Webber Research: Hydrogen Tracker Highlights:

• Recent Highlights                                                   (page 1)
• LH2 Carrier Progress                                             (page 3)
• M&A Tracker                                                          (page 4)
• Valuation Summaries                                             (page 5)
• Hydrogen Production Costs From Fossil Fuels     (page 6)
• Hydrogen Production Costs From Renewables    (page 7)
• Hydrogen Projects & Electrolyzer Tech                 (page 8)
• Fuel Cell Technology Comparisons                      (page 9)
  
  Recent Highlights
  NKLA Breaks Ground On Coolidge Facility: On 7/23 NKLA announced it began construction on its 1MM sqft…… 
  NEE Eases Into Hydrogen: On 7/24 NEE proposed a $65MM pilot green hydrogen plant with a 20MW electrolyzer in Florida…. 
  MSFT To Replace Diesel Backup Power With Hydrogen: On 7/27 MSFT announced it successfully powered a row of data center servers for 48 consecutive hours with a 150kw hydrogen fuel cell system….
  Linde To Build Refueling Station For World’s First Hydrogen Passenger Train: LIN will build and operate the station and is expected to begin construction in…                                                                            BKR & Snam Complete Testing On Hybrid Hydrogen Turbine: On 7/20 BKR and Snam announced the successful testing of the hybrid hydrogen-powered NovaLT12 turbine 

W|EPC: Venture Global & The Approach Nexus – Drone & Satellite Image Analysis, Engineering Changes Q320

W|EPC: Venture Global – Nexus Approaching Drone &Satellite Image Analysis, Engineering Changes Q320

For access information, visit our New Online Store, or email us at [email protected]

• Calcasieu Pass Update – Key Takeaways (slide 2)
• Calcasieu Pass LNG Module Overview (slide 3)
• Importance Of Notification Window (slide 4)
• Engineering Changes: Pre-Treatment Modules (slide 5)
• Engineering Changes: Liquefaction Modules (slide 7)
• Technical Analysis: Changes & Impact? (slide 9)
• Satellite Image Analysis – Baker Hughes Module Yard (slide 13)
• Drone Image Analysis – Site Prep Update (slide 18)
• Remaining Questions (slide 23)
• Scenario Analysis & Predictions – Rubber Starting To Meet The Road? (slide 25)
• Disclosures (slide 27)

Key Highlights:
• Venture Global: The Looming EPC Nexus…
• Drone Image Analysis:
• Calcasieu Pass Outlook
• Consequential Damages, Predictions & Conclusions

Copyright: PLEIADES © CNES (2020), Distribution Airbus DS & W|EPC Analysis

For access information, email us at [email protected]

Webber Research: Hydrogen Tracker

For access information, email us at [email protected]

Highlights:
• Recent News (page 1)
• LH2 Carrier Progress (page 3)
• M&A Tracker (page 4)
• Valuation Summaries (page 5)
• Hydrogen Production Costs (page 7)
• Industry Dynamics (page 9)

• PLUG Launches GenSure HP Platform
• Linde Signs MOU For Hydrogen Mobility At 2022 Winter Olympics
• Hyperion Set To Unveil XP-1 In August
• US DOE Announces $11.5MM In Funding For CCS
• Air Liquide Opens Hydrogen Fueling Station In Japan
• McPhy Selected For Unnamed Fueling Station Project
• Keeping Tabs On The World’s First Liquefied Hydrogen (LH2) Carrier:
  • Future Supply Chain Dynamics

Webber Research Hydrogen Tracker

Introducing the Webber Research Hydrogen Tracker

Yesterday we launched our Hydrogen Tracker – a weekly research product dedicated to the build out of Hydrogen production, technologies, and associated markets. For information about access to our Hydrogen Research, Renewables, or our Utility, Energy, & LNG Infrastructure Project coverage, please email us at [email protected]

Highlights:
• Recent News (page 1)
• LH2 Carrier Progress (page 3)
• M&A Tracker (page 4)
• Valuation Details (page 4)
• Hydrogen Production Costs (page 5)
• Demand Trends (Page 7)
• Electrolyzer Market Share & Technology Growth (page 8)

• Data & Updates:
• EU Hydrogen Strategy: On 7/8 the European Commission provided additional details on its broader energy transition including its hydrogen strategy…
• APD, ACWA Power, & NEOM Form JV For $7B Green Hydrogen Facility In Saudi Arabia: On 7/7 APD announced, in conjunction with equal JV partners, ACWA Power and NEOM, the signing of a $5B agreement for a global-scale green hydrogen-based ammonia production facility…
• Air Liquide & Port of Rotterdam Joint Initiative For Hydrogen Trucking: On 7/6 Air Liquide (AI-FR) and the Port of Rotterdam Authority announced a joint initiative to adopt and build the infrastructure for 1,000 hydrogen-powered zero-emission trucks by 2025…
• CARB Passes Zero-Emission Truck Regulations: On 6/25 the California Air Resources Board (CARB) passed the Advanced Clean Trucks (ACT) Regulation which accelerates the large-scale transition of zero-emission medium and heavy duty vehicles in California. Beginning in 2024, 9% of all on-road Class 4-8 trucks sales…
• NEL +NOK 150MM Purchase Order: On 6/30 NEL announced a +NOK 150MM purchase order for multiple H2Station units from…
• BLDP $7.7MM Purchase Order From JV: On 7/2 BLDP announced it received a $7.7MM purchase order of membrane electrode assemblies (MEAs) for use in…
• NKLA Starts Preorders: On 6/29 NKLA opened preorders for its Badger pickup truck, NZT off-highway vehicle (OHV), and WAV jet ski…
• FCEL Terminates Exclusivity Agreements With POSCO, Seeks +$200MM In Compensation: On 6/28 FCEL officially notified POSCO Energy and…
  …continued

For access information, please email us at [email protected]

Webber Research: Renewables Weekly

Renewable Energy Highlights:

For access information email us at [email protected]

• Wild Week For ENPH (page 1)
• PLUG Acquires United Hydrogen & Giner ELX (page 2)
• BLDP Follow-On Order From Wrightbus (page 2)
• JinkoSolar To Supply Bifacial Modules In Chile (page 2)
• RUN To Launch 2 Virtual Power Plants (page 2)
• FCEL Restarts Operations At Torrington, CT Facility (page 2)
• NOVA Closes Solar Backed Notes (page 2)
• NEL +$3MM Purchase Order (page 2)
• GE Nearly Doubling Headcount At LM Wind Facility (page 2)
• SGRE SG 14-222 DD Turbine Backlog Up To 4.3GW (page 2)
• MHI Vestas Supplier Begins Taiwanese Blade Facility Construction (page 3)
• Vestas Recent Order Summary (page 3)
• Denmark To Develop First Offshore Wind Energy Islands (page 3)
• Germany’s National Hydrogen Strategy (page 4)
• New Jersey Plans Offshore Wind Port (page 4)
• EPA Receives 52 New SREs For 2011-2018 (page 4)
• Australian Storage Capacity To More Than Double In 2020 (page 4)
• US Net Electricity Generation (pages 5-6)
• Solar PV Pricing (page 6)
• LCOE Benchmarks & Timeseries (page 7)
• Global Wind Turbine Market Share (Page 8)
• Solar PV Inverter Market Share (page 9)
• US Wind & Solar Projects Announced Or In Early Development (page 10)

Wild Week For ENPH: Last week ENPH traded down 26% on the back of a short report alleging various accounting violations and more serious fraudulent activity, before recovering most of the lost ground in the days that immediately followed (-4% on the week). From our perspective, the report highlights a number of red flags, however…..

For access information email us at [email protected]

Southern Company (SO): Vogtle Nuclear Project Q220 Quarterly Monitor

Southern Company (SO) Q2 Vogtle Nuclear Project Monitor – Key Highlights:

• Vogtle Expansion: 6-Years Late…And ~$13-$16 Billion Over Budget? (Slides 2-5)
• How Much Will SO Be On The Hook For? (Slides 3-6)
• Something’s Gotta Give: Key Commissioning Milestones Appear Crammed Together To Avoid ROE Reductions (Slides 6-8)
• Cost Projections Were Already Ramping…Before COVID-19 (Slides 9-12)
• Cost Prudency Reviews – A Make Or Break For Stakeholders?…. (Slides 13-19)

For access information, please email us at [email protected]

• Quarterly Deep Dive Into Southern Company’s (SO) $27B Vogtle Nuclear Expansion. Southern Company (SO), is the largest owner of the Vogtle Nuclear Facility, via the 46% held by its wholly-owned subsidiary Georgia Power.
  • Vogtle has two active units (Units 1-2), which have been in-service since 1987-89. A two unit expansion (Units 3-4) was approved in 2009
  • Units 3 & 4 were originally expected to be in-service in 2016-17 and cost a combined ~$14B, the expansion project is now 6-7 years behind schedule, with costs rising to ~$27B….and potentially higher (slides 3-6).
  • Hence, the premise of adding a W|EPC Quarterly Vogtle Project Monitor to our Utility & Energy research platform: Digging into those cost overruns – particularly the bulging EPC costs, to get a more accurate and detailed view of the potential headwind for project stakeholders and SO shareholders.

Regulatory Background: Vogtle is regulated by the Georgia Public Service Commission (GPSC). GPSC’s primary role is to protect rate payers & determine if project costs can be justifiably passed-through via utility rates. In the quarters that follow we’ll venture to aggregate, analyze, and interpret cost overruns through the lens of GPSC, to put together a thoughtful estimate of what cost overruns will eventually land with SO shareholders.

For access information, please email us at [email protected]