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Ok,sometimes I thought you had a point. The $87m deal was a cash out refinance of their existing projects. No new debt there. They have $450m cash on hand .
What other debts do they have? $220m is half of what they have and apparently aren't doing much with. They've also got 75m shares still left in the ATM.
Hey, they should do a GEVo, repurchase 100 m shares then resell when they got a deal. $220m now, but if they get something big, then getting $4 or even $5 a share won't be out of the question
This is big. Page 5, third whereas clause.
https://www.ctgreenbank.com/wp-content/uploads/2023/03/Board-of-Directors-of-the-Connecticut-Green-Bank_031723.pdf
From most recent quarterly 10k:
We also provide electrolyzers that allow customers — such as refineries, producers of chemicals, steel, fertilizer and commercial refueling stations — to generate hydrogen on-site. Additionally, we intend for our electrolyzers to be used to generate green hydrogen within Plug’s own plants that will then be sold to customers.
The net cash used in operating activities for the nine months ended September 30, 2022 and 2021 was $522.0 million and $348.5 million, respectively. The Company’s working capital was $3.1 billion at September 30, 2022, which included unrestricted cash and cash equivalents of $1.7 billion. The Company plans to invest a portion of its available cash to expand its current production and manufacturing capacity, construction of hydrogen plants and to fund strategic acquisitions and partnerships and capital projects. Future use of the Company’s funds is discretionary and the Company believes that its working capital and cash position will be sufficient to fund its operations for at least one year after the date the financial statements are issued.
Most excellent connection!
But yet we are all immigrants. Why bring that up?
And your thought on the Trump tax cuts? Or raising taxes on the wealthy to what they were when we had a 4 percent growth rate?
Not being political but your dog whistles are pretty f'ing obvious.
https://www.linkedin.com/posts/chuck-strand-74300119_navajonation-hydrogen-hydrogeneconomy-activity-6965035524629688320-JaTH?utm_source=linkedin_share
This is big. Using flare gas to make hydrogen for a microgrid...
Do you think we.will ever manage to develop the technology to separate gases? ie, aren't people doing that with biogas (separating out natural gas from other "contaminates") quite easily?
Well, blending would probably make sense given that hydrogen pipes require different linings that natural gas.
My understanding is that hydrogen makes the metal brittle and more research is needed on this.
It is probably not impossible and may be easier and cheaper to separate a stream and then reinject the gas back in.
Think of the natural gas like pipeline protection , maybe.
This is incorrect. They sold shares at a price around $6 and have only a couple of million left of their ATM. Read the 10k. They have $450m+ cash on hand.
Oops, only 1 mw awarded but 2.8 mw was the submission.
New FCEL 2.8 mw project in Bridgeport according to the CT PURA docket for the year 3 REC program - 21-08-04 docket number. Published 5-18-22.
If you like speculation, here is a rabbit hole I went down that suggests one possible place FCEL could see action:
http://stocktwits.com/DisgruntledDavid/message/435014163
it's gotten worse, I'm afraid. Only 284 positions open. Jack, as your pointed out, hiring must be slowing.
Damn, they're only advertising for 285 positions. Seems like a record low to me.
What ever happened to Plug's DOE loan?
I am just going to say that this will probably go back up to the mid teens if the earnings tomorrow are good. Grid is infrastructure and there are a lot of potential builds out there.
Posco arbitration might be moving forward - it usually takes about a year to 18 months I've been told.
But their hiring of a new director seems quite significant because Posco did not want them selling in the Asian market...
For what it's worth, FCEL just hired a new business development director in Korea...
I would guess people pay attention closer to 9:30?
This is an interesting observation, thank you.
We will have a weird earnings statement this Q with some x million of the ATM + the small >$1m sale to the UK (might be recognized later). The leaseback and tax equity sale for Groton might still be on but is probably for this Q. The settlement from CMEEC might be a bit but probably not earth shattering (or they would have had to report it?). Also unclear if they got their court costs paid from Postco (but it's a small one).
They could announce a tax equity sale leaseback with Crestmark for San Bernadino (last one took a few months after completion) - probably for this q but if they announced it tomorrow and it closed on Friday , then that's a couple more million on the q that just ended.
I think the new position is confusing people. It's like a repair shop buying a really expensive espresso machine. We're acting like a tech company or a startup. That implies some confidence or a gamble from some management consultant "bobs".
I first called attention to this a long while ago on another board. I lost track of it.
I am assuming that it's a COVID-related delay.
It might also have originally been.part of an EU project too and they needed to find money from somewhere else.
Btw, there was a separate EU-funded 1.4mw Kings Cross project that I assume died.
I imagine the PR will explain it.
HAHAHAHAHA. sorry. like so many things, we'll probably find out in the 8k.
Thanks brother- yes, please post away, I think people should know...
This is probably their first commercial sale of an MCFC CCUS system.
https://bidstats.uk/tenders/2021/W29/755171335
So, they did have a small European sale posted today - a bit more than a million dollars. Need a lot more of those but it's a start.
Some near term catalysts:
On or about July 31, CT notifies winners of the REC year 2 awards. FCEL can expect between 7 and 12 mw of new projects given the changes in the law (new CT FC preference law that became law on June 25) and regulations (that benefitted CT Fc manufacturers on brown sites).
The new CT law may bring into play another 5 to 15 mw of additional projects.
Derby (the big one - 14.8 mw - not the more recent 2.8) has been under construction for at least six months. The same for the 7.4 mw Brookhaven (they recently advertised for a tech to manage this)
Hartford (7.4 mw) in the pipeline, will probably start soon.
Unusually, FCE has appointed a Canadian as a new board member. The companyshe is from, among other connections, works in oil fields too...
Sorry I was wrong REC winners will be notified at the end of July.
And phase 2 of the REC includes preferences for brown sites and CT manufacturers. We should hear about another 8 -20 MW by the end of June, I think. They will likely win back the 8 they lost plus some additional ones...
interesting.
I know what you mean.
FCEL says they are working on designing a large scale carbon capture system in Rotterdam with Exxon.
Exxon announces they are part of a group that received a large subsidy for carbon capture in Rotterdam. Exxon has said FCEL tech is vital for CCUS and they are moving from lab to reality.
You are right, dont see any connections at all.
.??
Well, we could hope for surprise announcements of Derby and Hartford which would add 21 mw to their production capacity. They also have a smaller Derby project underway. That will significantly increase their quarterly revenue and make their stock more like a utility company.
What do the options say?
And we are 18 months into a 24 month contract, I believe.
I am not sure but if they feel threatened, they would probably announce and extension- this would help both Exxon's green wash and FCE's stock price.
hmmm.
Changes to production rate take time to implement. The annualized production rate as of October 31, 2020 was 17 MW, which was impacted by the manufacturing facility shutdown from March 18, 2020 to June 22, 2020 that was implemented in response to the COVID-19 pandemic. During fiscal year 2020, we made a number of improvements in our manufacturing processes and capabilities, focusing on increasing throughput and simplifying and streamlining production steps, while implementing applicable social distancing protocols. As a result of these improvements, the Company now has the capability to increase our annualized production rate up to 45 MW on a single production shift. For fiscal year 2021, the Company is currently increasing its production rate and expects to achieve an annualized production rate of 45 MW per year.
CMEEC Special BOD Minutes_03-03-2021
read this too. CMEEC invited the Norwich Ct rep to speak because of related experience. Norwich has a microgrid run by CMEEC. CMEEC thought they were running Subase but then the Navy awarded another company the microgrid. CMEEC is not happy. my theory.
Throwing this out there... a new theory, CMEEC is engaged in a lawsuit with Subase over whether they need to buy electricity from CMEEC. same issue a.while back when Groton city objected to Pfizer signing a PPA with FCEl and not purchasing its energy from CMEEC: https://portal.ct.gov/CSC/3_Petitions/Petition-Nos-0001-1219/Petition-No-1214--Groton-Fuel-Cell