Clean Energy Pillar: Headwinds abound? 1)
Paulo Misk: During the last update call, we discussed the signing of a nonbinding MOU with Ansaldo Green Tech to negotiate the formation of a joint venture for the manufacturing and commercial deployment of VRFBs in Europe, Africa, and Middle East power generation markets. We believe that if successful, the potential JV could address identified needs in the European energy sector, which are being compounded by the ongoing geopolitical conflict. However, we are limited in what we can discuss. But I can say that the negotiations remain ongoing, and we will look to provide an update when appropriate.
The last update call = Aug 11 2022 . That was 3 months ago and the “negotiations still remain on-going”? Does not sound optimistic, does it?
2)
The commissioning of the first sale is now delayed to Q2-2023 due to unfortunate shipping and logistical problems related to certain components of the system.
3)
Total silence with regard to the hiring of key new personnel to replace the entire team of LCE executives and experts who have jumped ship. Nobody with experience in VRFB / long-duration energy storage wants to join LCE anymore?
4)
Any potential new sale in view? Crickets. Are we to expect no-name amateurs in energy storage like Paulo Misk and Paul Vollant to negotiate complex VRFB deals?