enhanced oil recovery and other industrial gas usage markets and global markets for avoided CO2 as it relates to carbon taxation. The Company’s ability to participate in the carbon capture market assumes that the Company can commercialize its carbon capture technologies within the internal time frames assumed by Company management. The Company’s ability to participate in the carbon capture market, which represents a significant portion of the estimated $1 trillion TAM for carbon capture, carbon separation and utilization, also assumes that ExxonMobil Research and Engineering Company (“EMRE”), which funds some of the Company’s research into carbon capture and which owns certain intellectual property rights related to the carbon capture technology under development by the Company, will provide the Company with the necessary licenses or will otherwise allow the Company to commercially exploit carbon capture technology outside of capturing CO2 generated by the Company’s own platforms (for which the Company does not require a license from EMRE). There can be no assurance that the Company will be successful in commercializing carbon capture technology or, in the event the Company is successful in developing carbon capture technology to the point of commercial availability, that EMRE would provide the Company with necessary licenses or otherwise allow the Company to exploit carbon capture intellectual property owned by EMRE which would be necessary for the Company to sell carbon capture technology for applications not involving carbon capture from the Company’s own platforms. Reference to a global market for carbon capture, carbon separation and utilization also assumes that the Company can create the necessary business infrastructure to manufacture, market, sell, install and service such solutions globally, and there can be no assurance that the Company will be successful in creating such business infrastructure.
The Company’s estimate for the combined, cumulative TAM in the Measuring Period with respect to the global markets that may be served by its distributed hydrogen solutions is based, in part, on review and analysis of the BloombergNEF, Hydrogen Economy Outlook (March 2020) and Hydrogen Council, Hydrogen Insights (July 2021). The Company’s estimate of the total cumulative TAM for distributed hydrogen includes the markets for grey hydrogen (hydrogen derived from natural gas), blue hydrogen (hydrogen derived from natural gas but with the management of CO2 through carbon capture and storage) and green hydrogen (hydrogen created from renewable sources such as wind and solar power). Reference to a global market for distributed hydrogen also assumes that the Company can create the necessary business infrastructure to manufacture, market, sell, install and service such solutions globally, and there can be no assurance that the Company will be successful in creating such business infrastructure.
The Company’s estimate for the combined, cumulative TAM in the Measuring Period with respect to the markets that may be served by its megawatt and sub-megawatt FTM and BTM distributed power solutions is based, in part, on review and analysis of Morgan Stanley equity research (July 2020), MarketLine data research (Q1 2019) and Wells Fargo equity research (April 2021). The Company’s estimate is based on markets in the United States, South Korea and Western Europe, which represent the Company’s largest current markets for FTM and BTM distributed power solutions and are markets in which the Company has an installed base of distributed power solutions.
The Company’s estimate for the combined, cumulative TAM with respect to the global markets that may be served by the solid oxide based long-duration hydrogen energy storage and electrolysis solutions under development by the Company is based, in part, on review and analysis of BloombergNEF, Long-Term Storage Outlook 2020, Wood Mackenzie, Power & Renewables (April 2021) and Guidehouse Insights, Market Data: Utility-Scale Energy Storage Market Update (Q1 2022). Reference to a global market for solid oxide based long-duration hydrogen energy storage and electrolysis solutions assumes that the Company can successfully commercialize this technology within the internal time frame assumed by Company management and create the necessary business infrastructure to manufacture, market, sell, install and service such solutions globally. There can be no assurance that the Company will be successful in commercializing solid oxide based long-duration hydrogen energy storage and electrolysis solutions or, in the event it is successful in commercializing such solutions, that it will be successful in creating the necessary business infrastructure described above.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or the Company’s future financial performance that involve certain contingencies and uncertainties, including those discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2021, in the section entitled “Management's Discussion and Analysis of Financial Condition and Results of Operations”. The forward-looking statements include, without limitation, the Company’s plans and expectations regarding the continuing development and commercialization of its current and future fuel cell technologies, its business plans and strategies, the markets in which the Company expects to operate, and the size and scope of its total addressable market opportunity, which is an estimate based on currently available public information and the application of management’s current assumptions and business judgment. Projected and estimated