FuelCell Energy, Inc.

Good morning and welcome to the fuel cell energy All lines have been placed on mute to prevent any background noise. After the speaker's remarks there will be a question and answer session. If you would like to ask a question during this time simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question again press star one. Thank you. Tom Gelston, Senior Vice President, Finance and Investor Relations. You may begin your conference.

Thank you, and good morning, everyone, and thank you for joining us on today's call. As a reminder, this call is being recorded. This morning, Fuel Cell Energy released our financial results for the second quarter of 2023, and our earnings press release and our annual report on Form 10-K are available in the Investor section of our website at www.fuelcellenergy.com. Consistent with our practice, in addition to this call and our earnings press release, we have posted a slide presentation on our website. This webcast is being recorded and will be available for replay on our website approximately two hours after we conclude the call. Before we begin, please note that some of the information that you will hear or be provided with today will consist of forward-looking statements within the meaning of the Securities Exchange Act of 1934. Such statements express our expectations, beliefs, and intentions regarding the future, and include without limitation statements with respect to our anticipated financial results, our plans and expectations regarding the continuing development, commercialization, and financing of our fuel cell technology, and our business plans and strategies. Our actual future results could differ materially from those described in or implied by such forward-looking statements because of a number of risks and uncertainties. More information regarding such risks and uncertainties is available in the Safe Harbor Statement in the slide presentation and in our filings with the Securities and Exchange Commission, particularly with risk factor section of our most recently filed annual report on Form 10-K and any subsequently filed quarterly reports on Form 10-Q. During the course of this call, we will be discussing certain non-GAAP financial measures, and we refer you to our website and to our earnings press release and the appendix of the slide presentation for the reconciliation of those measures to GAAP financial measures. Our earnings press release and a copy of today's webcast presentation are available on our website at www.fuelcellenergy.com under investors. For our call today, I am joined by Jason Few, Fuel Cell Energy's President and Chief Executive Officer, and Mike Bishop, Fuel Cell Energy's Executive Vice President and Chief Financial Officer. Following our prepared remarks, we will be available to take your questions and be joined by other members of the senior leadership team. I will now hand the call over to Jason for opening remarks. Jason?

Thank you, Tom, and good morning, everyone. Thank you for joining us on our call today. Today, we are pleased to announce another quarter of strong revenue growth. We also want to highlight our consistent operational progress on key projects and strategic objectives, including our tri-generation distributed hydrogen platform at the Port of Long Beach, California, which has entered the commissioning phase, continued development of our solid oxide power generation and electrolysis platforms, carbon separation, and carbon capture technologies, and our continued focus on extending advanced applications for our platforms. For anyone who may be new to the fuel cell energy story, we have included a company overview on slide three. Our purpose is to enable a world empowered by clean energy. We are proud to be a global leader in clean energy technology. In simple terms, our proprietary fuel cell technology platforms do two things, decarbonize power and produce hydrogen. We operate in North America, Asia, and Europe, and we are focused on entering additional markets around the world. We have 95 platform installations in commercial operation and have generated more than 13 million megawatt hours to date. The technology behind these high-temperature electrochemical energy platforms underpins both our tri-generation and carbon capture platforms, which we believe enables Fuel Cell Energy to leverage 20 years of operating history and sets the stage for us to meet the evolving needs of our current and future customers. Next, please turn to key messages for this quarter shown on slide four. First, we are very pleased to announce consistent operational progress on key projects. During the quarter, We completed new module exchanges at the plant owned by Korea Southern Power Company in Korea, which achieved commercial operations in fiscal year 2018. The new module exchanges were an important driver of our service agreement's revenue in the quarter. At our Toyota Port of Long Beach, California project, the fuel cell platform has advanced to the commissioning phase of project deployment. We anticipate that the remaining commissioning activity will be completed and commercial operations will be achieved in our third fiscal quarter. Under our hydrogen power purchase agreement with Toyota, this project has a 20-year firm offtake commitment for hydrogen and power. And we have entered into a contract with Energia to supply renewable natural gas. We will continue to leg into gas supply over time The renewable natural gas is produced from local food waste and municipal wastewater, which we expect will allow our tri-generation system to produce three emission-free value streams, hydrogen, electricity, and water for our customer Toyota. In Derby, Connecticut, on-site construction of the 14-megawatt project continues to advance, And four of the 10 modules required for the project have been delivered for installation. On-site civil construction of the 2.8 megawatt project is also advancing. We expect to achieve commercial operation on both of these projects in the fourth quarter of calendar year 2023. Secondly, we are progressing on the development of advanced applications of our platforms. We received an order from an affiliate of ExxonMobil Technology and Engineering Company, or EmTech, and ExxonMobil for long lead fuel cell equipment and tooling to be acquired from third party vendors, as well as engineering support from the company that would be required in connection with the implementation of a potential carbon capture demonstration. We continue to advance our testing work under our joint development agreement with EmTech, which we believe validates our confidence in our carbon capture technology. In addition, we believe that this demonstration project would provide an outstanding opportunity to demonstrate our technology's ability to address one of the largest environmental challenges of today, efficiently and cheaply capturing carbon at the direct point of emissions and destroying NOx. Government incentives such as 45Q in the United States and the carbon border adjustment mechanism in the European Union are just two examples of the global support for reducing carbon emissions. In addition, we recently announced that we have executed a memorandum of understanding with Chart Industries to partner in exploring opportunities in carbon capture for use or sequestration, as well as generation and storage of gaseous or liquefied hydrogen. I will discuss this in more detail later in the presentation. Thirdly, We are continuing to focus on expanding our solid oxide manufacturing capacity. Our plan to expand manufacturing capacity in our Calgary facility from 4 megawatts to 40 megawatts is progressing. We have more than doubled our manufacturing square footage, and we have hired and trained additional team members for a third shift production operation. During calendar year 2023, our Calgary manufacturing operation is expected to build and deliver four units. two units that will run internally for advanced testing, and two first article production units for delivery externally. We have started manufacturing the 250 kilowatt electrolysis platform for delivery to Idaho national laboratories. In addition, we continue to opportunistically evaluate options to benefit from global policy tailwinds. In addition to the Inflation Reduction Act, and the Infrastructure Investment and Jobs Act in the United States, global support for green energy includes the European Union's proposed approximately $270 billion program, also known as the European Green Deal, and Korea's Clean Hydrogen Energy Portfolio Standard, also known as Korea's Hydrogen Economy Roadmap. We believe that these policies will support and drive increasing demand for clean energy technologies to decarbonize power produce hydrogen, and deliver resiliency, reliability, redundancy, energy security, energy independence, and affordability. Lastly, we continue to focus on maintaining liquidity and exercising a disciplined approach to capital allocation. Subsequent to the end of the quarter, we closed on an $87 million non-recourse project financing facility. The facility, which was oversubscribed due to strong lender interest, further improves our balance sheet strength and flexibility. Now, I will turn the call over to Mike to discuss the financial results for the second quarter as well as our new financing arrangements in more detail. Mike?