Greg Lewis: My first question was around how we should be thinking about the cadence of electrolyzer orders as we kind of go forward from here? I mean I guess projects are going to continue to be big and lumpy. But is the — are kind of the more smaller projects building a base that could kind of maybe smooth out the cadence of orders here over the next 12 months, or I mean, what’s kind of — what are we seeing out there in the market?
Andy Marsh: Greg, I’m going to turn that over to Sanjay.
Sanjay Shrestha: So Greg, I think here is how you should think about it, right? So I think it’s going to be a mix of three key things, right? One is our continued strategic stack sale, which actually carry good pricing and good margin for us. Second piece of that is our 5-megawatt containerized turnkey product, which really makes electrolyzer easy for our customer, right? Now with the 5 megawatt product versus stack, there is sort of a [indiscernible] tests and things like that, fabrication management, that’s a piece we’re continuing to refine and continue to get better at. Then you got large scale projects, which goes under percent of the completion revenue accounting. And as you keep adding more and more of those, that gives you that stable base, right?
But obviously, in 2023, you’ve seen Q1 versus Q2 be a lot more lumpy, but you will see that pick up in Q3 as you start to see more contribution from some of the — I mean, some project business, some incremental electrolyzer business as well as some of this high megawatt project business, you will see that step change again in Q4. So from the bookings cadence standpoint, if you’re looking next 12 months out, you should see a lot of 5 megawatt containerized product booking, you should see a lot of stack sales opportunity booking, and you should really see substantial large scale project bookings that we’ve talked about, right? On our last earnings call, we said we’re actually at the very final phases of our major project announced one. Clearly, there’s two more that we’re going through legal documentation right now.
So these are the type of the things you should see which will make 2024 smoother. And as more and more of these projects goes into the backlog and the bookings, then you actually will have that stable base with 5 megawatt and the stack build kind of adding on top of that, that’s how you should think about the stack of how that revenue should unfold for that business.
Operator: Our next question comes from Kashy Harrison with Piper Sandler.
Kashy Harrison: So I wanted to ask about the timing and then value of any and all financing transactions that we’re discussing here. Specifically, how much capital do you think you’re going to raise either in the second half of 2023 or 2024 from — pick your source DOE, corporate bonds, ITC monetization infrastructure funds, like what is the absolute amount that we’re looking for here? Is it $0.5 billion, $1 billion, $2 billion? Just trying to get a sense of that.
Andy Marsh: I’m going to let Paul take that one.
