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. (Operator Instructions)

歡迎參加 Plug Power 2024 年第三季財報電話會議和網路廣播。 （操作員說明）

As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to your host, Meryl Fritz, Marketing Communications Manager. Please go ahead, Meryl.

提醒一下，本次會議正在錄製中。現在我很高興將電話轉給您的主持人、行銷傳播經理 Meryl Fritz。請繼續，梅麗爾。

Thank you. Welcome to the Plug Power Q3 earnings call. This call will include forward-looking statements. These forward-looking statements include among others, statements of expectations, future plans and strategies, anticipated results from operations and developments and other matters that are not historical facts. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in section 27 A of the Securities Act of 1,933 and section 21 E of the purities Exchange Act of 1,934. We believe that it is important to communicate our future expectations to investors. 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. 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 one, a risk factors in our annual on form 10-K for the fiscal year ending December 31st, 2023 subsequent quarterly reports on form 10-Q and other reports. We file from time to time with the Securities and Exchange Commission. 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. At this point, I would like to turn the call over to plug power, CEO Andy Marsh.

謝謝。歡迎參加 Plug Power 第三季財報電話會議。此次電話會議將包括前瞻性陳述。這些前瞻性陳述包括預期陳述、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事項。我們希望這些前瞻性聲明受到第 1,933 號證券法第 27 A 節和 1,934 號純度交易法第 21 E 節所載前瞻性陳述安全港條款的涵蓋。我們認為，向投資者傳達我們對未來的期望非常重要。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。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績效有重大差異。的10-Q 表格季度報告和其他報告。我們不時向美國證券交易委員會提交文件。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。此刻，我想將電話轉交給 Plug Power 執行長 Andy Marsh。

Good morning, everyone. And thank you for joining us today. 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.

大家早安。感謝您今天加入我們。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 through a disip through a disciplined approach to operational efficiency, financial management and technological advancements were a foundation that positions plug for strong growth and resilience. As we enter 2025 our focus remains on executing our mission while staying in line with evolving governmental policy that continue to support the hydrogen economy, flood power has navigated a dynamic government affairs landscape. Over the years to help shape clean energy policy.

2024 年是特別的一年，是策略整合和集中改善的時期，透過嚴格的營運效率、財務管理和技術進步方法進行分散化，為強勁成長和韌性奠定了基礎。進入 2025 年，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，洪水發電已經在動態的政府事務領域中發揮了作用。多年來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 is reported that the new administration is expected to continue to support hydrogen and nuclear power 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 well will be announced prior to year end.

根據Politico 報導，一個積極的指標是，新政府預計將繼續支持氫能和核電，一個重要的近期考慮因素是，我們預計生產稅線索很快就會出台，並提供更優惠的條件，以加速氫能項目的發展。

Additionally, we remain on track with the doe loan process. Taken together these policies underscore a supportive foundation for the US hydrogen economy in Europe, support for hydrogen remains robust. I recently returned from meetings with European partners who are increasingly committed to hydrogen as a pillar of the sustainable energy transition. These discussions reinforce plug power's role as a global leader. As our missions are aligned with European climate goals and economic vision.

此外，我們仍按照美國能源部貸款流程進行。總的來說，這些政策強調了美國氫經濟在歐洲的支持基礎，對氫的支持仍然強勁。我最近與歐洲合作夥伴會面回來，他們越來越致力於將氫作為永續能源轉型的支柱。這些討論強化了 Plug Power 作為全球領導者的地位。因為我們的使命與歐洲氣候目標和經濟願景一致。

Returning to our operations, our hydrogen production infrastructure in the US is advancing well plants in Georgia and Tennessee along with our joint venture facility in Louisiana are critical to building a secure hydrogen network. 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 globally. Plugs leadership in Pem electrolyzer tech technologies continues to set us apart with 70 megawatts of electrolyzers deployed. This quarter alone plug is now the largest single deployer of PEM electrolyzers worldwide. Bloomberg recently recognized plug as the leading provider of green hydrogen solutions outside China.

回到我們的運營，我們在美國的氫氣生產基礎設施正在推進喬治亞州和田納西州的油井工廠，以及我們在路易斯安那州的合資設施對於建立安全的氫氣網路至關重要。路易斯安那州目前正處於調試階段，預計明年第一季將全面投入營運。隨著全球對綠氫的需求不斷擴大，進一步加強我們的供應鏈。 Plugs 在 Pem 電解槽技術方面的領先地位繼續使我們脫穎而出，部署了 70 兆瓦的電解槽。本季的單獨插頭目前是全球最大的 PEM 電解槽單一部署商。彭博社最近將塞塞德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 eight megawatts of stationary power systems with energy vault are seeing new growth and new customers in our material handling business.

我還想強調的是，在我們的應用業務中，我們尚未認識到超過 8 兆瓦的帶有 EnergyVault 的固定電力系統正在我們的物料搬運業務中看到新的成長和新客戶。

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 pan electrolyzer systems starting in April 2025 with Iberdola BP. We're moving forward on a 25 megawatt order at their Casi Leon refinery underscoring our ability to deliver at scale and international markets.

我最近的歐洲之行還提供了與包括 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 Iberdola BP 一起部署世界上最大的平底鍋電解槽系統。我們正在推進其 Casi Leon 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 plugs eight 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.

這些合作加上電解槽市場基本設計和工程包中的 8 吉瓦插頭反映了對先進氫解決方案的強烈需求以及插頭電源在實現全球能源轉型中的重要作用。

Edgar has been down but today we announced the $200 million convertible deal with your capital.

Edgar 的表現一直下滑，但今天我們宣布用您的資金進行 2 億美元的可轉換交易。

Under the terms of this agreement, your bill is committed to a long position with a conversion price of $2.90 and it's restricted from shorting plug stock. Our focus remains on minimizing shareholder dilution by partnering with investors who recognize the company's intrinsic value.

根據本協議的條款，您的帳單承諾持有轉換價格為 2.90 美元的多頭頭寸，並且限製作空插頭股票。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，由於對我們的解決方案的強勁需求，特別是在電解槽和氫基礎設施方面，我們的收入達到 1.737 億美元。

Our gross margins rose by 37% quarter over quarter with gains across our equipment service and fuel businesses. We've also reduced cash burn by 27% compared to last quarter. Demonstrating our disciplined approach to cash management and inventory optimization. These improvements highlight our commitment to building a financially resilient company prepared to grow profitably in a dynamic environment.

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%。與上季相比，我們的現金消耗也減少了 27%。展示我們嚴格的現金管理和庫存優化方法。這些改進凸顯了我們致力於打造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的承諾。

As we close 2024 we're confident that the foundation we built this year has positioned us for success with the strength and 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. Thank you. And I'd like to turn the call over to Paul for a few comments.

在 2024 年即將結束之際，我們相信，我們今年建立的基礎使我們能夠憑藉實力和資產負債表、戰略性全球擴張以及努力確保支持性政府政策準備好抓住我們來年的新機遇，從而取得成功。謝謝。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. 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. We continue to nurture these offerings while doubling down on optimizing the operations and cash management.

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。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。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 和 25 年第四季後的持續銷售成長奠定了基礎。

In particular is our launch of a broad range of electrolyzer products. Q3 represents a major inflection point in ramping the electrolyzer business and recognizing the commercial growth in our results.

特別是我們推出了廣泛的電解槽產品。第三季是擴大電解槽業務和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 tons per day of capacity and close to half our current annual hydrogen needs. 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, we continue to focus on optimizing the workforce of the company. 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. Since January 1, we've reduced the global workforce by over 15% to the Q1 restructuring and ongoing attrition where we've not backfilled.

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。我們在路易斯安那州的第三個工廠也取得了巨大進展，該工廠每天將額外提供 15 噸的產量。在接下來的幾個月中，我們將繼續專注於優化公司的員工團隊。鑑於快速增長。近年來，我們增加了大量資源，今年我們致力於優化資源庫，以最大限度地發揮槓桿作用。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，並擁有額外的倉庫和設施。我們正在整合位於紐約州奧爾巴尼和羅徹斯特的兩個主要製造基地。

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. These pricing impacts will continue to positively benefit results as the year progresses and we get full periods under these pricing measures, we've increased focus on asset leverage, particularly targeting inventory. We made a lot of investment over the last two years to enable successful launch of these new product offerings. 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 net cash used in operations combined with CapEx is down year over year from lower CapEx inventory reductions as well as margin enhancement. We expect 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.

我們調整了許多設備、燃料和服務平台的定價，這些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。隨著今年的進展，這些定價影響將繼續對業績產生積極的影響，並且我們在這些定價措施下獲得了完整的周期，我們更加關注資產槓桿，特別是針對庫存。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。今年的重點是優化這些資源，我們預計隨著銷售持續成長，短期內將顯著減少，這將為營運中使用的流動性淨現金提供有意義的來源，加上資本支出與資本支出較低相比逐年下降庫存減少以及利潤率提高。我們預計，隨著我們繼續削減資本支出和槓桿率、進一步削減營運資本並推動額外銷售和利潤成長，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. Our strategy includes beginning commercial production, our new Louisiana Hydrogen Plant further leverage of our Gene, Georgia and Tennessee facilities. Driving more equipment sales, given our expanded manufacturing capacity capacity, which does not require more investment and provides us an opportunity to readily source 3 to 4 times more volumes continue 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 and lastly leveraging the the price increases and yielding full annual benefits of these continue to expand in terms of liquidity. Our unlevered balance sheet provides opportunities for for liquidity from a number of different sources. First, our restricted cash balance continues to release quarterly at 50 million at a 50 million rate.

展望 2025 年第四季度，我們仍專注於增加銷售額和利潤，改善現金流。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進一步利用我們的吉恩、喬治亞州和田納西州的工廠。鑑於我們擴大的製造能力，不需要更多投資，並為我們提供了輕鬆採購 3 至 4 倍數量的機會，從而透過進一步的勞動力和優化繼續降低成本，從而推動更多的設備銷售。完成目標屋頂整合，推動對我們的材料供應商的額外槓桿作用，推動提高燃料網路效率和服務成本狀況，最後利用價格上漲並在流動性方面繼續擴大這些的全部年度效益。我們的無槓桿資產負債表為來自多個不同來源的流動性提供了機會。首先，我們的受限現金餘額繼續以 5,000 萬的速度每季釋放 5,000 萬。

We've discussed at length the opportunity to leverage inventory. We're targeting additional reduction of 200 to 250 million in the near term sales growth. Price increases, improved mix and continued cost downs will continue to improve operating cash flows. And we've been pursuing va debt facilities and parties interested in equipment findings that we could expand on the platform like we established earlier this quarter with Hampton.

我們已經詳細討論了利用庫存的機會。我們的目標是在近期銷售成長中進一步減少 2 億至 2.5 億美元。價格上漲、產品組合改善和成本持續下降將繼續改善營運現金流。我們一直在尋求 VA 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設備發現，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. We've made tremendous progress and we meet with them regularly. 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. I'll now turn it back to Andy.

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。我們已經取得了巨大的進步，並且我們定期與他們會面。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。我現在把它轉回給安迪。

Well, thank you. I think we're ready for questions.

嗯，謝謝。我想我們已經準備好接受提問了。

(Operator Instructions)

（操作員說明）

Our first question today is coming from Colin Rusch from Oppenheimer. Your line is now live.

我們今天的第一個問題來自奧本海默的 Colin Rusch。您的線路現已上線。

Thanks so much, guys. You know, 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?

非常感謝，夥計們。你們知道，只要看看資產負債表，夥計們，你們能談談你們能以多快的速度開始將今年剩餘時間和明年上半年的庫存貨幣化嗎？

Sure, Colin I'm going good morning. I'm going to turn that over to Paul.

當然，科林，我要走了，早安。我要把它交給保羅。

Yeah, obviously, one core facet of that is sales. And so you see some of that benefit start to, to, to be realized with Q3 and, you know, based on our, our guidance, you can anticipate, you know, much, you know, bigger Q4. So we're definitely expecting even more benefit in that reduction in Q4 and, and we're working with the teams to continue that leverage. We have additional reductions in leverage anticipated for the first half of next year. So you, you should see you know, continued meaningful reduction in that leverage on that in Q4 and onward.

是的，顯然，其中的一個核心方面是銷售。因此，你會看到一些好處開始在第三季實現，並且，你知道，根據我們的指導，你可以預期，你知道，更大的第四季。因此，我們肯定預計第四季度的減少會帶來更多好處，我們正在與團隊合作繼續利用這種槓桿作用。我們預計明年上半年將進一步削減槓桿。因此，您應該看到，第四季度及以後的槓桿率繼續有意義地減少。

Okay, thanks. And then on the restricted cash balances, you know, obviously there's, there's a variety of covenants that I'm sure you guys are working through. Can you just give us a sense of whether any of that restricted cash could loosen up here in the near term or, or if that is not, not a real strategy that you guys are thinking about?

好的，謝謝。然後，關於受限制的現金餘額，你知道，顯然有各種各樣的契約，我相信你們正在努力解決。您能否讓我們了解一下這些受限制的現金是否會在短期內放鬆，或者如果不是的話，這不是您正在考慮的真正策略？

Yeah, we, we definitely work in multiple angles on that and there are you know, the, the routine servicing of those facilities which has our, you know, normal reduction releases. 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, you know, in some cases that 50 per quarter. 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. So it's a meaningful asset that, you know, parties like generate definitely see value in it. And we definitely think there's opportunities to factor that deferred receivable effectively similar to what we've done.

是的，我們，我們肯定在這方面從多個角度開展工作，你知道，這些設施的日常服務有我們的，你知道的，正常的減排。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，速度可能比這要快一點，你知道，在某些情況下，每季釋放 50 筆。但我們也在工作，就像我們幾年前在生成方面所做的那樣，我們實際上可以向後槓桿，因為它實際上是遞延應收款。所以這是一項有意義的資產，像generate這樣的各方肯定會看到它的價值。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. Thanks so much.

很棒的傢伙。非常感謝。

Next question is from [Somaya Jane] from UBS, your line is now live.

下一個問題來自 UBS 的 [Somaya Jane]，您的線路現已上線。

Hey guys, do you see good price hike? Good morning.

大家好，你們覺得漲價好不好？早安.

Do you see additional price hikes for the rest of the year or 25? And I guess what are you seeing as your path to positive growth margins? What could drive that?

您認為今年剩餘時間或 25 年價格還會上漲嗎？我想您認為實現利潤率正成長的途徑是什麼？是什麼推動了這一點？

So I'm going to address price hikes. And then I'll let Paul talk about driving to positive margins.

所以我要解決價格上漲問題。然後我會讓保羅談談如何達到正利潤。

No, I would say that, you know, we have had significant price increases with many of our customers. Some of the legacy deals, especially in the electrolyzer business are almost completed and all future deals are being priced at a profitable level.

不，我想說，你知道，我們對許多客戶的價格大幅上漲。一些遺留交易，特別是電解槽業務的交易幾乎已完成，所有未來交易的定價均處於有利可圖的水平。

You know, I think you know, a wild card and price increase is for the future will be, you know, if there is additional inflationary pressure in the US because of tariffs. So we are primarily a US manufacturing business. It is something that will be conscious of aware of if we, we need to increase pricing because the inflationary environment change. 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 I'll let I'll let Paul add on to that.

你知道，我想你知道，如果美國因關稅而出現額外的通膨壓力，那麼未來的價格上漲將是一個不確定因素。所以我們主要是一家美國製造業。如果我們因為通膨環境改變而需要提高定價，那麼我們就會意識到這一點。但目前，我認為我們正在做的工作是為了確保我們對所有東西的定價都是有利可圖的。我們致力於降低成本。好吧，我會讓保羅補充一下公司的定位。

Yeah, I think Andy touched on a real important point that, you know, as you work through the backlog and you start layering in the new programs that have all been launched better pricing both material handling, electrolyzers and other businesses that you the mix continues to grow and get better and you see more accretion from those events as as that happens. And you know, but if you look at 25 and onward and we'll be talking a lot about this tomorrow in the symposium. You know, it's, it's the fundamentals, it's, it's sales volume, it's driving down material cost, it's continuing to optimize the workforce. It's, it's all the things that we've done really in material handling, you know, and, and we're now doing in these, in these new platforms that, you know, those themes you'll continue to see, you know, continued progression and margin and we expect that to see. We, you definitely going to see that, you know. Well, we, we certainly expect we'll see that in Q4. And we would expect you're going to continue to see that if you want.

是的，我認為安迪談到了一個真正重要的一點，你知道，當你處理積壓的工作並開始分層推出新計劃時，這些新計劃都已推出，為材料處理、電解槽和你繼續混合的其他業務提供了更好的定價成長並變得更好，當這些事件發生時，你會看到更多的累積。你知道，但如果你看看 25 歲及以後，我們將在明天的研討會上詳細討論這個問題。你知道，這是基本面，這是銷量，它正在降低材料成本，它正在繼續優化勞動力。這是我們在物料搬運方面所做的所有事情，你知道，而且，我們現在在這些新平台中所做的事情，你知道，這些主題你將繼續看到，你知道，持續的進展和利潤，我們預計會看到這一點。我們，你肯定會看到這一點，你知道。嗯，我們當然希望我們會在第四季度看到這一點。如果您願意，我們希望您能夠繼續看到這一點。

Onwards employee, you saw 37 we saw 37% improvement in Q3.

從員工開始，您看到了 37，我們在第三季看到了 37% 的改善。

Exactly. Yeah, and that's, you know, a combination of volume price increases, leverages BT C, a lot of factors that are working in our, you know, to towards our benefit and, and you see those things continue into Q4.

確切地。是的，你知道，銷售價格上漲、利用 BTC，以及許多因素的結合，對我們的利益產生影響，並且你會看到這些事情會持續到第四季度。

Got it. Thank you.

知道了。謝謝。

Thank you. Next question today is coming from George Gianarikas from Canaccord Genuity. Your line is now live.

謝謝。今天的下一個問題來自 Canaccord Genuity 的 George Gianarikas。您的線路現已上線。

Good morning.

早安.

Hey, good morning, everyone. Thank you so much for, for taking my questions. Maybe as a, 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, and how that impacts the way you think about the company sort of at an existential level. In, in other words, do you see opportunities to really grow in other parts of the world and to kind of push the company forward into more into Europe and maybe other parts of Asia?

嘿，大家早安。非常感謝您回答我的問題。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。換句話說，您是否看到了在世界其他地區真正發展並推動公司更多地進入歐洲甚至亞洲其他地區的機會？

Thank you. So, so I'm going to touch on two layers here. Let me talk about us policy and you know, there was a, you probably saw the article about, you know, hydrogen nuclear power saf you know, people expect that to be continue to have support in the new administration.

謝謝。所以，我要在這裡談兩層。讓我談談我們的政策，你知道，有一篇，你可能看過關於氫核電安全的文章，你知道，人們期望新政府繼續得到支持。

If you kind of look at the issues first, there are well called the regulation in the landscape with PTC. We expect it to lighten up before President Trump takes office. 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 look yeah, oil and gas likes hydrogen and that has, you know, sometimes been a disadvantage for plug and sometimes been a benefit to plug.

如果您先看看這些問題，就會發現 PTC 領域有所謂的監管。我們預計在川普總統就職之前它會有所緩解。但是，當您查看當地的決定並思考法律的真正含義時，我們預計 PTC 可能會帶來更大的機會，是的，石油和天然氣就像氫，有時您知道，對插頭來說是一個缺點，有時對插頭來說卻是個好處。

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

我認為，當你看看美國能源部的貸款時，我們與美國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。你知道，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. 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. And look, we help create jobs.

我想當你看看補助金時，我們去年獲得了大量補助金。我認為，就我們目前的合約而言，大部分合約在 10 月 1 日之前就已經結束，以獲得製造補助金。看，我們幫助創造就業機會。

I also think that we are a US manufacturer who's competing against China around the world. And you know, regardless of one's views of whether there should be a trade war or not, our relationships with you know, the opportunities that the American made building American products, hire American people work no matter what administration you're playing.

我還認為我們是一家在全球範圍內與中國競爭的美國製造商。你知道，無論一個人對是否應該打貿易戰的看法如何，我們與你的關係都知道，美國人製造美國產品、僱用美國人的機會，無論你在哪一屆政府中發揮作用。

When I span the world, if you look at our electrolyzer deployments, most of the activities happening in Europe and Australia and you know, parts of our, you know, 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. That kind of that, you know, whether it's a Biden administration or whether it is a Trump administration localization is important and look most of those, those stacks will come from the United States. But we really do have a international footprint primarily in Australia. You look at the eight gigawatts of basic design and engineering drawings we're working on most of that works in Europe and Australia. So, you know, that's a, you know, I'm not naive to think that there aren't going to be challenges. But, you know, 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, we'll continue to do that.

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，你知道，我們的一部分，你知道，我們已經與整合商一起為電解槽業務建立了全球能力，以建造我們的電解槽產品您還可以輕鬆看到我們的固定產品，甚至我們的氫基礎設施。這種情況，你知道，無論是拜登政府還是川普政府，在地化都很重要，而且看起來其中大部分，這些堆疊將來自美國。但我們確實擁有國際足跡，主要是在澳洲。您可以看看我們正在研究的 8 吉瓦的基本設計和工程圖紙，其中大部分工作在歐洲和澳大利亞進行。所以，你知道，我認為不會有挑戰並不天真。但是，你知道，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. And maybe as a follow up, can you possibly share some more details on the convert that you referenced during the call?

謝謝。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？

Thank you.

謝謝。

Paul Paul. You want to give the breakdown?

保羅保羅.你想給出具體情況嗎？

Sure. And we're working on getting it posted on our website for more information and hopefully the system gets up quickly that you'll it'll be public in that form. The net of it is it's a $200 million unsecured convertible with the fixed conversion price at 290 which is, you know, close to 46% premium off of where the share price is now. It's 24 months at 6% interest rate. And you know, it's, I think really equally important is that the fund has a long view on plug and, and has agreed not to short the stock because they, they certainly have a very a positive outlook that, you know, you know, you can tell from the premium they expect where, where things are going to go with us over this duration. So, you know more details to follow, but those are some of the key details of the deal.

當然。我們正在努力將其發佈在我們的網站上以獲取更多信息，並希望系統能夠快速啟動，以便您能夠以這種形式將其公開。其淨值是，這是一筆 2 億美元的無擔保可轉換債券，固定轉換價格為 290 美元，比現在的股價溢價近 46%。期限為 24 個月，利率為 6%。你知道，我認為同樣重要的是，該基金對插頭有長遠的看法，並且同意不做空股票，因為他們，他們當然有非常積極的前景，你知道，你知道，你可以從他們期望的保費中看出，在這段時間內，我們的情況將會如何。所以，你知道更多的細節需要遵循，但這些是交易的一些關鍵細節。

Thank you.

謝謝。

Your next question today is coming from Eric Stine from Craig-Hallum, who is now live.

今天你們的下一個問題來自 Craig-Hallum 的 Eric Stine，他現在正在直播。

Hi, Paul.

嗨，保羅。

Good morning, Eric.

早安，埃里克。

Good Morning.

早安.

Hey, so when I look at the fourth quarter guide, seems to me that it's a little wider than, than maybe it would typically be just curious. Can you talk to kind of what's, what's in there for the low end? What gets you to the high end? 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. We're in Q3, just curious how much of that is left and will impact Q4.

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範圍要寬一些。你能談談低端市場有什麼嗎？是什麼讓你走向高端？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。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, you know, in many ways, Eric, we're moving now we're doing the the for the electrolyzer products. Most of that's been recognized from Q2. 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. And Eric, we expect that the electrolyzer business will be higher in the fourth quarter. Just because we're now doing the you know, commission integration and commissioning of you know, products that most products which are manufactured in the third quarter and being shipped. 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. One is that the liquefier world is a 10 world and you know, 10 world, we we don't really. Yeah, no, for, you know, the probability of event happening is either 40 million or zero million. So, you know, that kind of drives a certain range in that business.

所以，你知道，在很多方面，艾瑞克，我們現在正在為電解槽產品做準備。其中大部分已在第二季度得到認可。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。 Eric，我們預期第四季電解槽業務將會更高。僅僅因為我們現在正在進行您知道的調試整合和調試，大多數產品將在第三季度製造並發貨。因此，當您退後一步思考我們對第四季度的預期時，我認為會想到三件事。一是液化器世界是一個 10 個世界，你知道，10 個世界，我們真的不知道。是的，不，因為，你知道，事件發生的機率要么是 4000 萬，要么是 0000000。所以，你知道，這推動了該業務的一定範圍。

The second item that I, you know, if you really look at it, you know, the electrolyzer, you know, funnel was strong, but as we learn to, you know, how we go about recognizing revenue as we did in the second quarter. You know, that, you know, is not as large as we thought, even though the activity associated with preparing for the first quarter, 2025 is pretty large. We expect it again, you know, the electrolyzer business to continue to grow and in the apps business, look material handling is improving when I look at 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. That's kind of a summary of what I see here.

The second item that I, you know, if you really look at it, you know, the electrolyzer, you know, funnel was strong, but as we learn to, you know, how we go about recognizing revenue as we did in the second四分之一.您知道，儘管與準備 2025 年第一季相關的活動相當大，但並沒有我們想像的那麼大。我們再次預計，電解槽業務將繼續成長，在應用程式業務中，當我看到我們第四季的情況時，材料處理正在改善，我們預計這將在 20 到 20 年間實現。 % 的成長。

All right, that's very helpful. Thanks a lot.

好的，這非常有幫助。多謝。

Thank you. Next question is coming from Bill Peterson from JPMorgan. Your line is not live.

謝謝。下一個問題來自摩根大通的比爾彼得森。您的線路未上線。

Morning, Bill.

早安，比爾。

Hey, good morning, Andy and team. Thanks for providing all the details here. Maybe following on the question on the range of outcomes, I guess within your base case and assuming mix, how should we think about the exit rate of gross margin, you know, in the fourth quarter and, you know, maybe also taking account of any sort of cost reductions you're able to provide and, and then specifically how do we think about gross margins in your fuel business?

嘿，早安，安迪和團隊。感謝您在此提供所有詳細資訊。也許接下來關於結果範圍的問題，我想在你的基本情況和假設組合內，我們應該如何考慮毛利率的退出率，你知道，在第四季度，你知道，也許還考慮到您能夠提供任何類型的成本削減，然後具體我們如何考慮您的燃料業務的毛利率？

Go ahead, Paul.

繼續吧，保羅。

Yeah, appreciate that. So tomorrow we'll be given a lot more detail bill on, on, you know, kind of what we see for 25 and onward and, and, and give you more color but specific to Q4, I would say this, you know, we definitely, as you can tell, expect more sales volume, that that helps a lot we have, you know, we, we have a lot of capacity and leveraging that will drive better product margins. And you know, as we continue to ramp that up, I, I think, you know, 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, you know, quarter over quarter could be better on the, at the upper end of that guidance. And and specific to fuel, you know, you can see in the numbers that we've disclosed that it's it's continuing to progress in the right direction. So we still have opportunity to leverage even more out of our facilities that we have. And, and we're also looking at mix opportunities where we can even sell more into the direct merchant market, even better pricing. So we're looking and, and, and we're driving even enhanced efficiency measures. And so we should see the combination of additional pricing benefits being, you know, that, that have come off over the last three months and you know, being recognized in Q4 as well as the benefits and efficiency and, and, and leveraging the plants and some of that mix on the fuel side. So it should continue to improve meaningfully in Q4 and then onwards.

是的，很感激。因此，明天我們將收到更多關於 25 及以後的詳細法案，並為您提供更多顏色，但具體到第四季度，我想說的是，您知道，正如你所知，我們肯定期望更多的銷量，這對我們有很大幫助，你知道，我們擁有大量的產能和槓桿作用，這將推動更好的產品利潤。你知道，當我們繼續加強時，我想，如果它與你在第四季度看到的改善方向不一致，我不會感到驚訝。我的意思是，很抱歉，從第三季度到第二季度，就方向性改進而言，您知道，在該指導的上限，季度環比可能會更好。具體到燃料，您知道，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取得進展。因此，我們仍然有機會更多地利用我們現有的設施。而且，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。因此，我們正在尋找、並且、並且我們正在推動提高效率的措施。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，並且在第四季度得到認可，以及效益和效率以及利用工廠其中一些在燃料方面混合。因此，它應該在第四季度及之後繼續顯著改善。

Yeah, thanks for that, Paul. And then I might have missed it, but I, I guess to the extent that you can speak to how much, how much is left to be done on the daily loan closing conditions. Is there any sort of long poles, 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 deal looking at, you know, further contingency or reserve requirements just trying to get a sense of what is remaining to be done and, and at what time and you're thinking as of now?

是的，謝謝你，保羅。然後我可能會錯過它，但我，我想你可以說一下每日貸款結清條件還剩下多少工作要做。是否有任何形式的長桿，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或作為一項交易之外，是否還有任何額外的資本，您知道，進一步的應急或儲備要求只是想了解還需要做什麼，以及您現在正在考慮什麼時間？

Yes. So Bill I, I, I know I'm going to let Paul talk about a process, you know, a process we have going on looking for equity partners, but that is not tied to the doe loan. And I know everybody would like me to provide detail by detail. All I can say to you is that we know we don't see any tall pole in the tent. We know how to execute against it. 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. I'll let Paul talk about the process that we're not dependent upon it. 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.

是的。所以比爾，我，我知道我會讓保羅談論一個過程，你知道，我們正在尋找股權合作夥伴的過程，但這與美國能源部貸款無關。我知道每個人都希望我提供詳細資訊。我只能告訴你，我們知道帳篷裡沒有任何高桿子。我們知道如何應對它。我們與母鹿合作，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。我會讓保羅談談我們不依賴它的過程。但我們尋求引入股權投資者的流程在專案層面也與我們並行。

Yeah, we, we've, we've kicked off, I think we've talked about a parallel process that looking at strategic and project finance funds and others that, you know, could be interested in, in participating in the capital stack for our pipeline. That's going very well. We've had a number of partners express express interest and we're engaging in those dialogues. 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. So I would say, you know, 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. In addition to, you know, the fact the doe is postured with this facility to provide incredibly low cost capital for the majority of, of that pipeline. So that those factors in addition to the success of us executing on delivering on Georgia, All all Bode Well, and, and it is what's driving a lot of interest in this to move forward, so very encouraged and you know, we're, we're, we're working hard at bringing all those things to fruition and you know, more to come in the near term.

是的，我們，我們，我們已經開始，我想我們已經討論了一個並行的過程，著眼於戰略和項目融資基金以及其他，你知道，可能感興趣的參與資本堆棧對於我們的管道。進展順利。我們有許多合作夥伴表達了興趣，我們正在參與這些對話。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了解我們在那裡所做的事情。所以我想說，你知道，主題是他們關注這一點，我們在喬治亞州所做的事情以及我們預計在德克薩斯州所做的事情的商業主張，這非常有吸引力。除此之外，您知道，母鹿利用該設施為該管道的大部分提供令人難以置信的低成本資本。因此，除了我們在喬治亞州執行任務的成功之外，這些因素都預示著一切都很好，而且正是這推動了人們對此的極大興趣並繼續前進，因此非常受到鼓舞，你知道，我們，我們正在努力實現所有這些目標，而且您知道，短期內還會有更多目標。

Thanks, Andy and Paul. I look forward to seeing you tomorrow.

謝謝，安迪和保羅。我期待明天見到你。

Great, looking forward to Bill.

太棒了，期待比爾。

Thank you. Next question is coming from Craig Irwin from Roth Capital Partners. Your line is now live.

謝謝。下一個問題來自羅斯資本合夥公司的克雷格歐文。您的線路現已上線。

Thank you. Good morning guys.

謝謝。早安，夥計們。

Hey, good morning, Craig.

嘿，早上好，克雷格。

Hey Andy. So, you know, I'm, I'm going to ask a tough question because I know a lot of the investors out there are really, really looking at it from the standpoint. And I guess it's best to answer these questions in public when we can, right? So.

嘿安迪。所以，你知道，我會問一個棘手的問題，因為我知道很多投資人都非常非常從立場來看這個問題。我想最好是在可能的情況下公開回答這些問題，對嗎？所以。

Sure, Craig.

當然，克雷格。

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

我討厭成為那個帶來這個的人，但它，希望能驅散烏雲，對嗎？因此，如果我們沒有看到美國能源部的貸款獲得資助，那麼您有多大的靈活性來重組業務並根據去年制定的業務計劃進行調整。

You know, you guys have shown a continuous ability to raise capital. So congratulations on the 200 million this morning. You still have substantial cash tied up in the PPAS, you know, what do you feel about the flexibility to to take a slightly different path than what you've already laid out for us?

你知道，你們已經展現了持續籌集資金的能力。恭喜今天早上突破 2 億。您仍然在 PPAS 中持有大量現金，您知道，您對於採取與您已經為我們制定的路線略有不同的路徑的靈活性有何看法？

Yeah, Craig, we've obviously looked at the different road maps and we, you know, 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.

是的，克雷格，我們顯然已經研究了不同的路線圖，如果你考慮一下 25 年和 26 年大部分地區的業務，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 taxes with us. And look, if you look at taxes, we have the equipment already. It's essentially building out the plant.

我可以說，有歐洲基金，有與我長期合作的人，他們有興趣加入，也有與我們一起稅收的股權提供者。看看，如果你看看稅收，我們已經有設備了。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. But there would just be an increased effort and activity to bring in an equity partner if Texas doesn't happen and look, it doesn't dramatically change the next two years.

從專案的角度來看，獲得美國能源部貸款會更好。但如果德州沒有出現，那麼引入股權合作夥伴的努力和活動就會增加，並且看起來未來兩年不會發生巨大變化。

I think if you take a step back and look where the business growth was this quarter, If I look at over the last last 18 months, you know, 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，你就會知道，我已經在歐洲工作了10 年，我在歐洲的安裝數量增加了一倍過去 18 個月內的物料搬運。

If you look at most of the electrolyzer revenue, it's flowing from international activity. If you look at you know, the growth possibilities, Much of it's outside the US and much of its planned outside the US. And you know, 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. We have top notch integrators in Vietnam. We have top notch integrators in Dubai, we have top notch integrators in Europe. So, you know, I think that the pivot will probably have more of an international flavor if the US policy, yeah, is more negative than we expect. I think I mentioned on the call to the Trump administration was helpful the first time around.

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。如果你看看你就知道，成長的可能性，大部分是在美國以外的地方，而且大部分是計劃在美國以外的地方進行的。你知道，我之前在電話會議上提到過，我認為沒有人擁有塞克透過收購石油和天然氣行業人員而建立的整合能力。我們在越南擁有一流的整合商。我們在杜拜有一流的整合商，在歐洲也有一流的整合商。所以，你知道，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。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 hope helpful. So, I guess, you know, been, been watching elections since 1,968 when I was a young kid. And you know, it's how, you know, how life plays out is usually in America, things tend towards the middle.

我認為翻倒的雪佛龍肯定會有所幫助。所以，我想，你知道，當我還是個小孩子的時候，從 1,968 年起就一直在觀看選舉。你知道，在美國，生活通常都是這樣的，事情趨於中間。

I would definitely agree with that. Thank you. So, so my next question, you know, if we look back in history of plug, right? To your success, your early success with Walmart, you would never have been able to 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.

我絕對同意這一點。謝謝。那麼，我的下一個問題，你知道，如果我們回顧一下插頭的歷史，對嗎？為了您的成功，您在沃爾瑪的早期成功，除非您能夠使用這些產品為客戶節省資金，否則您永遠不可能取得巨大的成功，每天都有數以萬計的堆高機在運行。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, we've looked at different pieces of the business model and, and you've invested a lot of capital in some of these opportunities. Do you still see the same opportunity to save your customers money in things like electrolyzers in things like, you know, heavy transport, trucking. And some of these other applications that we've talked about, you know, on and off in this in this last 10 years.

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。您是否仍然看到相同的機會可以在電解器等重型運輸、卡車運輸等方面為客戶節省金錢。您知道，我們在過去 10 年裡斷斷續續地討論過一些其他應用程式。

Okay. I've let my buddy Sanjay not have to speak during this call. I'm going to give him an opportunity to speak up. All I can say is that I'm going to touch on electrolyzers and I will let you expound, I mean to me, electrolyzer is all about efficiency of the stacks and construction costs and the price of electricity. So I I you run on this point.

好的。我讓我的好友桑傑 (Sanjay) 在這次通話中不必說話。我會給他一個說話的機會。我所能說的是，我將談到電解槽，我會讓你解釋一下，我的意思是，對我來說，電解槽完全取決於煙囪的效率、建造成本和電價。所以我我你就這一點來說。

So, so Craig, I think your question is the right one, right? There's many instances where, you know, we're working on some pretty large mega deals as Andy referred to on our eight gigawatt of basic engineering design packet. And the electrolyzer offering is in pretty large scale. And by the way, we're being able to talk and have a very health the discussion with some of this customer because it's basically for a lot of different kind of, you know, different kind of hydrogen derivatives. 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? That's item number one, item, number two is when you touched on this a little bit. But let me elaborate on this a bit. So when you talk about sort of the heavy duty mobility market, you know, we have actually introduced this mobile Refueler product, which is a perfect solution because the entire infrastructure of hydrogen fueling actually gets built, right. So, you know, it's almost like hydrogen on wheels if you would. 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? Then when you start thinking about our liqui fire business, while it's been slower, we haven't lost any opportunity really. It's just that project haven't moved faster. And even with that offering, we have one of the best energy efficiency solution in the market. So, and from that perspective, as you go from gasse hydrogen to liquid hydrogen, we're really providing a better economic value proposition for our customer. 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, you know, 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? 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.

所以，克雷格，我認為你的問題是正確的，對吧？在很多情況下，我們正在進行一些相當大的大型交易，正如安迪提到的我們的 8 吉瓦基本工程設計包。電解槽的規模相當大。順便說一句，我們能夠與其中一些客戶進行非常健康的討論，因為它基本上是針對許多不同類型的，你知道，不同類型的氫衍生物。如果您想要像電子燃料氨這樣的東西，其中電解器與正確的電源和正確的效率相結合。是的，確實可以讓他們提供非常非常有吸引力的經濟價值主張，對嗎？這是第一條，第二條是當你稍微觸及這一點時。但讓我詳細說明一下。因此，當您談論重型移動市場時，您知道，我們實際上推出了這種移動加油機產品，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。所以，你知道，如果你願意的話，它幾乎就像車輪上的氫。這個產品可以讓他們更快地進行大量測試，甚至在整個基礎設施投入使用之前，他們就能更快地推出更多車輛。正確的？然後，當你開始考慮我們的液體火業務時，雖然速度較慢，但我們並沒有真正失去任何機會。只是專案進度不夠快。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。因此，從這個角度來看，當您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。克雷格是我認為我們可以在這裡做的最後一件事。我們認為這就像一種設施銷售，透過提供我們的電解器、我們的液化技術、我們的氫燃料解決方案的組合，無論是氫卡車還是存儲，你知道，透過將所有整個產品作為企業銷售提供和設施銷售，我們可以從設計的角度進行很多優化，真正繼續降低成本並為客戶增加經濟效益和利益，對吧？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. Then last question, if I may you know, they've been, there's been some really interesting things that have come across my desk in the, in the last 25 years, right? So green hydrogen is, is interesting and you know, looks like it could be a phenomenal business over the next number of years, but something that probably has a much longer gestation period is the use of small nuclear reactors for direct production of hydrogen. Now, you guys get approached by by pretty much everybody in the market since you are the market leader. Do you see any potential breakthrough hydrogen production technologies that could be available in the next, you know, decade that could bring down the cost of energy production by an order of magnitude.

出色的。最後一個問題，請容許我告訴你，在過去 25 年裡，我的辦公桌上出現了一些非常有趣的事情，對吧？因此，綠色氫很有趣，而且你知道，看起來它可能在未來幾年內成為一項非凡的業務，但可能有更長的醞釀期，那就是使用小型核反應器直接生產氫。現在，由於你們是市場領導者，所以市場上幾乎每個人都在接近你們。您是否認為未來十年可能出現任何潛在的突破性氫氣技術，可以將能源生產成本降低一個數量級。

So that's a interesting question. I'm going to let Sanjay take a shot at him. Maybe I will add on when I get done, Sanjay.

這是一個有趣的問題。我要讓桑傑向他開槍。也許我完成後會補充，Sanjay。

So, Craig, when you start to think very further out if you would. Right. So, and when we start to, you know, 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? You know, 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. 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? Because I think hydrogen can be an energy carrier, it can be an energy storage. 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 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. Then you can turn around and use that hydrogen in terms of our stationary product, if you would. And by the way, our working view right now is electrolyser drives a tremendous growth for our company until the end of this decade. And somewhere in that time frame, our stationary product will start to have a major inflection point of growth, right. 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 Hydrogen plays a major role. Our stationary product starts to play a major role, not just for the data center or the 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. But as it relates to the small modular reactor, Craig, I mean, you know this quite well, you know, from the levelized cost of hydrogen perspective, it's really all about levelized cost of that electricity, right, 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.

所以，克雷格，當你開始想得更遠時，如果你願意的話。正確的。所以，當我們開始時，你知道，甚至在我討論你的小模組或反應器問題之前，顯然，這已經成為近期要在這裡討論的一個話題，對嗎？你知道，當你真正考慮我們的電網時，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。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？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。然後突然間，當你想到一些擱淺的可再生能源時，甚至可能以負結算價格，你用它來生產氫氣，然後通過管道或鹽穴將氫氣放入其中，順便說一句，從機艙的角度來看儲存氫氣並不昂貴，而且你可以儲存大量的氫氣。然後，如果您願意，您可以轉身將氫氣用於我們的固定產品。順便說一句，我們現在的工作觀點是電解槽將推動我們公司的巨大成長，直到本十年末。在這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。因此，在這裡你實際上可以想像一個我們可以走上幾乎 100% 可再生電網之路的世界。在北美，氫氣發揮重要作用。我們的固定式產品開始發揮重要作用，不僅對於資料中心或充電機會，甚至對於調峰發電廠來說，甚至最終成為具有適當氫成本的基本負荷，而電網最終成為積壓的問題開始變得超級令人興奮。但當它與小型模組化反應器相關時，克雷格，我的意思是，你很清楚這一點，你知道，從氫的平準化成本的角度來看，這實際上完全與電力的平準化成本有關，對吧，隨著規模的增長，越來越多，並且隨著裝置規模變得越來越大，如果那個小型模組反應器的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，以及生產綠色氫氣。

I would just add. So A 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 grid stabilizing the grid stabilizing the grid. Or if you start thinking about where the you know, then it becomes a capital cost issue and the efficiency of the electoral stack issue.

我只想補充一下。因此，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電網上以穩定電網時，就會產生氫氣。或者，如果你開始考慮你知道的地方，那麼它就變成了資本成本問題和選舉堆疊的效率問題。

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

我們確實有路線圖來繼續實現每公斤 37 千瓦時的峰值最大效率。我們團隊所做的大量研發和大量工作實際上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. So, you know, 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 and then couple it with the how to generate hydrogen off off hours coupled with that Craig. And I mean, Sanjay's dream and low here 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.

另一個問題是如何製造樂高積木系統，以便在現場進行非常非常少的施工。所以，你知道，我認為當你將施工現場和效率提高，然後將其與如何在下班時間與克雷格一起產生氫氣結合時，你會看到電解槽從總產品中獲得20-25%的學習曲線。我的意思是，桑傑的夢想和低點是，提高站產品效率也是整個效率遊戲的真正核心，使電解槽工作，使燃料電池工作，以提高所有潛在客戶的價值主張。

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

明白了。嗯，謝謝你，我期待明天。

Thanks. Great. See you then.

謝謝。偉大的。到時候見。

A reminder that star one to be placed into question Q our next question is coming from Dushyant Ailani from Jefferies. Your line is now live.

提醒一下，我們的下一個問題來自 Jefferies 的 Dushyant Ailani。您的線路現已上線。

Hi, thank you for taking my morning. Just wanted to quickly ask on the plan, the plan maintenance for Georgia and Tennessee. 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 you know, maintenance guidance going forward.

你好，謝謝你抽出我的上午時間。只是想快速詢問一下喬治亞州和田納西州的計劃、計劃維護。它只是考慮到最近的啟動。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您所知道的、未來的維護指南。

Yeah. You know, I think, nothing astronomically is surprising. 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, you know, we'll have like most folks running facilities of this, of this nature, you know, shutdowns that'll, you know, last 7 to 10 days, you know, during a year, probably twice a year. We just got done through one in Tennessee. You know, it's pretty much normal routine. I think the important item is to make sure that, you know, we, and we, we did this during the Georgia and Tennessee is make sure we maximize local storage during that time. And so that the storage on site will provide a sufficient back up during the, during the time we're going down for outages.

是的。你知道，我認為，從天文角度來看，沒有什麼值得驚訝的。我想，就像我們擁有的大多數這種性質的工廠一樣，我想我們必須在十月初關閉以進行一般維護，持續了大約一周，你知道，我們將像大多數人一樣運行這樣的設施自然，你知道，停工會持續7 到10 天，你知道，一年之內，可能一年兩次。我們剛剛完成了田納西州的一項工作。你知道，這很正常。我認為重要的是要確保，你知道，我們，我們，我們在喬治亞州和田納西州期間做到了這一點，確保我們在那段時間最大限度地利用本地儲存。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. That's helpful. And then just the second one on the ITC transfer monetization. I think you guys have previously talked about roughly 31 million and then I think a total of roughly 70 million. Just wanted to check on the time of the timing of that. And how do you see that, you know, shaking out?

知道了。這很有幫助。然後是關於 ITC 轉移貨幣化的第二個。我想你們之前談到了大約 3100 萬，然後我想總共大約有 7000 萬。只是想檢查一下時間。你怎麼看待這種動搖？

You want to take that Paul.

你想接受那個保羅。

Yeah. Sure. So, we're working diligently on it. It's, you know, it's difficult because it's, you know, never, it's, you know, like a lot of things plug out. It's the first time it just is taking longer than we hoped. But we actually have multiple parties that have expressed interest and we're nurturing those conversations. 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, on the heels of this first one. And, you know, we've got one of the top tier broker firms in, in the US engaged who handles the tax equity monetization for many, many companies that, that's working with us. So I'm very optimistic that there's, you know, we, we could do it and you know, potentially even four year end if not even sooner.

是的。當然。所以，我們正在努力地做這件事。你知道，這很難，因為你知道，從來沒有，你知道，就像很多事情都被堵住了。這是第一次，它花費的時間比我們希望的要長。但實際上我們有多方表達了興趣，我們正在培養這些對話。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。而且，你知道，我們已經聘請了美國頂級經紀公司之一，負責為與我們合作的許多公司處理稅收股權貨幣化。所以我非常樂觀地認為，你知道，我們可以做到這一點，而且你知道，甚至有可能在四年結束時，如果不是更早的話。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Thank you. Next question is coming from [Chris Sung] from Wolfe Research. Is that live.

謝謝。下一個問題來自 Wolfe Research 的 [Chris Sung]。那是直播嗎。

Morning, Chris.

早上好，克里斯。

Hey, hey, good morning Andy, how are you?

嘿嘿，早安，安迪，你好嗎？

Okay. I good, good.

好的。我很好，很好。

I wanted to just ask about the doe on in other way, given the pending change in administration wanted to get your thoughts on perhaps like the durability of the loan. Like, do you need to reach financial close in order for it to be considered, you know, safe or is the conditional commitment Like can the conditional commitment be canceled?

我想以其他方式詢問母鹿的情況，考慮到政府即將發生的變化，我想了解你的想法，例如貸款的持久性。例如，您是否需要達到財務結算才能被視為安全，或者有條件承諾可以取消？

Yeah, I I would just say we are laser focused with the doe to close before the change of administration. And yes, from my discussions with the doe, I feel quite comfortable, but I'll let Paul add anything he thinks we should add.

是的，我只想說，我們正在集中精力，在政府更迭之前關閉母鹿。是的，從我與母鹿的討論來看，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, you know, so the, the, the way, and this is in the words of them, with the commitment, the federal government has committed the money to the program. So this is more about execution of the documents. 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, and, and good for everybody to get this behind us. And so it's a meaningful thing for log, it's a meaningful for them program for them. And everybody is, is focused on, on getting this done as quickly as possible. And it just be, you know, in some ways more simplistic for us to get it done quickly. But that, you know, the, the critical thing for me is that we're, we're really clear on all of the final steps here and there's a pretty good alignment. And as Andy said, we've got a really good detailed plan with all the final things that have to happen and, and there really engaged, I mean, the amount of energy and support they're providing to help us get this over the finish line is, is you know, magnified and really helpful. So I'm, I'm, I'm excited and optimistic. We're going to get this done, you know, beforehand and, and we'll continue to provide updates as we see that unfold.

是的，我想我只想說，你知道，所以，這個，方式，這是用他們的話來說，隨著承諾，聯邦政府已承諾為該計劃提供資金。所以這更多的是關於文件的執行。這不一定是我們之前必須做的事情，但顯然會容易得多，而且對每個人都有好處。所以這對日誌來說是一件有意義的事情，對他們來說這也是一個有意義的程式。每個人都專注於盡快完成這件事。你知道，從某些方面來說，我們可以更簡單地快速完成任務。但是，你知道，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。正如安迪所說，我們已經制定了一個非常好的詳細計劃，其中包括所有必鬚髮生的最終事情，而且我的意思是，他們提供了大量的精力和支持來幫助我們渡過難關。 ，終點線被放大並且非常有幫助。所以我，我，我很興奮和樂觀。你知道，我們將提前完成這項工作，並且我們將在看到進展時繼續提供更新。

Okay, thanks. And just one more for me just I know it's probably the last time we're going to hear from you guys before the 45 B rules are finalized. On, on.

好的，謝謝。對我來說還有一個，我知道這可能是在 45 B 規則最終確定之前我們最後一次聽到你們的消息。開，開。

You'll hear from me tomorrow.

明天你就會收到我的消息。

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? And you'll get to hear from them. But sure, what's the question.

是的，我們實際上有一些真正的專家明天就會到場。誰是共和黨說客、民主黨說客？您會收到他們的來信。但當然，問題是什麼。

Just, like, what would like plugs ideal final rules be, is it loosening additionality time matching regionality? What would you guys want?

就像，理想的最終規則是什麼，是否會放鬆與區域性相匹配的額外性時間？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 we fully takes in. I think that again, time matching, it's really questionable whether that was part of the legis legislation. 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. 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. So that would be the ideal situation for plug. And I gotta tell you that's probably one of the reasons, you know, I mentioned that. Yeah, because of Loper, you know, we think anything that's different probably will be challenged by others.

我認為在時間匹配方面，我們會很樂意看起來像歐洲一樣，我們完全接受了 2030 年 2032 年的情況。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。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。所以這將是插頭的理想情況。我必須告訴你，這可能是原因之一，你知道，我提到過這一點。是的，因為洛珀，你知道，我們認為任何不同的東西都可能受到其他人的挑戰。

All. Appreciate the color and look forward to seeing you guys.

全部。欣賞這個顏色，期待見到你們。

All see you tomorrow.

大家明天見。

Thank you. Next question is coming from Amit Dayal from HC Wainwright. Your line is now live.

謝謝。下一個問題來自 HC Wainwright 的 Amit Dayal。您的線路現已上線。

Thank you. Good morning Iron. Good.

謝謝。早上好，鐵。好的。

Morning Amit.

早安，阿米特。

Yeah. So with respect to this eight gigawatt bedp contracts that you have, what's the delivery time line, you know, for these contracts? Is it like next 12 to 24 months or maybe longer?

是的。那麼，對於您擁有的這 8 吉瓦的 bedp 合同，這些合約的交付時間是多少？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. So I think what you should expect however though, and you know, out of that eight gigawatt, we certainly believe that there is, you know, more than a gigawatt that likely gets to F ID and goes from being basic considering design packet to actual new orders and bookings sometime in 2025. And keep in mind, you know, we're going to keep adding to this eight gigawatt. This number is not going to stay stagnant, right? And I'm sure there'll be some that are going to drop out as well. But but that's how you should think about it in terms of how this goes from, you know, 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 F ID in 2025 and becomes a bookings opportunity.

所以，我的意思是。這一切都不同，對吧。所以我認為你應該期待什麼，但是，你知道，在這 8 吉瓦中，我們當然相信，你知道，有超過 1 吉瓦可能會達到 F ID，並從基本的考慮設計包轉變為實際的2025年某個時候會有新訂單和預訂。這個數字不會停滯不前，對嗎？我確信也會有一些人退出。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，然後得到最終的投資決策，我們實際上已經確定了我們相信，其中相當多的與客戶交談的機會確實會在2025 年實現F ID 並成為預訂機會。

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

在星期天。那是八吉瓦嗎？我知道總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，以一種完整的方式實現。

Yeah, in that entire eight gigawatt of basic engineering design packet, I mean, a lot of that as Andy referred to earlier, right? Majority of that is really in Europe and Australia where you know, so the policy here in the US doesn't really have any interplay with that. We do, however, have about 300 megawatt of opportunity, you know, related to the US market could actually get pushed to the right or that could actually need some further clarity. But out of that eight gigawatt, for example, there is a three gigawatt opportunity in Australia, there is another 1.5 gigawatt opportunity. Again in Australia, there's 500 megawatt opportunity out of that eight gigawatt that's in Europe. So most of this mix is really Europe and Australia if you would, in terms of what makes that up.

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？其中大部分實際上是在歐洲和澳大利亞，你知道，所以美國的政策實際上與此沒有任何相互作用。然而，我們確實有大約 300 兆瓦的機會，你知道，與美國市場相關的機會實際上可能會被推向右側，或者實際上可能需要進一步明確。但例如，在這 8 吉瓦中，澳洲有 3 吉瓦的機會，還有另外 1.5 吉瓦的機會。同樣在澳大利亞，歐洲的 8 吉瓦電力中有 500 兆瓦電力機會。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. And maybe Andy, this last one for you for me, you know, do you see nuclear as a, you know, competing energy source relative to hydrogen or, you know, should we think about how hydrogen and nuclear can power sort of different applications and, you know, be designed for different purposes. You know, how do we see because it's, you know, going to take time for nuclear to come about as well. So it's not a near term threat, obviously, but longer term, you know, how do you see nuclear hydrogen sort of coex existing?

謝謝。也許安迪，這對你來說是我的最後一個，你知道，你是否認為核能是一種相對於氫的競爭能源，或者你知道，我們是否應該考慮氫和核如何為不同的應用提供動力而且，你知道，是為不同的目的而設計的。你知道，我們怎麼看，因為核能的出現也需要時間。因此，顯然，這不是短期威脅，而是長期威脅，您如何看待核氫的共存？

I actually see as a good thing, iii I kind of view them as complementary. Sanjay talked a great deal about you know how to use nuclear power to generate hydrogen when demand is low. You know, even though with the new nuclear power devices, you you're able to ramp up and down, certainly you want to generate as much electricity as you can to support the network. And I think you have a combination of, you know, 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. Feeding station sharing products which would replace gas turbines to put power on the grid during peak hours. You know, 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 market opportunity for plug today and during the rest of this decade. But as those electrolyzers get deployed and the state sharing products become more and more efficient. They are the replacement for gas turbines. And I think in you know, we have some activities going on kind of in the 28 type time frame which can tap into hydrogen pipelines and data centers. And actually, I think that'll be kind of the first view of what that world will evolve into. So, you know, during the next five years, electrolyzers for, you know, generating hydrogen for substitution in ammonia markets in refineries and concrete manufacturing, all work that we're doing today. But ultimately, you know, you know, I'm a real believer in nuclear. It's really nuclear and hydrogen and fuel cells and solar and wind, which make the grid up. Ultimately.

我實際上認為這是一件好事，iii 我認為它們是互補的。桑傑（Sanjay）談了很多關於你知道如何在需求較低時使用核能來產生氫氣。您知道，即使使用新的核電設備，您也可以上下調節，當然您希望產生盡可能多的電力來支援網路。我認為，你知道，全天候生產，這對我們降低設備成本和建造成本以確保氫氣盡可能低成本非常重要。供電站共享產品將取代燃氣渦輪機在高峰時段併網發電。您知道，我們與世界領先的顧問公司之一進行了大量合作，他們真正相信電解槽或插頭的巨大市場機會，以及在本十年餘下的時間裡。但隨著這些電解槽的部署和國家共享產品變得越來越有效率。它們是燃氣渦輪機的替代品。我想你知道，我們在 28 小時內正在進行一些活動，這些活動可以利用氫氣管道和資料中心。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。所以，你知道，在接下來的五年裡，電解槽會產生氫氣，以取代煉油廠和混凝土製造領域的氨市場，這就是我們今天所做的所有工作。但最終，你知道，你知道，我是核能的真正信徒。構成電網的其實是核能、氫能、燃料電池、太陽能和風能。最終。

Thank you, Andy. That's all I appreciate.

謝謝你，安迪。這就是我所欣賞的。

The call. All right.

電話。好的。

Thank you. Next question is coming from Jordan Levy from Truist Securities. Your line. Isn't that right?

謝謝。下一個問題來自 Truist Securities 的 Jordan Levy。你的線。是不是這樣？

Hi, it's Henry. I'm for Jordan here. Thanks for squeezing me in. Hi, Henry.

嗨，我是亨利。我在這裡支持喬丹。謝謝你把我擠進去。

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

嗨，安迪。也許首先是物料搬運業務的近期前景。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。

You know, always tough to increase prices and we had to increase prices pretty dramatically. But you will see an uptick in material handling business in the fourth quarter. You know, we, we, we review it actually twice a week and, you know, feel real good about that and we see a growth of 20% to 30% next year. Which Jose and others will roll out during the symposium tomorrow.

你知道，提高價格總是很困難，我們不得不大幅提高價格。但您會看到第四季物料搬運業務增加。你知道，我們，我們，我們實際上每週審查兩次，你知道，對此感覺非常好，我們預計明年會有 20% 到 30% 的增長。何塞和其他人將在明天的研討會上推出這項內容。

Thanks for that. And then just maybe.

謝謝你。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.

在這個困難的過程中，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. I think everybody knows, challenging the backlog on the grid 3.5 years. The resiliency of our value proposition, material handling after a tough year, you know, we got rid of PPAS, you know, we got, you know, our revenue probably would have been $100 million higher this year if we would have kept the PPAS in place. But the value proposition is much, much stronger, quite H1stly than we thought.

因此，為建築物提供電力。我想大家都知道，挑戰電網積壓3.5年。我們價值主張的彈性，在經歷了艱難的一年之後的物料搬運，你知道，我們擺脫了PPAS，你知道，我們得到了，你知道，如果我們保留PPAS，今年我們的收入可能會增加1 億美元就位。但它的價值主張比我們想像的要強大得多、非常強大。

Thanks, that's helpful. I mean, just looking at the path, the gross margin positive here. And maybe this is more of a question for for next year. But other, you know, business lines you all have looked at or could look at to divest of in the future to kind of further improve, you know, cash flow and, and the margin profile here.

謝謝，這很有幫助。我的意思是，只要看看路徑，這裡的毛利率就為正。也許這更多是明年的問題。但其他的業務線，你們都已經考慮過或可能考慮在未來剝離，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, you know, we've looked at the value and we don't see when you look at the whole spectrum and you know, Sanjay myself and Paul spent a lot of time on this over the months. And so the answer to your question directly is.

我們一直在關注業務，我們坐下來，你知道，我們研究了價值，但當你審視整個範圍時，我們看不到價值，你知道，桑傑本人和保羅花了很多錢幾個月來花在這上面的時間。所以你的問題的答案是直接的。

No to that.

不。

Your next question is coming from Tim Moore from Clear Street. Your line is now live.

您的下一個問題來自 Clear Street 的蒂姆·摩爾。您的線路現已上線。

Good morning. My doe conditional loan and hey, good morning, actually at the airport coming to your symposium. But my doe conditional loan and 45 production tax credit questions were the answer. But I wanted to ask based on the election outcome last week, when would you maybe start marketing or targeting oil and gas customers?

早安.我的母鹿有條件貸款，嘿，早上好，實際上在機場來參加您的研討會。但我的美國能源部有條件貸款和 45 個生產稅收抵免問題就是答案。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. So, I mean, GAAP Iberdola BP mole, they're all oil and gas companies and probably a good deal that eight gigawatts in backlog is oil and gas.

我們已經是了。所以，我的意思是，GAAP Iberdola BP 摩爾，他們都是石油和天然氣公司，而且可能很划算，積壓的 8 吉瓦是石油和天然氣。

And hydrogen.

還有氫氣。

Derivatives and hydrogen derivatives, hydrogen derivative.

衍生物及氫衍生物、氫衍生物。

So so that's our, so there has been a big, big focus and I think you touched on a point that the 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. It's, you know, it's really a substitution of gray hydrogen versus green hydrogen. And in Europe, there's a goal of 42% you know, green hydrogen by, to replace gray hydrogen by 2030 whether it happens by 2030 or 2033 that's really the push.

這就是我們的重點，我認為您談到了今天的氫和綠氫市場確實是這樣，這是一個積極的方面，您不必改變您的整體做生意的方式。你知道，這其實是灰色氫與綠氫的替代。在歐洲，目標是到 2030 年用 42% 的綠氫取代灰氫，無論是在 2030 年還是 2033 年，這才是真正的動力。

Understandable. Yeah, I was just wondering if you're going to target them more because I, you know, we keep reading about their appetite for blue hydrogen. I'm just wondering if you're really going to step it up and try to substitute a blue hydrogen wave.

可以理解。是的，我只是想知道你是否會更多地針對他們，因為我，你知道，我們一直在閱讀有關他們對藍氫的胃口。我只是想知道你是否真的要加大力度嘗試替代藍色氫波。

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 now. And the other question I had was, on your bedp of the three gigawatts with, you know, Australia, the ally green ammonia. You put out that nice press release last month about the binding Framework agreement, you know, that talked about late 2026 or early 2027 for system delivery.

現在好了。我的另一個問題是，在你知道的澳洲三吉瓦的床上，盟友綠色氨。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，您知道，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, you know, in the first half of 2026 given that it's, you know, complicated design package deal with milestones.

您認為 2026 年上半年，您的損益表中是否會出現大量收入確認，因為這是一個涉及里程碑的複雜設計包交易。

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

我會讓 Sanjay 拿走那個，看看這是他每天所做的事情的一部分。所以

First half, 2026 probably not a big revenue opportunity. It's probably second half 26 and 27. 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. So given where we are today, it's probably more second half rather than first half of that here.

2026 年上半年可能不是一個大的收入機會。可能是 26 號和 27 號下半年。因此，考慮到我們今天所處的位置，可能更多的是下半年而不是上半年。

Great, thanks. And I'll see you tomorrow at the symposium.

太好了，謝謝。明天的研討會上見。

See you tomorrow. Safe Journey.

明天見。安全旅程。

Your next question is coming from Andrew Percoco from Morgan Stanley. Your line. Is that live?

您的下一個問題來自摩根士丹利的安德魯·佩爾科科。你的線。那是直播嗎？

Good morning.

早安.

Thanks for taking the question. Good morning and thanks for, thanks for taking the question. I have a higher level and maybe more longer term strategy question here. And it's just kind of, it's around the thoughts around some of these new market like stationary power on road vehicles. Obviously, it's been somewhat of a challenge to scale those businesses. You know, the unit economics of green hydrogen is kind of ebb and flowed depending on on prices of renewable electricity, which obviously has has drifted higher here over the last two years. I'm just wondering, you know, is there a scenario where you would be okay, just kind of going back to your roots and, and providing, you know, the material handling units and maybe meaningfully reducing your exposure to some of these newer fuel cell markets just in order to kind of get your, your business and your company back to a point of of financial strength.

感謝您提出問題。早上好，謝謝您提出問題。我在這裡有一個更高層次、也許更長期的策略問題。這只是圍繞著一些新市場的想法，例如公路車輛的固定電源。顯然，擴大這些業務規模是一項挑戰。你知道，綠氫的單位經濟效益取決於再生電力的價格，而在過去兩年裡，再生電力的價格顯然已經走高。我只是想知道，你知道，是否存在一種情況，你會沒事，只是回到你的根源，並提供，你知道，物料搬運裝置，也許有意義地減少你接觸其中一些較新的東西燃料電池市場只是為了讓您、您的企業和您的公司恢復到一定的財務實力。

I think Andrew, you're missing the huge in that question, you know, the huge opportunity outside the United States, the substitute green hydrogen for, you know, 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，你知道，美國以外的巨大機會，綠色氫取代今天的灰氫，以及桑傑提到的氨和甲醇等衍生物。

You know, that market in electrolyzers just take a look at we did 56 million in the third quarter. It's going to be higher in the fourth quarter. And you know that to me is a huge market opportunity when it comes to the hydrogen plants, nothing works. If we become dependent on two companies to provide hydrogen, you're already seeing the value of the hydrogen plant in the financials as the gross margins improve.

你知道，電解槽市場只要看看我們第三季的銷售就達到了 5,600 萬。第四季會更高。你知道，對我來說，氫工廠是一個巨大的市場機會，但沒有任何效果。如果我們依賴兩家公司提供氫氣，那麼隨著毛利率的提高，您已經在財務中看到了氫氣工廠的價值。

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電解槽和氫氣用於當今更大的市場和材料處理的事實時，你會看到氫氣的利潤率改善並且將繼續改善，這不是我們要走的路。

Understood. And maybe if you could just elaborate on what global markets you do see the most attractive unit economics for for electrolyzers and maybe some of your fuel cell technologies. 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, get canceled or, or, or pushed to the right a little bit. So I'm just kind of curious, you know where that, that bullish commentary or, or thought comes from what global markets are. Are you seeing that? Right?

明白了。也許您可以詳細說明一下您認為電解槽和某些燃料電池技術最具吸引力的單位經濟效益的全球市場。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，或者，或者，或者稍微向右推了一點。所以我只是有點好奇，你知道看漲的評論或想法來自全球市場。你看到了嗎？正確的？

So say you want to take it? I think the eight gigawatts of P DB EDP is one example. So Andrew again.

那麼說你想拿走它嗎？我認為 8 吉瓦的 P DB EDP 就是一個例子。所以安德魯又來了。

I think if you just start to even think about our funnel, right? That number will be much larger than that eight gig, a lot of basic engineering design packets. 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, but the way we're looking at it is who are the customer, have they secured offtake? Are they going to be able to get financial close? Are they going to get to F ID? Right. And that's the approach we've taken. So when you really look at our pipeline on the electrolyzer side, right, that eight gigawatt probably continues to grow, some probably will fall off. But we feel pretty good about it, as I just briefly mentioned earlier, right? 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.

我想如果你開始考慮我們的漏斗，對吧？這個數字將比那八個大得多，這是許多基本的工程設計包。因此，有些項目可能會被取消，有些項目會被轉移到右邊。坦白說，鑑於這個行業的現狀，這並不奇怪，但我們看待這個問題的方式是誰是客戶，他們是否獲得了承購權？他們能夠完成財務結算嗎？他們會去F ID嗎？正確的。這就是我們所採取的方法。因此，當你真正觀察我們電解槽一側的管道時，對吧，八吉瓦可能會繼續增長，其中一些可能會下降。但正如我之前簡單提到的，我們對此感覺很好，對吧？就像 2025 年一樣，我們當然預計電解槽業務將有相當大的預訂，而歐洲和更有可能是澳大利亞，這就是目前的情況。

I know one customer told us yesterday, Sanjay that we're, we've been under selling our cap our capabilities when it comes to electrolyzers and hydrogen plants. I mean, it was a large global player. I have another large global player that's in our Rochester facility today. So if anything, we probably, we probably, I think when folks see Georgia see, see Rochester, see our integrators in Vietnam and Dubai in Europe.

我知道昨天一位客戶告訴我們，Sanjay，我們在電解槽和氫氣製造廠方面一直在低估我們的能力。我的意思是，它是一個大型的全球參與者。今天，我的羅徹斯特工廠裡還有另一位大型全球參與者。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. I'll take the rest of the time. Thank you guys.

明白了。剩下的時間我來承擔。謝謝你們。

Next question is coming from Kashy Harrison from Piper Sandler. Your line is now live.

下一個問題來自 Piper Sandler 的 Kashy Harrison。您的線路現已上線。

Good morning.

早安.

Hey, good morning, all. And thank you for taking my question. II I just have one. I want to be mindful of the time here. You know, I, I had a question about the fuel cell ITC. You know, it expires at the end of this year. And I was wondering if you expect your fuel cell products to qualify for the, you know, the, the tech neutral IC C or PTC. And, and if not just how are you approaching the expiration of ITC in your, in your, you know, your pricing discussions with customers for 2025? Thank you.

嘿，大家早安。感謝您提出我的問題。二、我只有一個。我想留心在這裡的時間。你知道，我有一個關於燃料電池 ITC 的問題。你知道，它將於今年年底到期。我想知道您是否希望您的燃料電池產品符合技術中立 IC C 或 PTC 的資格。而且，如果不只是在您與客戶的 2025 年定價討論中，您如何處理 ITC 到期的問題？謝謝。

Yeah, good question. And we're probably the only fuel cell company that can really leverage tech neutral. So it's challenging because the regulations are mishmash at the moment. But because we have our green hydrogen platform, it puts us in a much better position than any other fuel cell company. So it's almost like going back to the last question.

是的，好問題。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。所以這很有挑戰性，因為目前的法規很混亂。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。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 that being said we are working and have been working 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. So, important.

是的，我們的氫工廠和綠色氫工廠非常重要，據說我們正在工作並且現在一直在工作。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，其中許多人都坐在家裡，並像他們一樣延長了 ITC 的期限2018年川普總統執政之前。所以，很重要。

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 work around.

是的，但我們可能是燃料電池行業中唯一一家透過對工廠所做的工作而解決問題的公司。

Thank you.

謝謝。

Thank you. Next question is coming from Ameet Thakkar from BMO Capital markets. Your line is now live.

謝謝。下一個問題來自 BMO 資本市場的 Ameet Thakkar。您的線路現已上線。

And meet last but not last but not least. So what do you got?

最後但並非最後但並非最不重要的見面。那你有什麼？

I don't know about the lease part but a quick -- two quick ones just wanted to follow up on the, on the convert real quick. So the buyer of the convert, they do have the ability to convert into common shares. I guess monthly is, is that correct? And, and what are the the conditions that they have to have to kind of convert on a monthly basis?

我不知道租賃部分，但快速 - 兩個快速只是想跟進，快速轉換。因此，轉換的買方確實有能力轉換為普通股。我猜是每月一次，對嗎？並且，他們必須滿足每月轉換的條件是什麼？

Go ahead Paul. Yeah.

繼續吧，保羅。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 win if they do elect that option. We have the option to pay them back in cash. If, if we choose to, we can, we can provide shares, it's not automatic that they get shares. So, you know, they, they have a long view of, of plug and where the stock will go and then they're, you know, they're, they're certainly with the no short position, you know, a clause that, but, you know, that, that reasserts that, we, we think, you know, this, this will continue to show progress with the, with the gross margin and the growth of the company. And but they, they, they would like that, you know, amortization capability as we, you know, to the duration alone. So it's not a foregone conclusion. They will ask for that, but they have that optionality.

因此，如果他們願意在期限內攤銷一部分，他們可以選擇，如果他們確實選擇了該選項，那麼如果他們獲勝，每月的金額是有限的。我們可以選擇以現金償還。如果，如果我們選擇，我們可以，我們可以提供股票，他們不會自動獲得股票。所以，你知道，他們對插頭和股票的走向有長遠的看法，然後他們，你知道，他們，他們肯定有無空頭頭寸，你知道，一個條款那，但是，你知道，那，那重申，我們，我們認為，你知道，這，這將繼續隨著毛利率和公司的成長而取得進展。但是他們，他們，他們希望有像我們一樣的攤銷能力，你知道，僅在期限內。所以這還不是定局。他們會要求這樣做，但他們有選擇權。

Thank you. We reach end of our question and answer session. I'd like to turn the floor back over for any further or closing comments.

謝謝。我們的問答環節即將結束。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. So thank you everyone. Bye now.

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。所以謝謝大家。再見了。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路並度過美好的一天。我們感謝您今天的參與。