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Sorry I had forgotten about this one from May: so I understand the 8th project now.
https://www.marketwatch.com/press-release/united-states-fuelcell-energy-announces-new-14-megawatt-project-with-the-city-of-san-bernardino-municipal-water-department-2019-05-02
Has anyone read the exhibits for the 8k?10.7 It refers to a CCSU project at New Britain. TRS Triangle is on the excluded list of assets until 10 days later when it seems to become collateral. Strange.
Also what is the new "eighth" project referred to in the PR?
https://www.ct.gov/csc/cwp/view.asp?a=2397&q=570126
At long last, this particular zombie has been put to rest. I am a little sad to see it go but always blamed it for the last descent into trouble for FCE. We all believed it was inevitable but then .... now feels different and maybe Few killed it so they could focus on real wins.
I asked but I think all I will hear is the brief answer I recieved: "Submissions are under review"
$FCEL More obscure digging. Put this in the "very remote chance/ out of the blue" category.
I noticed that the UConn system had a bid out for some fuel cell systems with a due date of June 16, 2019:
LM090916- Request For Proposal Supplemental On-Site Cogeneration and Fuel Cell Distributed Generation Providers The University of Connecticut (“UConn”) is soliciting proposals from the pre-qualified onsite cogeneration and/or fuel cell distributed generation providers for the provision of on-site cogeneration and/or fuel-cell generated electricity and possibly heat for potential sites on the University of Connecticut’s campuses.
FCE is on the list of pre-qualified bidders for that. In an email today to me, UConn said it has not yet been awarded.
I also know that was an especially challenging time for FCE.
But here is something that *could* be a possibility.
Not to be difficult but I'm going to go with a small product sale in Europe (two or more 400 mws) or the sale of the tax equity in one of their plants.
Also the POSCO thing needs to get resolved soon, I hope.
I'm a bit concerned about LIPA part 2 - it was living ahead in November/December but I haven't seen any thing in the Brookhaven city or other local sites. The Clare Rose is particularly frustrating- they've done some solar but they haven't mentioned it yet outside if the NYISO queue.
Yes I think $49 a ton is competitive!
Probably a bit too academic but at least our science is good....
Preliminary Performance and Cost Evaluation of Four Alternative Technologies for Post-Combustion CO2 Capture in Natural Gas-Fired Power Plants
The objective of this study is to assess the technical and economic potential of four alternative processes suitable for post-combustion CO2 capture from natural gas-fired power plants. These include: CO2 permeable membranes; molten carbonate fuel cells (MCFCs); pressurized CO2 absorption integrated with a multi-shaft gas turbine and heat recovery steam cycle; and supersonic flow-driven CO2 anti-sublimation and inertial separation. A common technical and economic framework is defined, and the performance and costs of the systems are evaluated based on process simulations and preliminary sizing. A state-of-the-art natural gas combined cycle (NGCC) without CO2 capture is taken as the reference case, whereas the same NGCC designed with CO2 capture (using chemical absorption with aqueous monoethanolamine solvent) is used as a base case. In an additional benchmarking case, the same NGCC is equipped with aqueous piperazine (PZ) CO2 absorption, to assess the techno-economic perspective of an advanced amine solvent. The comparison highlights that a combined cycle integrated with MCFCs looks the most attractive technology, both in terms of energy penalty and economics, i.e., CO2 avoided cost of 49 $/tCO2 avoided, and the specific primary energy consumption per unit of CO2 avoided (SPECCA) equal to 0.31 MJLHV/kgCO2 avoided. The second-best capture technology is PZ scrubbing (SPECCA = 2.73 MJLHV/kgCO2 avoided and cost of CO2 avoided = 68 $/tCO2 avoided), followed by the monoethanolamine (MEA) base case (SPECCA = 3.34 MJLHV/kgCO2 avoided and cost of CO2 avoided = 75 $/tCO2 avoided), and the supersonic flow driven CO2 anti-sublimation and inertial separation system and CO2 permeable membranes. The analysis shows that the integrated MCFC–NGCC systems allow the capture of CO2 with considerable reductions in energy penalty and costs.
I was wrong, the original solicitation had the 24th. correct date is the 28: https://www.pge.com/en_US/for-our-business-partners/energy-supply/electric-rfo/wholesale-electric-power-procurement/system-reliability-rfo.page?WT.mc_id=Vanity_rfo-systemreliabilityrfo
Today is the day PG&E notify the microgrid selection. We have some spare inventory is CA that could be quickly deployed for 1 or 2 (Bolthouse). Can I dream about another halt (I know its unlikely).
yeah a couple of years ago on the twits board I speculated that Bolthouse might go south and even asked IR.
The size and timing of the impairments surprised me. For Bolthouse, it sounds like they proactively took the hit now ("since it is considered probable that the PPA will be terminated" from the 10k) rather than taking the impairment when it actually was terminated.
I guess any future uses would be a surprise to the upside.
Damn, so they took impairment charges of 14.4m for Triangle because they cannot get a PPA and $3.1m for Bolthouse. But they do say Bolthouse "components are expected to be redeployed to other projects" (microgrid?)
so in a month they could announce that Bolthouse is now being used to quickly build a microgrid....
I dont know if we can do this but here is a link. We want to go re read the 8k with the Orion agreement because I think by accepting the while loan, FCE got their IP back....
http://stocktwits.com/david_mikosz/message/183007597
Yes, great find. The Orions are from Oct 31 2019. The POSCO ones are from their 2013 agreement. I guess if/when there is a new Posco agreement we will see this updated, but Orion probably has to agree too... I remember reading something about this. Let me dig a bit.
I wonder if a California RFP on microgrids is due tomorrow?
Just in time for microgrid submissions... 1-15 they are due. Now they can use blended gas instead if having to guarantee it came from one place. Should also help the Coyote Canyon project....
nice find. I was looking yesterday but gave up.
really dude? I rode this from .30 and you are gloating over a small pullback below 2 ? wow. you have no idea of what is coming do you?
I predict the following:
A somewhat light announcement that they are hiring a 2nd shift back
LIPA PPAs part 2 (Check the NYISO Interconnection queue)
a product sale of some kind (either sub-mw Europe or a Posco)
Triangle Street PPA and or sale?
Tax equity sale of one or more plants.
how are you doing, buddy?
Moass?
Possibly. I have been in and commenting on FCEL since around 2012. I took my first big lumps with the Beacon Falls fiasco.
Hey what about me?
There were so many days when it fell so quickly that its nice to see the opposite.
Tulare is in California.
More seriously, yes, but... I would hope they are going to complete and then deliver it into the arms of a new lender (for the tax benefits). Maybe it's part of a package.
I am going to guess Tulare but hope for either LIPA PPAs or POSCO news. A PPA for Triangle street is an outside chance as is a sub-mw sale in Europe.
they might announce a sale of Tulare after its started to show they have some cash on hand?
https://www.washingtonpost.com/business/2019/12/02/navy-pay-billion-nine-nuclear-submarines/
Groton sub base is getting bigger as part of a new procurement... no word or mention of FCE but maybe?
ok, I have been told it's a Doosan.sorry!
Hey Interweb people- any thoughts?
I was looking at the NE ISO site's interconnection queue, as one does. https://irtt.iso-ne.com/reports/external
There is a new application for a Hartford 20mw FC. any theories?
I would say finalization of the last two LIPA PPAs and that they have financing under the $120m remaining part of the agreement. Dream would be a POSCO order for some replacement parts.
I think the next thing is to announce they are hiring again...
David
$FCEL November company update mystery:
One of the checked items on Area of Execution was "Ramp factory activity to meet increased module demand for projects and service". This seems worthy of a new PR - I wonder if we will see something on this shortly....
Another of the checked items was "Sales re-acceleration to capture extensive market opportunities" - does this actually mean new sales that might be finalized soon or do you think this just a general commitment to say you are in business again? I predict an E.on 400kw sale to be announced soon....
ARPA E PROGRAMS
1. FuelCell Energy: Protonic Ceramics for Energy Storage and Electricity Generation with Ammonia
Program: REFUEL
ARPA-E Award: $4,600,000
Project Term: 05/22/2017 to 11/21/2020
ARPA-E | Protonic Ceramics for Ammonia
ARPA-E | Protonic Ceramics for Ammonia
FuelCell Energy will develop an advanced solid oxide fuel cell system capable of generating ammonia from nitrogen and water, and renewable electricity. The unique design will also allow the system to operate in reverse, by converting ammonia and oxygen from air into electricity.
2. ADAPTIVE SOFC FOR ULTRA HIGH EFFICIENCY POWER SYSTEMS
FuelCell Energy
Adaptive SOFC for Ultra High Efficiency Power Systems
Program: INTEGRATE
ARPA-E Award: $3,099,612
Project Term: 08/15/2018 to 08/14/2020
https://arpa-e.energy.gov/?q=slick-sheet-project/adaptive-sofc-ultra-high-efficiency-power-systems
FuelCell Energy will develop an adaptive, pressurized solid oxide fuel cell (SOFC) for use in hybrid power systems.
3. Colorado School of Mines
Low-Cost Intermediate-Temperature Fuel Flexible Protonic Ceramic Fuel Cell Stack
Project Term:
10/01/2014 to 09/21/2020
The Mines team is partnering with FuelCell Energy to further scale up their cell area more than six fold, create a 500 W prototype, and quantify the degradation behavior under different fuel types. Working with FuelCell will allow Mines to prove the commercial viability of their cell and develop a more sophisticated cost model to help the team elaborate on the benefits of their technology.
https://arpa-e.energy.gov/?q=slick-sheet-project/fuel-flexible-protonic-ceramic-fuel-cell-stack
Kudos to you on the DD. The recent moves on the NYISO Interconnection queue seem to suggest a lot of action for the remaining two PPAs.
LIPA PPAs coming in time for November 22nd Orion Part 2 tranche.... tomorrow?
Make the pain stop- this week has been brutal for us longs.
$FCEL LIPA PPA news is possible.
There was a LIPA Board meeting scheduled on Wednesday but the agenda was not specific.
The LIPA PSEG page about FC Feed In Tariffs was last updated on September 30.
We know from the NYISO Interconnection queue that the last two projects are moving ahead (last month they updated the time frame for construction etc).
We know that on or before November 22, FCEL will either sign with Orion for a raft of projects and the two LIPA projects were mentioned.
If not now, then soon. Today would be nice
Why its important:because that may be 300 -400 hundred million of their fabled pipeline, I guesstimate (50m construction and 100-150m service revenue for each?)
Some LIPA PPA or Tulare news would be nice...
From May
Dies anyone know how long it takes to bring a FC online? I mean after its mechanically completed the cell needs a period of time to warm up slowly. I seem to think it is a number of days?
NYISO Interconnection Queue is updated. We moved from category 7 to 9 (FS - pending to FS in Progress) and we have new dates for for proposed in service. I would expect LIPA PPA news soon.
Cash interest of 9.9% per annum will be paid quarterly in cash. In addition to the cash interest, “PIK” interest of 2.05% per annum will accrue which will be added to the outstanding principal balance of the Facility but will be paid quarterly in cash to the extent of available cash after payment of the Company’s operating expenses and the funding of certain reserves
The Credit Agreement permits the Company to dispose of or refinance any projects (a “Permitted Project Disposition/Refinancing”) provided that the proceeds are deposited in a Company account (the “Project Proceeds Account”
if the Company does not have sufficient cash on hand to make any required quarterly amortization payments, such amounts shall be deferred and payable at such time as sufficient cash is available to make such payments subject to all outstanding principal being due and payable on the maturity date, which is the date that is eight years after the closing date or October 31, 2027.