Andrew Marsh: Jordan, thank you for the question. And I think that is a good question. As I mentioned, we feel that we’ll be in a much better position come January 1. And one of the reasons I’ve gone around and spoke to leadership with other big suppliers in the industry, and we’ve talked about making sure there’s talked about what their plans are, which are public. So there’s nothing that’s being hidden here. We feel that we can continue to grow and expand that business. And that’s — I think I did some math for you, which combination of St. Gabriel’s combination of our 25-ton coming back online, that’s 40 tons. I talked about an additional 30 tons coming online from another supplier. I do know that other folks are beginning to look at putting some hydrogen in the market. For us, it really needs to be liquid. But we’re really — we really don’t see the need, Jordan, to throttle back.
Jordan Levy: Thanks for that Andy. And then maybe just a follow-up on the stationary side of the business. I know these are kind of bulkier shipments. But it seems like from the shareholder letter, you’ve made some good traction there going into the fourth quarter. Just an update there, if we could.
Andrew Marsh: Yeah. So we will be shipping products. First, Linde, and I don’t know because it was at the symposium actually was one of the first days the first product that we deployed was fully operational and working. That product is in many ways so much more challenging than our material handling products, but so much more simpler once you get it going. I say it’s more challenging because it’s a complicated system. I mean 1-megawatt of power, how to manage all that, hydrogen and water. All those items are really, really critical. The fact it runs at almost constant power, the fact that you’re not moving it around. The product has worked remarkably well the first deployments. To the point, Jordan, about two weeks ago, I wasn’t hearing anything about the performance of the product when it first went in the field.
But in my 40 years, working engineering products is incredibly unusual. So I picked up the phone and called the customer and asked them how it was going. It’s been working remarkably well. So we’re really upbeat about that product. We’ll be doing good deal deployments. A lot of the extra hydrogen for next year will be associated with that product. So we’re really pleased. It’s probably one of the more challenging, but one of the best product launches I’ve ever seen in my career.
Jordan Levy: I appreciate that. Thanks for all the details.
Andrew Marsh: Yeah.
Operator: Thank you. Our next question comes from the line of George Gianarikas with Canaccord Genuity. Please proceed with your question.
George Gianarikas: Hi, everyone. Thank you for taking my question.
Andrew Marsh: Hi, George.
George Gianarikas: I wanted to ask about an early glimpse you can, and someone may have alluded to this earlier to 2024. In ’25, just sort of gross margin high level, particularly in light of the fact that you have the updates that you’ve made to your green hydrogen generation. Thank you.
Andrew Marsh: Paul, do you want to take that question?
Paul Middleton: Yes. We — I guess we have our January business update scheduled most likely towards the end of January, where we’ll give, as we always do every year, more specific numbers for 2024 as we kind of center in around or finalize our plans and forecast. But I guess what I would tell you is, directionally, we absolutely expect it to go north. And when you think about the equipment programs and those starting to scale up, and you think about the fuel sites and how meaningful impactful those are, I think, next year — I mean, I think it could not only be positive, I think it could be in the low double digits directionally and then scale up from there. And I think there’ll be another big step function in 2025 because we’re turning on Texas and targeted to turn on New York.
I mean that’s 115 tons per day of capacity between those two facilities. So that’s a substantially meaningful revenue and margin accretion of those programs, given those forecasts and what we’re planning to do and turn those on. So I think, directionally, that’s kind of how it will fly.
George Gianarikas: Thank you. And as a follow-up, just a question. I know we’re waiting for Washington to make a final as to how it used PTC? And so I’m curious if you can help us compartmentalize based on the different outcomes, how do those impact the numbers? In other words, you’ve given some long-term guidance. And when you think about outcome x in Washington, I mean, this to our forecast outcome y means that, like how can we think about your long-term forecast when we hear the final outcome from Washington? Thank you.
Andrew Marsh: That’s a good question, George. And we’ve always taken a very, very conservative view of the outcome. We built the models and our plants not based on the PTC being available. We know that the PTC will unlock additional opportunities. But — and further guidance on other elements of the IRA. So I would just say that if you think about it, it probably has a minimum impact whatever gets said for 2024. Just even though people are waiting it still takes time to get to FID, especially on electrolyzers. I would think that our forecast may be different in the ’25-’26 time frame with a PTC outcome that, I’ll call it, middle of the road. That’s how I would think about it. Sanjay, I know you’ve been thinking about this, too, but that’s kind of my view. But since you’re deeply involved in the electrolyzer sales funnel as well as sale of hydrogen, do you have any additional comments?
