The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Dushyant Ailani - Jefferies LLC - Analyst
: We would love to learn more about the Diversified Energy deal. Maybe specifically if you could talk a little bit about if the data centers at Greenfield,
Brownfield, how will the financing arrangement work, and in terms of permitting, if there's any permitting required for the infrastructure pipeline
built out of that's already laid out? We'd love to just learn more about that.
Question: Dushyant Ailani - Jefferies LLC - Analyst
: Awesome. And then just one final one for me. If you could kind of talk about how, when the initial kind of talk started, how long it took to kind of
ink the deal, and then how do we think about just going forward similar deals for FuelCell?
Question: George Gianarikas - Canaccord Genuity LLC - Analyst
: I'd like to focus a little bit on the Tri-gen project and ask about any updates there and also whether you're seeing interest from other customers in
a similar project.
Question: George Gianarikas - Canaccord Genuity LLC - Analyst
: And maybe just understand a little bit about the revenue this year and beyond and some of the cost reductions you've put in place. Can you help
us just sort of compartmentalize a run rate base of revenue that will take you to EBITDA positive for our models?
Question: Ryan Pfingst - B. Riley Securities, Inc. - Analyst
: Can you talk about the timeline for the recently announced Hartford project and maybe any other details related to PPA terms that you're able to
share?
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MARCH 11, 2025 / 2:00PM, FCEL.OQ - Q1 2025 Fuelcell Energy Inc Earnings Call
Question: Ryan Pfingst - B. Riley Securities, Inc. - Analyst
: Appreciate that detail. Can you comment on the impact you've seen on the market broadly under the new US administration and if there's been
any hesitancy to project development with some uncertainty around tax credits or other incentives?
Question: Jeffrey Campbell - Seaport Global Securities LLC - Analyst
: Congratulations on the cost reduction efforts starting to show some teeth. That's good. I'll ask my two questions. I'll go back to the JDA again. At
first, I was wondering, how's FuelCell going to be compensated for its participation in the projects, meaning will this mainly be for unit sales or will
you have some sort of an enduring cash flow stream from a given project?
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MARCH 11, 2025 / 2:00PM, FCEL.OQ - Q1 2025 Fuelcell Energy Inc Earnings Call
Question: Jeffrey Campbell - Seaport Global Securities LLC - Analyst
: Okay, great. Thank you. The press, this one's kind of a multi-parter, but hopefully not too confusing. The JDA press release yesterday mentioned
net zero power, and it also noted emissions capture-ready technology to reduce a customer's carbon footprint, setting a new industry standard. I
was wondering, first, can you add some color on what this technology refers to and if it would be supplied by FuelCell? And second, is this technology
interval to the net zero status for a JDA project?
Question: Jeffrey Campbell - Seaport Global Securities LLC - Analyst
: But to be clear, the idea is, let's get the project up first, and then these ancillary opportunities will be taken on as they present themselves.
Question: Noel Parks - Tuohy Brothers Investment Research, Inc. - Analyst
: Just had a couple. I was thinking that when it comes to FuelCell's experience in particular with multiple input sources, particularly, I think, with
more experience using biogas as a source than competing fuel cell companies. As you're talking about potential data center locations with potential
customers, is sort of your lead in biofuels a topic that comes up a lot?
Question: Noel Parks - Tuohy Brothers Investment Research, Inc. - Analyst
: Sure. And given your experience with that in particular.
Question: Noel Parks - Tuohy Brothers Investment Research, Inc. - Analyst
: Right, right. It was a differentiating advantage. And I just wonder, on the hydrogen front, I'm wondering, are you seeing much discussion or interest
in sort of clean hydrogen in particular from the energy storage standpoint? I just wondered if that's something that's been on the radar screen
maybe a little more persistently.
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