Manav Gupta: I think my quick follow-up here is, there is a lot of demand for electricity, especially coming from the data centers. As we understand, utilities are struggling to meet that demand. And how would — are you positioning your company in a way where eventually you can break into this market and get like — 20 megawatt order or 30 megawatt order. Is that something you would be chasing? And if so, how would you be positioning your company to basically succeed in the eventual data center electricity providing market?
Jason Few: Yes, Manav, great question. So if you think about our company and you look historically at what we’ve been able to do and you talk about large-scale projects. Today, our technology is FuelCell Energy represents the largest deployed FuelCell Parks of any FuelCell provider in the world. We have a 58-megawatt platform in Korea leverage using our technology. The two largest FuelCell projects in North America also happen to be FuelCell Energy platform. So from a large scale perspective, we’re very comfortable with that. Also, with the introduction of our solid oxide technology and the ability to transition a customer from utilizing natural gas, as an example, to ultimately utilize in 100% hydrogen, we now have the ability to offer the customer that solution as well.
And so we think we’re well-positioned to go after data centers and we’ve also demonstrated the ability to effectively operate in a microgrid application. So as we think about our company integrating to be a really compatible solution to data centers, we think about our baseload capability, we think about how we add other resources for quick ramping because we’re a high temperature resource. We think about how you integrate with the grid. And we think our technology is well suited for that. But to add a little bit more to that, I’ll maybe turn it over to Mark Feasel, our Chief Commercial Officer to give you a sense of how we’re approaching that opportunity.
Mark Feasel: Yes. Thank you, Jason. So as Jason alluded to, when you look at this opportunity there’s a few dimensions to it. There is a time to power challenge where companies today are looking to build these data centers and other high-density load requirements more quickly than the grid can facilitate it. But even beyond that, there is just a grid capacity issue. In some cases, in some geographies there’s no time line in which the grids are going to go there. And it isn’t just a phenomenon that’s limited to any specific geography. So you can think about Singapore and Asia, you can think about Ireland in Europe and several areas here in the US. This is an issue where the simple — the fact is the great capacity is not going to be there.
And so these represent prime power applications. Jason, I think, hit on a real key topic. It isn’t just about delivering power. It’s delivering power with a pathway to deliver better sustainability. So this ability to incorporate hydrogens a feedstock over time, important consideration.
Manav Gupta: Thank you so much, guys.
Jason Few: Thank you.
Operator: Our next question comes from Eric Stine from Craig-Hallum. Your line is now open.
Eric Stine: Good morning, everyone.
Jason Few: Good morning, Eric.
Eric Stine: Hey. So just curious, you mentioned initiatives to speed the sales closure process. I’m wondering if you could just add some details to that. And then just curious, I mean, obviously, you want to add product backlog. So maybe a view of where ideally you’d like to see that end up maybe at the end of fiscal 2024 and how you see a trending going forward?
Jason Few: I’ll let Mark give you a little sense about how we’re moving projects through our sales funnel and really trying to accelerate what we would call Stage 4, and that’s when we’re in contracting and 5 is closure. And we talked about a couple of those closed projects this morning that we’ve done, but I’ll let Mark hit on that a little bit, and then we can talk a little bit more about how we think about long-term targets.
Mark Feasel: Sure. There’s many aspects to that. But maybe one common denominator is if you think about delivering energy to someone or hydrogen to someone, doing so in a way that transfers risk away from that person. Historically, people have procured gases from an industrial gas supplier and electricity for a utility. Now requiring them to embrace new technologies in order to do that, of course, is always a challenge. It’s different than their existing business model. So this can be addressed though via partnerships. And so you’ve seen us being involved in scenarios in which partnering in energy as-a-service type arrangements where the technical, regulatory and financial risks are transferred away from that end users to a consortium that includes fuels energy and other partners in order to go accomplish that.
We also think about our ability to deliver with excellence in a specific geography or in a specific market segment. So an example of that may be our partnership that we’ve announced with Malaysian Marine and heavy engineering in Asia to really help us figure out how to address key customers and concerns in that geography, leveraging their local presence and expertise and ability to scale.
Jason Few: In addition to that, Eric, as you think about it, we’ve got a material opportunity in Korea through repowering. That’s a real near-term opportunity. We talked about we executed on the Noeul Green opportunity. We’re optimistic about the opportunities that we see going forward there. And in addition to repowering, when you think about Korea, which is still the largest fuel cell market in the world today, under their CHPs, they’ve talked about 15 gigawatts of deployment of fuel cell technology, eight of that being in country, seven of that being out of country, really trying to support import hydrogen market for their own domestic use. But if you think about that, now that we have a platform that today with our solid oxide that we can deploy today in Korea.
And as that hydrogen becomes available to switch as the fuel source, that same platform with our solid oxide we can switch to utilizing 100% hydrogen. And we — again, it opens up the aperture of opportunities where we think that we can effectively compete. And so we’re very optimistic about that.
