NewHavenBIZ

n e w h a v e n b i z . c o m | S e p t e m b e r 2 0 2 1 | n e w h a v e n B I Z 9 As a full-service accounting firm, we offer a depth of assurance, advisory, and tax services comparable to what national firms provide, but with the undivided attention and care for detail that we would expect for our own ventures. Contact us today to see how we can help you rest assured. Does your CPA firm make you feel like this? FMLCPAS.com | 860-657-3651 Glastonbury • New Haven • Enfield• Stamford • Stafford Springs then you lose all that power. Our platform can be located in an urban area, or in a business district. If you put our platform where the power is actually consumed, you significantly reduce the risk from weather-related or other natural disasters. It has a significant impact in the ability to minimize disruptions from those types of events. We have a microgrid application in Cal- ifornia. During one of the wildfires, our platform continued to perform. What's an example of how your technology has helped a customer and the environment? In California, we are developing a proj- ect with Toyota. Our distributed hydrogen platform will deliver three value streams to Toyota. We will deliver power where they need it. We will actually produce water with our platform. at becomes particular- ly valuable in an area in severe drought conditions. e fact that Toyota will not have to use water as a natural resource is a significant benefit. We will deliver 1,200 kilograms of hydrogen a day to Toyota that it will use as fuel for its Mirai fuel cell electric vehicle. We are delivering green hydrogen and carbon neutral power and water off of one single platform. Do you expect you'll be having more projects around the state and world? We do. In fact, the state legislature just passed a bill, and it has been signed by Gov. Ned Lamont, in support of Avangrid and Eversource purchasing 30 megawatts of fuel cells. We think that is an opportunity for our company to develop some of those projects in the state. We are bidding on a number of projects. We see solid growth potential in the state of Connecticut and around the world. Are fuel cells more expensive than other options? It is all very con- tract specific. Our platform has the abil- ity to take advantage of programs such as an investment tax credit, which helps drive down the over- all cost. In many areas, our platform is consid- ered renewable, so there is the ability to take advantage of renewable ener- gy credits, which also contributes to lowering the cost. If you look at the total cost of energy, and the value of reduced emissions, it is quite price competitive. Our platforms de- liver multiple values to customers. For example, we provide pow- er to Pfizer and steam for their manufactur- ing process. So they are getting two benefits, in addition to the enhanced reliability by lowering their dependence on the grid. ere is real value to that power certainty in manufacturing. We think about value beyond just the price-per-kilowatt. Has the pandemic had any impact on the company? In March 2020, we actually made the decision to shut down our factory in Tor- rington, as well as other operations around the world. We kept all of our employees on payroll, with full benefits. (FuelCell received a $6.57-million Paycheck Protec- tion Program loan in 2020 but fully repaid it earlier this year.) We reopened at the end of June 2020. We have very committed team members, who continued to perform for our customers. We are back up and running fully, and obviously very closely monitoring what is happening with the delta variant and spread of COVID now. Where do you see the company in five years? In five years, we are a company that is delivering profitability. We are a company that has proven itself to be an important, critical part of the energy transition, and our platform technology is needed in order to realize global decarbonization goals. We will have commercially launched our solid oxide platform and have effec- tively established ourselves as a major player in the hydrogen transition. n A FuelCell plant in Woodbridge.

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