The reports are overwhelming as far as the areas of application and potential of the fuel cell are concerned, and politicians in Germany have also finally woken up. The stock exchanges have led many FC companies into a real course euphoria. But also, contradictions find their way into the media, according to which China allegedly plans to reduce or even completely discontinue the promotion of battery-powered, but also fuel cell-powered electro-mobility. On the other hand, from a very well-informed source one hears exactly the opposite, namely that precisely the promotion of the fuel cell and the associated infrastructure in China is being set up anew, that only the battery promotion is being limited.
Forget the quarterly figures for Ballard Power this year. They are only important to analysts. The CEO already said at the beginning of the year and recently underlined in a Bloomberg interview that this calendar year will be used to build capacity in China (production of the LCS stacks together with Weichai), among other things, to position themselves, to strengthen the central production and R&D location in Vancouver, to expand the workforce and to tackle pilot projects as a basis for orders.
What a farce it was that shortsellers took advantage of toxic financing (i.e. preference shares convertible into ordinary shares) to depress FuelCell Energy’s share price and at the same time get more and more of the company’s shares onto the market – at least, this is what I think happened not too long ago. In addition, some project financing was subject to conditions that could be considered questionable (e.g. minimum return, guarantees). In addition, bank loans were used as leverage against the company, as reference was made to safety margins and termination clauses, while FuelCell did not approach restricted cash. A vicious circle.
The figures for the third quarter were satisfactory: On balance, earnings per share were $ 0.01, with the quarterly loss being due to stock-based compensation (issuance of shares and options to employees), which is “extraordinary” accounting and non-operating.
Full-bodied it comes from the company Plug Power: In 2024, the company aims to exceed the US$ 1 billion sales hurdle and generate pre-tax profit of US$ 170 million. But there’s still a long way to go. First of all, it was possible to increase the billings (new bookings) by a good US$ 61 million in the third quarter and the annual turnover is expected to be between US$ 235 and 245 million.
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