focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
It describes a typical engineering culture in charge of manufacturing. From experience I know that engineering will happily change and fix things even during a manufacturing phase if they are allowed to. It's not clear on this case whether the changes were simply desirable improvements or to circumvent future catastrophic breakdown. The scale of the product is still very early stage but focusing on just a couple of models for manufacture should help... as well as reducing the customisation approach.
Thanks. It's been raised before about third party buying ITM. The general consensus was that the owndership structure (focussing on Linde) made a buyout a challenging proposition for anyone other than Linde. Do you still consider that valid? Or do you now consider ITM in such a mess that Linde would be happy to walk away by accepting a sale to an interested party like Fortesque?
Hard to see what grounds the BOD would have for putting any sort of takeover offer forward to a vote. We're not in any sort of technical difficulty and we're not short of cash. Without any sort of blackmail like "sell to us or we walk" from Bosch there really is no justification for a takeover. It won't be long before CWR commands more than £11 anyway (I don't mean days or weeks though).
The figures should already be expected by the market if they've been following along, but I'm always surprised how a repeat of the same news manages to crush a price twice.
The important content will be the 12 month strategic plan. That should clarify what they really think has gone wrong, and how they're going to address it. The negative for that may not yet be priced in though if it's 12 months to fix the problem rather than 12 months to be operating at high volume. If it comes across as don't expect good figures for 24 months then I think even some long term holders could give up on the stock in search of better opportunities.
It's like chalk and cheese. Aside from an acknowledgement that Q4 had a few challenges, it was a very positive outlook from Plug Power. During the same period that all ITM appears to have done is to build an empty factory, Plug Power has taken a business that only supplied FC forklifts and their refuelling units to one that now manufactures and supplies stationary FC power, PEM electrolysers, cryogenic liquifaction, and supply from their own 'tons per day' hydrogen generation. Basically Plug now cover probably the entire chain of the hydrogen economy.
In contrast ITM has partnered up with some big names whose direction at times does not seem to align with ITM and even at times also appear to be restricting ITM's access to wider markets and slowing down hydrogen's progression. I still have faith that the electrolyser market will be of significant size that ITM will eventually be a big success, but it looks like it'll be a long wait. Plug Power on the other hand will be able to demonstrate their own success within a couple of years.
I think I'd scrap the CCS in favour of the wind farm. Even 50 wind turbines on that farm would save about the same carbon emissions in 10 years as the total capacity the CCS project can hold. I think when a CCS is full you can't hold any more whereas I'd hope the wind farm will keep saving for another couple of decades after that.
For those keen on following the competition, Plug Power give a business update webcast tomorrow night.
https://www.ir.plugpower.com/press-releases/news-details/2023/Plug-Power-to-Provide-Annual-Business-Update-on-January-25-2023/default.aspx
Agreed taskmaster, the inverter size is a bit limiting. Ours only outputs 3.6kW so it only covers a single high power appliance at a time. We could do with 7kW+ really as we have an electric shower which the system can only ever provide half the power for. I might consider expanding the system a bit when we eventually get a car with a battery in it.
taskmaster, I have an 8.2kWh storage and approx 3.9kW array. I'm treating any generation through winter as a bonus, so the last 3-4 days have been great with clear blue skies and plenty of power generated. I really do think the system is fantastic. I insulated the loft and various other cavities, and popped a few far infra-red heating panels on the walls to supplement the central heating on sunny days which cuts down on gas usage.
Alwaysone, similar experience with ARM. As an engineer I knew it was the hottest thing, but the share price just would never match the company so ended up losing money. Had I just let it sit and let the years pass it would have all worked out, but I learned then that share price and company are simply two different things. You're not so much betting on the results of the company as you are betting on the views of the wider investment community. If the consensus doesn't agree with you, then you lose money even if you're right about the company and they're wrong.
https://www.autocar.co.uk/car-news/new-cars/under-skin-resurgence-fuel-cell-electric-car
I suspect big shipping will go the same way as long distance aviation and use synthetic fuels. Those will still be manufactured from hydrogen or a PHE-style system so long as the carbon compnent comes from a 'recycled' or captured source. The politician's target is 'net zero' carbon, not absolute zero carbon. So as long as we have clean cars, clean steel, clean fertiliser, clean home heating, clean electricity grid, etc, then aviation and shipping will be allowed to emit carbon as long as it's part of a circular carbon cycle. The amount of hydrogen used as a component of the fuel manufacture will be measurable, hence it fits with a 2% initial target.