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Replies to post #37432 on FuelCell Energy Inc (FCEL)
The CC sounded like an apology for the terrible results which they cannot hide.
Now turning to slide four. As a company, we are committed to our purpose of an enabling the world to live a life in power by clean energy. The world will always need reliable, always on power, that is created in an environmentally responsible manner, as we are periodically reminded by extreme weather and other events, grid reliability remains a critical issue. FuelCell Energy is uniquely positioned to assist customers on their decarbonization journey and meet the grid reliability challenge with our broad product portfolio.
It is important to highlight that we do not subscribe to the philosophy that the goal of decarbonization requires deindustrialization or that developing countries around the world cannot participate in industrial -- in industrialized societies through their own economic development. Instead, we look to deploy our unique and differentiated energy solutions to deliver decarbonized based on power as a necessary compliment to intermittent renewables in a manner which sustained high standards of living and economic growth, while protecting the environment and adapting to new resource challenges. This purpose drives our strategic focus and the work we do.
Next, I would like to turn your attention to some key messages for the quarter shown on slide five. The first is that we continue to make steady progress against our $1.3 billion of backlog as we execute our powerhouse business strategy. In terms of rated capacity completion of these projects will add 43.5 megawatts more than doubling our current generation portfolio of 32.6 megawatts. 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. With two parties prepared to execute the current form of interconnect agreement, One of which is FuelCell Energy.
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.
Related to project opportunities in the State of Connecticut, the Connecticut House of representatives approved the passage of House Bill 6524 by 143 to one margin on May 24th, 2021. Just last evening, the Connecticut Senate approved the passage of House Bill 6524 by a 26 to 10 margin. This bill includes several key provisions and amendments important to the State of Connecticut maintaining its fuel cell manufacturing leadership position. The energy transition and the forecasted importance of distributed hydrogen positions Connecticut as a global leader in clean technology essential and achieving global sustainability objectives.
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.
Importantly, House Bill 6524 provides preferences for projects that are cited on brownfields as Connecticut demonstrates its commitment to energy equity and for fuel cells that are manufactured in Connecticut. The bill now goes to the Governor Ned Lamont desk for signing into law. 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, and once we achieve COD FuelCell Energy will help yet another wastewater treatment plant turnoff its flare, another example of FuelCell Energy helping a customer to move its decarbonisation goals forward and eliminate methane flaring.
Equipment manufacturing, fabrication, and early stage construction is underway on the 2.3 megawatt TriGen hydrogen platform at the port of Long Beach that will deliver carbon neutral electricity, green hydrogen, and produce water, helping Toyota avoid consuming water as a natural resource at the port.
The picture on the right side of the slide is a rendering of the first of its kind project. I want to unpack the value of generated water our TriGen hydrogen platform will provide Toyota. Based on the national drought mitigation center at the University of Nebraska-Lincoln, today 100% of the State of California is in at least moderate drought conditions and the area surrounding Long Beach California are classified in between severe and extreme, making the TriGen water production even more valuable to Toyota's water use at the port.
This project is expected to further demonstrate the ability of FuelCell Energy's platforms to assist our customers in achieving a broad range of sustainable goals. 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.
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.
Operational excellence has always been extremely important to FuelCell Energy and validation of our efforts. 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.
My second key message is to highlight our investment in research and development toward the commercialization of our solid oxide power generation storage and hydrogen electrolysis platform, as well as growing our commercial capabilities. 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.
And the third key message today is our focus on strengthening our leadership and sustainability. 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.
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