Especially when they are executives from Colleges or institutions and or politicians. As far as that GM in SK, that's big. We have existing power plants to the tune of over 100MW already there, either needing service immediately or in the near future. Some (most I believe) are currently idle. We get instant cash if starting up through replacement modules and basically commissioning or restarting. We also get LTSA worth a very nice chunk to backlog. I've used the analogy previously of getting even 50MW! That would add a minimum of $175M revenue (using $3.5M per MW average with new 7 year modules), likely before end of 2025! 50MW & $3.5M per MW are conservative, hence MINIMUM! Now add the fact that SK loves fuel cells and we have the most diverse and efficient and they know it. KOSPO 20MW plant installation was less than 10 months, went off without hitch and 3 consecutive years of updates reported exceeding expectations. Main reason Doosan and Bloom and Plug were being used was due to litigation with Posco (one of the most powerful companies in SK). They altered the cells and power output and cells were not performing as suggested. Posco blamed FCE for not training properly. That was BS, Posco was committing slander trying to bankrupt FCE, it was nasty. Look at Posco 2.5MW fuel cell. We don't make a 2.5MW!!! We won the litigation and have slowly, methodically worked out way back in to a huge market. We signed a 50MW MOU with KEPCO (Parent of KOSPO) in 2022. KEPCO is number 1, possibly #2 Energy provider in SK. I'm actually not certain what happens 1st, restart of existing plants (should be signed this fiscal year, by 10/31) or signing of a new contract for something else? I have reiterated numerous times as soon as the court settlement was public, this is huge for FCE. I'm guessing 90+% of FCE revenue from 2014-2018 was from SK. Then the Posco attack ensued. Now, go to the opposite end of the spectrum. 100+MW, $350M and LTSA, then at least 20MW more, $100M plus for new plant (based on previous reference from FCE about projects in SK averaging at least 20MW). $450M no later than fiscal 2026! Note Q1 call referencing ability to ramp MCFC production as needed for demand. No need currently without orders, but we can easily deliver 50MW before end of fiscal 25 and have ramped to 100MW within 1 year of identified demand. Why hire A SK native GM?? You with me??
