FuelCell Energy Inc (FCEL)

[AgeOfReason]

I'm looking at the FCEL Update from March 2020 (located at http://d18rn0p25nwr6d.cloudfront.net/CIK-0000886128/d5058795-cae1-45c0-bb29-9be94b444e69.pdf ) again, due to your message for me think about it again, and slide/page 18 especially catches my attention. There it says regarding the new 7-year life stacks: "40% increase in KWh output expected from each stack before module refurbishment" but I don't think that means in any give year it puts out 40% more power than what the 5-year life stack did in any given year. Instead the new model lasts 40% more years longer (7 years is exactly 40% more years than 5 years) before needing to be replaced/refurbished. Thus it seems to me that the extra cost savings don't kick in until the last two years of the new stacks. If am missing something regarding the stacks please let me know. Thanks.