Regarding the CC which just ended:
A few significant points to mention:
1/ Chip non-specific on what percentage of inventory sent to South Korea for the 4th qtr numbers
2/ There are investors reaching out to FCEL to provide financing for LIPA in both construction and long term financing and debt equity
3/ FCEL has the LIPA capital necessary for 2018 as mostly engineering and meetings on interconnections/regulators...construction in 2019/2020. At this time they want to keep the projects rather than sell, probably because investor financing appears to be readily available)
4/ Toyota is leader in fuel cell automobiles and now trucks and is looking at global infrastructure models and FCEL is right in the middle of it all
5/ FCEL is capable of long term and short term storage applications for utility companies with SOFC's but presently cannot be financed so better to convert to hydrogen and sell it for vehicles (with Tri-generation I guess)
So my takeaway is FCEL will not give forward guidance...too many things out of their control, will not give specific details to questions on earnings (my guess they want to have a decent next quarter report as FCEL gets deeper into 2018 and more things becomes clear...South Korea, CT DEEP RFP...which was not mentioned), will not give specific answers on if Alabama pilot needs completion before new contracts for carbon capture...but Exxon is excited and the future is 100-300MW projects and probably most importantly I didn't hear anything to suggest they would need to do a share offering in 2018. They will strategically rely on module and equipment sales to South Korea and service contract income as they expand, they have NRG financing immediately available, and while the picture is rosy, they were very non-committal on many fronts which was surprising to me as they were more forthcoming last quarter conference call.
