 吉瓦的機會，在歐洲的 8 吉瓦中有 500 兆瓦的機會。

So most of this mix is really Europe and Australia if you would, in terms of what makes that up.

因此，如果你願意的話，這種組合的大部分實際上是歐洲和澳大利亞，就組成而言。

Thank you.

謝謝。

And maybe Andy, this last one for you for me.

也許安迪，這是為你為我的最後一個。

Do you see nuclear as a competing energy source relative to hydrogen, or should we think about how hydrogen and nuclear can power sort of different applications, and be designed for different purposes.

您是否認為核能是相對於氫的競爭能源，或者我們應該考慮氫和核如何為不同的應用提供動力，並為不同的目的而設計。

How do we see because it's going to take time for nuclear to come about as well.

我們如何看待，因為核能的出現也需要時間。

So it's not a near term threat, obviously, but longer term how do you see nuclear hydrogen sort of co-existing?

因此，顯然這不是近期威脅，但從長遠來看，您如何看待核氫的共存？

I actually see as a good thing.

我實際上認為這是一件好事。

I kind of view them as complementary.

我認為它們是互補的。

Sanjay talked a great deal about how to use nuclear power to generate hydrogen when demand is low.

桑傑談了很多關於如何在需求較低時利用核能生產氫氣的問題。

Even though with the new nuclear power devices, you're able to ramp up and down.

即使使用新的核動力裝置，您也可以升高和降低。

Certainly you want to generate as much electricity as you can to support the network.

當然，您希望產生盡可能多的電力來支援網路。

And I think you have a combination of hydrogen being generated all hours, which it was important for us to drive down equipment costs as well as construction costs to make sure that hydrogen is low cost as possible.

我認為你可以全天候產生氫氣，這對我們降低設備成本和建築成本以確保氫氣盡可能低成本非常重要。

Feeding station sharing products which would replace gas turbines to put power on the grid during peak hours.

供電站共享產品將取代燃氣渦輪機在高峰時段併網發電。

We did a lot of work with the one of the leading consulting firms in the world, who really believe electrolyzers or the big market opportunity for Plug today and during the rest of this decade.

我們與世界領先的顧問公司之一進行了大量合作，他們真正相信電解器或 Plug 在今天和本十年餘下的時間裡擁有巨大的市場機會。

But as those electrolyzers get deployed and the state sharing products become more and more efficient, they are the replacement for gas turbines.

但隨著這些電解槽的部署以及國家共享產品變得越來越高效，它們將成為燃氣渦輪機的替代品。

And I think in -- we have some activities going on, kind of in the '28 time frame, which can tap into hydrogen pipelines and data centers.

我認為，我們正在進行一些活動，大概是在 28 年的時間範圍內，這些活動可以利用氫氣管道和資料中心。

And actually, I think that'll be kind of the first view of what that world will evolve into.

事實上，我認為這將是對這個世界將演變成什麼的第一個看法。

So during the next five years, electrolyzers for generating hydrogen for substitution in ammonia markets, in refineries and concrete manufacturing, all work that we're doing today.

因此，在接下來的五年中，我們今天正在做的所有工作都是用於生產氫氣以取代氨市場、煉油廠和混凝土製造的電解槽。

But ultimately, I'm a real believer in nuclear.

但最終，我才是核能的真正信徒。

It's really nuclear and hydrogen and fuel cells and solar and wind, which make the grid up ultimately.

最終構成電網的是核能、氫能、燃料電池、太陽能和風能。

Thank you, Andy.

謝謝你，安迪。

That's all, I appreciate the color.

僅此而已，我很欣賞這個顏色。

All right.

好的。

Jordan Levy, Truist Securities.

喬丹·利維 (Jordan Levy)，Truist 證券公司。

Hi, it's Henry on for Jordan here.

嗨，亨利代表喬丹出場。

Thanks for squeezing me in.

謝謝你把我擠進去。

Hi, Henry.

嗨，亨利。

Hi, Andy.

嗨，安迪。

Maybe to start with just on the near term outlook for the material handling business.

也許首先要從物料搬運業務的近期前景開始。

Can you just talk to the improvements you're seeing around kind of customer receptiveness to some of the price increases from the beginning of the year.

您能否談談您所看到的客戶對年初以來一些價格上漲的接受程度的改善。

Yeah.

是的。

Always tough to increase prices, and we had to increase prices pretty dramatically.

提價總是很困難，我們不得不大幅提價。

But you will see an uptick in material handling business in the fourth quarter.

但您會看到第四季物料搬運業務增加。

We review it actually twice a week, and feel real good about that.

我們實際上每週回顧兩次，對此感覺非常好。

And we see a growth of 20% to 30% next year, which Jose and others will roll out during the Symposium tomorrow.

我們預計明年將成長 20% 到 30%，Jose 和其他人將在明天的研討會上推出這項成果。

Thanks for that.

謝謝你。

And then just maybe.

然後只是也許。

I should actually add this.

我實際上應該添加這個。

We found during this difficult process that our value proposition was stronger than we knew and has been shared with us by customers.

在這個艱難的過程中，我們發現我們的價值主張比我們想像的更強大，並且已被客戶與我們分享。

And for many of our customers look up, there really isn't an alternative.

對於我們的許多客戶來說，確實沒有其他選擇。

They move goods more rapidly.

他們運送貨物的速度更快。

So bring electricity to buildings.

因此，為建築物提供電力。

I think everybody knows challenging.

我想每個人都知道挑戰。

The backlog on the grid 3.5 years.

電網積壓3.5年。

The resiliency of our value proposition, material handling.

我們價值主張的彈性，材料處理。

After a tough year we got rid of PPAs.

經過艱難的一年，我們取消了購電協議。

We got our revenue probably would have been $100 million higher this year if we would have kept the PPAs in place.

如果我們保留購電協議，我們今年的營收可能會增加 1 億美元。

But the value proposition is much, much stronger, quite honestly than we thought.

但老實說，它的價值主張比我們想像的要強大得多。

Thanks, that's helpful.

謝謝，這很有幫助。

I mean, just looking at the path the gross margin positive here.

我的意思是，只看這裡毛利率為正的路徑。

And maybe this is more of a question for next year.

也許這更多是明年的問題。

But other business lines you all have looked at or could look at to divest of in the future to kind of further improve cash flow, and the margin profile here.

但你們都已經考慮過或可能考慮在未來剝離其他業務線，以進一步改善現金流和利潤狀況。

We're always looking at the businesses, and we've sat down and we've looked at the value and we don't see when you look at the whole spectrum and Sanjay, myself, and Paul, spent a lot of time on this over the months.

我們一直在關注業務，我們坐下來研究價值，但當你審視整個範圍時，我們看不到價值，桑傑、我自己和保羅花了很多時間這幾個月。

And so the answer to your question directly is no to that.

所以你的問題的答案是否定的。

Tim Moore, Clear Street.

提姆摩爾，《清街》。

Good morning.

早安.

My DoE conditional loan, and hey, good morning, actually at the airport coming to your Symposium.

我的能源部有條件貸款，嘿，早上好，實際上是在機場來參加您的研討會。

But my DoE conditional loan and 45 production tax credit questions were the answer.

但我的能源部有條件貸款和 45 個生產稅收抵免問題就是答案。

But I wanted to ask based on the election outcome last week, when would you maybe start marketing or targeting oil and gas customers?

但我想問一下，根據上週的選舉結果，你們什麼時候可能開始行銷或針對石油和天然氣客戶？

Well, you're looking at our electrolyzer business, I think our biggest customers are oil and gas customers.

嗯，你正在看我們的電解槽業務，我認為我們最大的客戶是石油和天然氣客戶。

We already are.

我們已經是了。

So, I mean, (inaudible) Iberdola, bp, Mole, they're all oil and gas companies and probably a good deal that 8 gigawatts in backlog is oil and gas.

所以，我的意思是，（聽不清楚）Iberdola、bp、Mole，他們都是石油和天然氣公司，而且積壓的 8 吉瓦可能是石油和天然氣，這可能是一筆不錯的交易。

And hydrogen derivatives.

以及氫衍生物。

And hydrogen derivatives.

以及氫衍生物。

So that's our -- so there has been a big, big focus.

這就是我們的重點。

And I think you touched on a point that the market for hydrogen and green hydrogen today is really, and this is a positive, you don't have to change your whole way of doing business.

我認為您談到了今天的氫和綠氫市場確實是一個積極的方面，您不必改變整個經營方式。

It's really a substitution of gray hydrogen versus green hydrogen.

這實際上是灰色氫與綠色氫的替代。

And in Europe, there's a goal of 42% green hydrogen by to replace gray hydrogen by 2030.

在歐洲，目標是到 2030 年用 42% 的綠氫取代灰氫。

Whether it happens by 2030 or 2033, that's really the push.

無論它發生在 2030 年還是 2033 年，這都是真正的推動力。

Understandable.

可以理解。

Yeah, I was just wondering if you're going to target them more, because we keep reading about their appetite for blue hydrogen.

是的，我只是想知道你是否會更多地瞄準他們，因為我們一直在閱讀有關他們對藍氫的胃口的資訊。

I'm just wondering if you're really going to step it up and try to substitute a blue hydrogen wave.

我只是想知道你是否真的要加大力度嘗試替代藍色氫波。

Yeah.

是的。

We are and we're doing it today.

我們正在這樣做，並且今天正在這樣做。

Good.

好的。

Now, and the other question I had was on your BEDP of the 3 gigawatts with Australia, the alloy green ammonia.

現在，我的另一個問題是關於你們與澳洲合作的 3 吉瓦 BEDP，合金綠氨。

You put out that nice press release last month about the binding framework agreement that talked about late 2026 or early 2027 for system delivery.

您上個月發布了一份關於具有約束力的框架協議的精彩新聞稿，其中談到了 2026 年底或 2027 年初的系統交付。

Do you think there'd be a sizable amount of revenue recognition that could flow through your income statement in the first half of 2026, given that it's complicated design package deal with milestones.

鑑於這是一個涉及里程碑的複雜設計包，您認為 2026 年上半年您的損益表中可能會有大量收入確認嗎？

I'll let Sanjay take that one, and see where this is part of what he does every day.

我會讓 Sanjay 拿走那個，看看這是他每天所做的一部分。

So first half, 2026, probably not a big revenue opportunity.

因此，2026 年上半年可能不是一個大的收入機會。

It's probably second half '26 and '27.

大概是26年和27年下半年。

So given the size of the project and the scale of the project, there's a decent amount of work that we both going to have to do, right.

因此，考慮到專案的規模和規模，我們都必須做大量的工作，對吧。

So given where we are today, it's probably more second half rather than first half of that year.

因此，考慮到我們今天的處境，可能更多是下半年而不是上半年。

Great, thanks.

太好了，謝謝。

And I'll see you tomorrow at the Symposium.

明天研討會上見。

See you tomorrow.

明天見。

Safe Journey.

安全旅程。

Andrew Percoco, Morgan Stanley.

安德魯佩爾科科，摩根士丹利。

Good morning Andrew.

早安安德魯。

Thanks for taking the question.

感謝您提出問題。

Good morning Andy, thanks for taking the question.

早上好，安迪，感謝您提出問題。

I have a higher level and maybe more longer term strategy question here.

我在這裡有一個更高層次、也許更長期的策略問題。

And it's just kind of -- it's around the thoughts around some of these new market like stationary power, on-road vehicles.

這只是圍繞著一些新市場的想法，例如固定電源、道路車輛。

Obviously, it's been somewhat of a challenge to scale those businesses.

顯然，擴大這些業務規模是一項挑戰。

The unit economics of green hydrogen is kind of ebb and flowed, depending on prices of renewable electricity, which obviously has drifted higher here over the last two years.

綠氫的單位經濟性有些起伏，取決於再生電力的價格，而在過去的兩年裡，再生電力的價格顯然已經走高。

I'm just wondering is there a scenario where you would be okay, just kind of going back to your roots, and providing the material handling units, and maybe meaningfully reducing your exposure to some of these newer fuel cell markets.

我只是想知道是否有一種情況，你會沒事，只是回到你的根源，並提供材料處理單元，並且可能有意義地減少你對一些較新的燃料電池市場的接觸。

Just in order to kind of get your business and your company back to a point of financial strength.

只是為了讓您的企業和公司恢復到財務實力的水平。

I think Andrew, you're missing the huge in that question, the huge opportunity outside the United States, the substitute green hydrogen for gray hydrogen today, as well as derivatives like ammonia and methanol that Sanjay mentioned.

我認為安德魯，你錯過了這個問題中的巨大機會，美國以外的巨大機會，今天灰氫的替代品綠氫，以及桑傑提到的氨和甲醇等衍生物。

That market in electrolyzers just take a look at we did $56 million in the third quarter.

看看電解槽市場，我們第三季的銷售額為 5,600 萬美元。

It's going to be higher in the fourth quarter.

第四季會更高。

And that to me is a huge market opportunity.

這對我來說是一個巨大的市場機會。

When it comes to the hydrogen plants, nothing works if we become dependent on two companies to provide hydrogen.

說到氫工廠，如果我們依賴兩家公司提供氫，那麼一切都不起作用。

You're already seeing the value of the hydrogen plant in the financials as the gross margins improve.

隨著毛利率的提高，您已經在財務中看到了氫氣製造廠的價值。

That's we need those plants to make material handling and stationary ultimately work.

這就是我們需要這些工廠來使物料搬運和固定裝置最終發揮作用。

So I know that may sound interesting, but when you get down to where the markets are growing, and the fact that electrolyzers and hydrogen for bigger markets and material handling today, and you look at the margin improvements in hydrogen, and just going to continue to improve, that's not a path we're going down.

所以我知道這可能聽起來很有趣，但是當你了解市場成長的地方，以及當今更大的市場和材料處理領域的電解槽和氫氣的事實，你會看到氫氣的利潤率提高，並且會繼續改進，這不是我們要走的路。

Understood.

明白了。

And maybe if you could just elaborate on what global markets, you do see the most attractive unit economics for electrolyzers and maybe some of your fuel cell technologies.

也許如果您能詳細說明全球市場，您確實會看到電解槽最具吸引力的單位經濟效益，也許還有一些燃料電池技術。

I mean, I think we've seen obviously in the US some challenges, but even in Europe, there's been a number of some fairly high profile green hydrogen projects get canceled or pushed to the right a little bit.

我的意思是，我認為我們在美國顯然看到了一些挑戰，但即使在歐洲，也有一些相當引人注目的綠氫計畫被取消或稍微向右推了一點。

So I'm just kind of curious where that bullish commentary, or thought comes from what global markets are you seeing that, right?

所以我只是有點好奇這種看漲的評論或想法來自於你所看到的全球市場，對嗎？

So Sanjay, you want to take it?

那麼桑傑，你想接受嗎？

I think the 8 gigawatts of BEDP is one example.

我認為 8 吉瓦的 BEDP 就是一個例子。

So Andrew again, I think if you just start to even think about our funnel, right?

安德魯，我想如果你開始考慮我們的漏斗，對嗎？

That number will be much larger than that 8 gig, a lot of basic engineering design packets.

這個數字將遠大於 8 GB，這是許多基本的工程設計資料包。

So some of the project getting potentially canceled, some of the project getting moved to the right, frankly speaking, at the given where the state of this industry is, that's not a surprise.

因此，一些項目可能會被取消，一些項目會被轉移到右邊，坦率地說，鑑於這個行業的現狀，這並不奇怪。

But the way we're looking at it is who are the customer, have they secured offtake?

但我們關注的是誰是客戶，他們是否獲得了承購權？

Are they going to be able to get financial close?

他們能夠完成財務結算嗎？

Are they going to get to FID, right?

他們會進行 FID 嗎？

And that's the approach we've taken.

這就是我們所採取的方法。

So when you really look at our pipeline on the electrolyzer side, right, that 8 gigawatt probably continues to grow, some probably will fall off.

因此，當你真正觀察我們電解槽一側的管道時，對吧，8 吉瓦可能會繼續增長，有些可能會下降。

But we feel pretty good about it, as I just briefly mentioned earlier, right?

但正如我之前簡單提到的，我們對此感覺很好，對嗎？

Like 2025, we certainly expect a pretty big booking here for that electrolyzer business, and that mix is going to be Europe and more likely Australia, that's the mix at this point in time.

與 2025 年一樣，我們當然預計電解槽業務將有相當大的訂單，而歐洲和更有可能是澳大利亞，這就是目前的情況。

Yeah.

是的。

I know one customer told us yesterday, Sanjay, that we've been under selling our capabilities when it comes to electrolyzers and hydrogen plants.

我知道一位客戶桑傑昨天告訴我們，在電解槽和氫氣製造裝置方面，我們一直在低估我們的能力。

I mean, it was a large global player.

我的意思是，它是一個大型的全球參與者。

I have another large global player that's in our Rochester facility today.

今天，我的羅徹斯特工廠裡還有另一位大型全球參與者。

So if anything, we probably, we probably I think when folks see Georgia, see Rochester, see our integrators in Vietnam and Dubai in Europe.

因此，如果有的話，我們可能，我們可能我認為，當人們看到喬治亞州，看到羅徹斯特，看到我們在越南和歐洲杜拜的整合商時。

I think they step back and say who else has the infrastructure and capabilities to support this market growth?

我認為他們退一步說還有誰擁有支持這個市場成長的基礎設施和能力？

Understood.

明白了。

I'll take the rest of it offline.

我會把剩下的部分離線。

Thank you guys.

謝謝你們。

Okay.

好的。

Kashy Harrison, Piper Sandler.

卡希·哈里森，派珀·桑德勒。

Good morning.

早安.

Hey, good morning, all.

嘿，大家早安。

And thank you for taking my question.

感謝您提出我的問題。

I just have one.

我只有一個。

I want to be mindful of the time here.

我想留心在這裡的時間。

I had a question about the fuel cell ITC.

我有一個關於燃料電池 ITC 的問題。

It expires at the end of this year.

它將於今年年底到期。

And I was wondering if you expect your fuel cell products to qualify for the tech neutral ITC or PTC.

我想知道您是否希望您的燃料電池產品符合技術中立 ITC 或 PTC 的資格。

And if not, just how are you approaching the expiration of ITC in your pricing discussions with customers for 2025?

如果沒有，您在與客戶討論 2025 年定價時如何應對 TC 到期的問題？

Thank you.

謝謝。

Yeah, good question.

是的，好問題。

And we're probably the only fuel cell company that can really leverage tech neutral.

我們可能是唯一一家能夠真正利用技術中立的燃料電池公司。

So it's challenging because the regulations are mishmash at the moment.

所以這很有挑戰性，因為目前的法規很混亂。

But because we have our green hydrogen platform, it puts us in a much better position than any other fuel cell company.

但由於我們擁有綠色氫平台，這使我們比其他燃料電池公司處於更好的地位。

So it's almost like going back to the last question.

所以這幾乎就像是回到最後一個問題。

Yeah, our hydrogen plants and green hydrogen plants are really important.

是的，我們的氫工廠和綠氫工廠非常重要。

That being said, we are working and have been working.

話雖這麼說，我們正在工作並且一直在工作。

Now, we think it's good for the entire fuel cell industry for the ITC to continue, and that there is work that I know there's over 18 republicans who have signed up, many of them who sit on house ways and means to extend the ITC much like they did in 2018 under President Trump before.

現在，我們認為 ITC 繼續下去對整個燃料電池行業都有好處，據我所知，已有超過 18 名共和黨人簽署了這項工作，其中許多人坐在家裡，並有辦法大大延長 ITC就像他們在2018 年川普總統領導下所做的那樣。

So an important, yes, but we're probably in the only company that in the fuel cell industry that because of what we've done with plants have worked around.

所以這是很重要的，是的，但我們可能是燃料電池行業中唯一一家因為我們對工廠所做的工作而解決的公司。

Thank you.

謝謝。

Ameet Thakkar, BMO Capital Markets.

Ameet Thakkar，BMO 資本市場。

Ameet, last but not least.

阿米特，最後但並非最不重要的一點。

So what do you got?

那你有什麼？

I don't know about the last part.

我不知道最後一部分。

But a quick -- two quick ones.

但是一個快——兩個快。

Just wanted to follow-up on the convert real quick.

只是想快速跟進轉換情況。

So the buyer of the convert, they do have the ability to convert into common shares, I guess monthly, is that correct?

因此，轉換的買家確實有能力轉換為普通股，我想每月一次，這是正確的嗎？

And what are the conditions that they have to have to kind of convert on a monthly basis?

他們每月進行轉換的條件是什麼？

Go ahead Paul

繼續保羅

Yeah.

是的。

So they have the option if they like over the term to amortize a portion, it's a limited amount per month if they do elect that option.

因此，如果他們願意在期限內攤銷一部分，他們可以選擇，如果他們選擇該選項，每月的金額是有限的。

We have the option to pay them back in cash.

我們可以選擇以現金償還。

If we choose to, we can provide shares, it's not automatic that they get shares.

如果我們選擇，我們可以提供股票，但他們不會自動獲得股票。

So they have a long view of Plug, and where the stock will go, and then they're certainly with the no short position a clause that reasserts that.

因此，他們對 Plug 以及股票的走向有長遠的看法，然後他們肯定會透過不空頭部位的條款來重申這一點。

We think this will continue to show progress with the gross margin and the growth of the company.

我們認為，隨著毛利率和公司的成長，這將繼續顯示出進步。

And but they would like that amortization capability as to the duration alone.

但他們希望僅就期限而言具有攤銷能力。

So it's not a foregone conclusion.

所以這還不是定局。

They will ask for that, but they have that optionality.

他們會要求這樣做，但他們有選擇權。

Thank you.

謝謝。

We reach end of our question-and-answer session.

我們的問答環節即將結束。

I'd like to turn the floor back over for any further or closing comments.

我想重新發言以徵求進一步的意見或結束意見。

So, thank you for taking the time today, and I look forward to seeing many folks either online or in person to Plug Symposium tomorrow.

所以，感謝您今天抽出時間，我期待明天在 Plug 研討會上在線或親自見到許多人。

So thank you everyone.

所以謝謝大家。

Bye now.

再見了。

Thank you.

謝謝。

That does conclude today's teleconference and webcast.

今天的電話會議和網路廣播到此結束。

You may disconnect your line at this time, and have a wonderful day.

此時您可以斷開線路，度過美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。