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FuelCell Energy's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Before proceeding with the call, I would like to remind everyone that this call is being recorded, and that the discussion today will contain forward-looking statements, including the company's plans and expectations for the continuing development and commercialization of our fuel cell technology. I would like to direct listeners to read the company's cautionary statement on forward-looking information and other risk factors in our filings with the U.S. Securities and Exchange Commission.

Now I would like to turn the call over to Chip Bottone. Chip?

Arthur A. Chip Bottone

Thank you, Kurt. Good morning, everyone, and welcome. I'd ask you to please turn to Slide 4. We continue to execute on our global growth strategy, including a series of strategic initiatives in Asia with our partner POSCO Energy that we announced this morning, combined with actions in Europe with 2 new partners. Our partnership with POSCO Energy includes a 120-megawatt multiyear order commitment, acceleration of deliveries under the existing 70-megawatt order, a commitment by POSCO Energy to purchase 20 million shares of FuelCell Energy common stock in proceeds of $30 million and a licensed commitment for manufacturing of direct fuel cell components in South Korea.

We continue laying a foundation for our future growth in Europe and Latin America by establishing a joint venture with Fraunhofer IKTS, based in Germany and a partnership with Abengoa, based in Spain. We now have 2 broad and complementary channels for our products and services in these large and growing markets for claim-based load distributed generation.

While our partnership with Abengoa will leverage their market presence and sales resources, our joint venture with Fraunhofer IKTS will be different. A preeminent global applied research organization, Fraunhofer will apply their extensive research capabilities, and we will be able to leverage their government and industrial relationships as we focus on building a direct sales model through the joint venture.

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