Fuel Cell Energy

### Fuel Cell / Hydrogen Technology

Fuel cells are more reliable than wind and solar generators. The carbon emission of fuel cells is low. For this reason, the cells are considered clean by government agencies, who currently engage with the company on projects to achieve their carbon emission targets.

Fuel cells use electrolysis to separate hydrogen from its electrons, thus producing electricity. Fossil fuels are the primary source of hydrogen worldwide. FCEL's cells work on either natural gas or biogas to make the necessary hydrogen. When the fuel cell uses biogas, the system is carbon neutral.

FCEL receives funding from the federal government to further technological developments in fuel cell technologies. The Biden administration promised to increase the financing of clean energy research projects. Exxon, the Department of Energy, and FCEL are collaborating on a research project to enhance the understanding of carbon separation and carbon capture from the exhaust of combustion engines. FCEL is also working with Toyota on a green-hydrogen project. Hydrogen has a great potential to power transport vehicles where lithium batteries aren't practical.

FCEL is the leader.

Other suppliers of stationary fuel cell systems include

* Bloom Energy (B.E.)
* Ceres Power Holdings (OTCPK:CPWHF)
* Plug Power (PLUG)
* Ballard Power Systems (BLDP)

要注意，这些公司直到2020年底，一直都在赔钱，大部分靠发行新股圈钱继续。

**News:**

* VANCOUVER, BC, Sept. 21, 2020 /PRNewswire/ - Ballard Power Systems (BLDP) (TSX: BLDP) today noted that China's government has announced a new official policy regarding Fuel Cell Electric Vehicles, or FCEVs, which is expected to support the adoption of FCEVs in selected demonstration regions in China.

### PLUG (Plug Power)

* https://www.plugpower.com

* Plug Power Inc.’s PLUG has completed the buyouts of United Hydrogen Group Inc. and Giner ELX. The strategy, which part of a five-year plan, was put forward in September 2019.
* Plug Power expects demand for hydrogen from its existing customers to touch 100 tons per day in 2024 and the acquisition of United Hydrogen will increase its existing hydrogen production capacity by 10 tons per day and the same can be further expanded when the need arises.
* Taking into consideration the expected contribution from these acquired assets, the company raised its financial targets for 2024. This includes 20% increase in revenues to $1.2 billion, 23.5% improvement in operating income to $210 million and a 25% rise in adjusted EBITDA to $250 million.
* As the Motley Fool clickbait piece correctly pointed out, this is a company that is burning a lot of cash, they’re issuing shares left and right to support this burn rate, and they have a history of not being able to duplicate the rosy pictures they paint for investors.

* Plug is spending about $123 million in total to acquire both United Hydrogen (a hydrogen producer) and Giner ELX (a leader in electrolysis technology used by proton exchange membranes to convert hydrogen into electricity to power vehicles and machinery).
* At least one of these acquisitions is being paid for through a mix of stock, assumed debt, and cash. It's hoped not too much cash, though -- because according to data from S&P Global Market Intelligence, Plug has only about $74 million in the bank. The more cash Plug lets go, the higher the company's $544 million debt load will grow -- not a good development in an economy mired in recession.
* Nov 24, 2020: Plug Power (NASDAQ:PLUG) is up 5% in pre-market trading, as it announced completion of bought equity deal transactions in the broader clean-tech sector. Plug Power’s raised ~$1B of capital, bringing total cash post-closing balance to $1.7B.
* #SPAC Deal - $DCRB DA w/ @hyzonmotors, a hydrogen fuel cell heavy vehicle company.

Presentation - https://hyzonmotors.com/wp-content/uploads/2021/02/Hyzon-DCRB-Transaction-Investor-Presentation-02.09.21.pdf…

Press - https://prnewswire.com/news-releases/hyzon-motors-the-leading-hydrogen-fuel-cell-heavy-vehicle-company-announces-business-combination-with-decarbonization-plus-acquisition-corporation-combined-company-expected-to-be-listed-on-nasdaq-301224741.html…

https://hyzonmotors.com

### FCEL (FuelCell Energy)

* FCEL has a proven-technology to generates electricity on a utility-grade level, with a low carbon footprint.
* The recent rally in the company's shares allowed FCEL to issue new common stock and recapitalize its balance sheet, strengthening its finances.
* FCEL's technology provides a cleaner alternative to traditional electricity generators.
* **FCEL's listed preferred shares (OTCPK:FCELB) have a more favorable risk/reward portfolio,** offering investors the opportunity to share capital gains with common stock shareholders, with the safety of a recurring dividend income.
* In December 2020, FCEL announced new ordinary shares offering valued at 175 million, with proceeds after sale of $156.3 million. The company has been operating on a loss for years, and it funds its working capital and debt/preferred equity obligations by issuing shares.

### BLDP

* https://www.ballard.com

* With a market cap of **$2.3 billion**, Ballard Power Systems is the biggest company on our list by market capitalization with a variety of fuel cell power products on offer. In August of 2018, Weichai Power became Ballard’s largest shareholder at just under 20% ownership along with a commitment for “at least 2,000 fuel cell commercial vehicles.” Revenues appear to be moving in the right direction for Ballard, but not losses.
* Ballard Power's situation is a *bit* less precarious -- it's got $18 million in debt, but $182 million in cash, and is only burning cash at the rate of about $29 million a year, so immediate bankruptcy shouldn't be a concern.
* Ballard Power Systems (NASDAQ:BLDP) +3.9% after-hours on news it plans to expand manufacturing capacity for production of its membrane electrode assemblies by 6x by early 2021 at its facility in Vancouver, B.C.  ---Sep 29, 2020
* Nov 24, 2020: Ballard Power (BLDP -4.2%) opens lower after saying it will increase the size of its  previously announced US$250M bought deal offering, citing strong demand.
* In the upsized deal, the underwriters will purchase, on a bought deal basis, nearly 18.2M common shares at **US$19.25/share** for ~$350M in gross proceeds, with an option to purchase up to an additional 2.73M-plus shares.
* If the over-allotment option is exercised in full, aggregate gross proceeds of the offering will total more than US$402.5M.

* +

### BE (Bloom Energy)

* Ballard isn't expected to *turn* profitable before 2022 at the earliest, and Bloom and Plug not before 2023, if then.
* Our solution is a stationary power generation platform built for the digital age.
* Fuel-cell giant Bloom Energy, known for its battery-like energy servers that power buildings, is taking aim at the global hydrogen market, a buzzy industry that has long drawn investor interest.
* On Wednesday, the company said it was introducing two new technologies — electrolyzers to make hydrogen using renewable electricity and fuel cells that will run on that green hydrogen, generating energy without emitting carbon. The firm's stock rose 35% on Wednesday, following the announcement.

Key highlights from the first quarter of 2020 include:

* Revenue of $156.7 million, GAAP gross margin of 12.7% and net loss of $75.9 million. Excluding stock-based compensation, Bloom achieved 16.2% gross margin and ($9.8) million of Adjusted EBITDA.
* Q1 acceptances of 256, an 8.9% year-over-year increase. The acceptances during the quarter represented eleven different end customers, across seven industries and two countries.

* price-to-sales (PS Ratio) is the only usable metric here, because both companies are, at least, growing their revenue. By this metric, Bloom beats Plug, with a 1.3 PS Ratio compared to Plug's 4.2.
* Plug has had the most success deploying its fuel cell technology in warehouse vehicles, where there's limited downtime available for battery recharging. Meanwhile, Bloom has found a market for its fuel cell generators as backup power sources for corporate customers, and -- thanks in part to government subsidies -- as cheaper alternatives to grid power.
* Despite these limited successes, though, neither has yet achieved profitability. Plug hopes to get there by making inroads into larger vehicle markets, especially delivery vans. However, with traditional fuel and diesel prices currently very cheap, Plug may have trouble finding buyers willing to switch to a more expensive alternative.
* Bloom, meanwhile, hopes to increase its sales of generators by expanding into new markets. Bloom's big problem is cost: When its generators are run on hydrogen extracted from cheap natural gas, they can provide energy at lower cost than grid power in some states, when subsidies are taken into consideration. However, in many states, traditional grid power is cheaper regardless, and subsidies may not be available for long in some areas. In particular, the federal fuel cell investment tax credit expires in 2021 and has not been renewed by Congress. If it goes away, both companies will be affected, but Bloom may suffer the most.
* Bloom Energy (NYSE:BE) and Samsung Heavy Industries (OTC:SMSHF) sign an agreement to jointly design and develop fuel cell-powered vessels that will reduce carbon emissions.
* Bloom and Samsung say they anticipate that the market for Bloom's servers on Samsung Heavy ships could grow to 300 MW/year, three years after the first vessel is produced.

### Fusion Fuel /HCCH

* https://hlacquisitions.com
* Fusion Fuel, an emerging leader in the green hydrogen space.
* Fusion Fuel has developed a proprietary electrolysis solution that enables the production of emissions-free, renewable hydrogen on a cost basis comparable with brown hydrogen.
* Focus on Europe market
* Implied Equity Value of $96.7 million1
* HL shareholders will retain 77% of the outstanding shares of the successor company after closing the transaction2
* Current Fusion Fuel shareholders will roll 100% of their holdings
* Fusion Fuel owners to receive 2,125,000 Class B ordinary shares3 and warrants to purchase 2,125,000 Class A ordinary shares with an assumed value of €10.73/unit
* Fusion Fuel owners can earn a contingent consideration of up to 1,137,000 Class A ordinary shares and warrants to purchase 1,137,000 Class A ordinary shares based on the net present value of Hydrogen Purchase Agreements (HPAs) executed with qualified counterparties by or before June 30, 2022 (valuing the units of Class A ordinary shares and warrants at €10.73 per unit)
* **Closing is conditioned on HL having net cash proceeds at closing in excess of €22.8 million** (calculated after redemptions, repayment of sponsor loans and payment of all transaction costs, and including any financing)
* Primary uses of proceeds: Capital Project development, expanded production capacity for Fusion Fuel’s proprietary technology, and new market development
* The transaction is expected to be consummated during 3rd Quarter 2020

### POLA

* Polar Power, Inc. designs, manufactures, and sells direct current (DC), power generators, renewable energy, and cooling systems in the United States and internationally. It offers DC base power systems, DC hybrid power systems, and DC solar hybrid power systems. The company serves telecommunications, military, electric vehicle charging, cogeneration, distributed power, and uninterruptable power supply markets It sells its products through direct sales force, and a network of independent service providers and dealers. The company was formerly known as Polar Products, Inc. and changed its name to Polar Power, Inc. in October 1991. Polar Power, Inc. was founded in 1979 and is based in Gardena, California.