Unidentified Analyst: Awesome, thank you. I’ll turn it over.
Operator: Our next question comes from Ryan Pfingst from B Riley. Your line is now open.
Ryan Pfingst: Hey guys, thanks for taking my questions. With the Trigen site now available for potential customer visits, can you talk about the interest you’ve seen from others in recent months and your confidence in attracting another customer.
Jason Few: All right, good morning and thank you for the question. We — one of the things that’s really exciting about the Toyota project is that unlike even some of the other projects that have been talked about, this is a real commercial implementation of the solution for a customer that has a real need to leverage the power, the hydrogen, and the water from the platform. Between the platform and its capabilities and the way in which Toyota, as the customer is leveraging the platform, that has served as a catalyst to generate a lot of interest in the product itself. We continue to do a number of tours. We have a number of opportunities that we’re pursuing around Trigen as a solution. In addition, like I just mentioned, we think that there is maybe some applicability for Trigen even in some of the hydrogen hub opportunities.
Ryan Pfingst: That’s helpful. And nice to see the nuclear related announcements the last couple months in the UK and Canada. How big of an opportunity do you see with nuclear, and what does that look like here in the US?
Jason Few: A great question, and maybe I’ll ask Tony to chime in here a little bit about why we are excited about the nuclear opportunity given our solid oxide electrolysis platform and why it’s such a good pairing with nuclear and the renewed interest that we’re seeing around nuclear not only here in the US but around the world.
Tony Leo: Yeah, happy to do that. The key advantage of marrying nuclear power to solid oxide electrolysis is that it’s zero carbon power and it’s available 24/7. So if you think of the other zero carbon solutions that can produce zero carbon hydrogen through electrolysis, they tend to be intermittent renewables. So nuclear, A, has that very high capacity factor, and B, it also provides waste heat which we can use to increase our electrical efficiency. It starts out high at about 90% but we can literally get it to 100% if we have an external source of waste heat which we can get from nuclear power. So it’s a really good fit for our solid oxide electrolysis.
Ryan Pfingst: Got it. Yeah, it’s an application that seems to make a lot of sense. Happy holidays guys. I’ll turn it back.
Jason Few: Happy holidays to you, too. Thank you.
Operator: Our last question comes from Noel Parks from Touhy Brothers. Your line is now open.
Noel Parks: Hi, good morning.
Jason Few: Good morning.
Noel Parks: I just want to talk on sort of a general topic on the product development side. I wonder if you could talk a bit about some of the work you’ve been doing as far as reducing the footprint of the fuel cells, any particular progress you expect to see in the coming fiscal year and how that might manifest itself?
Jason Few: Good morning and thank you for the question. I think if you look at our two platforms, our carbonate platform and our solid oxide platform, if you look at solid oxide, it’s effectively the size of a container, the module size. And it, too, just like our carbon platform, is very modularized. And we think that creates an advantage for us in terms of space and how we utilize space. If you take the Trigen platform just as an example, that’s a platform providing 2.3 megawatts of power. It’s providing hydrogen. It’s providing water. And it’s on the equivalent of roughly three basketball courts. So not a lot of footprint needed for our platforms. And as you think about the ability around solid oxide and rack mounting and doing other things like that with a platform that’s more containerized, you can be very efficient in space utilization while delivering a lot of power or other benefits, like hydrogen and/or carbon capture.
Noel Parks: Okay, great. And I apologize if you touched on this earlier, but when it comes to the recent announcement of the Exxon deal, I was wondering if you could talk a little bit about maybe the last stages of getting to the agreement? I feel like earlier in the year, maybe in your comments about the JDA, you mentioned a good deal about the joint marketing aspects of it. To a degree, that may be — think maybe the first announcement would actually be something other than Rotterdam, but then of course I’m probably surprised to hear that that was the project. So anything you could talk about sort of the background of kind of what’s been happening in the last couple of quarters?
Jason Few: Yeah, no, as we’ve talked about, one of the things that both Exxon and FuelCell were very focused on in the joint development was really around optimizing the platform. And optimization of the platform really centered around how effective were we in capturing and transferring carbon. How good was the platform in terms of maintaining power density, right? Because we think that’s a significant advantage to our platform versus any other technology out there to capture carbon. So we spent a lot of time on those two things. And then thirdly, one of the other elements was just around life and how long in a carbon capture mold would our cell stack life last. And life testing takes time. And so those things were all things that we really focused on through this development effort.
