Thank you Xena. The following is a summary of key highlights from Jason Few presentation:
- As previously announced, our backlog now includes a power purchase agreement for a newly awarded 2.8 megawatt share clean energy facility project in Derby, Connecticut.
- I am pleased to announce that we are close to resolution of the interconnection issues on a 7.4 megawatt project at the U.S. Naval Submarine Base in Groton, Connecticut. ... The project is entering the final stages of construction and nearing completion. With commercial operations currently expected in late summer assuming final signature of the interconnection agreement is achieved.
- At our 1.4 megawatt biogas project at the San Bernardino California wastewater treatment facility, construction is completed. We have received the necessary authorizations from the local utility on the interconnection process for this platform, and we have entered the commissioning stage of this project. We expect COD in our fiscal third quarter
- Equipment manufacturing, fabrication, and early stage construction is underway on the 2.3 megawatt TriGen hydrogen platform at the port of Long Beach
- In addition, we are advancing work on our utility scale deployments in Yaphank, Long Island, New York, in Derby, Connecticut. Together, these three projects total 24.5 megawatts.
- I am proud that we recently added ISO 45001 2018 to our list for certifications. This recognition represents the world's international standard for occupational health and safety, and is important to our company as it formally incorporate safety into our everyday practices.
- Just last evening, the Connecticut Senate approved the passage of House Bill 6524 by a 26 to 10 margin. ... The bill requires the Connecticut utilities to solicit proposals to acquire new fuel cell electricity generation projects that begin on or after July 1st, 2021. Projects submitted under this mandate will be approved by January 1, 2022.
- After resuming production last year at our Torrington Connecticut manufacturing facility with necessary COVID-related safety enhancements, we have increased our annualized production rate from 17 megawatts at the end of fiscal 2020 to more than 30 megawatts as of April 30th, with the objective of reaching an annualized production rate of 45 megawatts by the end of this fiscal year. This increased production rate has been facilitated in part by our efforts in increasing hiring, reducing production, pack time and continued implementation of lean manufacturing principles.
- Our DOE supportive programs continue to advance the design of our solid oxide stacks, stack modules, and balance the plant systems. The prototype electrolysis system that we are currently operating is exhibiting our target electrical efficiencies of about 90% with the capability to increase electrical efficiency to 100%, with an external source of waste. We are also executing them programs to develop reversible solid oxide systems for energy storage and very high efficiency solid oxide power generation systems.
- The transition to clean energy continues to gain momentum as society looks for decarbonization solutions to address climate challenges while grid reliability deteriorates admits challenges posed by climate change under investment in infrastructure and cyber attacks. To meet this growing need, FuelCell Energy remains focused on developing and deploying our distributed decarbonized product portfolio solutions for some of the largest global energy opportunities.
- Hydrogen and long duration energy storage using our solid oxide technology is an advanced development and our unique carbon capture technology is currently being developed under a joint development agreement with ExxonMobil Research and Engineering Company. We continue to advance our carbonate fuel cell platform's efficiency, capturing carbon from an external source while also producing power. As with our distributed hydrogen platform, we believe our carbonate fuel cell platform is the only system in the world that can capture carbon from an external source and produce more power at the same time. We can also directly capture our own carbon emissions from our platform for carbon utilization and/or sequestrations.
- FuelCell Energy has the potential to deliver hydrogen using three of our platforms, depending on our customer application. Carbonate TriGen delivers power, water and hydrogen. And depending upon the configuration can deliver gray hydrogen, blue hydrogen, when combined with our proprietary carbon capture technology or green hydrogen when deployed utilizing biogas with or without carbon capture. And as a reminder, FuelCell Energy has spent two decades developing and refining in real commercial applications, the technology to clean the impurities from our onsite biogas, so that we can generate renewable energy and green hydrogen directly at the biogas source without expensive purifications pipeline quality. The platform we are currently building for Toyota at the port of Long Beach is an example of TriGen delivering green hydrogen.
- Carbonate REP, which stands for reformer-electrolyzer-purification, can be utilized when coproduction of power is not required and it can deliver green hydrogen, blue or gray. In essence, this is running our carbonate fuel cell and electrolysis our reverse mode to singularly produce hydrogen. ... we are advancing our solid oxide technology, which produces hydrogen through highly efficient high temperature electrolysis. It can also operate in reverse mode, using stored hydrogen to produce zero carbon power. A prototype unit is currently running in our Danbury, Connecticut headquarters for testing the various platform design elements. It will be modified to run in reversible mode, alternating between hydrogen generation and power production, demonstrating our hydrogen-based energy storage platform.
- As previously announced, we have been selected for cooperative agreement from the U.S. Department of Energy to fund the design, manufacturer and testing of a large system at FuelCell Energy's Danbury, Connecticut facility to be delivered to Idaho National Laboratories. There, it will undergo rigorous testing to confirm the electrical efficiency, as well as the ability to utilize nuclear power plant waste heat to obtain even higher efficiencies of up to 100%. This project represents a key step in FuelCell Energy's path to commercialize our high temperature, high efficiency solid oxide electrolysis technology. The multi-stack module that forms the core of the system is a modular building block, easily scalable for larger systems up to gigawatt scale.
- To conclude my remarks:
We have executed several strategic actions to strengthen our balance sheet by repaying debt, enhancing liquidity and reducing our cost of borrowing. We believe these steps have positioned the company to execute on our three-year growth strategy. We have an exceptional leadership team and continue to add talent across the company.
We are focused on taking care of our customers, hitting our financial milestones and continually building upon our operational excellence, while adhering to our core purpose.
Our portfolio of innovative technologies has a potential key role to play in the global goals of decarbonizing the grid, developing the hydrogen economy and supporting existing energy and industrial infrastructure investments with differentiated carbon capture solutions.
We are working to implement our powerhouse strategy to strengthen our business, maximize operational efficiencies and position us for long-term growth.
Finally, we intend to be a leader in sustainability and environmental stewardship by delivering on sustainability through our technology and the full circular life of our platforms.
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